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Registered number: 06099479
Lifestyle Conversions & Developments Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Thomas and Company Accountants LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06099479
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 60,957 75,587
60,957 75,587
CURRENT ASSETS
Stocks 5 45,000 38,500
Debtors 6 44,864 64,800
Cash at bank and in hand - 2,025
89,864 105,325
Creditors: Amounts Falling Due Within One Year 7 (89,385 ) (113,685 )
NET CURRENT ASSETS (LIABILITIES) 479 (8,360 )
TOTAL ASSETS LESS CURRENT LIABILITIES 61,436 67,227
NET ASSETS 61,436 67,227
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 61,336 67,127
SHAREHOLDERS' FUNDS 61,436 67,227
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Angela Wheeler
Director
06/08/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lifestyle Conversions & Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06099479 . The registered office is Suite 3 Amber Business Centre, 4 Mercury Park, Amber Close, Tamworth, B77 4RP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 46,501 96,506 5,500 148,507
Additions 3,937 - - 3,937
As at 31 March 2024 50,438 96,506 5,500 152,444
Depreciation
As at 1 April 2023 30,310 37,293 5,317 72,920
Provided during the period 3,736 14,803 28 18,567
As at 31 March 2024 34,046 52,096 5,345 91,487
...CONTINUED
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Page 4
Net Book Value
As at 31 March 2024 16,392 44,410 155 60,957
As at 1 April 2023 16,191 59,213 183 75,587
5. Stocks
2024 2023
£ £
Stock 45,000 38,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 38,699 64,800
VAT 6,165 -
44,864 64,800
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,818 31,035
Bank loans and overdrafts 39,169 36,534
Other taxes and social security 1,143 3,949
VAT - 17,712
Thomas & Co loan account 10,000 -
Director's loan account 255 24,455
89,385 113,685
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4