LIFESTYLE RENTALS LTD

Company Registration Number:
09603143 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 1 June 2023

End date: 31 May 2024

LIFESTYLE RENTALS LTD

Contents of the Financial Statements

for the Period Ended 31 May 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

LIFESTYLE RENTALS LTD

Directors' report period ended 31 May 2024

The directors present their report with the financial statements of the company for the period ended 31 May 2024

Additional information

Directors' responsibilities statement The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: i) select suitable accounting policies for the Company's financial statements and then apply them consistently; ii) make judgments and accounting estimates that are reasonable and prudent; iii) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.



Directors

The directors shown below have held office during the whole of the period from
1 June 2023 to 31 May 2024

Benjamin Tichband
Najib Nathoo


The director shown below has held office during the period of
1 June 2023 to 7 May 2024

Graham Clarke


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
8 May 2025

And signed on behalf of the board by:
Name: Benjamin Tichband
Status: Director

LIFESTYLE RENTALS LTD

Profit And Loss Account

for the Period Ended 31 May 2024

2024 2023


£

£
Turnover: 7,252,073 3,751,329
Gross profit(or loss): 7,252,073 3,751,329
Administrative expenses: ( 8,641,633 ) ( 6,123,087 )
Operating profit(or loss): (1,389,560) (2,371,758)
Interest payable and similar charges: ( 1,372,381 ) ( 680,517 )
Profit(or loss) before tax: (2,761,941) (3,052,275)
Tax: 116,964 26,152
Profit(or loss) for the financial year: (2,644,977) (3,026,123)

LIFESTYLE RENTALS LTD

Balance sheet

As at 31 May 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 0 124,817
Tangible assets: 4 3,624,305 3,475,323
Total fixed assets: 3,624,305 3,600,140
Current assets
Debtors: 5 52,951 132,874
Cash at bank and in hand: 168,019 184,473
Total current assets: 220,970 317,347
Creditors: amounts falling due within one year: 6 ( 10,038,460 ) ( 7,730,066 )
Net current assets (liabilities): (9,817,490) (7,412,719)
Total assets less current liabilities: (6,193,185) ( 3,812,579)
Creditors: amounts falling due after more than one year: 7 ( 785,819 ) ( 521,449 )
Total net assets (liabilities): (6,979,004) (4,334,028)
Capital and reserves
Called up share capital: 2,000,094 2,000,094
Profit and loss account: (8,979,098 ) (6,334,122 )
Total Shareholders' funds: ( 6,979,004 ) (4,334,028)

The notes form part of these financial statements

LIFESTYLE RENTALS LTD

Balance sheet statements

For the year ending 31 May 2024 the company was entitled to exemption 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 directors acknowledge their 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.

This report was approved by the board of directors on 8 May 2025
and signed on behalf of the board by:

Name: Benjamin Tichband
Status: Director

The notes form part of these financial statements

LIFESTYLE RENTALS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and iv the costs incurred and the costs to complete the contract can be measured reliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Rental assets (televisions) 4 years straight line method; Rental assets (mobile and tablets) 18 months straight line method; Rental assets (white goods ) 5 years straight line method; Office equipment 5 years straight line method. The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

    Intangible fixed assets amortisation policy

    Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows: Software development expenditure over 3 years.

    Other accounting policies

    Going concern At 31 May 2024 the company was in a net current liabilities position of £6,979,003. In 2021 the company entered into a facility with a counter party to provide up to £12.5m of funding. At the time of the approval of these financial statements the company has drawn £9.4m. All debt holders have given written assurances of their continued support to the Board, including their intention to provide the necessary financial support such as restructuring terms. The directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support outlined above. Operating leases: the Company as lessor Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. Finance costs Finance costs are recognised in the Statement of Income and Retained Earnings in the period with which they relate. Borrowing costs All borrowing costs are recognised the Statement of Income and Retained Earnings in the period in which they are incurred. Pensions Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Current and deferred taxation Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income

LIFESTYLE RENTALS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 49 39

LIFESTYLE RENTALS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 June 2023 673,423 673,423
Additions 0 0
Disposals 0 0
Revaluations
Transfers
At 31 May 2024 673,423 673,423
Amortisation
At 1 June 2023 548,606 548,606
Charge for year 124,817 124,817
On disposals
Other adjustments
At 31 May 2024 673,423 673,423
Net book value
At 31 May 2024 0 0
At 31 May 2023 124,817 124,817

LIFESTYLE RENTALS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 June 2023 5,793,980 45,750 5,839,730
Additions 2,018,576 34,167 2,052,743
Disposals
Revaluations
Transfers
At 31 May 2024 7,812,556 79,917 7,892,473
Depreciation
At 1 June 2023 2,357,686 6,721 2,364,407
Charge for year 1,884,000 19,761 1,903,761
On disposals
Other adjustments
At 31 May 2024 4,241,686 26,482 4,268,168
Net book value
At 31 May 2024 3,570,870 53,435 3,624,305
At 31 May 2023 3,436,294 39,029 3,475,323

LIFESTYLE RENTALS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

5. Debtors

2024 2023
£ £
Trade debtors 52,751 104,574
Other debtors 200 28,300
Total 52,951 132,874

LIFESTYLE RENTALS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 460,508 724,577
Taxation and social security 386,157 36,263
Accruals and deferred income 103,530 428,584
Other creditors 9,088,265 6,540,642
Total 10,038,460 7,730,066

A charge was registered on 13 October 2021 by way of a fixed charge, floating charge and a negative pledge over the Company’s assets in respect of a loan of £8.888m included within Other Creditors. The charge remains outstanding at the year end.

LIFESTYLE RENTALS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 785,819 521,449
Total 785,819 521,449