Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false532023-01-01falseNo description of principal activity59falsefalse 05372315 2023-01-01 2023-12-31 05372315 2022-01-01 2022-12-31 05372315 2023-12-31 05372315 2022-12-31 05372315 2022-01-01 05372315 5 2023-01-01 2023-12-31 05372315 5 2022-01-01 2022-12-31 05372315 d:CompanySecretary1 2023-01-01 2023-12-31 05372315 d:Director1 2023-01-01 2023-12-31 05372315 d:Director2 2023-01-01 2023-12-31 05372315 d:RegisteredOffice 2023-01-01 2023-12-31 05372315 e:Buildings 2023-01-01 2023-12-31 05372315 e:Buildings 2023-12-31 05372315 e:Buildings 2022-12-31 05372315 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05372315 e:FurnitureFittings 2023-01-01 2023-12-31 05372315 e:FurnitureFittings 2023-12-31 05372315 e:FurnitureFittings 2022-12-31 05372315 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05372315 e:OfficeEquipment 2023-01-01 2023-12-31 05372315 e:OfficeEquipment 2023-12-31 05372315 e:OfficeEquipment 2022-12-31 05372315 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05372315 e:ComputerEquipment 2023-01-01 2023-12-31 05372315 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05372315 e:CurrentFinancialInstruments 2023-12-31 05372315 e:CurrentFinancialInstruments 2022-12-31 05372315 e:Non-currentFinancialInstruments 2023-12-31 05372315 e:Non-currentFinancialInstruments 2022-12-31 05372315 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05372315 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05372315 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 05372315 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 05372315 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 05372315 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 05372315 f:UnitedKingdom 2023-01-01 2023-12-31 05372315 f:UnitedKingdom 2022-01-01 2022-12-31 05372315 e:UKTax 2023-01-01 2023-12-31 05372315 e:UKTax 2022-01-01 2022-12-31 05372315 e:ShareCapital 2023-01-01 2023-12-31 05372315 e:ShareCapital 2023-12-31 05372315 e:ShareCapital 2022-01-01 2022-12-31 05372315 e:ShareCapital 2022-12-31 05372315 e:ShareCapital 2022-01-01 05372315 e:RevaluationReserve 2023-01-01 2023-12-31 05372315 e:RevaluationReserve 2023-12-31 05372315 e:RevaluationReserve 2022-01-01 2022-12-31 05372315 e:RevaluationReserve 2022-12-31 05372315 e:RevaluationReserve 2022-01-01 05372315 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05372315 e:RetainedEarningsAccumulatedLosses 2023-12-31 05372315 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05372315 e:RetainedEarningsAccumulatedLosses 2022-12-31 05372315 e:RetainedEarningsAccumulatedLosses 2022-01-01 05372315 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05372315 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05372315 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05372315 d:OrdinaryShareClass1 2023-12-31 05372315 d:OrdinaryShareClass1 2022-12-31 05372315 d:FRS102 2023-01-01 2023-12-31 05372315 d:Audited 2023-01-01 2023-12-31 05372315 d:FullAccounts 2023-01-01 2023-12-31 05372315 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05372315 e:WithinOneYear 2023-12-31 05372315 e:WithinOneYear 2022-12-31 05372315 e:BetweenOneFiveYears 2023-12-31 05372315 e:BetweenOneFiveYears 2022-12-31 05372315 e:MoreThanFiveYears 2023-12-31 05372315 e:MoreThanFiveYears 2022-12-31 05372315 2 2023-01-01 2023-12-31 05372315 5 2023-01-01 2023-12-31 05372315 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05372315









LIFE BUILD SOLUTIONS LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LIFE BUILD SOLUTIONS LTD
 
 
COMPANY INFORMATION


Directors
K M Adams 
M Wilde 




Company secretary
M Wilde



Registered number
05372315



Registered office
40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Herts

WD17 1HP





 
LIFE BUILD SOLUTIONS LTD
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10 - 11
Statement of Changes in Equity
12 - 13
Statement of Cash Flows
14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 29

 
LIFE BUILD SOLUTIONS LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company continues to be new build, fit out and refurbishment projects, always providing value, reliability and high-quality workmanship. In this year's trading we continue to maintain a high level of repeat business with 82% of our construction turnover from our loyal clients and consultants. LIFE Build has a strong, reputable and widely recognized brand identity which continues to result in enquiries from a broader spectrum of notable clients.

