Lifehouse Developments Limited Filleted accounts for Companies House (small and micro)

LIFEHOUSE DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03986580

Lifehouse Developments Limited

Filleted Unaudited Financial Statements

31 May 2019

Lifehouse Developments Limited

Statement of Financial Position

31 May 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		624	831

Current assets

Debtors	5	–	9,063
Cash at bank and in hand		8,513	6,711
		-------	--------
		8,513	15,774

Creditors: amounts falling due within one year	6	16,516		40,446
		--------		--------
Net current liabilities			8,003	24,672
			-------	--------
Total assets less current liabilities			( 7,379)	( 23,841)
			-------	--------
Net liabilities			( 7,379)	( 23,841)
			-------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 7,479)	( 23,941)
	-------	--------
Shareholders deficit	( 7,379)	( 23,841)
	-------	--------

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 comprehensive income has not been delivered.

For the year ending 31 May 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 members have 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Lifehouse Developments Limited

Statement of Financial Position (continued)

31 May 2019

These financial statements were approved by the board of directors and authorised for issue on 30 January 2020 , and are signed on behalf of the board by:

HJ Scott
Director

Company registration number: 03986580

Lifehouse Developments Limited

Notes to the Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ferndale, Clayton Road, Jesmond, Newcastle upon Tyne, NE2 1TL.

2. Statement of compliance

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

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Tools & Equipment	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Computer Equipmenet	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 June 2018 and 31 May 2019	695	955	6,762	8,412
	----	----	-------	-------
Depreciation
At 1 June 2018	681	941	5,959	7,581
Charge for the year	3	3	201	207
	----	----	-------	-------
At 31 May 2019	684	944	6,160	7,788
	----	----	-------	-------
Carrying amount
At 31 May 2019	11	11	602	624
	----	----	-------	-------
At 31 May 2018	14	14	803	831
	----	----	-------	-------

5. Debtors

	2019	2018
	£	£
Other debtors	–	9,063
	----	-------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Social security and other taxes	–	3,699
Other creditors	16,516	36,747
	--------	--------
	16,516	40,446
	--------	--------

7. Director's advances, credits and guarantees

Included within other debtors, there is an overdrawn directors loan balance of £nil (2018:£9,063).

8. Related party transactions

The company was under the control of Mrs HJ Scott throughout the current and previous year. Mrs HJ Scott is the managing director and majority shareholder. Included in other creditors is an amount of £15,428 (2018: £26,673) due to Lifehouse Projects Limited, a company controlled by Mrs HJ Scott .