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COMPANY REGISTRATION NUMBER: 06311210
UKG Lifestyle Limited
Filleted Unaudited Financial Statements
For the period ended
31 January 2024
UKG Lifestyle Limited
Statement of Financial Position
31 January 2024
31 Jan 24
31 Jul 22
Note
£
£
Fixed assets
Tangible assets
5
14,811
15,515
Current assets
Stocks
12,500
12,500
Debtors
6
199,420
92,316
Cash at bank and in hand
560
20,822
---------
---------
212,480
125,638
Creditors: amounts falling due within one year
7
358,522
422,415
---------
---------
Net current liabilities
146,042
296,777
---------
---------
Total assets less current liabilities
( 131,231)
( 281,262)
Creditors: amounts falling due after more than one year
8
39,420
45,937
Provisions
1,089
2,810
---------
---------
Net liabilities
( 171,740)
( 330,009)
---------
---------
UKG Lifestyle Limited
Statement of Financial Position (continued)
31 January 2024
31 Jan 24
31 Jul 22
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 171,840)
( 330,109)
---------
---------
Shareholders deficit
( 171,740)
( 330,009)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 January 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
N C Waldron
Director
Company registration number: 06311210
UKG Lifestyle Limited
Notes to the Financial Statements
Period from 1 August 2022 to 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C2, Endeavour Business Park, Penner Road, Havant, PO9 1QN, Hampshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements 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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are disclosed in the accounting policies. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 71 (2022: 66 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
58,511
2,300
60,811
Additions
6,834
1,350
8,184
--------
-------
--------
At 31 January 2024
65,345
3,650
68,995
--------
-------
--------
Depreciation
At 1 August 2022
44,721
575
45,296
Charge for the period
7,735
1,153
8,888
--------
-------
--------
At 31 January 2024
52,456
1,728
54,184
--------
-------
--------
Carrying amount
At 31 January 2024
12,889
1,922
14,811
--------
-------
--------
At 31 July 2022
13,790
1,725
15,515
--------
-------
--------
6. Debtors
31 Jan 24
31 Jul 22
£
£
Trade debtors
45,232
37,609
Amounts owed by group undertakings and undertakings in which the company has a participating interest
11,442
Other debtors
142,746
54,707
---------
--------
199,420
92,316
---------
--------
7. Creditors: amounts falling due within one year
31 Jan 24
31 Jul 22
£
£
Bank loans and overdrafts
35,324
83,502
Trade creditors
94,206
44,123
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,696
Social security and other taxes
173,020
225,276
Sundry creditors
37,089
33,918
Other creditors
18,883
32,900
---------
---------
358,522
422,415
---------
---------
Bank loans and overdrafts are secured on the assets of the company.
8. Creditors: amounts falling due after more than one year
31 Jan 24
31 Jul 22
£
£
Bank loans and overdrafts
39,420
45,937
--------
--------
Bank loans and overdrafts are secured on the assets of the company.
9. Directors' advances, credits and guarantees
The directors maintain a loan account within the company. At the start of the year the directors were owed £19,700 by the company. During the year the company loaned funds totalling £105,449 to the directors and £40,000 was repaid. Interest of £1,029 has been charged. At the end of the year the directors owed £46,778. This was repaid in full after the year end.