Registered number
05468855
Lifetime Agencies Ltd
Filleted Accounts
31 March 2018
Lifetime Agencies Ltd
Registered number: 05468855
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 5,586 1,518
Current assets
Debtors 4 100,690 66,752
Cash at bank and in hand 233,670 194,013
334,360 260,765
Creditors: amounts falling due within one year 5 (75,439) (79,807)
Net current assets 258,921 180,958
Total assets less current liabilities 264,507 182,476
Provisions for liabilities (1,061) (288)
Net assets 263,446 182,188
Capital and reserves
Called up share capital 4 4
Profit and loss account 263,442 182,184
Shareholder's funds 263,446 182,188
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Spencer
Director
Approved by the board on 15 October 2018
Lifetime Agencies Ltd
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 27,552
Additions 5,855
At 31 March 2018 33,407
Depreciation
At 1 April 2017 26,034
Charge for the year 1,787
At 31 March 2018 27,821
Net book value
At 31 March 2018 5,586
At 31 March 2017 1,518
4 Debtors 2018 2017
£ £
Trade debtors 98,024 64,086
Other debtors 2,666 2,666
100,690 66,752
5 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 8,310 3,975
Taxation and social security costs 66,140 52,096
Other creditors 196 120
Director's account 793 23,616
75,439 79,807
6 Controlling party
The ultimate controlling party during the period: J Spencer
J Spencer holds 100% of the issued share capital and is deemed the ultimate controlling party.
7 Other information
Lifetime Agencies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor, Equity House
128-136 High Street
Edgware
Middx
HA8 7TT
Lifetime Agencies Ltd 05468855 false 2017-04-01 2018-03-31 2018-03-31 VT Final Accounts July 2018 J Spencer No description of principal activity 05468855 2016-04-01 2017-03-31 05468855 core:WithinOneYear 2017-03-31 05468855 core:ShareCapital 2017-03-31 05468855 core:RetainedEarningsAccumulatedLosses 2017-03-31 05468855 2017-04-01 2018-03-31 05468855 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 05468855 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 05468855 bus:Director40 2017-04-01 2018-03-31 05468855 1 2017-04-01 2018-03-31 05468855 2 2017-04-01 2018-03-31 05468855 core:PlantMachinery 2017-04-01 2018-03-31 05468855 countries:England 2017-04-01 2018-03-31 05468855 bus:FRS102 2017-04-01 2018-03-31 05468855 bus:FullAccounts 2017-04-01 2018-03-31 05468855 2018-03-31 05468855 core:WithinOneYear 2018-03-31 05468855 core:ShareCapital 2018-03-31 05468855 core:RetainedEarningsAccumulatedLosses 2018-03-31 05468855 core:PlantMachinery 2018-03-31 05468855 2017-03-31 05468855 core:PlantMachinery 2017-03-31 iso4217:GBP xbrli:pure