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Registration number: 09922031

Late Life Planning Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

 

Late Life Planning Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Late Life Planning Limited

(Registration number: 09922031)
Balance Sheet as at 31 December 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

116,201

34,380

Current assets

 

Debtors

5

1,354,193

606,474

Cash at bank and in hand

 

160,921

325,870

 

1,515,114

932,344

Creditors: Amounts falling due within one year

6

(1,565,864)

(1,606,009)

Net current liabilities

 

(50,750)

(673,665)

Total assets less current liabilities

 

65,451

(639,285)

Provisions for liabilities

(27,136)

-

Net assets/(liabilities)

 

38,315

(639,285)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

38,215

(639,385)

Total equity

 

38,315

(639,285)

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 December 2020 and signed on its behalf by:
 

.........................................

Mr J J Murtagh
Director

 

Late Life Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales..

The address of its registered office is:
11 Warren Road
Cheadle Hulme
Cheshire
SK8 5AA

These financial statements were authorised for issue by the Board on 16 December 2020.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Late Life Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on cost

Computer equipment

33% on cost

Hire purchase and leasing commitments

Rentals paid under operating leasesare charged to profit and loss on a straight line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 90 (2018 - 48).

 

Late Life Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2019

49,323

49,323

Additions

132,437

132,437

At 31 December 2019

181,760

181,760

Depreciation

At 1 January 2019

14,943

14,943

Charge for the year

50,616

50,616

At 31 December 2019

65,559

65,559

Carrying amount

At 31 December 2019

116,201

116,201

At 31 December 2018

34,380

34,380

5

Debtors

2019
£

2018
£

Trade debtors

547,386

-

Prepayments

-

25,000

Other debtors

806,807

581,474

1,354,193

606,474

6

Creditors

Creditors: amounts falling due within one year

2019
£

2018
£

Due within one year

Trade creditors

13,502

69,902

Taxation and social security

395,092

380,687

Accruals and deferred income

89,911

9,189

Other creditors

1,067,359

1,146,231

1,565,864

1,606,009