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Registration number: 09713504

Lifeproven Limited

Unaudited Filleted Financial Statements

for the Period from 1 September 2023 to 31 December 2024

 

Lifeproven Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lifeproven Limited

Company Information

Directors

J W Relfe

A J Hinds

Registered office

C/O TN6 Ltd
Pine Grove Enterprise Centre
Pine Grove
Crowborough
East Sussex
TN6 1DH

 

Lifeproven Limited

(Registration number: 09713504)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

891

2,158

Current assets

 

Stocks

5

184,283

40,000

Debtors

6

427,724

261,252

Cash at bank and in hand

 

23,511

29,433

 

635,518

330,685

Creditors: Amounts falling due within one year

7

(227,082)

(131,767)

Net current assets

 

408,436

198,918

Total assets less current liabilities

 

409,327

201,076

Creditors: Amounts falling due after more than one year

7

(140,327)

(144,230)

Net assets

 

269,000

56,846

Capital and reserves

 

Called up share capital

8

104

104

Retained earnings

268,896

56,742

Shareholders' funds

 

269,000

56,846

For the financial period ending 31 December 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 period 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.

 

Lifeproven Limited

(Registration number: 09713504)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
J W Relfe
Director

.........................................
A J Hinds
Director

 
     
 

Lifeproven Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 December 2024

1

General information

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

The address of its registered office is:
C/O TN6 Ltd
Pine Grove Enterprise Centre
Pine Grove
Crowborough
East Sussex
TN6 1DH

These financial statements were authorised for issue by the Board on 28 March 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 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 sale of goods and 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.

 

Lifeproven Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 December 2024

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.

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:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lifeproven Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 December 2024

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.

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.

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 period, was 8 (2023 - 6).

 

Lifeproven Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 December 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

5,163

5,163

Additions

92

92

Disposals

(749)

(749)

At 31 December 2024

4,506

4,506

Depreciation

At 1 September 2023

3,005

3,005

Charge for the period

860

860

Eliminated on disposal

(250)

(250)

At 31 December 2024

3,615

3,615

Carrying amount

At 31 December 2024

891

891

At 31 August 2023

2,158

2,158

5

Stocks

2024
£

2023
£

Work in progress

184,283

40,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

282,452

223,714

Amounts owed by related parties

11

59,276

33,736

Other debtors

 

85,996

3,802

   

427,724

261,252

 

Lifeproven Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,250

8,250

Taxation and social security

 

194,755

81,895

Accruals and deferred income

 

3,500

2,500

Other creditors

 

20,577

39,122

 

227,082

131,767

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

140,327

144,230

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

NewRow_0 of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

140,327

144,230

 

Lifeproven Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 December 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,250

8,250

10

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £1,778.40 (2023 - £1,145.83) per ordinary share

177,840

114,583

177,840

114,583

 

 

11

Related party transactions

At the year end the company was owed £59,276 (£33,736 - 2023) from it's related parties.

 

Lifeproven Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 December 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

24,256

17,646