LIFE LAB MOVEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Life Lab Movement Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 09967211. The address of the registered office is Shalimar, Cricket Ground Road, Chislehurst, Kent, England, BR7 5HD. The nature of the company's operations and principal activities are the supply of fitness facilities.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company has net liabilities totalling £98,799 at the year end. Included in creditors are amounts due to entities under common control totalling £127,196
The directors of the entities under common control have pledged that the amounts outstanding will not be demanded from the Company until the Company has the financial headroom to settle the debts without compromising its ability to remain a going concern. On that basis the accounts have been prepared on a going concern basis.
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Cash and cash equivalents
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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.
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.
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