Livet Limited - Period Ending 2020-10-31

Livet Limited

(Registration number: 11894458)
Balance Sheet as at 31 October 2020

	Note	31 October 2020  £	31 October 2019  £
Fixed assets
Investment property	4	744,000	744,000
Current assets
Debtors	5	551	570
Cash at bank and in hand		32,066	16,885
		32,617	17,455
Creditors: Amounts falling due within one year	6	(733,587)	(749,979)
Net current liabilities		(700,970)	(732,524)
Net assets		43,030	11,476
Capital and reserves
Called up share capital		4	4
Capital redemption reserve		21,000	-
Profit and loss account		22,026	11,472
Total equity		43,030	11,476

For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 July 2021 and signed on its behalf by:
 

......................................... Mrs C A Jefferson Director

Livet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lakeside House
Lakeside Business Park
South Cerney
Cirencester
GL7 5XL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Livet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	Year ended 31 October 2020  No.	20 March 2019 to 31 October 2019  No.
Average number of employees	2	2

4

Investment properties

	2020 £
At 1 November 2019	744,000
At 31 October 2020	744,000

There has been no valuation of investment property by an independent valuer.

Livet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

5

Debtors

	31 October 2020  £	31 October 2019  £
Prepayments	551	570

6

Creditors

	Note	31 October 2020  £	31 October 2019  £
Due within one year
Loans and borrowings	7	514,583	534,185
Amounts due to related parties	8	210,000	210,000
Other creditors		434	774
Accrued expenses		900	900
Corporation tax liability		7,670	4,120
		733,587	749,979

7

Loans and borrowings

	31 October 2020 £	31 October 2019 £
Current loans and borrowings
Redeemable preference shares	513,000	534,000
Directors' loan account	1,583	185
	514,583	534,185

Preference shares

The redeemable preference shares are redeemable annually on 31 March, at the rate of £1 per share in multiples of 100 shares, at the option of the company. Interest is payable at 0.25%. No premium is payable on redemption.

8

Related party transactions

Other transactions with directors

At 31 October 2020, the company owed the directors £1,583 (2019: £185) in the form of a directors' loan account. The loan is interest free, repayable on demand and has no fixed repayment terms.

Summary of transactions with parent

At 31 October 2020, the company owed Bedok Limited £210,000 (2019: £210,000) in the form of a loan. The loan is interest free, repayable on demand and has no fixed repayment terms. Livet Limited is a 100% subsidiary of Bedok Limited.

Livet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

9

Parent and ultimate parent undertaking

The ultimate parent is Bedok Limited, incorporated in England and Wales.