Business review
 
LIFE Build undertakes projects from £1m to £30m, with the level of care and service excellence our clients deserve. The company operates from headquarters in High Wycombe and our area of operation includes Bedfordshire, Berkshire, Buckinghamshire, Hampshire, Hertfordshire, London, Oxfordshire and Surrey. We will on occasion work beyond this area for our established clients.
We work hard to take clients concerns away, knowing that their experience through the process is as important as a great outcome with regard to time, budget and quality. It's our mission to create client relationships for LIFE.
The results of the Company for the year, as set out on pages 9 to 29, show a profit on ordinary activities before tax of £2.1 million (2022: profit of £0.35 million), with net asset of £5.1 million (2022: £4.1million). 
The financial position of the company remains robust. The liquidity position of the company remains strong.

Principal risks and uncertainties
 
The Directors were satisfied with the results for 2023 considering the continuing effect of inflation, shortages of materials and increased labour costs. All have created the most challenging conditions that the Construction Industry has had to endure for decades.  LIFE Build is aware of the fragility in the Markets and the potential downturn in economic activities, we have however the flexibility and expertise to work in a tighter economy without impacting upon our ability to deliver. Our order book secured for 2024 gives us the confidence that there is opportunity in our market place for continued positive results for the company in spite of market challenges. 
The nature of the sector in which the company operates means that Health and Safety risks are a key area of focus and the company continues to concentrate on the management of Health and Safety risks through training, procedures and controls.

Financial key performance indicators
 
Profitability ratio:
Gross profit % = 12.1% (2022: 11%)
Operating profit % = 3% (2022: 1%)
Liquidity ratio:
Current ratio = 1.46 (2022: 1.29)
Quick ratio, excluding stock = 1.40 (2022: 1.23)

Other key performance indicators
 
Health and Safety is of LBS’s key KPI’s due to our commitment to keep our workforce safe from any harm. The accident frequency rate is 0/year/100 employees (2022 – 0/year/100 employees) which is a great achievement

Page 1

 
LIFE BUILD SOLUTIONS LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors of the company have overall responsibility for determining the company’s targets, values, strategy and the need always to achieve the highest possible standards.
 
In the decision-making process, Directors take account of the impact of their decisions on all stakeholders, which include our customers, the supply chain, partners, employees, industry bodies and local community. We continue to ensure that wellbeing, health and safety of our people and stakeholders remain a top priority in everything we do.
 
The Directors continue to act in good faith and in a manner that promotes the company’s success for the benefit of its members, ensuring that the critical decision-making process is correct for the overall success of the business. Life Build is a people-based business, and our success is dependent on the skill and expertise of our people. Personal development, training and apprenticeship programs, giving equal opportunities are at the core of our business.


This report was approved by the board and signed on its behalf.



................................................
K M Adams
Director

Date: 19 September 2024
Page 2

 
LIFE BUILD SOLUTIONS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,561,284 (2022 - £416,641).

The total distributions of dividends for the year ended 31 December 2023 was nil (2022: nil).

Directors

The directors who served during the year were:

K M Adams 
M Wilde 

Future developments

LIFE Build’s business model has been and will continue to be based upon the best Supply Chain, the management of this process continues to provide skills and knowledge when delivering and achieving the best results for our clients. Building long-term mutually beneficial relationships is paramount to delivering successful projects.

