Company registration number 12628615 (England and Wales)
LATER LIFE LENDING SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
LATER LIFE LENDING SOLUTIONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
LATER LIFE LENDING SOLUTIONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr K Hull
Mr R A Parker
Secretary
Mr R A Parker
Company number
12628615
Registered office
128 City Road
London
EC1V 2NX
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
LATER LIFE LENDING SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
2,692
Current assets
Debtors
5
2
1,648
Cash at bank and in hand
585
33,526
587
35,174
Creditors: amounts falling due within one year
6
(27,465)
(24,727)
Net current (liabilities)/assets
(26,878)
10,447
Total assets less current liabilities
(26,878)
13,139
Provisions for liabilities
-
0
(673)
Net (liabilities)/assets
(26,878)
12,466
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(26,880)
12,464
Total equity
(26,878)
12,466

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 Period ended 31 May 2024 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 Period 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.

LATER LIFE LENDING SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr R A Parker
Director
Company Registration No. 12628615
LATER LIFE LENDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Later Life Lending Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, EC1V 2NX.

1.1
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Commission income is recognised when each case is approved.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LATER LIFE LENDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% SL
Computers
25% SL

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LATER LIFE LENDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 6 -
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.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
Total
4
4
LATER LIFE LENDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 June 2023
499
4,728
5,227
Disposals
-
0
(1,258)
(1,258)
At 31 May 2024
499
3,470
3,969
Depreciation and impairment
At 1 June 2023
375
2,160
2,535
Depreciation charged in the Period
124
1,939
2,063
Eliminated in respect of disposals
-
0
(629)
(629)
At 31 May 2024
499
3,470
3,969
Carrying amount
At 31 May 2024
-
0
-
0
-
0
At 31 May 2023
124
2,568
2,692
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,646
Other debtors
2
2
2
1,648
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,068
-
0
Taxation and social security
11,755
19,395
Other creditors
10,642
5,332
27,465
24,727
LATER LIFE LENDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
2
2
2
2
2024-05-312023-06-01false12 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr K HullMr Richard A ParkerMr R A Parkerfalsefalse126286152023-06-012024-05-3112628615bus:Director12023-06-012024-05-3112628615bus:CompanySecretaryDirector12023-06-012024-05-3112628615bus:CompanySecretary12023-06-012024-05-3112628615bus:Director22023-06-012024-05-3112628615bus:RegisteredOffice2023-06-012024-05-31126286152024-05-31126286152023-05-3112628615core:FurnitureFittings2024-05-3112628615core:ComputerEquipment2024-05-3112628615core:FurnitureFittings2023-05-3112628615core:ComputerEquipment2023-05-3112628615core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3112628615core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3112628615core:CurrentFinancialInstruments2024-05-3112628615core:CurrentFinancialInstruments2023-05-3112628615core:ShareCapital2024-05-3112628615core:ShareCapital2023-05-3112628615core:RetainedEarningsAccumulatedLosses2024-05-3112628615core:RetainedEarningsAccumulatedLosses2023-05-3112628615core:FurnitureFittings2023-06-012024-05-3112628615core:ComputerEquipment2023-06-012024-05-31126286152022-06-012023-05-3112628615core:FurnitureFittings2023-05-3112628615core:ComputerEquipment2023-05-31126286152023-05-3112628615core:WithinOneYear2024-05-3112628615core:WithinOneYear2023-05-3112628615bus:PrivateLimitedCompanyLtd2023-06-012024-05-3112628615bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3112628615bus:FRS1022023-06-012024-05-3112628615bus:AuditExemptWithAccountantsReport2023-06-012024-05-3112628615bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP