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REGISTERED NUMBER: 05082237 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

LIFETIME RESIDENTIAL SOLUTIONS LIMITED

LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

LIFETIME RESIDENTIAL SOLUTIONS LIMITED

Company Information
for the year ended 31 March 2024







Directors: R G Baum
C Savva





Secretary: C Savva





Registered office: 22a Perrins Walk
London
NW3 6TH





Registered number: 05082237 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 180 212
Investment property 5 1,810,000 2,217,452
1,810,180 2,217,664

Current assets
Debtors 6 9,692 7,056
Cash at bank and in hand 184,381 7,272
194,073 14,328
Creditors
Amounts falling due within one year 7 579,834 640,520
Net current liabilities (385,761 ) (626,192 )
Total assets less current liabilities 1,424,419 1,591,472

Creditors
Amounts falling due after more than one
year

8

(1,200,030

)

(932,805

)

Provisions for liabilities 10 (77,590 ) (125,469 )
Net assets 146,799 533,198

Capital and reserves
Called up share capital 11 2 2
Retained earnings 146,797 533,196
Shareholders' funds 146,799 533,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Balance Sheet - continued
31 March 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2024 and were signed on its behalf by:





R G Baum - Director


LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Notes to the Financial Statements
for the year ended 31 March 2024


1. Statutory information

Lifetime Residential Solutions Limited is a private 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

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.

LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 NIL (2023 - NIL).

LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. Tangible fixed assets
Fixtures
and
fittings
£
Cost
At 1 April 2023
and 31 March 2024 467
Depreciation
At 1 April 2023 255
Charge for year 32
At 31 March 2024 287
Net book value
At 31 March 2024 180
At 31 March 2023 212

5. Investment property
Total
£
Fair value
At 1 April 2023 2,217,452
Revaluations (407,452 )
At 31 March 2024 1,810,000
Net book value
At 31 March 2024 1,810,000
At 31 March 2023 2,217,452

Fair value at 31 March 2024 is represented by:
£
Valuation in 2024 1,810,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 1,499,640 1,499,640

Investment property was valued on an open market basis on 10 August 2023 by valuers for a mortgage application .

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 1,781 -
Prepayments and accrued income 7,911 7,056
9,692 7,056

LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 8,699
Other loans 175,000 175,000
Trade creditors 134 -
Tax - 6,173
Other creditors 300,855 340,881
Directors' current accounts 93,548 93,547
Accruals and deferred income 10,297 16,220
579,834 640,520

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years - 8,990
Bank loans - 2-5 years - 446,840
Bank loans more 5 yr by instal - 221,975
Bank loans more 5 yrs non-inst 1,200,030 255,000
1,200,030 932,805

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,200,030 255,000

Repayable by instalments
Bank loans more 5 yr by instal - 221,975

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,200,030 941,504

The loans referred to above for the year to 31 March 2024 is secured by fixed charges on the investment properties as well as personal guarantees given by the directors.

10. Provisions for liabilities
2024 2023
£ £
Deferred tax 77,590 125,469

Deferred tax
£
Balance at 1 April 2023 125,469
Credit to Profit and Loss Account during year (47,879 )
Balance at 31 March 2024 77,590

LIFETIME RESIDENTIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 05082237)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary £1 2 2

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lifetime Residential Solutions Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lifetime Residential Solutions Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Lifetime Residential Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lifetime Residential Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Lifetime Residential Solutions Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lifetime Residential Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lifetime Residential Solutions Limited. You consider that Lifetime Residential Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lifetime Residential Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY


31 December 2024