Life Collections Limited
Life Collections Limited
Unaudited Financial Statements
For The Year Ended 31 May 2023
Life Collections Limited
Unaudited Financial Statements
For The Year Ended 31 May 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
Life Collections Limited
Company Information
For The Year Ended 31 May 2023
Company Information
| Director |
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| Company Number |
|
| Registered Office | The Old Rectory The Hatch |
| Burghfield | |
| Reading | |
| Berkshire | |
| RG30 3TH | |
| Accountants |
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| 177-178 Tottenham Court Road | |
| London | |
| W1T 7AF | |
Life Collections Limited
Balance Sheet
As At
31 May 2023
Balance Sheet
Registered number:
12750660
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Stocks |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 3 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 4 |
( |
( |
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| NET LIABILITIES |
( |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | (156,772) | (140,522) | |||
The financial statements were approved by the board of directors on 29 May 2024 and were signed on its behalf by:
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Director
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The notes on page 3 form part of these financial statements.
Life Collections Limited
Notes to the Financial Statements
For The Year Ended 31 May 2023
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.3.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2022: NIL)
3.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | - |
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| Accrual and Deferred Income |
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4.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts owed to group undertakings |
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6.
Related Party Transactions
At the year end the company owed £660,498 (2022: £609,408) to Life Partners Ltd, the parent company.
7.
General Information
Life Collections Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12750660
. The registered office is The Old Rectory The Hatch, Burghfield, Reading, Berkshire, RG30 3TH.