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Unaudited Financial Statements |
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for the Year Ended 28 February 2017 |
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for |
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Lazy Living Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 28 February 2017 |
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for |
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Lazy Living Limited |
Lazy Living Limited (Registered number: 05715575) |
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Contents of the Financial Statements |
for the year ended 28 February 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Lazy Living Limited |
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Company Information |
for the year ended 28 February 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
Lazy Living Limited (Registered number: 05715575) |
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Balance Sheet |
28 February 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Lazy Living Limited (Registered number: 05715575) |
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Notes to the Financial Statements |
for the year ended 28 February 2017 |
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1. | STATUTORY INFORMATION |
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Lazy Living Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis, which assumes that the company will |
continue in operational existence for the foreseeable future, which the directors consider appropriate. |
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Reconciliation with previous generally accepted accounting practice |
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These financial statements for the year ended 28 February 2017 are the first financial statements that comply |
with FRS 102 Section 1a "Small Entities" - "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland". The date of transition is 1 March 2015. In preparing the financial statements, the directors |
have considered whether in applying the accounting policies required by FRS102 Section 1a "Small Entities", |
the restatement of comparative items was required. The transition to FRS102 Section 1a "Small Entities" has not |
resulted in any changes to accounting policies used. |
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Turnover |
Turnover represents contributions from tenants. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their |
settlement value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Going concern |
The financial statements have been prepared on the going concern basis which the directors consider to be |
appropriate. |
Lazy Living Limited (Registered number: 05715575) |
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Notes to the Financial Statements - continued |
for the year ended 28 February 2017 |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Called up share capital not |
paid |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Deferred income |
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Accrued expenses |
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5. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of its directors P Maloney and A Gillmore. |
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6. | FIRST YEAR ADOPTION |
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Upon adoption of FRS 102 Section 1A, there were no transitional adjustments required. |
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Transitional relief |
Upon adoption of FRS 102 Section 1A the company did not take advantage of transitional relief. |