Page 3

 
LIFE BUILD SOLUTIONS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with suppliers, customers and others

The company’s approach to construction requires a stable Supply Chain to deliver our operational expectations for each project. This is achieved by actively engaging with the Supply Chain both before and after the tender stage process and is managed throughout the project life cycle. This proactive engagement ensures that when we secure projects, we proceed in a manner that considers the needs of all parties. Building long-term mutually beneficial relationships and ensuring a fair procurement and payment practice continues to promotes a partnership approach with our Supply Chain. We also ensure the highest standards are achieved whilst allowing our partners to realise their own commercial expectations. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Hillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
K M Adams
Director

Date: 19 September 2024
Page 4

 
LIFE BUILD SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD
 

Opinion


We have audited the financial statements of Life Build Solutions Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
LIFE BUILD SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LIFE BUILD SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 
LIFE BUILD SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE BUILD SOLUTIONS LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Speller FCA (Senior Statutory Auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP

19 September 2024
Page 8

 
LIFE BUILD SOLUTIONS LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
60,960,952
47,046,778

Cost of sales
  
(53,555,401)
(41,925,308)

Gross profit
  
7,405,551
5,121,470

Administrative expenses
  
(5,467,047)
(4,793,283)

Operating profit
  
1,938,504
328,187

Interest receivable and similar income
 8 
148,184
20,795

Profit before tax
  
2,086,688
348,982

Tax on profit
 9 
(525,404)
67,659

Profit for the financial year
  
1,561,284
416,641

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,561,284
416,641

The notes on pages 16 to 29 form part of these financial statements.
Page 9

 
LIFE BUILD SOLUTIONS LTD
REGISTERED NUMBER: 05372315

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
780,079
778,710

  
780,079
778,710

Current assets
  

Stocks
 11 
896,288
896,288

Debtors
 12 
8,616,968
7,845,662

Cash at bank and in hand
 13 
11,600,487
9,960,676

  
21,113,743
18,702,626

Creditors: amounts falling due within one year
 14 
(14,718,184)
(14,451,710)

Net current assets
  
 
 
6,395,559
 
 
4,250,916

Total assets less current liabilities
  
7,175,638
5,029,626

Creditors: amounts falling due after more than one year
 15 
(1,986,737)
(880,306)

Provisions for liabilities
  

Deferred tax
 16 
(76,275)
(80,478)

  
 
 
(76,275)
 
 
(80,478)

Net assets
  
5,112,626
4,068,842


Capital and reserves
  

Called up share capital 
 17 
10,000
10,000

Revaluation reserve
 18 
378,890
378,890

Profit and loss account
 18 
4,723,736
3,679,952

  
5,112,626
4,068,842


Page 10

 
LIFE BUILD SOLUTIONS LTD
REGISTERED NUMBER: 05372315
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
K M Adams
Director

Date: 19 September 2024

The notes on pages 16 to 29 form part of these financial statements.
Page 11

 
LIFE BUILD SOLUTIONS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
10,000
378,890
3,679,952
4,068,842


Comprehensive income for the year

Profit for the year

-
-
1,561,284
1,561,284


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,561,284
1,561,284


Contributions by and distributions to owners

Contribution to employee ownership trust
-
-
(517,500)
(517,500)


Total transactions with owners
-
-
(517,500)
(517,500)


At 31 December 2023
10,000
378,890
4,723,736
5,112,626


The notes on pages 16 to 29 form part of these financial statements.
Page 12

 
LIFE BUILD SOLUTIONS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
10,000
378,890
3,303,311
3,692,201


Comprehensive income for the year

Profit for the year

-
-
416,641
416,641


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
416,641
416,641


Contributions by and distributions to owners

Contribution to employee ownership trust
-
-
(40,000)
(40,000)


Total transactions with owners
-
-
(40,000)
(40,000)


At 31 December 2022
10,000
378,890
3,679,952
4,068,842


The notes on pages 16 to 29 form part of these financial statements.

