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Registration number: SC387725

Life Training Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Life Training Systems Limited

Contents
for the Year Ended 31 October 2024

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Life Training Systems Limited

Company Information
for the Year Ended 31 October 2024

Director

C McKay

Company secretary

Windsor Accountancy Limited

Registered office

2 Roull Road
Edinburgh
EH12 7JS
Scotland

Registered number

SC387725 ( Scotland )

Accountants

Windsor Accountancy Limited
Chartered Certified Accountants
St. Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

Life Training Systems Limited

(Registration number: SC387725)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

844

2,737

Current assets

 

Debtors

5

13,324

23,990

Creditors: Amounts falling due within one year

6

(10,013)

(20,707)

Net current assets

 

3,311

3,283

Total assets less current liabilities

 

4,155

6,020

Creditors: Amounts falling due after more than one year

6

(2,543)

(5,787)

Net assets

 

1,612

233

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,512

133

Shareholders' funds

 

1,612

233

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 February 2025
 

.........................................
C McKay
Director

 

Life Training Systems Limited

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

1

General information

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

The address of its registered office is:
2 Roull Road
Edinburgh
EH12 7JS
Scotland

These financial statements were authorised for issue by the director on 13 February 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Life Training Systems Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Office equipment

33% Straight line

Plant & Machinery

33% Straight line

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

 

Life Training Systems Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2023

2,150

3,532

5,682

At 31 October 2024

2,150

3,532

5,682

Depreciation

At 1 November 2023

1,135

1,810

2,945

Charge for the year

716

1,177

1,893

At 31 October 2024

1,851

2,987

4,838

Carrying amount

At 31 October 2024

299

545

844

At 31 October 2023

1,015

1,722

2,737

5

Debtors

Current

2024
£

2023
£

Other debtors

13,324

23,990

 

13,324

23,990

 

Life Training Systems Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,334

5,745

Taxation and social security

 

3,045

13,449

Accruals and deferred income

 

1,634

1,513

 

10,013

20,707

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

2,543

5,787

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,400

3,800

Other borrowings

1,143

1,987

2,543

5,787

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,400

2,400

Bank overdrafts

1,332

105

Other borrowings

1,602

3,240

5,334

5,745

 

Life Training Systems Limited

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

8

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Advances and credits

12,522

26,676

(29,402)

9,796

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Advances and credits

14,993

15,016

(17,486)

12,522

 

Other transactions with the director

The balance due from the director at the year end date was deemed repayable on demand. Interest was charged at 2.25% on the outstanding balance.