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REGISTERED NUMBER: 04375729










ABUNDANT LIFE RESOURCES LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD

29TH DECEMBER 2022 TO 31ST DECEMBER 2023






ABUNDANT LIFE RESOURCES LIMITED (REGISTERED NUMBER: 04375729)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 29TH DECEMBER 2022 TO 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


ABUNDANT LIFE RESOURCES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 29TH DECEMBER 2022 TO 31ST DECEMBER 2023







DIRECTORS: J M James
P F Manchester
R V Atkin
Mrs J C Barnes
L B Bryant
J O Kusi-Mensah





REGISTERED OFFICE: Life Church
Wapping Road
Bradford
West Yorkshire
BD3 0EQ





REGISTERED NUMBER: 04375729





AUDITORS: Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

ABUNDANT LIFE RESOURCES LIMITED (REGISTERED NUMBER: 04375729)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 126,999 170,140

CURRENT ASSETS
Stocks 3,238 14,149
Debtors 5 58,773 71,631
Cash at bank and in hand 1,987 4,371
63,998 90,151
CREDITORS
Amounts falling due within one year 6 190,996 255,591
NET CURRENT LIABILITIES (126,998 ) (165,440 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1 4,700

CREDITORS
Amounts falling due after more than one year 7 - 4,699
NET ASSETS 1 1

CAPITAL AND RESERVES
Called up share capital 1 1
1 1

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th September 2024 and were signed on its behalf by:





J M James - Director


ABUNDANT LIFE RESOURCES LIMITED (REGISTERED NUMBER: 04375729)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 29TH DECEMBER 2022 TO 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Abundant Life Resources Limited is private limited 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

Basis of preparing the financial statements
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, Including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 'Related Party Disclosures': Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Life Church Ministries. These consolidated financial statements are available from its registered office.

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed the Company's financial position, taking into account the satisfactory level of reserves and cash, current year forecasts and its systems of financial and risk management. As a result of their review, the trustees believe that the Company is well placed to manage operational and financial risks successfully.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.
Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.
Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.
Financial assets and liabilities are offset, with the net amount reported 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.


ABUNDANT LIFE RESOURCES LIMITED (REGISTERED NUMBER: 04375729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH DECEMBER 2022 TO 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

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:


Leasehold land and buildings 10% Straight Line basis
Fixtures and fittings 15% Straight Line basis
Computers 15% Straight Line basis


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.

ABUNDANT LIFE RESOURCES LIMITED (REGISTERED NUMBER: 04375729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH DECEMBER 2022 TO 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3. EMPLOYEE BENEFITS

The average number of employees during the period was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 29th December 2022 85,908 555,624 641,532
Additions - 1,404 1,404
At 31st December 2023 85,908 557,028 642,936
DEPRECIATION
At 29th December 2022 25,773 445,619 471,392
Charge for period 8,591 35,954 44,545
At 31st December 2023 34,364 481,573 515,937
NET BOOK VALUE
At 31st December 2023 51,544 75,455 126,999
At 28th December 2022 60,135 110,005 170,140

ABUNDANT LIFE RESOURCES LIMITED (REGISTERED NUMBER: 04375729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29TH DECEMBER 2022 TO 31ST DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,349 25,798
Other debtors 37,424 45,833
58,773 71,631

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,801 18,674
Trade creditors 69,298 49,289
Amounts owed to group undertakings 10,650 -
Taxation and social security 2,665 -
Other creditors 102,582 187,628
190,996 255,591

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 4,699

Security on the hire purchase contract is held on the assets they relate to.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jordan Mitchell ACA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

9. PARENT COMPANY

The company's immediate parent is Life Church Ministries, a charity registered in England and Wales. The registered office of Life Church Ministries is Life Centre, Wapping Road, Bradford BD3 0EQ