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Company registration number: 12000276
Keepme Lifestyle Limited
Unaudited financial statements
31 October 2023
Morris & Partners
35 Theydon Park Road
Theydon Bois
Essex CM16 7LR
Telephone 01992 813574
E-mail: chris@morrispartners.co.uk
Keepme Lifestyle Limited
Contents
Directors and other information
Accountants report
Statement of comprehensive income
Statement of financial position
Notes to the financial statements
Keepme Lifestyle Limited
Directors and other information
Directors K Anderson
S Anderson
N Jerzak
J Amos
Company number 12000276
Registered office 35 Theydon Park Road
Theydon Bois
Essex
CM16 7LR
Accountants Morris & Partners
35 Theydon Park Road
Theydon Bois
Essex
CM16 7LR
Keepme Lifestyle Limited
Accountants' report on the unaudited financial statements to the directors of
Keepme Lifestyle Limited
As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 October 2023 set out on pages 3 to 10 and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled these unaudited financial statements, in order to assist you to fulfil your statutory responsibilities, from the accounting records and information supplied to us.
Morris & Partners
35 Theydon Park Road
Theydon Bois
Essex
CM16 7LR
Date: 16 February 2024
Keepme Lifestyle Limited
Statement of comprehensive income
Year ended 31 October 2023
2023 2022
Note £ £
Turnover 5,779,960 6,008,723
Change in stocks of finished goods and in work in progress ( 4,176,835) ( 4,937,598)
_______ _______
1,603,125 1,071,125
Staff costs ( 637,074) ( 579,881)
Depreciation and other amounts written off tangible and intangible fixed assets ( 19,181) ( 14,574)
Other operating expenses ( 255,821) ( 169,939)
_______ _______
Operating profit 691,049 306,731
Interest payable and similar expenses ( 52,020) ( 32,877)
_______ _______
Profit before taxation 639,029 273,854
Tax on profit ( 153,989) ( 54,806)
_______ _______
Profit for the financial year and total comprehensive income 485,040 219,048
_______ _______
All the activities of the company are from continuing operations.
Keepme Lifestyle Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 67,593 81,255
_______ _______
67,593 81,255
Current assets
Stocks 300,076 55,114
Debtors 7 2,625,635 1,917,259
Cash at bank and in hand 163,000 29,074
_______ _______
3,088,711 2,001,447
Creditors: amounts falling due
within one year 8 ( 1,994,300) ( 1,358,661)
_______ _______
Net current assets 1,094,411 642,786
_______ _______
Total assets less current liabilities 1,162,004 724,041
Creditors: amounts falling due
after more than one year 9 ( 65,058) ( 99,311)
Provisions for liabilities 10 ( 16,898) ( 15,438)
_______ _______
Net assets 1,080,048 609,292
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,079,948 609,192
_______ _______
Shareholders funds 1,080,048 609,292
_______ _______
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
K Anderson
Director
Company registration number: 12000276
Keepme Lifestyle Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 35 Theydon Park Road, Theydon Bois, Essex, CM16 7LR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 11 (2022: 12 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 625,585 571,581
Other pension costs 11,489 8,300
_______ _______
637,074 579,881
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 19,181 14,574
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2022 20,508 76,905 97,413
Additions 5,519 - 5,519
_______ _______ _______
At 31 October 2023 26,027 76,905 102,932
_______ _______ _______
Depreciation
At 1 November 2022 4,277 11,881 16,158
Charge for the year 2,925 16,256 19,181
_______ _______ _______
At 31 October 2023 7,202 28,137 35,339
_______ _______ _______
Carrying amount
At 31 October 2023 18,825 48,768 67,593
_______ _______ _______
At 31 October 2022 16,231 65,024 81,255
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 1,686,481 950,132
Other debtors 939,154 967,127
_______ _______
2,625,635 1,917,259
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 22,203 154,629
Trade creditors 1,172,567 681,345
Corporation tax 219,914 142,591
Social security and other taxes 552,491 358,335
Other creditors 27,125 21,761
_______ _______
1,994,300 1,358,661
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 16,581 40,756
Other creditors 48,477 58,555
_______ _______
65,058 99,311
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 November 2022 15,438 15,438
Additions 1,460 1,460
_______ _______
At 31 October 2023 16,898 16,898
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 16,898 15,438
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 16,898 15,438
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
K Anderson 42,928 52,692 ( 26,406) 69,214
S Anderson 56,928 44,672 ( 75,445) 26,155
N Jerzak 1,398 3,544 ( 1,400) 3,542
J Amos - 3,572 - 3,572
_______ _______ _______ _______
101,254 104,480 ( 103,251) 102,483
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
K Anderson 16,768 26,160 - 42,928
S Anderson 68,353 48,576 ( 60,001) 56,928
N Jerzak ( 3,380) 4,778 - 1,398
J Amos - - - -
_______ _______ _______ _______
81,741 79,514 ( 60,001) 101,254
_______ _______ _______ _______