Registered number
05343048
LIFE BUILDING CENTRE (LBC)
Filleted Accounts
25 January 2024
LIFE BUILDING CENTRE (LBC)
Registered number: 05343048
Balance Sheet
as at 25 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,502 3,191
Current assets
Debtors 4 4,750 3,850
Cash at bank and in hand 55,170 59,317
59,920 63,167
Creditors: amounts falling due within one year 5 (4,201) (4,176)
Net current assets 55,719 58,991
Net assets 59,221 62,182
Capital and reserves
Profit and loss account 59,221 62,182
Shareholders' funds 59,221 62,182
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr Niyi Murele
Director
Approved by the board on 22 October 2024
LIFE BUILDING CENTRE (LBC)
Notes to the Accounts
for the year ended 25 January 2024
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 offerings, donations and gift aid received during the accounting period.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance basis
Motor vehicle 25% reducing balance basis
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
The company is a registered charity with the Charity Commissioners. Its income is exempt from income and corporation tax to the extent that its income and gains are applied for charitable purposes. Value added tax is not recoverable by the company, and it is therefore included in the relevant costs in the profit and loss account.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 26 January 2023 15,373 1,000 16,373
Additions 1,582 - 1,582
At 25 January 2024 16,955 1,000 17,955
Depreciation
At 26 January 2023 12,196 986 13,182
Charge for the year 1,268 3 1,271
At 25 January 2024 13,464 989 14,453
Net book value
At 25 January 2024 3,491 11 3,502
At 25 January 2023 3,177 14 3,191
4 Debtors 2024 2023
£ £
Prepayments & deposits 2,600 2,600
Other debtors 2,150 1,250
4,750 3,850
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 560 535
Other creditors 3,641 3,641
4,201 4,176
6 Other information
LIFE BUILDING CENTRE (LBC) is a private company limited by shares and incorporated in England. Its registered office is:
The Haven
Carrs Drive
High Wycombe
HP12 4BT
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