REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
FOR |
LIFECYCLE & SYSTEMS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
FOR |
LIFECYCLE & SYSTEMS LIMITED |
LIFECYCLE & SYSTEMS LIMITED (REGISTERED NUMBER: 07334273) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
LIFECYCLE & SYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2021 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
LIFECYCLE & SYSTEMS LIMITED (REGISTERED NUMBER: 07334273) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
LIFECYCLE & SYSTEMS LIMITED (REGISTERED NUMBER: 07334273) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
1. | STATUTORY INFORMATION |
Lifecycle & Systems Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of services supplied, excluding value added tax. |
Tangible fixed assets |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
Covid-19 |
The director has considered the continuing implications of the CovId-19 pandemic. Whilst the eventual financial implications of the pandemic on the company, and the overall economy, remains uncertain, the director is confident that the company will continue to remain operational throughout the pandemic. However, the company has inevitably had to scale back its operations. |
With the benefit of the Government packages available to help businesses throughout the pandemic, the director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. |
The company, therefore, continues to adopt the going concern basis in preparing its financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LIFECYCLE & SYSTEMS LIMITED (REGISTERED NUMBER: 07334273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 September 2020 |
and 31 August 2021 |
DEPRECIATION |
At 1 September 2020 |
and 31 August 2021 |
NET BOOK VALUE |
At 31 August 2021 |
At 31 August 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2021 and 31 August 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |