Company registration number 06575722 (England and Wales)
Wow! Lifestyle Limited
Unaudited
Financial Statements
for the year ended 30 September 2023
PAGES FOR FILING WITH REGISTRAR
Wow! Lifestyle Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
Wow! Lifestyle Limited
Statement of financial position
as at 30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
453,248
411,421
Current assets
Stocks
212,000
198,200
Debtors
132,660
110,776
Cash at bank and in hand
247,833
123,399
592,493
432,375
Creditors: amounts falling due within one year
(284,618)
(267,923)
Net current assets
307,875
164,452
Total assets less current liabilities
761,123
575,873
Creditors: amounts falling due after more than one year
(122,985)
(187,924)
Provisions for liabilities
(89,016)
(77,677)
Net assets
549,122
310,272
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
549,022
310,172
Total equity
549,122
310,272

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Wow! Lifestyle Limited
Statement of financial position (continued)
as at 30 September 2023
- 2 -

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year 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 by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
D A Stega-Jones
Director
Company Registration No. 06575722
Wow! Lifestyle Limited
Notes to the Financial Statements
for the year ended 30 September 2023
- 3 -
1
Accounting policies
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 amounts 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.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Turnover is recognised on the supply of goods to the customer.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% Reducing Balance
Fixtures, fittings & equipment
10% Reducing Balance and 3 Years Straight Line
Motor vehicles
25% Reducing Balance
Website
10% Reducing Balance

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.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value.

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 income statement 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. 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.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Wow! Lifestyle Limited
Notes to the Financial Statements (continued)
for the year ended 30 September 2023
1
Accounting policies
(continued)
- 4 -
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
24
22
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Website
Total
£
£
£
£
£
Cost
At 1 October 2022
356,693
51,725
152,491
5,965
566,874
Additions
71,812
2,760
36,550
-
0
111,122
At 30 September 2023
428,505
54,485
189,041
5,965
677,996
Depreciation and impairment
At 1 October 2022
95,815
30,052
28,027
1,559
155,453
Depreciation charged in the year
27,888
3,266
37,701
440
69,295
At 30 September 2023
123,703
33,318
65,728
1,999
224,748
Carrying amount
At 30 September 2023
304,802
21,167
123,313
3,966
453,248
At 30 September 2022
260,878
21,673
124,464
4,406
411,421

Included within the net book value of £453,248 is £123,313 (2022 - £124,464) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £37,701 (2022 - £18,236).                                        

4
Company information

Wow! Lifestyle Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wyke Mills Complex, Huddersfield Road, Wyke, Bradford, West Yorkshire, BD12 8JY.

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