1 July 2022 false Taxfiler 2023.10 true 12060823business:PrivateLimitedCompanyLtd2022-07-012023-06-30 120608232022-06-30 120608232022-07-012023-06-30 12060823business:AuditExemptWithAccountantsReport2022-07-012023-06-30 12060823business:FilletedAccounts2022-07-012023-06-30 120608232023-06-30 12060823business:Director12022-07-012023-06-30 12060823business:Director22022-07-012023-06-30 12060823business:RegisteredOffice2022-07-012023-06-30 120608232022-06-30 12060823core:WithinOneYear2023-06-30 12060823core:WithinOneYear2022-06-30 12060823core:AfterOneYear2023-06-30 12060823core:AfterOneYear2022-06-30 12060823core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 12060823core:ShareCapitalcore:PreviouslyStatedAmount2022-06-30 12060823core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 12060823core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-06-30 12060823core:PreviouslyStatedAmount2023-06-30 12060823core:PreviouslyStatedAmount2022-06-30 12060823business:SmallEntities2022-07-012023-06-30 12060823countries:EnglandWales2022-07-012023-06-30 12060823core:FurnitureFittings2022-07-012023-06-30 12060823core:ComputerEquipment2022-07-012023-06-30 12060823core:FurnitureFittings2022-06-30 12060823core:ComputerEquipment2022-06-30 12060823core:FurnitureFittings2023-06-30 12060823core:ComputerEquipment2023-06-30 1206082312022-07-012023-06-30 120608232021-07-012022-06-30 iso4217:GBP xbrli:pure
Company Registration No. 12060823 (England and Wales)
Level 5 Lifestyle Distributors Ltd Unaudited accounts for the year ended 30 June 2023
Level 5 Lifestyle Distributors Ltd Unaudited accounts Contents
Page
- 2 -
Level 5 Lifestyle Distributors Ltd Company Information for the year ended 30 June 2023
Directors
Hafid Mekki Saba Rachel Elizabeth Ling
Company Number
12060823 (England and Wales)
Registered Office
52a Windor Street Suite 103 Uxbridge UB8 1AB England
Accountants
PHA Accountants Limited Timsons Business Centre Bath Road Kettering Northamptonshire NN16 8NQ
- 3 -
Level 5 Lifestyle Distributors Ltd Accountants' report
Accountants' report to the board of directors of Level 5 Lifestyle Distributors Ltd on the preparation of the unaudited statutory accounts for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Level 5 Lifestyle Distributors Ltd for the year ended 30 June 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Level 5 Lifestyle Distributors Ltd, as a body, in accordance with the terms of our engagement letter dated 3 June 2019. Our work has been undertaken solely to prepare for your approval the accounts of Level 5 Lifestyle Distributors Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Level 5 Lifestyle Distributors Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Level 5 Lifestyle Distributors 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 loss of Level 5 Lifestyle Distributors Ltd. You consider that Level 5 Lifestyle Distributors 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 Level 5 Lifestyle Distributors 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.
PHA Accountants Limited Timsons Business Centre Bath Road Kettering Northamptonshire NN16 8NQ 27 October 2023
- 4 -
Level 5 Lifestyle Distributors Ltd Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,209 
2,442 
Current assets
Inventories
50,000 
48,000 
Debtors
1,185 
6,678 
Cash at bank and in hand
6,573 
10,790 
57,758 
65,468 
Creditors: amounts falling due within one year
(13,225)
(7,832)
Net current assets
44,533 
57,636 
Total assets less current liabilities
45,742 
60,078 
Creditors: amounts falling due after more than one year
(338,922)
(293,732)
Provisions for liabilities
Deferred tax
(230)
(464)
Net liabilities
(293,410)
(234,118)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(293,510)
(234,218)
Shareholders' funds
(293,410)
(234,118)
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by
Hafid Mekki Saba Director Company Registration No. 12060823
- 5 -
Level 5 Lifestyle Distributors Ltd Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
Level 5 Lifestyle Distributors Ltd is a private company, limited by shares, registered in England and Wales, registration number 12060823. The registered office is 52a Windor Street, Suite 103, Uxbridge, UB8 1AB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% - reducing balance
Computer equipment
33% - straight line
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Going concern
The directors have confirmed that they will continue to give financial support to the company until such time as its position improves. In addition the directors have confirmed that they will not recall their loans within 12 months. The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support was withdrawn.
- 6 -
Level 5 Lifestyle Distributors Ltd Notes to the Accounts for the year ended 30 June 2023
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2022
1,420 
3,081 
4,501 
At 30 June 2023
1,420 
3,081 
4,501 
Depreciation
At 1 July 2022
394 
1,665 
2,059 
Charge for the year
205 
1,028 
1,233 
At 30 June 2023
599 
2,693 
3,292 
Net book value
At 30 June 2023
821 
388 
1,209 
At 30 June 2022
1,026 
1,416 
2,442 
5
Inventories
2023 
2022 
£ 
£ 
Finished goods
50,000 
48,000 
50,000 
48,000 
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
1,159 
1,109 
Trade debtors
26 
5,469 
Other debtors
- 
100 
1,185 
6,678 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
5,000 
5,000 
Other creditors
6,826 
1,757 
Accruals
1,399 
1,075 
13,225 
7,832 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
13,750 
18,751 
Amounts owed to group undertakings and other participating interests
33,665 
33,665 
Other creditors
137,232 
88,050 
Loans from directors
154,275 
153,266 
338,922 
293,732 
- 7 -
Level 5 Lifestyle Distributors Ltd Notes to the Accounts for the year ended 30 June 2023
9
Post balance sheet events
There have been no significant evets affecting the company since the year end.
10
Average number of employees
During the year the average number of employees was 3 (2022: 2).
- 8 -