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COMPANY REGISTRATION NUMBER: 05512275
Lifestyle Insurance Brokers Limited
Filleted Unaudited Financial Statements
31 August 2023
Lifestyle Insurance Brokers Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Lifestyle Insurance Brokers Limited
Officers and Professional Advisers
The board of directors
Mr MA Firth
Mr ID Knuckey
Company secretary
Martin Stephen Gilks
Registered office
Meridian House
Pepper Road
Hazel Grove
Stockport
Cheshire
SK7 5BW
Accountants
Gort and March
Chartered Accountants
308 London Road
Hazel Grove
Stockport
Cheshire
SK7 4RF
Lifestyle Insurance Brokers Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
129,832
8,786
Investments
6
115,239
---------
---------
129,832
124,025
Current assets
Debtors
7
142,166
46,122
Cash at bank and in hand
1,230,832
1,036,355
------------
------------
1,372,998
1,082,477
Creditors: amounts falling due within one year
8
1,405,952
1,107,575
------------
------------
Net current liabilities
32,954
25,098
---------
---------
Total assets less current liabilities
96,878
98,927
--------
--------
Net assets
96,878
98,927
--------
--------
Capital and reserves
Called up share capital
96,878
96,878
Profit and loss account
2,049
--------
--------
Shareholder funds
96,878
98,927
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lifestyle Insurance Brokers Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr MA Firth
Director
Company registration number: 05512275
Lifestyle Insurance Brokers Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Meridian House, Pepper Road, Hazel Grove, Stockport, Cheshire, SK7 5BW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 43 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2022
8,739
46,953
20,967
76,659
Additions
514
152,686
8,696
161,896
-------
---------
--------
---------
At 31 August 2023
9,253
199,639
29,663
238,555
-------
---------
--------
---------
Depreciation
At 1 September 2022
8,739
38,167
20,967
67,873
Charge for the year
128
37,823
2,899
40,850
-------
---------
--------
---------
At 31 August 2023
8,867
75,990
23,866
108,723
-------
---------
--------
---------
Carrying amount
At 31 August 2023
386
123,649
5,797
129,832
-------
---------
--------
---------
At 31 August 2022
8,786
8,786
-------
---------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 September 2022
115,239
Disposals
( 115,239)
---------
At 31 August 2023
---------
Impairment
At 1 September 2022 and 31 August 2023
---------
Carrying amount
At 31 August 2023
---------
At 31 August 2022
115,239
---------
7. Debtors
2023
2022
£
£
Trade debtors
29,251
23,459
Other debtors
112,915
22,663
---------
--------
142,166
46,122
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,172,050
982,451
Corporation tax
154,493
78,783
Social security and other taxes
52,744
42,043
Other creditors
26,665
4,298
------------
------------
1,405,952
1,107,575
------------
------------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr MA Firth
81,361
81,361
Mr ID Knuckey
( 2,498)
14,137
11,639
-------
--------
--------
( 2,498)
95,498
93,000
-------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr MA Firth
( 5,133)
5,133
Mr ID Knuckey
( 1,034)
( 1,464)
( 2,498)
-------
-------
-------
( 6,167)
3,669
( 2,498)
-------
-------
-------
10. Related party transactions
The ultimate controlling party is Mr. M Firth Included within other debtors is an amount of £ 11,111.93 (2022 £ 11,111.93 ) owed by KLF partnership that is owned jointly by Mr. M Firth and Mr. I Knuckey.