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REGISTERED NUMBER: 12588558 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FOAMLIFE LTD

FOAMLIFE LTD (REGISTERED NUMBER: 12588558)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance sheet 1

Notes to the financial statements 2


FOAMLIFE LTD (REGISTERED NUMBER: 12588558)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 566 1,132
Tangible assets 5 37,442 10,110
38,008 11,242

Current assets
Stocks 87,100 205,531
Debtors 6 244,386 2,933
Cash at bank 66,443 21,033
397,929 229,497
Creditors
Amounts falling due within one year 7 176,199 116,383
Net current assets 221,730 113,114
Total assets less current liabilities 259,738 124,356

Capital and reserves
Called up share capital 9 9 8
Share premium 699,994 499,999
Retained earnings (440,265 ) (375,651 )
Shareholders' funds 259,738 124,356

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





Mr K A Read - Director


FOAMLIFE LTD (REGISTERED NUMBER: 12588558)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. Statutory information

Foamlife Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12588558. The registered office and business address is 145 Commercial Road, Poole, Dorset, BH14 0JD.

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.

Turnover
Turnover represents income receivable from the sale of flipflops, net of VAT and trade discounts.

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.

Website is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Display stands - 20% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

FOAMLIFE LTD (REGISTERED NUMBER: 12588558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Intangible fixed assets
Website
£   
Cost
At 1 January 2023
and 31 December 2023 2,265
Amortisation
At 1 January 2023 1,133
Amortisation for year 566
At 31 December 2023 1,699
Net book value
At 31 December 2023 566
At 31 December 2022 1,132

5. Tangible fixed assets
Improvements Fixtures
to Display and Computer
property stands fittings equipment Totals
£    £    £    £    £   
Cost
At 1 January 2023 420 - 16,367 1,000 17,787
Additions - 37,325 - - 37,325
At 31 December 2023 420 37,325 16,367 1,000 55,112
Depreciation
At 1 January 2023 203 - 6,990 484 7,677
Charge for year 55 7,465 2,344 129 9,993
At 31 December 2023 258 7,465 9,334 613 17,670
Net book value
At 31 December 2023 162 29,860 7,033 387 37,442
At 31 December 2022 217 - 9,377 516 10,110

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 31,519 2,302
Other debtors 631 631
VAT 8,105 -
Prepayments 204,131 -
244,386 2,933

FOAMLIFE LTD (REGISTERED NUMBER: 12588558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 168,273 15,019
Social security and other taxes 743 17,758
VAT - 22
Directors' current accounts 2,773 79,284
Accruals and deferred income 4,410 4,300
176,199 116,383

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 17,000 -
Between one and five years 18,417 -
35,417 -

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,792 Ordinary A £0.00 1 6 6
2,731 Ordinary B £0.00 1 3 2
9 8

On 14 March 2023, 208 Ordinary A shares were converted into 208 Ordinary B shares.

Furthermore, 1,023 Ordinary B shares were issued on the same date at a premium of £195.50 per share.

10. Ultimate controlling party

The company is controlled by the directors by virtue of their combined 68% ownership of the issued share capital.