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REGISTERED NUMBER: 06828992 (England and Wales)















Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Lifestyle Leisure Products Ltd

Lifestyle Leisure Products Ltd (Registered number: 06828992)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Report of the Directors 2

Abridged Statement of Financial Position 3

Notes to the Financial Statements 5


Lifestyle Leisure Products Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D C McKenna
S W McKenna





REGISTERED OFFICE: Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH





REGISTERED NUMBER: 06828992 (England and Wales)





ACCOUNTANTS: Hardy & Company (Hyde) Ltd
Chartered Certified Accountants
Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH

Lifestyle Leisure Products Ltd (Registered number: 06828992)

Report of the Directors
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale of lifestyle products.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

D C McKenna
S W McKenna

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S W McKenna - Director


17 May 2024

Lifestyle Leisure Products Ltd (Registered number: 06828992)

Abridged Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,592 3,478
2,592 3,478

CURRENT ASSETS
Stocks 190,106 165,306
Debtors 33,099 34,692
Cash at bank and in hand 1,406 169
224,611 200,167
CREDITORS
Amounts falling due within one year 171,149 161,523
NET CURRENT ASSETS 53,462 38,644
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,054

42,122

CREDITORS
Amounts falling due after more than one
year

10,664

20,238
NET ASSETS 45,390 21,884

CAPITAL AND RESERVES
Called up share capital 303 303
Share premium 99,798 99,798
Retained earnings (54,711 ) (78,217 )
45,390 21,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lifestyle Leisure Products Ltd (Registered number: 06828992)

Abridged Statement of Financial Position - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2024 and were signed on its behalf by:




S W McKenna - Director



D C McKenna - Director


Lifestyle Leisure Products Ltd (Registered number: 06828992)

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


1. STATUTORY INFORMATION

Lifestyle Leisure Products Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimates.

Turnover
Revenue is measured at the fair value of the consideration received or receivable for goods sold, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when significant risk and rewards of ownership transfers to the buyer. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Lifestyle Leisure Products Ltd (Registered number: 06828992)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Lifestyle Leisure Products Ltd (Registered number: 06828992)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 72,000
AMORTISATION
At 1 April 2023
and 31 March 2024 72,000
NET BOOK VALUE

At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 18,010
Additions 874
Disposals (501 )
At 31 March 2024 18,383
DEPRECIATION
At 1 April 2023 14,532
Charge for year 1,760
Eliminated on disposal (501 )
At 31 March 2024 15,791
NET BOOK VALUE
At 31 March 2024 2,592
At 31 March 2023 3,478

Lifestyle Leisure Products Ltd (Registered number: 06828992)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
D C McKenna
Balance outstanding at start of year 1,983 1,983
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,983 1,983

The above loan is unsecured, interest free and repayable on demand.