Live Like Louise Limited - Period Ending 2022-12-31
Live Like Louise Limited - Period Ending 2022-12-31
Filleted
Registration number:
Live Like Louise Limited
for the Year Ended 31 December 2022
Live Like Louise Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Live Like Louise Limited
Company Information
Directors |
Mr S Flear Mr R W Libbey Ms L A D C Thompson |
Registered office |
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Live Like Louise Limited
(Registration number: 11727823)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Live Like Louise Limited
(Registration number: 11727823)
Balance Sheet as at 31 December 2022
Approved and authorised by the
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Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% Reducing balance basis |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
App Development |
10% Reducing Balance Basis |
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
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Depreciation expense |
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Amortisation expense |
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- |
Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions internally developed |
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At 31 December 2022 |
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Amortisation |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Revalued assets for the year ended 31 December 2021 |
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Stocks |
2022 |
2021 |
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Other inventories |
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Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Debtors |
Note |
2022 |
2021 |
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Trade debtors |
6,027 |
6,552 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
14,700 |
14,700 |
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Other related parties |
11,431 |
11,648 |
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Corporation tax liability |
- |
9,006 |
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Other creditors |
14,800 |
(1) |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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3 |
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3 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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Related party transactions |
Transactions with directors |
2022 |
At 1 January 2022 |
Other payments made to company by director |
At 31 December 2022 |
Mr R W Libbey |
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Interest free loan repayable on demand |
( |
- |
( |
Mr S Flear |
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Interest free loan repayable on demand |
( |
466 |
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Live Like Louise Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
2021 |
At 1 January 2021 |
Advances to director |
At 31 December 2021 |
Mr R W Libbey |
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Interest free loan repayable on demand |
( |
( |
( |
Mr S Flear |
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Interest free loan repayable on demand |
- |
( |
( |
Summary of transactions with other related parties
Rugbywarfare Limited is considered to be a related party to Live Like Louise Limited by virtue of a common director.
As at the balance sheet date the entity was owed £5,855 (2021: £5,855) from Rugbywarfare Ltd and owed £14,700 (2021: £14,700) to Louise Thompson Associates Ltd