Company registration number 09138396 (England and Wales)
LIFETIME PET COVER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
LIFETIME PET COVER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
LIFETIME PET COVER LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
20,086
66,815
Tangible assets
5
21,064
27,917
41,150
94,732
Current assets
Debtors
6
270,194
315,777
Cash at bank and in hand
151,096
324,274
421,290
640,051
Creditors: amounts falling due within one year
7
(342,268)
(375,244)
Net current assets
79,022
264,807
Total assets less current liabilities
120,172
359,539
Creditors: amounts falling due after more than one year
8
(24,167)
(71,982)
Provisions for liabilities
(5,266)
Net assets
90,739
287,557
Capital and reserves
Called up share capital
100
100
Share premium account
14,990
14,990
Profit and loss reserves
75,649
272,467
Total equity
90,739
287,557
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LIFETIME PET COVER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 December 2023 and are signed on its behalf by:
Miss L Amphlett
Director
Company registration number 09138396 (England and Wales)
LIFETIME PET COVER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2021
100
14,990
507,272
522,362
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
-
4,889
4,889
Dividends
-
-
(239,694)
(239,694)
Balance at 31 July 2022
100
14,990
272,467
287,557
Year ended 31 July 2023:
Loss and total comprehensive income for the year
-
-
(108,318)
(108,318)
Dividends
-
-
(88,500)
(88,500)
Balance at 31 July 2023
100
14,990
75,649
90,739
LIFETIME PET COVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information
Lifetime Pet Cover Limited is a private company limited by shares incorporated in England and Wales. Registered number 09138396. The registered office is The Old Dairy, Western Court, Bishops Sutton, Hampshire, United Kingdom, SO24 0AA.
1.1
Accounting convention
These financial statements have been prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business.
Revenue from contracts for the provision of insurance broking is recognised by reference to the date the policy is written subject to industry stated clawback provision
1.3
Intangible fixed assets other than goodwill
Other intangible assets are recognised at cost and are subsequently amortised to profit and loss account over their estimated economic lives of 4 years.
Development costs
25% Straight Line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold land and buildings
Straight line over 5 years of lease
Fixtures and fittings
25% straight line
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit reported in the statement of comprehensive income because items of income or expense that are taxable and deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
LIFETIME PET COVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
12
LIFETIME PET COVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Intangible fixed assets
Other
£
Cost
At 1 August 2022 and 31 July 2023
179,454
Amortisation and impairment
At 1 August 2022
112,639
Amortisation charged for the year
46,729
At 31 July 2023
159,368
Carrying amount
At 31 July 2023
20,086
At 31 July 2022
66,815
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
12,578
34,544
47,122
Depreciation and impairment
At 1 August 2022
2,096
17,109
19,205
Depreciation charged in the year
2,516
4,337
6,853
At 31 July 2023
4,612
21,446
26,058
Carrying amount
At 31 July 2023
7,966
13,098
21,064
At 31 July 2022
10,482
17,435
27,917
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
114,840
104,993
Corporation tax recoverable
23,840
Other debtors
131,514
210,784
270,194
315,777
LIFETIME PET COVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
47,815
100,756
Trade creditors
18,590
54,216
Corporation tax
14,058
18,518
Other taxation and social security
9,642
18,089
Other creditors
252,163
183,665
342,268
375,244
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,167
71,982
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
29,166
54,166
10
Ultimate controlling party
The ultimate controlling party are the directors.