Company Registration No. 05314031 (England and Wales)
Living Faith Foundation
Unaudited accounts
for the year ended 31 August 2024
Living Faith Foundation
Unaudited accounts
Contents
Living Faith Foundation
Company Information
for the year ended 31 August 2024
Directors
Joseph Adeolu Olaiya
Ayodele Betts-Priddy
Gabriel Gringo Orakpo
LF Foundation
Company Number
05314031 (England and Wales)
Registered Office
16 BEECH ROAD
BIRMINGHAM
B17 9TD
Living Faith Foundation
Statement of financial position
as at 31 August 2024
Tangible assets
21,208
30,793
Cash at bank and in hand
2,610
2,013
Creditors: amounts falling due within one year
(1,721)
(1,721)
Net current liabilities
(112,531)
(87,230)
Total assets less current liabilities
(91,323)
(56,437)
Creditors: amounts falling due after more than one year
3,642
3,391
Net liabilities
(87,681)
(53,046)
Profit and loss account
(87,681)
(53,046)
Members' funds
(87,681)
(53,046)
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by
Gabriel Gringo Orakpo
Director
Company Registration No. 05314031
Living Faith Foundation
Notes to the Accounts
for the year ended 31 August 2024
Living Faith Foundation is a private company, limited by guarantee, registered in England and Wales, registration number 05314031. The registered office is 16 BEECH ROAD, BIRMINGHAM, B17 9TD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 September 2023
48,241
1,050
49,291
At 31 August 2024
48,241
1,050
49,291
At 1 September 2023
17,745
753
18,498
Charge for the year
9,375
210
9,585
At 31 August 2024
27,120
963
28,083
At 31 August 2024
21,121
87
21,208
At 31 August 2023
30,496
297
30,793
Living Faith Foundation
Notes to the Accounts
for the year ended 31 August 2024
Amounts falling due within one year
Amounts due from group undertakings etc.
(129,317)
(103,419)
Accrued income and prepayments
2,897
2,897
Other debtors
13,000
13,000
6
Creditors: amounts falling due within one year
2024
2023
Other creditors
(11,619)
(11,619)
Deferred income
13,340
13,340
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
(3,642)
(3,391)
8
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).