Registered number
12853646
LIFETIME BEDS LTD
Filleted Accounts
31 August 2024
LIFETIME BEDS LTD
Registered number: 12853646
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,430 5,377
Current assets
Stocks 800 650
Cash at bank and in hand 3,883 1,021
4,683 1,671
Creditors: amounts falling due within one year 4 (3,761) (904)
Net current assets 922 767
Total assets less current liabilities 6,352 6,144
Creditors: amounts falling due after more than one year 5 (5,390) (5,000)
Net assets 962 1,144
Capital and reserves
Called up share capital 6 6
Profit and loss account 956 1,138
Shareholders' funds 962 1,144
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
OBAID ISHAQ
Director
Approved by the board on 5 September 2024
LIFETIME BEDS LTD
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 7,030
Additions 840
At 31 August 2024 7,870
Depreciation
At 1 September 2023 1,653
Charge for the year 787
At 31 August 2024 2,440
Net book value
At 31 August 2024 5,430
At 31 August 2023 5,377
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 305
Taxation and social security costs 58 59
Other creditors 3,703 540
3,761 904
5 Creditors: amounts falling due after one year 2024 2023
£ £
Directors Loans 5,390 5,000
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
OBAID BIN ISHAQ
[Loan 1] - 2,500 - 2,500
0
[Loan 1] - 2,500 - 2,500
- 5,000 - 5,000
7 Controlling party
The company is wholly owned by the directors by virtue of them owning the fully issued share capital.
8 Other information
LIFETIME BEDS LTD is a private company limited by shares and incorporated in England. Its registered office is:
UNIT 1, ADDINGFORD MILLS
ADDINGFORD LANE
HORBURY
WEST YORKSHIRE
WF4 5BL
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