Page 13

 
LIFE BUILD SOLUTIONS LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,561,284
416,641

Adjustments for:

Depreciation of tangible assets
32,488
42,235

Interest received
(148,184)
(20,795)

Taxation charge
525,404
(67,659)

(Increase) in debtors
(832,969)
(970,497)

Increase in creditors
839,095
5,928,233

Corporation tax received/(paid)
65,866
(142,544)

Net cash generated from operating activities

2,042,984
5,185,614


Cash flows from investing activities

Purchase of tangible fixed assets
(33,857)
(42,116)

Interest received
148,184
20,795

Net cash from investing activities

114,327
(21,321)

Cash flows from financing activities

Contribution to employee ownership trust
(517,500)
(40,000)

Movement in directors loan account
-
783

Net cash used in financing activities
(517,500)
(39,217)

Net increase in cash and cash equivalents
1,639,811
5,125,076

Cash and cash equivalents at beginning of year
9,960,676
4,835,600

Cash and cash equivalents at the end of year
11,600,487
9,960,676


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,600,487
9,960,676

11,600,487
9,960,676


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 
LIFE BUILD SOLUTIONS LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

9,960,676

1,639,811

11,600,487


9,960,676
1,639,811
11,600,487

The notes on pages 16 to 29 form part of these financial statements.
Page 15

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Life Build Solutions Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and the Directors' Report together with a summary of the key business risks the company faces. The directors believe that the company is well placed to manage its business risks successfully, and to maintain positive cash flows for the foreseeable future
At the year end, the company had net current assets of £6,395,559 and generated a profit of £1,561,284. The cash flow forecasts indicate that, even when considering the current economic and housing market climate, the higher than average inflation, the cost of living pressures, the Group will have sufficient funds to meet its operational liabilities as they fall due. The Company’s cash reserves on signing of these financial statement is £11,600,487. 
Based on this and expected cash flows based on financial forecasts, the Directors believe the Company to be a going concern in that it will continue to operate for a period of no less than 12 months from the date of these financial statements. As such, the going concern basis has been adopted in preparing these Financial Statements.

Page 16

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue represents the value of work done during the financial period net of value added tax. The value of work done is calculated as certified work, plus the amount anticipated to be certified, adjusted for over and under measure. Revenue and costs are recognised by reference to the stage
of completion, with reference to expected contract timescale and costs incurred to date.
Where it is probably that contract costs will exceed total contract revenue, the expected future loss is
recognised as an expense immediately and a provision for losses on contracts is recognised as a
component of creditors.
Amounts due on contracts at the year end are recognised to the extent they have been invoiced in
trade debtors and any accrual for uncertified work is included in prepayments and accrued income.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
on cost
Computer equipment
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 18

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using
Page 20

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies 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.
Work in progress
The directors exercise judgement in allocating costs attributable to stock and work in progress. The
recoverability of work in progress is a key area of judgement. The directors perform interim job appraisals
over the period of the contract to validate the recoverability of each contract and stage of recognition.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Contract sales
60,960,952
47,046,778

60,960,952
47,046,778


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
60,960,952
47,046,778

60,960,952
47,046,778


Page 21

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
21,000
13,000

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
1,500
1,000

All non-audit services not included above
2,500
2,000


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,624,657
4,730,400

Social security costs
497,926
449,235

Cost of defined contribution scheme
322,615
201,550

6,445,198
5,381,185


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Administrative
57
51

59
53

Page 22

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
242,451
184,450

Company contributions to defined contribution pension schemes
93,129
-

335,580
184,450



8.


Interest receivable

2023
2022
£
£


Other interest receivable
148,184
20,795

148,184
20,795


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
529,607
(64,093)


529,607
(64,093)


Total current tax
529,607
(64,093)

Deferred tax


Origination and reversal of timing differences
(4,203)
(3,566)

Total deferred tax
(4,203)
(3,566)


Tax on profit
525,404
(67,659)
Page 23

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,086,688
348,982


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
490,372
66,307

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
39,914
2,375

Capital allowances for year in excess of depreciation
(679)
(2,505)

Fixed asset differences
(4,203)
(3,566)

Research and development expenditure
-
(130,270)

Total tax charge for the year
525,404
(67,659)


Factors that may affect future tax charges

There are no factors affecting tax.

