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Registration number: 04725078

Quality Lifestyle Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Quality Lifestyle Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Quality Lifestyle Ltd

Company Information

Directors

Mr MRM Herbert

Mr R Rabin

Company secretary

Mrs D Nile

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Quality Lifestyle Ltd
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quality Lifestyle Ltd for the year ended 31 March 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Quality Lifestyle Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quality Lifestyle Ltd and state those matters that we have agreed to state to the Board of Directors of Quality Lifestyle Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quality Lifestyle Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Quality Lifestyle Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quality Lifestyle Ltd. You consider that Quality Lifestyle Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Quality Lifestyle Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

16 August 2022

 

Quality Lifestyle Ltd

(Registration number: 04725078)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

71,734

87,610

Current assets

 

Debtors

5

116,178

88,076

Cash at bank and in hand

 

125,441

280,650

 

241,619

368,726

Creditors: Amounts falling due within one year

6

(50,334)

(178,660)

Net current assets

 

191,285

190,066

Total assets less current liabilities

 

263,019

277,676

Provisions for liabilities

(6,870)

(7,470)

Net assets

 

256,149

270,206

Capital and reserves

 

Called up share capital

368

368

Retained earnings

255,781

269,838

Shareholders' funds

 

256,149

270,206

 

Quality Lifestyle Ltd

(Registration number: 04725078)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 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.

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 12 August 2022 and signed on its behalf by:
 

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

Mr MRM Herbert

Director

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 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.

Government grants

Government grants are fair value of the grants received by the government to support the company in the ordinary course of the company's activities. The company recognises government grant income when the amount of grant can be reliably measured, and it is highly probable that future economic benefits of the grant will flow to the company.

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.

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

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

Leasehold Property

10 years Straight Line

Computer Equipment

3 years Straight Line

Fixtures & Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2021 - 47).

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Short Leasehold
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

103,567

179,627

34,070

317,264

Additions

-

16,369

-

16,369

At 31 March 2022

103,567

195,996

34,070

333,633

Depreciation

At 1 April 2021

86,631

124,405

18,618

229,654

Charge for the year

10,357

18,025

3,863

32,245

At 31 March 2022

96,988

142,430

22,481

261,899

Carrying amount

At 31 March 2022

6,579

53,566

11,589

71,734

At 31 March 2021

16,936

55,222

15,452

87,610

5

Debtors

Current

2022
£

2021
£

Trade debtors

440

6,761

Prepayments

1,740

1,678

Other debtors

113,998

79,637

 

116,178

88,076

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

1,898

5,945

Taxation and social security

26,573

27,332

Accruals and deferred income

9,806

16,367

Other creditors

12,057

129,016

50,334

178,660

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £114,000 (2021 - £114,000).

8

Related party transactions

During the year the company made advances totalling £57,957 (2021: 29,000) to Mr M R M Herbert, a director. This amount was partly cleared during the year and the balance outstanding as at 31 March 2022 was £24,294 (2021: credit £31,983). Interest is charged at 2% per annum and is calculated on a monthly basis. Interest of £40 (2021: nil) was charged on the outstanding balance during the year.

During the year the company made advances totalling £43,800 (2021: £37,800) to Mr R Rabin, a director. This amount was partly cleared during the year and the balance outstanding as at 31 March 2022 was £43,765 (2021: £37,787). Interest is charged at 2% per annum and is calculated on a monthly basis. Interest of £358 (2021: £307) was charged on the outstanding balance during the year.