Company Registration No. 06980686 (England and Wales)
LF Foundation
Unaudited accounts
for the year ended 31 August 2018
LF Foundation
Unaudited accounts
Contents
LF Foundation
Company Information
for the year ended 31 August 2018
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
LF Foundation
Statement of financial position
as at 31 August 2018
Tangible assets
24,845
32,543
Cash at bank and in hand
713
4,501
Creditors: amounts falling due within one year
(18,986)
(16,369)
Net current assets
20,237
41,202
Total assets less current liabilities
45,082
73,745
Creditors: amounts falling due after more than one year
(14,089)
(18,793)
Profit and loss account
30,993
54,952
Members' funds
30,993
54,952
For the year ending 31 August 2018 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.
Approved by the Board on 13 May 2019.
Theodora Adebanjo
Director
Company Registration No. 06980686
LF Foundation
Notes to the Accounts
for the year ended 31 August 2018
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.
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 policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
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.
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.
LF Foundation
Notes to the Accounts
for the year ended 31 August 2018
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2017
18,703
25,991
2,893
47,587
At 31 August 2018
18,703
25,991
2,893
47,587
At 1 September 2017
13,599
866
579
15,044
Charge for the year
1,521
5,598
579
7,698
At 31 August 2018
15,120
6,464
1,158
22,742
At 31 August 2018
3,583
19,527
1,735
24,845
At 31 August 2017
5,104
25,125
2,314
32,543
Accrued income and prepayments
11,726
23,595
Other debtors
26,784
29,475
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Creditors: amounts falling due within one year
2018
2017
Obligations under finance leases and hire purchase contracts
4,798
4,798
Taxes and social security
11,319
11,670
Other creditors
2,869
(99)
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Creditors: amounts falling due after more than one year
2018
2017
Obligations under finance leases and hire purchase contracts
14,089
18,793
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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 2 (2017: 3).
