Silverfin false 31/01/2023 01/02/2022 31/01/2023 Trudi Horne 01/07/2020 08 October 2023 The principal activity of the Company during the financial year was of educational support services. SC467967 2023-01-31 SC467967 bus:Director1 2023-01-31 SC467967 core:CurrentFinancialInstruments 2023-01-31 SC467967 core:CurrentFinancialInstruments 2022-01-31 SC467967 2022-01-31 SC467967 core:ShareCapital 2023-01-31 SC467967 core:ShareCapital 2022-01-31 SC467967 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC467967 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC467967 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-01-31 SC467967 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-01-31 SC467967 bus:OrdinaryShareClass1 2023-01-31 SC467967 core:OtherRelatedParties 2023-01-31 SC467967 core:OtherRelatedParties 2022-01-31 SC467967 core:KeyManagementPersonnel 2023-01-31 SC467967 core:KeyManagementPersonnel 2022-01-31 SC467967 2022-02-01 2023-01-31 SC467967 bus:FullAccounts 2022-02-01 2023-01-31 SC467967 bus:SmallEntities 2022-02-01 2023-01-31 SC467967 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC467967 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC467967 bus:Director1 2022-02-01 2023-01-31 SC467967 2021-02-01 2022-01-31 SC467967 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC467967 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC467967 (Scotland)

THE LIFESTYLE FUNDING COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

THE LIFESTYLE FUNDING COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

THE LIFESTYLE FUNDING COMPANY LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
THE LIFESTYLE FUNDING COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Current assets
Debtors 3 0 3,916
Cash at bank and in hand 4 9,934 3,487
9,934 7,403
Creditors: amounts falling due within one year 5 ( 74,854) ( 62,054)
Net current liabilities (64,920) (54,651)
Total assets less current liabilities (64,920) (54,651)
Net liabilities ( 64,920) ( 54,651)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 65,020 ) ( 54,751 )
Total shareholder's deficit ( 64,920) ( 54,651)

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Lifestyle Funding Company Limited (registered number: SC467967) were approved and authorised for issue by the Director on 08 October 2023. They were signed on its behalf by:

Trudi Horne
Director
THE LIFESTYLE FUNDING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
THE LIFESTYLE FUNDING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
1. Accounting policies

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.

General information and basis of accounting

The Lifestyle Funding Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 6 Kinneddar Mains Steading, Saline, Dunfermline, KY12 9LJ, Scotland, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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.

Impairment of assets

Assets, other than those measured at fair value, 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
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include, deposits held at call with banks.

Financial instruments

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2023 2022
£ £
Other debtors 0 3,916

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 9,934 3,487

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to related parties (note 7) 72,449 60,049
Other creditors 2,405 2,005
74,854 62,054

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with related parties or connected persons

Amounts owed to related parties

2023 2022
£ £
Key management Personnel 50,049 50,049
Related Parties Loan 22,400 10,000
72,449 60,049

The loans are interest free and has no fixed terms of repayment

Transactions with the entity’s director (or members of its governing body)

Amounts owed to director

2023 2022
£ £
Directors' Loan Account 5 5