Company Registration No. 06980686 (England and Wales)
LF Foundation
Unaudited accounts
for the year ended 31 August 2021
LF Foundation
Unaudited accounts
Contents
LF Foundation
Company Information
for the year ended 31 August 2021
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 2021
Tangible assets
15,545
11,031
Cash at bank and in hand
12,732
19,305
Creditors: amounts falling due within one year
(29,142)
(29,160)
Net current assets
42,235
25,621
Total assets less current liabilities
57,780
36,652
Creditors: amounts falling due after more than one year
(12,720)
(5,162)
Profit and loss account
45,060
31,490
Members' funds
45,060
31,490
For the year ending 31 August 2021 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.
The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2022 and were signed on its behalf by
Theodora Adebanjo
Director
Company Registration No. 06980686
LF Foundation
Notes to the Accounts
for the year ended 31 August 2021
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 2021
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2020
20,058
25,991
2,893
48,942
Additions
12,917
-
-
12,917
At 31 August 2021
32,975
25,991
2,893
61,859
At 1 September 2020
17,935
17,660
2,316
37,911
Charge for the year
2,226
5,598
579
8,403
At 31 August 2021
20,161
23,258
2,895
46,314
At 31 August 2021
12,814
2,733
(2)
15,545
At 31 August 2020
2,123
8,331
577
11,031
5
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
26,656
6,487
Other debtors
31,989
28,989
6
Creditors: amounts falling due within one year
2021
2020
Obligations under finance leases and hire purchase contracts
3,717
4,798
Taxes and social security
13,975
11,221
Other creditors
11,450
13,141
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
12,720
5,162
8
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 1 (2020: 1).
