Registered number
10595602
LION LIFE GROUP LIMITED
Filleted Accounts
28 February 2023
LION LIFE GROUP LIMITED
Registered number: 10595602
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Current assets
Stocks 328,782 385,050
Debtors 3 163,979 234,747
Cash at bank and in hand 327,150 239,991
819,911 859,788
Creditors: amounts falling due within one year 4 (39,583) (116,136)
Net current assets 780,328 743,652
Total assets less current liabilities 780,328 743,652
Creditors: amounts falling due after more than one year 5 (33,497) (43,380)
Net assets 746,831 700,272
Capital and reserves
Called up share capital 1 1
Profit and loss account 746,830 700,271
Shareholder's funds 746,831 700,272
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.
BHUPINDER S PUAAR
Director
Approved by the board on 3 November 2023
LION LIFE GROUP LIMITED
Notes to the Accounts
for the year ended 28 February 2023
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2023 2022
£ £
Trade debtors 163,979 234,747
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 36,367 106,509
Other creditors 3,216 9,627
39,583 116,136
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,497 43,380
6 Other information
LION LIFE GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
20 LANGLEY ROAD
SLOUGH
BERKSHIRE
SL3 7AB
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