Company Registration No. 04915545 (England and Wales)
LIVING REEF LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
LIVING REEF LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LIVING REEF LTD
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,540
10,580
Current assets
Stocks
40,140
62,500
Debtors
4
6,167
5,709
Cash at bank and in hand
100
100
46,407
68,309
Creditors: amounts falling due within one year
5
(104,700)
(135,082)
Net current liabilities
(58,293)
(66,773)
Total assets less current liabilities
(48,753)
(56,193)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(48,853)
(56,293)
Total equity
(48,753)
(56,193)
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 December 2017 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 27 September 2018 and are signed on its behalf by:
Ms T M Claydon
Director
Company Registration No. 04915545
LIVING REEF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Living Reef Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
171-173 Gray's Inn Road, London, WC1X 8UE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependant upon the continued support of
the
director
s
, via the provision of an interest free loan. An undertaking has been given
by the directors
that this facility, will not be sought until such time that retained profits have returned to a surplus.
1.3
Turnover
Turnover represents amounts receivable for Marine Fish, Corals, Invertebrates, Tropical Fish, Reptiles and all the dry goods associated with them net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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, fittings & equipment
15% 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
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.
LIVING REEF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
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.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
57,239
Additions
612
At 31 December 2017
57,851
Depreciation and impairment
At 1 January 2017
46,659
Depreciation charged in the year
1,652
At 31 December 2017
48,311
Carrying amount
At 31 December 2017
9,540
At 31 December 2016
10,580
LIVING REEF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
6,167
5,709
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
985
8,806
Trade creditors
15,955
49,100
Other taxation and social security
7,709
9,623
Other creditors
80,051
67,553
104,700
135,082
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100