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Registration number: 05120372

The Life Skills Centre (Folkestone) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

The Life Skills Centre (Folkestone) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Life Skills Centre (Folkestone) Limited

Company Information

Directors

Mrs FE Lawton

Mr N Lawton

Company secretary

Mrs FE Lawton

Registered office

Channel House
Cobbs Mews
Folkestone
Kent
CT20 2SS

Accountants

Beresfords
Chartered Certified Accountants1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

The Life Skills Centre (Folkestone) Limited

(Registration number: 05120372)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

2,000

Tangible assets

5

17,432

18,589

 

17,432

20,589

Current assets

 

Debtors

6

76,297

93,216

Cash at bank and in hand

 

56,058

58,777

 

132,355

151,993

Creditors: Amounts falling due within one year

7

(62,156)

(69,600)

Net current assets

 

70,199

82,393

Total assets less current liabilities

 

87,631

102,982

Provisions for liabilities

(4,358)

(4,403)

Net assets

 

83,273

98,579

Capital and reserves

 

Called up share capital

2

2

Retained earnings

83,271

98,577

Shareholders' funds

 

83,273

98,579

 

The Life Skills Centre (Folkestone) Limited

(Registration number: 05120372)
Balance Sheet as at 31 July 2024 (continued)

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 and 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 5 March 2025 and signed on its behalf by:
 

.........................................
Mr N Lawton
Director

   
     
 

The Life Skills Centre (Folkestone) Limited

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

1

General information

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Channel House
Cobbs Mews
Folkestone
Kent
CT20 2SS

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.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

The Life Skills Centre (Folkestone) Limited

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

2

Accounting policies (continued)

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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

The Life Skills Centre (Folkestone) Limited

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

2

Accounting policies (continued)

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

15% reducing balance

Office equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Life Skills Centre (Folkestone) Limited

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

2

Accounting policies (continued)

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resourcese received or receivable, net of the direct costs of issuing the equity instruments.

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 12 (2023 - 12).

 

The Life Skills Centre (Folkestone) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

40,000

40,000

At 31 July 2024

40,000

40,000

Amortisation

At 1 August 2023

38,000

38,000

Amortisation charge

2,000

2,000

At 31 July 2024

40,000

40,000

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

2,000

2,000

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

67,315

26,933

94,248

Additions

-

1,806

1,806

At 31 July 2024

67,315

28,739

96,054

Depreciation

At 1 August 2023

55,379

20,280

75,659

Charge for the year

1,790

1,173

2,963

At 31 July 2024

57,169

21,453

78,622

Carrying amount

At 31 July 2024

10,146

7,286

17,432

At 31 July 2023

11,936

6,653

18,589

 

The Life Skills Centre (Folkestone) Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

53,934

73,795

Prepayments

3,934

3,678

Other debtors

18,429

15,743

 

76,297

93,216

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

6,599

Trade creditors

 

3,211

7,635

Taxation and social security

 

51,890

48,593

Accruals and deferred income

 

6,241

6,044

Other creditors

 

814

729

 

62,156

69,600

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

-

6,599

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,618 (2023 - £15,692) in respect of the lease of a motor vehicle.

Amounts disclosed in the balance sheet

 

The Life Skills Centre (Folkestone) Limited

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

9

Financial commitments, guarantees and contingencies (continued)

Included in the balance sheet are unpaid pension contributions of £814 (2023 - £729).




 

 

The Life Skills Centre (Folkestone) Limited

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

10

Related party transactions

Loans to related parties

2024

Directors
£

Total
£

Advanced

4,375

4,375

At end of period

4,375

4,375

Terms of loans to related parties

Included within the balance sheet is amounts owed by the directors totalling £4,375. This amount was repaid to the company before the accounts were finalised.