Company Registration No. 03534103 (England and Wales)
CAPITAL LIFE FUNERAL PLANNING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
CAPITAL LIFE FUNERAL PLANNING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CAPITAL LIFE FUNERAL PLANNING LTD
BALANCE SHEET
AS AT
29 SEPTEMBER 2019
29 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,200
10,457
Current assets
Debtors
4
140,632
21,717
Cash at bank and in hand
813,393
677,933
954,025
699,650
Creditors: amounts falling due within one year
5
(957,125)
(710,007)
Net current liabilities
(3,100)
(10,357)
Total assets less current liabilities
100
100
Capital and reserves
Called up share capital
6
100
100
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 29 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 September 2020
J A Elder
Director
Company Registration No. 03534103
CAPITAL LIFE FUNERAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2019
- 2 -
1
Accounting policies
Company information
Capital Life Funeral Planning Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The reporting period of these financial statements is from 1 April 2018 to 29 September 2019. The comparative figures cover the period 1 April 2017 to 31 March 2018.
1.3
Turnover
Turnover is recognised at the fair value of the
prepayments for funeral plans retained to cover marketing, operational costs or commissions of the company to the extent permitted by the Declaration of Trust constituting the Capital Life Independent Protection Trust.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost
,
net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
100% straight line
Computers
100% straight line
Website
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CAPITAL LIFE FUNERAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
CAPITAL LIFE FUNERAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2019
2018
Number
Number
Total
13
4
3
Tangible fixed assets
Plant and machinery etc
Website
Total
£
£
£
Cost
At 1 April 2018
8,358
9,600
17,958
Additions
1,050
-
1,050
At 29 September 2019
9,408
9,600
19,008
Depreciation and impairment
At 1 April 2018
5,901
1,600
7,501
Depreciation charged in the period
3,507
4,800
8,307
At 29 September 2019
9,408
6,400
15,808
Carrying amount
At 29 September 2019
-
3,200
3,200
At 31 March 2018
2,457
8,000
10,457
CAPITAL LIFE FUNERAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2019
- 5 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
137,499
1,262
Other debtors
450
20,455
Prepayments and accrued income
2,683
-
140,632
21,717
Trade debtors represents monies due from The Capital Life Independent Protection Trust.
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
8,675
20,649
Amounts owed to group undertakings
813,279
510,439
Corporation tax
8,309
6,602
Other taxation and social security
7,944
13,784
Other creditors
30,361
137,694
Accruals and deferred income
88,557
20,839
957,125
710,007
Amounts owed to group undertakings are secured by fixed and floating charges.
Other creditors represents monies due to The Capital Life Independent Protection Trust.
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Events after the reporting date
At the time of approval of the financial statements, the United Kingdom is subject to lockdown measures due to the COVID-19 pandemic. The director estimates that this may have an impact on the company's
activities
during this lockdown period, however it is not currently possible to reliably estimate the full financial effect on the company.
8
Related party transactions
The company has taken advantage of the exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned group entities.