Registered number
05468855
Lifetime Agencies Limited
Filleted Accounts
30 September 2023
Lifetime Agencies Limited
Registered number: 05468855
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,956 40,333
Current assets
Debtors 4 177,123 120,405
Investments held as current assets 5 49,285 49,285
Cash at bank and in hand 534,982 508,413
761,390 678,103
Creditors: amounts falling due within one year 6 (109,357) (96,652)
Net current assets 652,033 581,451
Total assets less current liabilities 711,989 621,784
Provisions for liabilities (11,392) (7,663)
Net assets 700,597 614,121
Capital and reserves
Called up share capital 4 4
Profit and loss account 700,593 614,117
Shareholder's funds 700,597 614,121
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.
J Spencer
Director
Approved by the board on 20 September 2024
Lifetime Agencies Limited
Notes to the Accounts
for the year ended 30 September 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicles 5 Years Reducing Balance
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 54,243 39,867 94,110
Additions 3,396 49,670 53,066
Disposals - (23,858) (23,858)
At 30 September 2023 57,639 65,679 123,318
Depreciation
At 1 October 2022 38,149 15,628 53,777
Charge for the year 1,266 8,319 9,585
At 30 September 2023 39,415 23,947 63,362
Net book value
At 30 September 2023 18,224 41,732 59,956
At 30 September 2022 16,094 24,239 40,333
4 Debtors 2023 2022
£ £
Trade debtors 173,257 117,739
Other debtors 3,866 2,666
177,123 120,405
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 49,285 49,285
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,472 -
Trade creditors 5,939 2,589
Taxation and social security costs 96,281 92,105
Other creditors 4,491 1,073
Director's account 174 885
109,357 96,652
7 Controlling party
The ultimate controlling party during the period:J Spencer
J Spencer holds 100% of the issued share capital and is deemed the ultimate controlling party
8 Other information
Lifetime Agencies Limited is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Rd
London
England
N1 7GU
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