Life Property Solutions Ltd 31/03/2019 iXBRL

LIFE PROPERTY SOLUTIONS LTD - Company Information

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Company registration number: 07238675

Life Property Solutions Ltd

Unaudited filleted financial statements

31 March 2019

Life Property Solutions Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Life Property Solutions Ltd

Directors and other information


	Director	Mr Daniel Madge


	Secretary	Mr Daniel Madge


	Company number	07238675


	Registered office	2 Sway Road
		Morriston
		Swansea
		SA6 6HT


	Business address	2 Sway Road
		Morriston
		Swansea
		SA6 6HT


	Accountants	Morgan Hemp
		103-104 Walter Road
		Swansea
		SA1 5QF




	Bankers	Barclays Bank PLC
		Morriston
		Swansea Enterprise Park

Life Property Solutions Ltd

Report to the director on the preparation of the

unaudited statutory financial statements of Life Property Solutions Ltd

Year ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Life Property Solutions Ltd for the year ended 31 March 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the director of Life Property Solutions Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Life Property Solutions Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Life Property Solutions Ltd and its director as a body for our work or for this report.

It is your duty to ensure that Life Property Solutions Ltd 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 loss of Life Property Solutions Ltd. You consider that Life Property Solutions Ltd 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 Life Property Solutions Ltd. 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.

Morgan Hemp

103-104 Walter Road

Swansea

SA1 5QF

16 December 2019

Life Property Solutions Ltd

Statement of financial position

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	5	255		255
Tangible assets	6	-		1,976
		_______		_______
			255		2,231

Current assets
Stocks		5		192,008
Debtors	7	20,942		32,845
Cash at bank and in hand		261		1,597
		_______		_______
		21,208		226,450
Creditors: amounts falling due
within one year	8	( 49,730)		( 230,781)
		_______		_______
Net current liabilities			( 28,522)		( 4,331)
			_______		_______
Total assets less current liabilities			( 28,267)		( 2,100)

			_______		_______
Net liabilities			( 28,267)		( 2,100)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 28,268)		( 2,101)
			_______		_______
Shareholder deficit			( 28,267)		( 2,100)
			_______		_______

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 December 2019 , and are signed on behalf of the board by:

Mr Daniel Madge

Director

Company registration number: 07238675

Life Property Solutions Ltd

Notes to the financial statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 2 Sway Road, Morriston, Swansea, SA6 6HT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The preparation of the accounts under the going concern basis remains appropriate as the director has confirmed he will continue to give financial support to the company until such time as its position improves. The financial statements do not include any adjustments that would result if the financial support were withdrawn.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2018: 5 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 April 2018 and 31 March 2019	255	255
	_______	_______
Amortisation
At 1 April 2018 and 31 March 2019	-	-
	_______	_______
Carrying amount
At 31 March 2019	255	255
	_______	_______
At 31 March 2018	255	255
	_______	_______

6. Tangible assets

	Freehold property	Total
	£	£
Cost
At 1 April 2018	1,976	1,976
Disposals	( 1,976)	( 1,976)
	_______	_______
At 31 March 2019	-	-
	_______	_______
Depreciation
At 1 April 2018 and 31 March 2019	-	-
	_______	_______
Carrying amount
At 31 March 2019	-	-
	_______	_______
At 31 March 2018	1,976	1,976
	_______	_______

7. Debtors

	2019	2018
	£	£
Trade debtors	796	2,050
Amounts owed by group undertakings and undertakings in which the company has a participating interest	-	11,330
Other debtors	20,146	19,465
	_______	_______
	20,942	32,845
	_______	_______

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	5,639	718
Amounts owed to group undertakings and undertakings in which the company has a participating interest	38,473	36,527
Social security and other taxes	3,578	354
Other creditors	2,040	193,182
	_______	_______
	49,730	230,781
	_______	_______

9. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2019
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr Daniel Madge	-	19,003	19,003
		_______	_______	_______

2018
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr Daniel Madge	-	-	-
		_______	_______	_______

10. Related party transactions

Included in creditors is an amount owing to Life Property Development Limited of £28,172 (2018: £36,527), a group company.Included in creditors is an amount of £7,201 (2018: debtors £9,133) owed to Dragon Construction Limited, a group company.Included in debtors is an amount of £nil (2018: £384) owed from Parsonage Lane Limted, a company that the group has a participating interest in.