Caseware UK (AP4) 2023.0.135 2023.0.135 2022-10-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09373309 2022-10-01 2023-09-30 09373309 2021-10-01 2022-09-30 09373309 2023-09-30 09373309 2022-09-30 09373309 c:Director1 2022-10-01 2023-09-30 09373309 d:ComputerEquipment 2022-10-01 2023-09-30 09373309 d:ComputerEquipment 2023-09-30 09373309 d:ComputerEquipment 2022-09-30 09373309 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 09373309 d:CurrentFinancialInstruments 2023-09-30 09373309 d:CurrentFinancialInstruments 2022-09-30 09373309 d:Non-currentFinancialInstruments 2023-09-30 09373309 d:Non-currentFinancialInstruments 2022-09-30 09373309 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 09373309 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 09373309 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 09373309 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 09373309 d:ShareCapital 2023-09-30 09373309 d:ShareCapital 2022-09-30 09373309 d:RetainedEarningsAccumulatedLosses 2023-09-30 09373309 d:RetainedEarningsAccumulatedLosses 2022-09-30 09373309 c:FRS102 2022-10-01 2023-09-30 09373309 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 09373309 c:FullAccounts 2022-10-01 2023-09-30 09373309 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 09373309 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 09373309









Lifestyle Furniture Limited







Unaudited

Financial Statements

Information for filing with the registrar

For the Year Ended 30 September 2023

 
Lifestyle Furniture Limited
Registered number: 09373309

Balance Sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
165

Current assets
  

Debtors: amounts falling due within one year
 5 
257,462
94,606

Cash at bank and in hand
 6 
87,973
587,504

  
345,435
682,110

Creditors: amounts falling due within one year
 7 
(243,025)
(187,124)

Net current assets
  
 
 
102,410
 
 
494,986

Creditors: amounts falling due after more than one year
 8 
(127,819)
(174,230)

Provisions for liabilities
  

Deferred tax
  
-
(31)

Net (liabilities)/assets
  
(25,409)
320,890


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(26,409)
319,890

  
(25,409)
320,890


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
M M Fernandez
Director

Page 1

 
Lifestyle Furniture Limited
Registered number: 09373309
    
Balance Sheet (continued)
As at 30 September 2023

Date: 8 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Lifestyle Furniture Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

1.


General information

Lifestyle Furniture Limited 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.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis on which the director has reached her conclusion.
The company has net current assets of £102,410 (2022: £494,986) and net liabilities of £25,409 (2022: net assets of £320,890) at 30 September 2023. The company currently meets its working capital requirements through its cash balances, bank balances and other financing arrangements. The director has prepared detailed forecasts which cover the foreseeable future. The forecasts indicate that the company will be able to meet its liabilities as they fall due and therefore that the going concern basis of preparation is appropriate.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
Lifestyle Furniture Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
Lifestyle Furniture Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 -1).

Page 5

 
Lifestyle Furniture Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 October 2022
7,832



At 30 September 2023

7,832



Depreciation


At 1 October 2022
7,667


Charge for the year on owned assets
165



At 30 September 2023

7,832



Net book value



At 30 September 2023
-



At 30 September 2022
165

Page 6

 
Lifestyle Furniture Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

5.


Debtors

2023
2022
£
£


Trade debtors
246,675
-

Other debtors
9,380
93,688

Prepayments and accrued income
1,407
918

257,462
94,606



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
87,973
587,504



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
46,411
110,751

Trade creditors
193,717
64,387

Other creditors
755
9,060

Accruals and deferred income
2,142
2,926

243,025
187,124



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
127,819
174,230


Page 7

 
Lifestyle Furniture Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

9.


Related party transactions

In the year, the company had transactions with a company with a common shareholder. During the year £92,490 (2022: £877,365) was recharged from the company.
Included within debtors at the year-end is an amount of £246,675 (
2022: £nil).

Page 8