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Registered number: 14407775
Lifecome Group Ltd
Financial Statements
For The Year Ended 31 May 2024
Gower Accountancy
Chartered Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14407775
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 701,078 708,232
701,078 708,232
CURRENT ASSETS
Debtors 5 33,341 397
Cash at bank and in hand 14,312 9,518
47,653 9,915
Creditors: Amounts Falling Due Within One Year 6 (22,547 ) (54,961 )
NET CURRENT ASSETS (LIABILITIES) 25,106 (45,046 )
TOTAL ASSETS LESS CURRENT LIABILITIES 726,184 663,186
Creditors: Amounts Falling Due After More Than One Year 7 (234,140 ) (221,444 )
NET ASSETS 492,044 441,742
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 492,042 441,740
SHAREHOLDERS' FUNDS 492,044 441,742
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs O Owumi
Director
26/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lifecome Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14407775 . The registered office is 128b, Brixton Hill, London, SW2 1RS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. In line with the Cost Model of measurement. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% Straight Line
In line with FRS 102 Section 17, the properties owned are leased to subsidaries on a commercial basis with the objective of supporting the trading entities with the business operations. 
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
1Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 June 2023 715,386
As at 31 May 2024 715,386
Depreciation
As at 1 June 2023 7,154
Provided during the period 7,154
As at 31 May 2024 14,308
Net Book Value
As at 31 May 2024 701,078
As at 1 June 2023 708,232
The properties owned are leased to subsidaries on a commercial basis with the objecrtive of supporting the trading entities with their operations. 
5. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Amounts owed by group undertakings 33,341 397
6. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Bank loans and overdrafts - 26,891
Corporation tax 2,687 2,094
Accruals and deferred income 5,400 900
Director's loan account 14,460 25,076
22,547 54,961
7. Creditors: Amounts Falling Due After More Than One Year
31 May 2024 31 May 2023
£ £
Bank loans 234,140 221,444
Property with a net book value of 701,078 (2023: £708,232) has been pledged to secure the loan facilities provided by Barclays Security Trustees Ltd.
8. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 2 2
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9. Related Party Transactions
Lifecome Care LimitedWholly owned subsidaryDividend received from subsidiary £70,000.

Lifecome Care Limited

Wholly owned subsidary

Dividend received from subsidiary £70,000.

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