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Registered number: 04618907
Business Life Limited
Unaudited ABRIDGED Financial Statements
For the Period 1 January 2023 to 31 March 2024
Contents
Page
Accountant's Report 1
Abridged Balance Sheet 2—3
Notes to the Abridged Financial Statements 4—5
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Business Life Limited for the period 1 January 2023 to 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Business Life Limited for the period 1 January 2023 to 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Business Life Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Business Life Limited and state those matters that we have agreed to state to the directors of Business Life Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Business Life Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Business Life Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Business Life Limited . You consider that Business Life Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit of the accounts of Business Life Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
01/08/2024
Wood & Disney Ltd
Chartered Accountants
Lodge Park, Lodge Lane
Langham
Colchester
Essex
CO4 5NE
Page 1
Page 2
Abridged Balance Sheet
Registered number: 04618907
31 March 2024 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 488
- 488
CURRENT ASSETS
Debtors 2,040 2,040
2,040 2,040
Creditors: Amounts Falling Due Within One Year (61,522 ) (76,634 )
NET CURRENT ASSETS (LIABILITIES) (59,482 ) (74,594 )
TOTAL ASSETS LESS CURRENT LIABILITIES (59,482 ) (74,106 )
NET LIABILITIES (59,482 ) (74,106 )
CAPITAL AND RESERVES
Called up share capital 5 100 100
Profit and Loss Account (59,582 ) (74,206 )
SHAREHOLDERS' FUNDS (59,482) (74,106)
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Page 3
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr C Crace
Director
01/08/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Abridged Financial Statements
1. General Information
Business Life Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04618907 . The registered office is Molens Cottage, Bures Road, White Colne, Colchester, Essex, CO6 2QF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line basis over the life of the licence. Amortisation of patents is calculated on a straight line basis over the estimated expected useful economic life of the patents of five years.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2022: 2)
2 2
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4. Tangible Assets
Total
£
Cost
As at 1 January 2023 2,425
Disposals (2,425 )
Depreciation
As at 1 January 2023 1,937
Disposals (1,937 )
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 -
As at 1 January 2023 488
5. Share Capital
31 March 2024 31 December 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
Page 5