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Registration number: 05287407

Lifestiles Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Lifestiles Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Lifestiles Ltd

Company Information

Directors

Mr David Anthony Osborn

Mr Michael Chillery

Mr Christopher Ruggles

Company secretary

Mr David Anthony Osborn

Registered office

1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

Accountants

Anthony Russel Limited
1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

 

Lifestiles Ltd

Profit and Loss Account for the Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

 

10,843,237

10,577,272

Cost of sales

 

(9,334,372)

(9,068,628)

Gross profit

 

1,508,865

1,508,644

Administrative expenses

 

(1,138,816)

(925,967)

Operating profit

 

370,049

582,677

Other interest receivable and similar income

 

3,599

2,929

Interest payable and similar expenses

 

70,780

42,442

   

74,379

45,371

Profit before tax

444,428

628,048

Tax on profit

 

(116,463)

(153,069)

Profit for the financial year

 

327,965

474,979

 

Lifestiles Ltd

(Registration number: 05287407)
Balance Sheet as at 30 November 2024

Note

2024
 £

2023
 £

fixed assets

 

tangible assets

4

133,547

163,766

Current assets

 

stocks

585,578

605,471

Debtors

5

2,346,191

2,284,506

Cash at bank and in hand

 

54,108

116,975

 

2,985,877

3,006,952

Creditors: Amounts falling due within one year

6

(1,395,143)

(1,608,548)

Net current assets

 

1,590,734

1,398,404

Total assets less current liabilities

 

1,724,281

1,562,170

Provisions for liabilities

(18,081)

(23,935)

Net assets

 

1,706,200

1,538,235

capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,706,100

1,538,135

Total equity

 

1,706,200

1,538,235

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lifestiles Ltd

(Registration number: 05287407)
Balance Sheet as at 30 November 2024

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
Mr David Anthony Osborn
Company secretary and director

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

These financial statements were authorised for issue by the Board on 20 March 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

The financial statements have been prepared on a going concern basis.

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 and after eliminating sales within the company.

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.

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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

Short Leasehold

10% reducing balance

Motor Vehicles

25% reducing balance

Fixtures & Fittings

25% 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.

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

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.

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 directors) during the year, was 13 (2023 - 13).

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

108,285

92,513

105,299

306,097

Additions

-

1,614

-

1,614

Disposals

-

(5,075)

-

(5,075)

At 30 November 2024

108,285

89,052

105,299

302,636

Depreciation

At 1 December 2023

40,258

60,838

41,235

142,331

Charge for the year

6,803

8,175

16,016

30,994

Eliminated on disposal

-

(4,236)

-

(4,236)

At 30 November 2024

47,061

64,777

57,251

169,089

Carrying amount

At 30 November 2024

61,224

24,275

48,048

133,547

At 30 November 2023

68,027

31,675

64,064

163,766

Included within the net book value of land and buildings above is £61,225 (2023 - £68,027) in respect of short leasehold land and buildings.
 

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

2,176,693

2,147,433

Prepayments

46,400

36,548

Other debtors

123,098

100,525

 

2,346,191

2,284,506

 

Lifestiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

trade creditors

 

543,770

310,465

Accrued expenses

 

854

854

Other creditors

 

44,035

31,086

Factor creditor

 

459,039

917,915

Pension contributions unpaid

 

1,053

211

Corporation tax

 

43,740

72,125

PAYE and NIC

 

13,183

16,013

VAT

 

289,469

259,879

 

1,395,143

1,608,548

7

Related party transactions

Transactions with directors

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

Interest of 2.25% is charged on the loan.

Transactions with directors

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

55,516

200,285

(174,719)

81,082

 

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

(1,183)

216,698

(160,000)

55,516