REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th June 2024 |
for |
Life Property Services Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th June 2024 |
for |
Life Property Services Limited |
Life Property Services Limited (Registered number: 09660983) |
Contents of the Financial Statements |
for the Year Ended 30th June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Life Property Services Limited |
Company Information |
for the Year Ended 30th June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1579 London Road |
Leigh on Sea |
Essex |
SS9 2SG |
Life Property Services Limited (Registered number: 09660983) |
Balance Sheet |
30th June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Fair value reserve | 11 | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Life Property Services Limited (Registered number: 09660983) |
Notes to the Financial Statements |
for the Year Ended 30th June 2024 |
1. | STATUTORY INFORMATION |
Life Property Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Land & property is revalued using the revaluation model. Periodically it is revalued to the open market value. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Life Property Services Limited (Registered number: 09660983) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST OR VALUATION |
At 1st July 2023 |
Revaluations | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Cost or valuation at 30th June 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2016 | 236,538 | - | 236,538 |
Valuation in 2021 | 64,493 | - | 64,493 |
Valuation in 2022 | 65,000 | - | 65,000 |
Valuation in 2023 | (20,000 | ) | - | (20,000 | ) |
Valuation in 2024 | (15,000 | ) | - | (15,000 | ) |
Cost | 594,512 | - | 594,512 |
925,543 | - | 925,543 |
On 30th June 2024 the freehold property was professionally valued on an open market basis by P H H Wheaton FRICS of Fenn Wright. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2023 |
Revaluations | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Life Property Services Limited (Registered number: 09660983) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 30th June 2024 is represented by: |
£ |
Valuation in 2021 | (3,994 | ) |
Valuation in 2022 | (160,773 | ) |
Valuation in 2023 | (31,000 | ) |
Valuation in 2024 | (18,000 | ) |
Cost | 1,030,767 |
817,000 |
On 30th June 2024 the investment properties were professionally valued on an open market basis by P H H Wheaton FRICS of Fenn Wright. |
6. | DEBTORS |
30.6.24 | 30.6.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal |
Life Property Services Limited (Registered number: 09660983) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
The bank loans were secured by way of a fixed and floating charge over the company's properties and assets. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary A | 1 | 535,527 | 535,527 |
11. | RESERVES |
Fair |
Revaluation | value |
reserve | reserve | Totals |
£ | £ | £ |
At 1st July 2023 | ( |
) |
In year fair value adjustment | (15,000 | ) | (18,000 | ) | (33,000 | ) |
At 30th June 2024 | ( |
) |
12. | RELATED PARTY DISCLOSURES |
The company is a wholly owned subsidiary of Life Chiropractic Clinics Limited. During the year the company rented clinic space to Life Chiropractic Clinics Limited for £24,000 (2023: £24,000). |
At the year end an inter company loan balance of £386,031 (2023: £234,899) was due to Life Chiropractic Clinics Limited. The loan is repayable on demand and no interest is charged. |