For Life Limited 03300929 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is the provision of swimming lessons & educational courses Digita Accounts Production Advanced 6.30.9574.0 true true 03300929 2023-08-01 2024-07-31 03300929 2024-07-31 03300929 bus:OrdinaryShareClass1 2024-07-31 03300929 core:CurrentFinancialInstruments 2024-07-31 03300929 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 03300929 core:Non-currentFinancialInstruments 2024-07-31 03300929 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 03300929 core:ConstructionInProgressAssetsUnderConstruction 2024-07-31 03300929 core:FurnitureFittingsToolsEquipment 2024-07-31 03300929 core:MotorVehicles 2024-07-31 03300929 core:OtherPropertyPlantEquipment 2024-07-31 03300929 bus:SmallEntities 2023-08-01 2024-07-31 03300929 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03300929 bus:FilletedAccounts 2023-08-01 2024-07-31 03300929 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03300929 bus:RegisteredOffice 2023-08-01 2024-07-31 03300929 bus:CompanySecretaryDirector2 2023-08-01 2024-07-31 03300929 bus:Director1 2023-08-01 2024-07-31 03300929 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 03300929 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03300929 bus:Agent1 2023-08-01 2024-07-31 03300929 core:ComputerEquipment 2023-08-01 2024-07-31 03300929 core:ConstructionInProgressAssetsUnderConstruction 2023-08-01 2024-07-31 03300929 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 03300929 core:MotorVehicles 2023-08-01 2024-07-31 03300929 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 03300929 core:PlantMachinery 2023-08-01 2024-07-31 03300929 core:OtherRelatedParties 2023-08-01 2024-07-31 03300929 countries:England 2023-08-01 2024-07-31 03300929 2023-07-31 03300929 core:ConstructionInProgressAssetsUnderConstruction 2023-07-31 03300929 core:FurnitureFittingsToolsEquipment 2023-07-31 03300929 core:MotorVehicles 2023-07-31 03300929 core:OtherPropertyPlantEquipment 2023-07-31 03300929 2022-08-01 2023-07-31 03300929 2023-07-31 03300929 bus:OrdinaryShareClass1 2023-07-31 03300929 core:CurrentFinancialInstruments 2023-07-31 03300929 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03300929 core:Non-currentFinancialInstruments 2023-07-31 03300929 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03300929 core:ConstructionInProgressAssetsUnderConstruction 2023-07-31 03300929 core:FurnitureFittingsToolsEquipment 2023-07-31 03300929 core:MotorVehicles 2023-07-31 03300929 core:OtherPropertyPlantEquipment 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 03300929

For Life Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

For Life Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

For Life Limited

Company Information

Directors

D V Cartwright

R Cartwright

Company secretary

R Cartwright

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Lloyds TSB
20 North Street
Bishops Stortford
Hertfordshire
CM23 2LR

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

For Life Limited

(Registration number: 03300929)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

37,822

43,571

Current assets

 

Debtors

5

1,467

2,307

Cash at bank and in hand

 

15,368

9,866

 

16,835

12,173

Creditors: Amounts falling due within one year

6

(43,631)

(22,970)

Net current liabilities

 

(26,796)

(10,797)

Total assets less current liabilities

 

11,026

32,774

Creditors: Amounts falling due after more than one year

6

(6,667)

(14,667)

Net assets

 

4,359

18,107

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

4,357

18,105

Shareholders' funds

 

4,359

18,107

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 January 2025 and signed on its behalf by:
 

D V Cartwright
Director

 

For Life Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

These financial statements were authorised for issue by the Board on 13 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

For Life Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Asset class

Depreciation method and rate

Swimming pool

15% Reducing Balance Method

Plant and machinery

25% Reducing Balance Method

Computer equipment

33% Straight Line Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 14).

 

For Life Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Office equipment
 £

Swimming pool
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

4,509

78,249

21,150

6,007

109,915

Additions

-

2,347

-

-

2,347

At 31 July 2024

4,509

80,596

21,150

6,007

112,262

Depreciation

At 1 August 2023

3,926

47,055

9,749

5,616

66,346

Charge for the year

292

4,855

2,850

97

8,094

At 31 July 2024

4,218

51,910

12,599

5,713

74,440

Carrying amount

At 31 July 2024

291

28,686

8,551

294

37,822

At 31 July 2023

338

31,439

11,402

392

43,571

 

For Life Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

2024
£

2023
£

Prepayments

1,467

2,306

Other debtors

-

1

1,467

2,307

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,000

8,000

Trade creditors

 

179

89

Taxation and social security

 

8,183

8,199

Accruals and deferred income

 

22,090

1,920

Other creditors

 

5,179

4,762

 

43,631

22,970

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

6,667

14,667

Bank borrowings

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       
 

For Life Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

8,000

8,000

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

6,667

14,667

9

Related party transactions

 

For Life Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,200

25,160

Summary of transactions with other related parties

D Cartwright & R Cartwright (Directors)
 During the year dividends of £43,600 (2016 £39,600) were paid to the directors. At the balance sheet date the amount due to D Cartwright & R Cartwright was £9,764 (2016 £11,025).

Cartwrights Swim School Limited (A company owned by D Cartwright & R Cartwright)
At the balance sheet date the amount due from Cartwrights Swim School was £4,960 (2016 £4,960).

Control
The company is controlled by the directors who own 100% of the called up share capital.