Company Registration No. SC589768 (Scotland)
Lifetime Finance Group Limited
Unaudited accounts
for the year ended 31 December 2022
Lifetime Finance Group Limited
Unaudited accounts
Contents
Lifetime Finance Group Limited
Company Information
for the year ended 31 December 2022
Directors
Simon David Embley
Gordon Murray Hunter
Company Number
SC589768 (Scotland)
Registered Office
95 West Regent Street
Glasgow
G2 2BA
Scotland
Accountants
Clarity Accounting (Scotland) Ltd
20 - 23 Woodside Place
Glasgow
G3 7QL
Lifetime Finance Group Limited
Statement of financial position
as at 31 December 2022
Tangible assets
15,269
8,944
Cash at bank and in hand
44,669
2,074
Creditors: amounts falling due within one year
(164,194)
(199,329)
Net current liabilities
(68,327)
(157,396)
Total assets less current liabilities
(50,706)
(148,452)
Creditors: amounts falling due after more than one year
(35,648)
(41,211)
Provisions for liabilities
Net liabilities
(88,223)
(189,886)
Called up share capital
475,002
475,002
Profit and loss account
(563,225)
(664,888)
Shareholders' funds
(88,223)
(189,886)
For the year ending 31 December 2022 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 18 August 2023 and were signed on its behalf by
Gordon Murray Hunter
Director
Company Registration No. SC589768
Lifetime Finance Group Limited
Notes to the Accounts
for the year ended 31 December 2022
Lifetime Finance Group Limited is a private company, limited by shares, registered in Scotland, registration number SC589768. The registered office is 95 West Regent Street, Glasgow, G2 2BA, Scotland.
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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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.
Lifetime Finance Group Limited
Notes to the Accounts
for the year ended 31 December 2022
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.
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2022
14,361
7,182
21,543
At 31 December 2022
14,361
17,817
32,178
At 1 January 2022
9,339
3,260
12,599
Charge for the year
2,873
1,437
4,310
At 31 December 2022
12,212
4,697
16,909
At 31 December 2022
2,149
13,120
15,269
At 31 December 2021
5,022
3,922
8,944
5
Investments
Other investments
Valuation at 1 January 2022
-
Valuation at 31 December 2022
2,352
Amounts falling due within one year
Trade debtors
37,594
28,828
Accrued income and prepayments
-
11,031
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
16,667
5,555
Trade creditors
20,162
26,169
Amounts owed to group undertakings and other participating interests
30,139
-
Taxes and social security
42,991
49,728
Lifetime Finance Group Limited
Notes to the Accounts
for the year ended 31 December 2022
8
Creditors: amounts falling due after more than one year
2022
2021
9
Average number of employees
During the year the average number of employees was 22 (2021: 22).
