Registered number 05343048
LIFE BUILDING CENTRE (LBC)
Report and Accounts
25 January 2022
**LIFE BUILDING CENTRE (LBC) Registered number: 05343048 Directors' Report**
The directors present their report and accounts for the year ended 25 January 2022.
## **Principal activities**
The company's principal activity during the year continued to be to advance the christian faith and a pentecostal christian church.
## **Directors**
The following persons served as directors during the year:
Mr Niyi Murele
Mrs Sade Murele
## **Small company provisions**
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 26 October 2022 and signed on its behalf.
Mr Niyi Murele Director
1
## **LIFE BUILDING CENTRE (LBC) Accountants' Report**
## **Accountants' report to the directors of LIFE BUILDING CENTRE (LBC)**
You consider that the company is exempt from an audit for the year ended 25 January 2022. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Andrew & Co Chartered Certified Accountants
Suite 112 AJP Business Centre 152-154 Coles Green Road, LONDON NW2 7HD.
26 October 2022
2
## **LIFE BUILDING CENTRE (LBC) Profit and Loss Account for the year ended 25 January 2022**
|**Turnover**
Administrative expenses
**Operating profit**
Interest receivable
**Profit on ordinary activities before taxation**
Tax on profit on ordinary activities
**Profit for the financial year**|**2022**
**£**
28,236
(14,295)
13,941
1
13,942
-
13,942|**2021**
**£**
20,494
(15,018)|
|---|---|---|
|||5,476
7|
|||5,483
-|
|||5,483|
3
## **LIFE BUILDING CENTRE (LBC) Registered number:** 05343048 **Balance Sheet as at 25 January 2022**
|**Notes**
**Fixed assets**
Tangible assets
3
**Current assets**
Debtors
4
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
5
**Net current assets**
**Net assets**
**Capital and reserves**
Profit and loss account
**Shareholders' funds**|**2022**
**£**
2,680
3,250
61,057
64,307
(4,204)
60,103
62,783
62,783
62,783|**2021**
**£**
1,509
3,250
48,253
51,503
(4,171)
47,332
48,841
48,841
48,841|**2021**
**£**
1,509
3,250
48,253
51,503
(4,171)
47,332
48,841
48,841
48,841|
|---|---|---|---|
|||||
||||48,841|
||||48,841|
||||48,841|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Niyi Murele Director Approved by the board on 26 October 2022
4
**LIFE BUILDING CENTRE (LBC) Notes to the Accounts for the year ended 25 January 2022**
## **1 Accounting policies**
## _**Basis of preparation**_
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
## _**Turnover**_
Turnover is measured at the fair value of the offerings, donations and gift aid received during the accounting period.
## _**Tangible fixed assets**_
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years Leasehold land and buildings over the lease term Plant and machinery 20% reducing balance basis Motor vehicle 25% reducing balance basis
## _**Debtors**_
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
## _**Creditors**_
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
## _**Taxation**_
The company is a registered charity with the Charity Commissioners. Its income is exempt from income and corporation tax to the extent that its income and gains are applied for charitable purposes. Value added tax is not recoverable by the company, and it is therefore included in the relevant costs in the profit and loss account.
## _**Leased assets**_
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
**2 Employees**
**2022**
**2021**
5
## **LIFE BUILDING CENTRE (LBC) Notes to the Accounts for the year ended 25 January 2022**
|Average number of persons employed by the company
**3**
**Tangible fixed assets**
**Plant and**
**machinery**
**etc**
**£**
**Cost**
At 26 January 2021
12,222
Additions
1,842
At 25 January 2022
14,064
**Depreciation**
At 26 January 2021
10,736
Charge for the year
666
At 25 January 2022
11,402
**Net book value**
At 25 January 2022
2,662
At 25 January 2021
1,486
**4**
**Debtors**
Prepayments & deposits
Other debtors
**5**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors|**Number**
3
**Motor**
**vehicles**
**£**
1,000
-
1,000
977
5
982
18
23
**2022**
**£**
2,600
650
3,250
**2022**
**£**
563
3,641
4,204|**Number**
3|
|---|---|---|
|||**Total**
**£**
13,222
1,842|
|||15,064|
|||11,713
671|
|||12,384|
|||2,680|
|||1,509|
|||**2021**
**£**
2,600
650|
|||3,250|
|||**2021**
**£**
530
3,641|
|||4,171|
## **6 Other information**
LIFE BUILDING CENTRE (LBC) is a private company limited by shares and incorporated in England. Its registered office is: The Haven
Carrs Drive High Wycombe HP12 4BT
6
## **LIFE BUILDING CENTRE (LBC) Detailed profit and loss account for the year ended 25 January 2022**
_This schedule does not form part of the statutory accounts_
|**Sales**
Administrative expenses
**Operating profit**
Interest receivable
**Profit before tax**|**2022**
**£**
28,236
(14,295)
13,941
1
13,942|**2021**
**£**
20,494
(15,018)|
|---|---|---|
|||5,476
7|
|||5,483|
7
## **LIFE BUILDING CENTRE (LBC) Detailed profit and loss account for the year ended 25 January 2022**
_This schedule does not form part of the statutory accounts_
|**Sales**
Offerings, Donations & Gift Aids
**Administrative expenses**
Employee costs:
Mission & preaching
Travel and subsistence
Premises costs:
Rent
Cleaning
General administrative expenses:
Telephone and fax
Stationery and printing
Subscriptions
Bank charges
Insurance
Repairs and maintenance
Computing and IT support
Donations and benevolence
Covid relief
Depreciation
Legal and professional costs:
Accountancy fees
Other legal and professional|**2022**
**£**
28,236
5,082
16
5,098
1,870
428
2,298
628
798
219
134
486
543
390
2,500
-
671
6,369
500
30
530
14,295|**2021**
**£**
20,494|
|---|---|---|
|||3,846
725|
|||4,571|
|||680
-|
|||680|
|||663
667
90
451
480
-
168
5,588
750
380|
|||9,237|
|||500
30|
|||530|
||||
|||15,018|
8