2 2 Lifestyle Shopping Ltd 09055666 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of retail sales via mail order or via Internet. Digita Accounts Production Advanced 6.30.9574.0 true true 09055666 2023-06-01 2024-05-31 09055666 2024-05-31 09055666 bus:OrdinaryShareClass1 2024-05-31 09055666 core:RetainedEarningsAccumulatedLosses 2024-05-31 09055666 core:ShareCapital 2024-05-31 09055666 core:CurrentFinancialInstruments 2024-05-31 09055666 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09055666 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 09055666 core:FurnitureFittingsToolsEquipment 2024-05-31 09055666 core:MotorVehicles 2024-05-31 09055666 bus:SmallEntities 2023-06-01 2024-05-31 09055666 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09055666 bus:FilletedAccounts 2023-06-01 2024-05-31 09055666 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09055666 bus:RegisteredOffice 2023-06-01 2024-05-31 09055666 bus:Director1 2023-06-01 2024-05-31 09055666 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 09055666 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09055666 bus:Agent1 2023-06-01 2024-05-31 09055666 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 09055666 core:MotorVehicles 2023-06-01 2024-05-31 09055666 core:OfficeEquipment 2023-06-01 2024-05-31 09055666 countries:EnglandWales 2023-06-01 2024-05-31 09055666 2023-05-31 09055666 core:FurnitureFittingsToolsEquipment 2023-05-31 09055666 core:MotorVehicles 2023-05-31 09055666 2022-06-01 2023-05-31 09055666 2023-05-31 09055666 bus:OrdinaryShareClass1 2023-05-31 09055666 core:RetainedEarningsAccumulatedLosses 2023-05-31 09055666 core:ShareCapital 2023-05-31 09055666 core:CurrentFinancialInstruments 2023-05-31 09055666 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09055666 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 09055666 core:FurnitureFittingsToolsEquipment 2023-05-31 09055666 core:MotorVehicles 2023-05-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 09055666

Lifestyle Shopping Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Lifestyle Shopping Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lifestyle Shopping Ltd

Company Information

Director

Mr James Downs

Registered office

Unit 8 Maple Leaf
Manston Business Park
Ramsgate
Kent
CT12 5GD

Accountants

Smith Butler
Accountants and Business AdvisorsSapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

Lifestyle Shopping Ltd

(Registration number: 09055666)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,219

14,774

Current assets

 

Stocks

5

100,000

100,000

Debtors

6

15,260

44,982

Cash at bank and in hand

 

26,918

18,818

 

142,178

163,800

Creditors: Amounts falling due within one year

7

(139,492)

(114,588)

Net current assets

 

2,686

49,212

Total assets less current liabilities

 

14,905

63,986

Creditors: Amounts falling due after more than one year

7

(13,949)

(24,111)

Net assets

 

956

39,875

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

856

39,775

Shareholders' funds

 

956

39,875

 

Lifestyle Shopping Ltd

(Registration number: 09055666)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 January 2025
 

.........................................
Mr James Downs
Director

 

Lifestyle Shopping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8 Maple Leaf
Manston Business Park
Ramsgate
Kent
CT12 5GD

These financial statements were authorised for issue by the director on 20 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Lifestyle Shopping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% Reducing balance

Motor vehicles

20% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Lifestyle Shopping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Lifestyle Shopping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

5,492

30,307

35,799

At 31 May 2024

5,492

30,307

35,799

Depreciation

At 1 June 2023

2,304

18,721

21,025

Charge for the year

238

2,317

2,555

At 31 May 2024

2,542

21,038

23,580

Carrying amount

At 31 May 2024

2,950

9,269

12,219

At 31 May 2023

3,188

11,586

14,774

5

Stocks

2024
£

2023
£

Other inventories

100,000

100,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,225

37,800

Amounts owed by related parties

980

980

Prepayments

 

557

461

Other debtors

 

12,498

5,741

   

15,260

44,982

 

Lifestyle Shopping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,162

9,911

Trade creditors

 

24,040

10,612

Taxation and social security

 

-

1,503

Other creditors

 

105,290

92,562

 

139,492

114,588

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13,949

24,111

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100