Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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82,141 | 32,395 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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82,916 | 105,623 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current liabilities | (1,110,456) | (807,847) | ||
Total assets less current liabilities | (1,028,315) | (775,452) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of The Good Life Experience Limited (registered number:
Sir C A Gladstone
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The Good Life Experience Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Pedlars Central Castle Court, Castle Grounds, Hawarden, CH5 3NY, Wales, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The company has reported a loss for the year of £252,864 and the balance sheet shows net current liabilities of £1,193,372 and total net liabilities of £1,028,315. The directors have confirmed that they will provide adequate resources to ensure that the company continues its operational existence for the foreseeable future. In coming to this conclusion, they have paid particular attention to the period of one year from the date of approval of the financial statements. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
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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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2020 |
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Additions |
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At 31 May 2021 |
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Accumulated depreciation | |||
At 01 June 2020 |
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Charge for the financial year |
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At 31 May 2021 |
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Net book value | |||
At 31 May 2021 |
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At 31 May 2020 |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Cash at bank and in hand |
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2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2021 | 2020 | ||
£ | £ | ||
Directors Loan Account | 844,823 | 644,823 |
This loan is interest free and there are no fixed repayment terms in place.
Other related party transactions
2021 | 2020 | ||
£ | £ | ||
Loan to a related party | 0 | 64,435 |
The Directors have considered the carrying value of a loan to an entity under common control and have subsequently written off the balance of £64,435. The balance due from the related party at the year end is £nil (2020 - £64,435).