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Company Registration No. 06980686 (England and Wales)
LF Foundation Unaudited accounts for the year ended 31 August 2024
LF Foundation Unaudited accounts Contents
Page
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LF Foundation Company Information for the year ended 31 August 2024
Directors
Theodora Adebanjo Olusola Afolabi Adeaga Daniel Ihiabe Joseph Adegbenro Adedokun Adeola Olaiya Olusegun Lanre Olatayo-Moses Robin Edward Lawrence
Company Number
06980686 (England and Wales)
Registered Office
16 BEECH ROAD BIRMINGHAM B17 9TD ENGLAND
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LF Foundation Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
17,825 
25,232 
Current assets
Debtors
211,778 
196,834 
Cash at bank and in hand
32,050 
7,877 
243,828 
204,711 
Creditors: amounts falling due within one year
(46,890)
(42,759)
Net current assets
196,938 
161,952 
Total assets less current liabilities
214,763 
187,184 
Creditors: amounts falling due after more than one year
(15,760)
(20,983)
Net assets
199,003 
166,201 
Reserves
Profit and loss account
199,003 
166,201 
Members' funds
199,003 
166,201 
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
Theodora Adebanjo Director Company Registration No. 06980686
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LF Foundation Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
LF Foundation is a private company, limited by guarantee, registered in England and Wales, registration number 06980686. The registered office is 16 BEECH ROAD, BIRMINGHAM, B17 9TD, ENGLAND.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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LF Foundation Notes to the Accounts for the year ended 31 August 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 September 2023
13,026 
57,452 
2,893 
73,371 
At 31 August 2024
13,026 
57,452 
2,893 
73,371 
Depreciation
At 1 September 2023
10,342 
34,904 
2,893 
48,139 
Charge for the year
1,115 
6,292 
- 
7,407 
At 31 August 2024
11,457 
41,196 
2,893 
55,546 
Net book value
At 31 August 2024
1,569 
16,256 
- 
17,825 
At 31 August 2023
2,684 
22,548 
- 
25,232 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Amounts due from group undertakings etc.
126,429 
102,740 
Accrued income and prepayments
60,234 
68,979 
Other debtors
25,115 
25,115 
211,778 
196,834 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
6,292 
6,292 
Taxes and social security
25,498 
19,648 
Other creditors
15,100 
16,819 
46,890 
42,759 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
15,760 
20,983 
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 1 (2023: 1).
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