Company registration number 05776362 (England and Wales)
LIFESTYLE ARTS AND CRAFTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
LIFESTYLE ARTS AND CRAFTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIFESTYLE ARTS AND CRAFTS LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,405
2,038
Current assets
Stocks
164,250
209,991
Debtors
5
29,528
25,330
Cash at bank and in hand
21,640
5,846
215,418
241,167
Creditors: amounts falling due within one year
6
(319,679)
(330,722)
Net current liabilities
(104,261)
(89,555)
Total assets less current liabilities
(102,856)
(87,517)
Provisions for liabilities
(205)
(294)
Net liabilities
(103,061)
(87,811)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(103,161)
(87,911)
Total equity
(103,061)
(87,811)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 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 30 November 2023 and are signed on its behalf by:
Mr P Knight
Director
Company Registration No. 05776362
LIFESTYLE ARTS AND CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Lifestyle Arts and Crafts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF. The principal place of business is Gate Farm Rural Enterprise Park, Wettenhall Rd, Poole, Nantwich, CW5 6AL.
1.1
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.
1.2
Going concern
The financial statements are prepared on the going concern basis as the company has the financial support of its directors.true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Website development expenditure
Website development costs are written off in equal annual instalments over their estimated useful economic life.
1.5
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its useful economic life.
1.6
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:
Leasehold improvements
Over the term of the lease
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33.33% straight line
Motor vehicles
25% straight line
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.
1.7
Stocks
Stock is valued at the lower of cost and net realisable value.
LIFESTYLE ARTS AND CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. The deferred tax balance has not been discounted.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
5
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
33,000
21,491
54,491
Amortisation and impairment
At 1 June 2022 and 31 May 2023
33,000
21,491
54,491
Carrying amount
At 31 May 2023
At 31 May 2022
LIFESTYLE ARTS AND CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
3,963
29,707
33,670
Depreciation and impairment
At 1 June 2022
3,475
28,157
31,632
Depreciation charged in the year
163
470
633
At 31 May 2023
3,638
28,627
32,265
Carrying amount
At 31 May 2023
325
1,080
1,405
At 31 May 2022
488
1,550
2,038
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,075
4,444
Other debtors
1,640
1,524
6,715
5,968
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
22,813
19,362
Total debtors
29,528
25,330
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,512
Trade creditors
4,827
19,680
Taxation and social security
1,080
130
Other creditors
313,772
303,400
319,679
330,722
LIFESTYLE ARTS AND CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
ACAs
205
294
-
-
Tax losses
-
-
22,813
19,362
205
294
22,813
19,362
2023
Movements in the year:
£
Asset at 1 June 2022
(19,068)
Credit to profit or loss
(3,540)
Asset at 31 May 2023
(22,608)
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
11,289
35,781