|
(1) General Information
|
| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Unit 2 Standard Industrial Estate, London, E16 2ES. |
|
|
|
(2) Statement of compliance
|
| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
|
|
|
|
(3) Significant Accounting Policies
|
|
Basis of Preparation
|
|
| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
|
|
Revenue recognition
|
|
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
|
|
|
Sale of goods
|
|
| Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
|
|
|
Rendering of Services
|
|
| Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
|
|
Rental income
|
|
| Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
|
|
Property, plant and equipment
|
|
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | 33% straight line | | Equipment | 33% straight line | | Motor Cars | |
|
|
Financial commitment Property Unit 2 Standard Industrial Estate
|
|
Although a lease exists between Loveworld Ltd and Christ Embassy aka BLW (Believers Loveworld Inc) at
a base rent of £130,000 per annum on a rolling basis. No rent has been paid since 2014. In the opinion of the directors, any
rent due is covered by Airtime advertising sales by the company. |
|
|
Long term liability
|
|
There is an interest free loan of £190,000 from Incorporated Trustees of BLW (aka Christ Embassy) Lagos Region Nigeria
with no set repayment date. This is shown under note Creditors: Amounts falling due after more than one year |
|
|
Employee benefits
|
|
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
|
|
|
|
(4) Critical accounting judgements and key sources of estimation uncertainty
|
|
No judgement
|
|
| No significant judgements or estimates have been made in preparation of these financial statements. |
|
|
|
|
(5) Turnover
|
| The revenue from company's operations comprise: |
|
| | | 2024 | | 2023 | | £ | | £ | | | Sales | 1,849,514 | | 1,467,628 | | | | | | | | | | 1,849,514 | | 1,467,628 |
|
|
|
|
(6) Operating profit
|
| Operating profit for the year from continuing operations has been arrived after charging: | | 2024 | | 2023 | | £ | | £ | | | | | | | Staff costs | 852,640 | | 722,867 | | Director's remuneration | 40,026 | | 45,782 | | Depreciation of property, plant and equipment | 12,938 | | 13,693 | | | | | | | | | | 905,605 | | 782,341 | |
|
|
|
(7) Employees
|
| During the year, the average number of employees including director was 27 (2023 : 27). |
|
The above numbers are averages for the year and calculated on a full-time equivalent basis. The aggregate payroll costs of the above were: | | | 2024 | | 2023 | | £ | | £ | | | Wages and salaries | 817,732 | | 684,620 | | Social security cost | 58,123 | | 67,453 | | Pension contributions | 16,811 | | 16,576 | | 892,667 | | 768,649 | |
|
|
|
|
(8) Tangible fixed assets
|
| Fixtures and Fittings | | £ | | Cost | | | As at 01 January 2024 | 1,205,287 | | Additions | 11,430 | | As at 31 December 2024 | 1,216,717 | | Depreciation | | | As at 01 January 2024 | 1,177,902 | | For the year | 12,938 | | As at 31 December 2024 | 1,190,840 | | Net book value | | | As at 31 December 2024 | 25,877 | | As at 31 December 2023 | 27,385 |
|
|
|
|
(9) Debtors
|
|
Amounts falling due within one year
|
|
| | | 2024 | | 2023 | | £ | | £ | | | | | | | Other debtors | 465,864 | | 318,576 | | Prepayments and accrued income | 29,036 | | 29,036 | | 494,900 | | 347,612 |
|
|
|
|
(10) Cash and cash equivalents
|
| | | 2024 | | 2023 | | £ | | £ | | | Bank balance | 11,064 | | 24,866 | | | | | | 11,064 | | 24,866 |
|
|
|
(11) Creditors: Amounts falling due within one year
|
| | | 2024 | | 2023 | | £ | | £ | | | | | | | | | | | | | | | Other taxes and social security | 29,661 | | 29,661 | | Other creditors | 470,595 | | 319,583 | | Accruals and deferred income | 3,800 | | 3,800 | | 504,056 | | 353,044 |
|
|
|
(12) Creditors: Amounts falling due after more than one year
|
| | | 2024 | | 2023 | | £ | | £ | | | Bank loans and overdrafts | 190,000 | | 190,000 | | | | | | | | | | 190,000 | | 190,000 |
|
|
|
(13) Share capital and reserves
|
| | Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | | - | | - | | | A ordinary shares hold equal voting rights. B investment shares do not carry any voting rights. | | | Retained earnings | | | 2024 | | | | £ | | At 1 January 2024 | | | (114,819) | | Loss of the year | | | (47,396) | | | | | | At 31 December 2024 | | | (162,215) | |
|