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Company Registration No. 10916218 (England and Wales)
Golden Lifestyle Beauty Ltd Unaudited accounts for the year ended 31 December 2023
Golden Lifestyle Beauty Ltd Unaudited accounts Contents
Page
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Golden Lifestyle Beauty Ltd Company Information for the year ended 31 December 2023
Director
Paresh Popat
Company Number
10916218 (England and Wales)
Registered Office
30 ASHLEY DRIVE BOREHAMWOOD WD6 2JD ENGLAND
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Golden Lifestyle Beauty Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Debtors
6,094 
6,094 
Cash at bank and in hand
2,811 
9,287 
8,905 
15,381 
Creditors: amounts falling due within one year
(3,092)
(1,225)
Net current assets
5,813 
14,156 
Total assets less current liabilities
5,813 
14,156 
Creditors: amounts falling due after more than one year
(8,154)
(9,315)
Net (liabilities)/assets
(2,341)
4,841 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(2,342)
4,840 
Shareholders' funds
(2,341)
4,841 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 December 2024 and were signed on its behalf by
Paresh Popat Director Company Registration No. 10916218
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Golden Lifestyle Beauty Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Golden Lifestyle Beauty Ltd is a private company, limited by shares, registered in England and Wales, registration number 10916218. The registered office is 30 ASHLEY DRIVE, BOREHAMWOOD, WD6 2JD, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
After reviewing the company's forecasts, projections and the continued support from the shareholders, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgement, estimates and assumptions that affect the amounts reported. These estimates and judgement 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 items in the financial statements where these judgement and estimates include assessing the carrying value of investments, recoverability of debtors, current and deferred taxation, depreciation of tangible fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. This is usually at the point that the customer has paid after having the saloon services from beauty parlour.
Leases
Rentals paid under operating leases are charged to profit and loss on straight line basis over the period of the lease.
Government grants
Government grants, including non-monetary granst are recognised when there is a reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised either based on the performance model or the accrual model. This policy is applied on a class-by-class basis.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Golden Lifestyle Beauty Ltd Notes to the Accounts for the year ended 31 December 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transacion is measured at the present value of future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loan from related parties, are initially recognised at transaction price, unless the arrangement constitues a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairement.
4
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Other debtors
6,094 
6,094 
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
(226)
(881)
Other creditors
- 
1,456 
Loans from directors
2,418 
- 
Accruals
900 
650 
3,092 
1,225 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
8,154 
9,315 
7
Average number of employees
During the year the average number of employees was 0 (2022: 2).
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