Page 24

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
725,000
38,976
238,321
1,002,297


Additions
-
-
33,857
33,857



At 31 December 2023

725,000
38,976
272,178
1,036,154



Depreciation


At 1 January 2023
-
37,904
185,683
223,587


Charge for the year on owned assets
-
64
32,424
32,488



At 31 December 2023

-
37,968
218,107
256,075



Net book value



At 31 December 2023
725,000
1,008
54,071
780,079



At 31 December 2022
725,000
1,072
52,638
778,710

Included in cost or valuation of land and buildings is freehold land of £725,000 (2022: £725,000) which is not depreciated.
The Directors have reviewed the carrying value at year end and are of the opinion this has not materially changed as at the year end.

Cost or valuation at 31 December 2023 is as follows:

Freehold property
£


At cost
346,111
At valuation:

Valuation in 2019
378,889



725,000

Page 25

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           10.Tangible fixed assets (continued)

The freehold property was valued on an open market basis on 31 December 2019 by Haines Watts.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
346,111
346,111

Net book value
346,111
346,111


11.


Stocks

2023
2022
£
£

Stocks
896,288
896,288

896,288
896,288



12.


Debtors

2023
2022
£
£

Due after more than one year

Customer retention
2,146,690
1,483,569

2,146,690
1,483,569

Due within one year

Trade debtors
3,768,581
4,221,652

Customer retention
974,525
780,027

Other debtors
41,662
118,566

Prepayments and accrued income
1,685,510
1,241,848

8,616,968
7,845,662


Page 26

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,600,487
9,960,676

11,600,487
9,960,676



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,362,970
4,323,533

Supplier retention
631,459
1,084,478

Accrued job costs
5,463,451
7,030,126

Corporation tax
529,607
-

Other taxation and social security
1,936,992
1,391,810

Other creditors
162,304
16,450

Accruals and deferred income
631,401
605,313

14,718,184
14,451,710


On the 27th of October 2021 a charge was created over the company's freehold property and stock in respect of a debt owed by its parent company, Life Build Employee Ownership Trustee Limited.
On the 10th January 2022 a charge was created over the company's freehold property and stock in respect of a debt owed by its parent company, Life Build Employee Ownership Trustee Limited.


15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Supplier retention
1,986,737
880,306

1,986,737
880,306


Page 27

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Deferred taxation




2023


£






At beginning of year
(80,478)


Charged to profit or loss
4,203



At end of year
(76,275)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(76,275)
(80,478)

(76,275)
(80,478)


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



18.


Reserves

Revaluation reserve

The revaluation reserve is the amount of property revaluation less the charge to deferred taxation on that surplus.

Profit and loss account

The profit or loss reserve represents the cumulative profit or loss, net of contributions to the employee ownership trust paid and other adjustments.


19.


Pension commitments

The company operates a defined contributions pension scheme. The pension cost charge represents contributions payable to the fund and amount to £322,615 (2022: £201,550).

Page 28

 
LIFE BUILD SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
38,542
-

Later than 1 year and not later than 5 years
200,000
-

Later than 5 years
470,833
-

709,375
-


21.Other financial commitments

Life Build Solutions Ltd has committed to financially support the funding of subsidiary acquisitions by its parent company, Life Build Employee Ownership Trustees Limited. Any funds made available will be out of surplus profits and subject to the current and future cash flow requirements of Life Build Solutions Ltd. 
Life Build Solutions Ltd had commitments to Life Build Employee Ownership Trustees Limited totalling £14,857,500 at 31 December 2023 (2022: £15,375,000).


22.


Related party transactions

Director's are considered key management personnel and their renumeration is disclosed in note 7. 


23.


Controlling party

Until 26th of October 2021, the company was controlled by the directors by virtue of their financial shareholdings.
On the 27th of October 2021, Life Build Solutions Limited's issued share capital was acquired by Life Build Ownership Trustee Limited, as trustee for the employee ownership trust. From that date, the trust is the ultimate controlling party and the trust hold the controlling stake for the benefit on the employees.

 
Page 29