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Registration number: 04725078

Quality Lifestyle Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Quality Lifestyle Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Quality Lifestyle Ltd

Company Information

Directors

Mr MRM Herbert

Mr R Rabin

Mrs Sarah Louise Rabin

Company secretary

Mrs D Nile

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Quality Lifestyle Ltd

(Registration number: 04725078)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,130

46,774

Current assets

 

Debtors

5

56,025

69,579

Cash at bank and in hand

 

251,711

174,144

 

307,736

243,723

Creditors: Amounts falling due within one year

6

(64,403)

(56,458)

Net current assets

 

243,333

187,265

Total assets less current liabilities

 

271,463

234,039

Provisions for liabilities

(2,093)

(5,922)

Net assets

 

269,370

228,117

Capital and reserves

 

Called up share capital

368

368

Retained earnings

269,002

227,749

Shareholders' funds

 

269,370

228,117

 

Quality Lifestyle Ltd

(Registration number: 04725078)
Balance Sheet as at 31 March 2024

For the financial 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.

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 and the option not to file the Profit and Loss Account has been taken.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................

Mr MRM Herbert

Director

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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.

Government grants

Government grants are fair value of the grants received by the government to support the company in the ordinary course of the company's activities. The company recognises government grant income when the amount of grant can be reliably measured, and it is highly probable that future economic benefits of the grant will flow to the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Leasehold Property

10 years Straight Line

Computer Equipment

3 years Straight Line

Fixtures & Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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 47 (2023 - 45).

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Short Leasehold
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

103,566

188,343

34,070

325,979

Additions

-

2,827

-

2,827

Disposals

-

(82,390)

(28,570)

(110,960)

At 31 March 2024

103,566

108,780

5,500

217,846

Depreciation

At 1 April 2023

107,344

146,484

25,378

279,206

Charge for the year

(3,778)

10,825

33

7,080

Eliminated on disposal

-

(76,561)

(20,009)

(96,570)

At 31 March 2024

103,566

80,748

5,402

189,716

Carrying amount

At 31 March 2024

-

28,032

98

28,130

At 31 March 2023

(3,778)

41,860

8,692

46,774

5

Debtors

2024
£

2023
£

Trade debtors

171

1,198

Prepayments

3,554

2,668

Other debtors

52,300

65,713

56,025

69,579

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,665

5,846

Taxation and social security

50,049

35,741

Accruals and deferred income

6,735

13,125

Other creditors

3,954

1,746

64,403

56,458

 

Quality Lifestyle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £120,000 (2023 - £110,000).

8

Related party transactions

During the year the company made advances to directors totalling £27,700 (2023 - £76,400). Repayments of the advances and brought forward amounts totalled £49,300 (2023 - £99,800) and the balance outstanding as at 31 March 2024 was £26,004 (2023 - £47,435). Interest is charged at 2.25% per annum on balances over £10,000 and is calculated on a monthly basis. Interest of £169 (2023 - £523) was charged on the outstanding balance during the year.