LIFESTART_RESOURCES_LTD - Accounts

Lifestart Resources Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 2 Springrowth House, Springtown Road, Derry~Londonderry, BT48 0GG.

For the year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the micro-entity provisions and in accordance with FRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.

The company pays all its taxable profits for the reporting period to its parent charity under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity within retained earnings. The company previously recognised gift aid payments in the income statement in the year that the profits arose. The company has changed its accounting policy as a result of The Financial Reporting Council clarifying the accounting treatment for such payments in its triennial review of FRS 102. Therefore the prior year comparative figures have been restated to reflect this change.

There is a prior year adjustment of £58,963 reflecting the change in accounting for the gift aid payment for the year ended 31 March 2018. This increases the opening retained earnings for the year ended 31 March 2019 by this amount.

The change in accounting policy for gift aid payments results in the company recognising a taxation charge on its profits for the year. However, the application of the exception under paragraph 24.4B of FRS 105 provides relief in respect of the accounting for the tax charge. This results in an overall nil charge for tax in the income statement. This exception is applicable as it is probable that the gift aid payment will be made by the company to the parent charity within 9 months of the reporting date.