4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 2,500 500 3,000 7,000 7,500 xbrli:pure xbrli:shares iso4217:GBP 11286577 2023-07-01 2024-06-30 11286577 2024-06-30 11286577 2023-06-30 11286577 2022-07-01 2023-06-30 11286577 2023-06-30 11286577 2022-06-30 11286577 core:NetGoodwill 2023-07-01 2024-06-30 11286577 core:PlantMachinery 2023-07-01 2024-06-30 11286577 core:MotorVehicles 2023-07-01 2024-06-30 11286577 bus:Director2 2023-07-01 2024-06-30 11286577 core:NetGoodwill 2023-06-30 11286577 core:NetGoodwill 2024-06-30 11286577 core:PlantMachinery 2023-06-30 11286577 core:MotorVehicles 2023-06-30 11286577 core:PlantMachinery 2024-06-30 11286577 core:MotorVehicles 2024-06-30 11286577 core:WithinOneYear 2024-06-30 11286577 core:WithinOneYear 2023-06-30 11286577 core:AfterOneYear 2024-06-30 11286577 core:AfterOneYear 2023-06-30 11286577 core:ShareCapital 2024-06-30 11286577 core:ShareCapital 2023-06-30 11286577 core:RetainedEarningsAccumulatedLosses 2024-06-30 11286577 core:RetainedEarningsAccumulatedLosses 2023-06-30 11286577 core:NetGoodwill 2023-06-30 11286577 core:PlantMachinery 2023-06-30 11286577 core:MotorVehicles 2023-06-30 11286577 bus:SmallEntities 2023-07-01 2024-06-30 11286577 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 11286577 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11286577 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11286577 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 11286577
Lifesize Models Ltd
Filleted Unaudited Financial Statements
30 June 2024
Lifesize Models Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
7,000
7,500
Tangible assets
6
4,025
7,723
--------
--------
11,025
15,223
Current assets
Stocks
115,000
130,000
Cash at bank and in hand
14,174
20,034
---------
---------
129,174
150,034
Creditors: amounts falling due within one year
7
( 130,834)
( 127,556)
---------
---------
Net current (liabilities)/assets
( 1,660)
22,478
--------
--------
Total assets less current liabilities
9,365
37,701
Creditors: amounts falling due after more than one year
8
( 6,500)
( 12,500)
-------
--------
Net assets
2,865
25,201
-------
--------
Lifesize Models Ltd
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
300
300
Profit and loss account
2,565
24,901
-------
--------
Shareholders funds
2,865
25,201
-------
--------
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 comprehensive income has not been delivered.
For the year ending 30 June 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 year 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 21 February 2025 , and are signed on behalf of the board by:
Miss L Powell
Director
Company registration number: 11286577
Lifesize Models Ltd
Notes to the Financial Statements
Year ended 30 June 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 Central Garage, 52 Marine Street, Cwm, Ebbw Vale, NP23 7ST, United Kingdom.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
-
20% straight line
Motor vehicles
-
20% straight line
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
10,000
--------
Amortisation
At 1 July 2023
2,500
Charge for the year
500
--------
At 30 June 2024
3,000
--------
Carrying amount
At 30 June 2024
7,000
--------
At 30 June 2023
7,500
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
14,507
6,500
21,007
Additions
629
629
--------
-------
--------
At 30 June 2024
15,136
6,500
21,636
--------
-------
--------
Depreciation
At 1 July 2023
8,926
4,358
13,284
Charge for the year
3,027
1,300
4,327
--------
-------
--------
At 30 June 2024
11,953
5,658
17,611
--------
-------
--------
Carrying amount
At 30 June 2024
3,183
842
4,025
--------
-------
--------
At 30 June 2023
5,581
2,142
7,723
--------
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,029
6,000
Corporation tax
853
Social security and other taxes
4,513
4,073
Other creditors
120,292
116,630
---------
---------
130,834
127,556
---------
---------
Included in other creditors is £118,877 (2023: £115,280) owed to the Directors.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,500
12,500
-------
--------