Company Registration No. 09577182 (England and Wales)
THE GOOD LIFE EXPERIENCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
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 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
40,497
41,573
Current assets
Stocks
4,468
-
Debtors
3
120,674
91,729
Cash at bank and in hand
13,226
14,389
138,368
106,118
Creditors: amounts falling due within one year
4
(524,039)
(377,334)
Net current liabilities
(385,671)
(271,216)
Total assets less current liabilities
(345,174)
(229,643)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(345,274)
(229,743)
Total equity
(345,174)
(229,643)
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 year ended 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 year 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 22 February 2019 and are signed on its behalf by:
Sir C A Gladstone
Director
Company Registration No. 09577182
THE GOOD LIFE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 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.
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
The company has reported a loss for the year of £115,531 and the balance sheet shows net current liabilities of £385,671 and total net liabilities of £345,174. The company relies on the support of the directors to enable it to meet its liabilities as they fall due during its current early years of the festival being held.
Based on the above and financial forecasts, the directors are satisfied that the company will have adequate financial resources to meet its liabilities as they fall due for the foreseeable future. They therefore consider it appropriate to prepare the financial statements on the 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. Turnover is recognised in the financial statements when the company obtains the right to consideration. The company sells tickets for the festival throughout the year however income is deferred until the festival is held.
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.
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
Computers
33% straight line
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 YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
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
.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
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
recognised at transaction price
.
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.
1.9
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.
1.10
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 YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 4 -
1.11
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.
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2017
53,594
Additions
7,639
At 31 May 2018
61,233
Depreciation and impairment
At 1 June 2017
12,020
Depreciation charged in the year
8,716
At 31 May 2018
20,736
Carrying amount
At 31 May 2018
40,497
At 31 May 2017
41,573
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
29,236
49,680
Other debtors
91,438
42,049
120,674
91,729
THE GOOD LIFE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 5 -
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
56,495
29,857
Other taxation and social security
3,369
7,763
Other creditors
464,175
339,714
524,039
377,334
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
100 Ordinary shares of £1 each
100
100
6
Related party transactions
During the year the directors advanced £120,000 to the company. At 31 May 2018 there was a balance due to the directors of £293,000 (2017 - £173,000). This balance is interest free and there are no fixed repayment terms.
During the year the company made sales of £143,958 and purchases of £114,021 from companies in which a director is also a director and shareholder. The net balance due from the companies at the year end was £85,414 (2017 - £73,894).