Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302022-10-01falseNo description of principal activity128falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10480946 2022-10-01 2023-09-30 10480946 2021-10-01 2022-09-30 10480946 2023-09-30 10480946 2022-09-30 10480946 c:Director2 2022-10-01 2023-09-30 10480946 d:PlantMachinery 2022-10-01 2023-09-30 10480946 d:PlantMachinery 2023-09-30 10480946 d:PlantMachinery 2022-09-30 10480946 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10480946 d:FurnitureFittings 2022-10-01 2023-09-30 10480946 d:FurnitureFittings 2023-09-30 10480946 d:FurnitureFittings 2022-09-30 10480946 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10480946 d:OfficeEquipment 2022-10-01 2023-09-30 10480946 d:OfficeEquipment 2023-09-30 10480946 d:OfficeEquipment 2022-09-30 10480946 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10480946 d:ComputerEquipment 2022-10-01 2023-09-30 10480946 d:ComputerEquipment 2023-09-30 10480946 d:ComputerEquipment 2022-09-30 10480946 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10480946 d:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 10480946 d:OtherPropertyPlantEquipment 2023-09-30 10480946 d:OtherPropertyPlantEquipment 2022-09-30 10480946 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10480946 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10480946 d:CurrentFinancialInstruments 2023-09-30 10480946 d:CurrentFinancialInstruments 2022-09-30 10480946 d:Non-currentFinancialInstruments 2023-09-30 10480946 d:Non-currentFinancialInstruments 2022-09-30 10480946 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 10480946 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 10480946 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 10480946 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 10480946 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 10480946 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 10480946 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 10480946 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-09-30 10480946 d:ShareCapital 2023-09-30 10480946 d:ShareCapital 2022-09-30 10480946 d:RetainedEarningsAccumulatedLosses 2023-09-30 10480946 d:RetainedEarningsAccumulatedLosses 2022-09-30 10480946 c:OrdinaryShareClass1 2022-10-01 2023-09-30 10480946 c:OrdinaryShareClass1 2023-09-30 10480946 c:OrdinaryShareClass1 2022-09-30 10480946 c:FRS102 2022-10-01 2023-09-30 10480946 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 10480946 c:FullAccounts 2022-10-01 2023-09-30 10480946 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10480946










LIFESTYLE LOANS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
LIFESTYLE LOANS LIMITED
REGISTERED NUMBER: 10480946

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
177,512
153,697

  
177,512
153,697

Current assets
  

Debtors: amounts falling due within one year
 5 
4,688,343
4,081,160

Cash at bank and in hand
 6 
82,912
86,390

  
4,771,255
4,167,550

Creditors: amounts falling due within one year
 7 
(1,475,657)
(990,767)

Net current assets
  
 
 
3,295,598
 
 
3,176,783

Total assets less current liabilities
  
3,473,110
3,330,480

Creditors: amounts falling due after more than one year
 8 
(6,984,586)
(5,723,300)

  

Net liabilities
  
(3,511,476)
(2,392,820)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(3,511,576)
(2,392,920)

  
(3,511,476)
(2,392,820)



 
LIFESTYLE LOANS LIMITED
REGISTERED NUMBER: 10480946
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Paul Anthony Swift
Director

Date: 8 July 2024

The notes on  form part of these financial statements.


 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Lifestyle Loans Limited, 10480946, is a private company limited by shares and incorporated in England and Wales. The registered office is Belmont House, Shrewsbury Business Park, Shrewsbury, SY2 6LG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Going concern

The company and its shareholders continue to support the working capital needs of the business, and therefore on that basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue represents interest and supplementary charges receivable on loan balances due from customers during the year.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Website
-
20%
Office equipment
-
20%
Computer equipment
-
20%
Vienna computer system
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The

 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 8).


 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Website
Office equipment
Vienna computer system
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 October 2022
4,173
7,500
25,683
103,948
121,528


Additions
-
-
6,626
-
82,674



At 30 September 2023

4,173
7,500
32,309
103,948
204,202



Depreciation


At 1 October 2022
2,990
5,250
11,989
59,047
29,859


Charge for the year on owned assets
834
1,500
5,799
20,791
36,561



At 30 September 2023

3,824
6,750
17,788
79,838
66,420



Net book value



At 30 September 2023
349
750
14,521
24,110
137,782



At 30 September 2022
1,183
2,250
13,694
44,901
91,669

 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 October 2022
262,832


Additions
89,300



At 30 September 2023

352,132



Depreciation


At 1 October 2022
109,135


Charge for the year on owned assets
65,485



At 30 September 2023

174,620



Net book value



At 30 September 2023
177,512



At 30 September 2022
153,697


 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Loan book
4,563,780
3,872,907

Amounts owed by group undertakings
4,618
3,310

Prepaid commissions
2,400
173,659

Prepayments
117,545
31,284

4,688,343
4,081,160



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
82,912
86,390

82,912
86,390



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,788
9,788

Trade creditors
77,867
44,387

Amounts owed to group undertakings
507,385
302,923

Other taxation and social security
12,896
9,846

Other creditors
792,050
520,474

Accruals and deferred income
75,671
103,349

1,475,657
990,767



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,151,449
4,362,097

Amounts owed to group undertakings
1,833,137
1,361,203

6,984,586
5,723,300



 
LIFESTYLE LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,788
9,788


9,788
9,788

Amounts falling due 1-2 years

Bank loans
5,133,000
4,333,000


5,133,000
4,333,000


Amounts falling due after more than 5 years

Bank loans
18,449
29,097

18,449
29,097

5,161,237
4,371,885



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £8,791 (2022 - £4,707). Contributions totalling £3,294 (2022 - £1,372) were payable to the fund at the balance sheet date and are included in creditors.


12.


Controlling party

The company is under under the control of Lifestyle Loans (Holdings) Limited, a company incorporated in England and Wales.