Company Registration No. 09577182 (England and Wales)
THE GOOD LIFE EXPERIENCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2016
PAGES FOR FILING WITH REGISTRAR
THE GOOD LIFE EXPERIENCE LIMITED
COMPANY INFORMATION
Directors
C A Gladstone
(Appointed 6 May 2015)
C M Gladstone
(Appointed 6 May 2015)
C E Matthews
(Appointed 6 May 2015)
S P Abbott
(Appointed 6 May 2015)
Secretary
C A Gladstone
Company number
09577182
Registered office
The Hawarden Estate Farm Shop
Hawarden
WALES
CH5 3FB
Accountants
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
THE GOOD LIFE EXPERIENCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE GOOD LIFE EXPERIENCE LIMITED
BALANCE SHEET
- 1 -
2016
Notes
£
£
Fixed assets
Tangible assets
2
25,020
Current assets
Debtors
3
27,676
Cash at bank and in hand
5,438
33,114
Creditors: amounts falling due within one year
4
(157,541)
Net current liabilities
(124,427)
Total assets less current liabilities
(99,407)
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(99,507)
Total equity
(99,407)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
relating to small companies.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 24 April 2017 and are signed on its behalf by:
C A Gladstone
Director
Company Registration No. 09577182
THE GOOD LIFE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2016
- 2 -
1
Accounting policies
Company information
The Good Life Experience Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Hawarden Estate Farm Shop, Hawarden, WALES, CH5 3FB. The business address is Castle Court, Castle Grounds, Chester Road, Hawarden, FLINTSHIRE, CH5 3NY.
The company was incorporated on 6 May 2015 and began trading in August 2015.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end the company had total net liabilities of £99,407. The directors consider that the actions taken during the current year to increase the company's trading activities will bring the company into profitability and will in the foreseeable future rectify the balance sheet position. In addition the directors continue to provide financial support to the company, and on this basis consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . Turnover is recognised when goods and services are delivered. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
, and
is shown net of VAT and other sales related taxes
. Turnover is recognised when goods and services are delivered.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets
to determine whether there is any indication that those assets have suffered an
y
impairment
.
THE GOOD LIFE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less .
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
payments
discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The company had no employees during the period.
THE GOOD LIFE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 May 2015
-
Additions
28,413
At 31 May 2016
28,413
Depreciation and impairment
At 6 May 2015
-
Depreciation charged in the period
3,393
At 31 May 2016
3,393
Carrying amount
At 31 May 2016
25,020
3
Debtors
2016
Amounts falling due within one year:
£
Trade debtors
21,336
Other debtors
6,340
27,676
4
Creditors: amounts falling due within one year
2016
£
Trade creditors
39,751
Other taxation and social security
3,527
Other creditors
114,263
157,541
THE GOOD LIFE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2016
- 5 -
5
Called up share capital
2016
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
100 Ordinary shares of £1 each
100
During the period the company issued 100 ordinary shares at £1 each.
6
Related party transactions
No guarantees have been given or received.
During the year the directors advanced £14,000 to the company. At 31 May 2016 there was a balance due to the directors of £13,900. This balance is interest free and there are no fixed repayment terms.
During the year the company made sales of £141,517 and purchases of £80,376 from companies in which a director is also a director and shareholder. The net balance due from the companies at the year end was £3,148.