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REGISTERED NUMBER: 06875411 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Lifetime Education Limited

Lifetime Education Limited (Registered number: 06875411)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


Lifetime Education Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: A P Durbin
Mrs N P Barker





REGISTERED OFFICE: 10 Trinity Park Industrial Estate
Sloswicke Drive
Retford
Nottinghamshire
DN22 7WQ





REGISTERED NUMBER: 06875411 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Chancery Court
34 West Street
Retford
Nottinghamshire
DN22 6ES

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lifetime Education Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lifetime Education Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lifetime Education Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lifetime Education Limited and state those matters that we have agreed to state to the Board of Directors of Lifetime Education Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lifetime Education Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lifetime Education Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lifetime Education Limited. You consider that Lifetime Education Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lifetime Education Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Chancery Court
34 West Street
Retford
Nottinghamshire
DN22 6ES


21 May 2025

Lifetime Education Limited (Registered number: 06875411)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 40,695 25,834
Tangible assets 5 68,302 48,802
108,997 74,636

CURRENT ASSETS
Stocks 64,646 46,918
Debtors 6 189,928 119,891
Cash at bank 14 1
254,588 166,810
CREDITORS
Amounts falling due within one year 7 328,208 274,171
NET CURRENT LIABILITIES (73,620 ) (107,361 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,377

(32,725

)

CREDITORS
Amounts falling due after more than one
year

8

(19,971

)

(6,220

)

PROVISIONS FOR LIABILITIES (12,977 ) (9,272 )
NET ASSETS/(LIABILITIES) 2,429 (48,217 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 2,329 (48,317 )
SHAREHOLDERS' FUNDS 2,429 (48,217 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:



A P Durbin - Director


Lifetime Education Limited (Registered number: 06875411)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Lifetime Education Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008. On 1 January 2016 the company adopted the Financial Reporting Standard 102 and the remaining goodwill is now amortised evenly over the estimated remaining useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Product development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10 - 25% on reducing balance
Fixtures, fittings & equipment - 10% to 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Lifetime Education Limited (Registered number: 06875411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2024 50,000 28,329 78,329
Additions - 23,584 23,584
At 31 December 2024 50,000 51,913 101,913
AMORTISATION
At 1 January 2024 46,250 6,245 52,495
Charge for year 3,750 4,973 8,723
At 31 December 2024 50,000 11,218 61,218
NET BOOK VALUE
At 31 December 2024 - 40,695 40,695
At 31 December 2023 3,750 22,084 25,834

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings
machinery & equipment Totals
£    £    £   
COST
At 1 January 2024 106,082 13,392 119,474
Additions 26,766 935 27,701
At 31 December 2024 132,848 14,327 147,175
DEPRECIATION
At 1 January 2024 61,163 9,509 70,672
Charge for year 7,171 1,030 8,201
At 31 December 2024 68,334 10,539 78,873
NET BOOK VALUE
At 31 December 2024 64,514 3,788 68,302
At 31 December 2023 44,919 3,883 48,802

Lifetime Education Limited (Registered number: 06875411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 180,728 115,192
Other debtors 9,200 4,699
189,928 119,891

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20242023
££
Bank loans and overdrafts22,57217,546
Trade creditors47,75457,515
Taxation and social security49,42236,003
Other creditors2,6138,230
Accruals14,7359,721
Invoice finance funds in use151,62296,752
Directors current accounts35,32644,405
324,045270,172



8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 19,971 6,220

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary Shares 1 100 100