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Company Registration No. 12060823 (England and Wales)
Level 5 Lifestyle Distributors Ltd Unaudited accounts for the year ended 30 June 2024
Level 5 Lifestyle Distributors Ltd Unaudited accounts Contents
Page
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Level 5 Lifestyle Distributors Ltd Company Information for the year ended 30 June 2024
Directors
Hafid Mekki Saba Rachel Elizabeth Ling
Company Number
12060823 (England and Wales)
Registered Office
25 Charville Lane West Hillingdon Uxbridge Middlesex UB10 0BY United Kingdom
Accountants
PHA Accountants Limited Timsons Business Centre Bath Road Kettering Northamptonshire NN16 8NQ
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Level 5 Lifestyle Distributors Ltd Accountants' report
Accountants' report to the board of directors of Level 5 Lifestyle Distributors Ltd on the preparation of the unaudited statutory accounts for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Level 5 Lifestyle Distributors Ltd for the year ended 30 June 2024 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Level 5 Lifestyle Distributors Ltd, as a body, in accordance with the terms of our engagement letter dated 20 June 2019. Our work has been undertaken solely to prepare for your approval the accounts of Level 5 Lifestyle Distributors Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Level 5 Lifestyle Distributors Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Level 5 Lifestyle Distributors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Level 5 Lifestyle Distributors Ltd. You consider that Level 5 Lifestyle Distributors Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Level 5 Lifestyle Distributors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
PHA Accountants Limited Timsons Business Centre Bath Road Kettering Northamptonshire NN16 8NQ 8 August 2024
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Level 5 Lifestyle Distributors Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
1,209 
Current assets
Inventories
14,000 
50,000 
Debtors
1,568 
1,185 
Cash at bank and in hand
9,656 
6,573 
25,224 
57,758 
Creditors: amounts falling due within one year
(17,849)
(13,225)
Net current assets
7,375 
44,533 
Total assets less current liabilities
7,375 
45,742 
Creditors: amounts falling due after more than one year
(351,483)
(338,922)
Provisions for liabilities
Deferred tax
- 
(230)
Net liabilities
(344,108)
(293,410)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(344,208)
(293,510)
Shareholders' funds
(344,108)
(293,410)
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by
Hafid Mekki Saba Director Company Registration No. 12060823
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Level 5 Lifestyle Distributors Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Level 5 Lifestyle Distributors Ltd is a private company, limited by shares, registered in England and Wales, registration number 12060823. The registered office is 25 Charville Lane West, Hillingdon, Uxbridge, Middlesex, UB10 0BY, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% - reducing balance
Computer equipment
33% - straight line
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Level 5 Lifestyle Distributors Ltd Notes to the Accounts for the year ended 30 June 2024
Going concern
The Directors have confirmed that they will continue to give financial support to the company until such time as its position improves. In addition the directors have confirmed that they will not recall their loans within 12 months. The Directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support was withdrawn.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2023
1,420 
3,081 
4,501 
Disposals
(1,420)
- 
(1,420)
At 30 June 2024
- 
3,081 
3,081 
Depreciation
At 1 July 2023
599 
2,693 
3,292 
Charge for the year
- 
388 
388 
On disposals
(599)
- 
(599)
At 30 June 2024
- 
3,081 
3,081 
Net book value
At 30 June 2024
- 
- 
- 
At 30 June 2023
821 
388 
1,209 
5
Inventories
2024 
2023 
£ 
£ 
Finished goods
14,000 
50,000 
14,000 
50,000 
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
1,159 
Trade debtors
1,568 
26 
1,568 
1,185 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
8,227 
5,000 
VAT
2,447 
- 
Other creditors
5,731 
6,826 
Accruals
1,444 
1,399 
17,849 
13,225 
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Level 5 Lifestyle Distributors Ltd Notes to the Accounts for the year ended 30 June 2024
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
8,872 
13,750 
Amounts owed to group undertakings and other participating interests
33,665 
33,665 
Other creditors
137,232 
137,232 
Loans from directors
171,714 
154,275 
351,483 
338,922 
9
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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