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Registration number: 05287407

Lifestiles Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Lifestiles Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lifestiles Ltd

Company Information

Directors

Mr David Anthony Osborn

Mr Michael Chillery

Mr Christopher Ruggles

Company secretary

Mr David Anthony Osborn

Registered office

1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

Accountants

Anthony Russel Limited
1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

 

Lifestiles Ltd

(Registration number: 05287407)
Balance Sheet as at 30 November 2023

Note

2023
 £

2022
 £

fixed assets

 

tangible assets

4

163,766

210,815

Current assets

 

stocks

605,471

655,125

Debtors

5

2,284,506

2,593,268

Cash at bank and in hand

 

116,975

123,479

 

3,006,952

3,371,872

Creditors: Amounts falling due within one year

6

(1,608,548)

(2,331,440)

Net current assets

 

1,398,404

1,040,432

Total assets less current liabilities

 

1,562,170

1,251,247

Provisions for liabilities

(23,935)

(27,990)

Net assets

 

1,538,235

1,223,257

capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,538,135

1,223,157

Total equity

 

1,538,235

1,223,257

For the financial year ending 30 November 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lifestiles Ltd

(Registration number: 05287407)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
Mr David Anthony Osborn
Company secretary and director

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

These financial statements were authorised for issue by the Board on 19 March 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 and after eliminating sales within the company.

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.

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Short Leasehold

10% reducing balance

Motor Vehicles

25% reducing balance

Fixtures & Fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 13 (2022 - 11).

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

108,285

87,880

119,499

315,664

Additions

-

4,633

-

4,633

Disposals

-

-

(14,200)

(14,200)

At 30 November 2023

108,285

92,513

105,299

306,097

Depreciation

At 1 December 2022

32,699

50,790

21,360

104,849

Charge for the year

7,559

10,048

24,005

41,612

Eliminated on disposal

-

-

(4,130)

(4,130)

At 30 November 2023

40,258

60,838

41,235

142,331

Carrying amount

At 30 November 2023

68,027

31,675

64,064

163,766

At 30 November 2022

75,586

37,090

98,139

210,815

Included within the net book value of land and buildings above is £68,027 (2022 - £75,586) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

2,147,433

2,478,200

Prepayments

36,548

66,591

Other debtors

100,525

48,477

 

2,284,506

2,593,268

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

trade creditors

 

310,465

1,040,450

Accrued expenses

 

854

854

Other creditors

 

31,086

121,893

Factor creditor

 

917,915

525,946

Director current account

 

-

1,183

Pension contributions unpaid

 

211

105

Corporation tax

 

72,125

162,878

PAYE and NIC

 

16,013

-

VAT

 

259,879

478,131

 

1,608,548

2,331,440

7

Related party transactions

Transactions with directors

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

Interest of 2.00% is charged on the loan until 5th April 2023, then 2.25% from 6th April 2023.

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

(1,183)

216,698

(160,000)

55,516

         
       

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

(30,695)

209,513

(180,000)

(1,183)