Company Registration No. 06043035 (England and Wales)
Living Leaves Limited
Unaudited accounts
for the year ended 31 March 2021
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Living Leaves Limited
for the year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Living Leaves Limited for the year ended
31 March 2021 as set out on pages
3 -
6 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Dove Accountants, Tax & Business Advisors
Chartered Certified Accountants
Suite 2, The Wellington
78 High Street
Uttoxeter
Staffordshire
ST14 7JD
10 December 2021
Living Leaves Limited
Statement of financial position
as at 31 March 2021
Tangible assets
43,190
19,721
Cash at bank and in hand
260,009
160,956
Creditors: amounts falling due within one year
(192,887)
(35,516)
Net current assets
125,652
151,049
Total assets less current liabilities
168,842
170,770
Creditors: amounts falling due after more than one year
(62,708)
(9,648)
Provisions for liabilities
Deferred tax
(8,206)
(3,747)
Called up share capital
100
100
Profit and loss account
97,828
157,275
Shareholders' funds
97,928
157,375
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2021 and were signed on its behalf by
A J Anderson
Director
Company Registration No. 06043035
Living Leaves Limited
Notes to the Accounts
for the year ended 31 March 2021
Living Leaves Limited is a private company, limited by shares, registered in England and Wales, registration number 06043035. The registered office is c/o Dove Accountants Limited, Suite 2, The Wellington, 78 High Street, Uttoxeter, ST14 7JD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
20% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Living Leaves Limited
Notes to the Accounts
for the year ended 31 March 2021
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2020
34,276
36,880
71,156
Additions
8,450
25,390
33,840
Disposals
-
(16,365)
(16,365)
At 31 March 2021
42,726
45,905
88,631
At 1 April 2020
31,536
19,899
51,435
Charge for the year
1,314
7,146
8,460
On disposals
-
(14,454)
(14,454)
At 31 March 2021
32,850
12,591
45,441
At 31 March 2021
9,876
33,314
43,190
At 31 March 2020
2,740
16,981
19,721
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
6,578
10,594
Other debtors
51,952
15,015
Living Leaves Limited
Notes to the Accounts
for the year ended 31 March 2021
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
3,704
-
Obligations under finance leases and hire purchase contracts
7,506
4,317
Trade creditors
7,542
4,097
Taxes and social security
40,576
20,703
Other creditors
133,559
6,399
Obligations under finance leases and hire purchase contracts are secured over the borrowed asset.
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
16,412
9,648
Obligations under finance leases and hire purchase contracts are secured over the borrowed asset.
8
Transactions with related parties
The company has received loans from the directors amounting to £421 (2020 - £725). The loans have no fixed repayment date, and the rate of interest charged is 0%. At the balance sheet date, the loans are still outstanding and are presented within creditors: amounts falling due within one year.
9
Average number of employees
During the year the average number of employees was 8 (2020: 9).