Company registration number 01625765 (England and Wales)
PACIFIC LIFESTYLE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PACIFIC LIFESTYLE LIMITED
COMPANY INFORMATION
Directors
Mr AS Hutchison
Mr NSJ Lawrence
Mrs RL Hutchison
Company number
01625765
Registered office
Stafford Mills
Milnsbridge
Huddersfield
West Yorkshire
HD3 4JD
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
PACIFIC LIFESTYLE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
PACIFIC LIFESTYLE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

2024 was challenging, and although turnover was similar to the previous year, reduced margins, bad debts and increased costs resulted in a small loss for the year, which was disappointing.

Although the market showed some signs of improvement towards the end of the year, we also witnessed the demise of a number of customers and competitors which reflected the challenging market conditions.

On a more positive note, we acquired the trading business of The Old Basket Supply Limited (‘tobs’) albeit completion took place in January 2025. We are very excited about this acquisition and hope it will create additional turnover and new opportunities.

Principal risks and uncertainties

Consumer confidence is still a major concern, which when combined with a stagnated housing market and an economy which is forecasting little if any growth, it is likely to mean that the market will remain challenging going forward.

Although inflation appear to be under control, the additional tax burden to both businesses and consumers is likely to result in a cautious approach to both capital and employment investment.

The Global trade war is also causing significant concern, and is likely to have an impact on consumer confidence and could potentially impact costs going forward. Market volatility will mean that we need to continue with our robust hedging policy and keep a tight control of our overheads.

The directors are constantly reviewing market conditions and competitor activity, in order to offer new and existing customers, exciting commercial products with high levels of customer service.

Key performance indicators

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit

2024

2023

Turnover

 

 

 

 

£

11,707,744

11,593,570

Gross Profit

 

 

 

£

3,716,196

4,159,021

Gross Profit %

 

 

 

%

32

36

 

 

 

 

Unit

2023

2022

 

 

 

 

 

 

 

On behalf of the board

Mr AS Hutchison
Director
9 June 2025
PACIFIC LIFESTYLE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of importing and wholesaling of lighting, basket ware, cane furniture and glassware.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr AS Hutchison
Mr NSJ Lawrence
Mrs RL Hutchison
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £200,000. The directors do not recommend payment of a further dividend.

Financial instruments

Objectives and policies

The company utilises appropriate financial instruments in order to carry out its business activities in an effective manner.

 

Price risk, credit risk, liquidity risk and cash flow risk

The company's principal financial instruments comprise trade debtors, trade finance, trade creditors and amounts owed to related undertakings. The main purpose of these instruments is to raise funds for the company’s operations and to finance them. Owing to the nature of the financial instruments used there is no exposure to price risk.

 

The company's approach to managing other risks applicable to the financial instruments concerned is set out below.

 

Trade debtors, credit and cash flow risks are managed by policies concerning the credit offered to customers and the monitoring of amounts outstanding in terms of time and credit limits.

 

Trade creditors and amounts owed to related undertakings all arise from trading transactions and the liquidity risk is managed from income generation and the use of the company's borrowing facilities.

 

The company buys from suppliers based overseas and transactions with these suppliers may be in foreign currencies, which are subject to exchange rate fluctuations. The company, when considered prudent, uses foreign currency forward contracts to mitigate these risks.

Auditor

In accordance with the company's articles, a resolution proposing that BHP LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PACIFIC LIFESTYLE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr AS Hutchison
Director
9 June 2025
PACIFIC LIFESTYLE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

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 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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

PACIFIC LIFESTYLE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PACIFIC LIFESTYLE LIMITED
- 5 -
Opinion

We have audited the financial statements of Pacific Lifestyle Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PACIFIC LIFESTYLE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PACIFIC LIFESTYLE LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

    the engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and     regulations;

•  we identified the laws and regulations applicable to the company through discussions with management,     and from our commercial knowledge and experience of the sector;

•  we focused on specific laws and regulations which we considered may have a direct material effect on     the financial statements or the operations of the company, including Companies Act 2006, taxation     legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

•  we assessed the extent of compliance with the laws and regulations identified above through making     enquiries of management and inspecting legal correspondence; and

•  identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

•  making enquiries of management as to where they considered there was susceptibility to fraud, their     knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and     regulations.

PACIFIC LIFESTYLE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PACIFIC LIFESTYLE LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  tested journal entries to identify unusual transactions;

•     assessed whether judgements and assumptions made in determining accounting estimates were     indicative of potential bias; and

•  investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

•  agreeing financial statement disclosures to underlying supporting documentation; and

•  enquiring of management as to actual and potential litigation and claims.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ann Brown (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
9 June 2025
PACIFIC LIFESTYLE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
5
11,707,744
11,593,570
Cost of sales
(7,991,548)
(7,434,549)
Gross profit
3,716,196
4,159,021
Administrative expenses
(3,881,489)
(2,966,919)
Other operating income
36,290
24,000
Operating (loss)/profit
3
(129,003)
1,216,102
Interest receivable and similar income
8
39,506
25,375
Interest payable and similar expenses
9
(59,126)
(119,199)
(Loss)/profit before taxation
(148,623)
1,122,278
Tax on loss/profit
10
25,501
(280,119)
(Loss)/profit for the financial year
(123,122)
842,159

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PACIFIC LIFESTYLE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
-
0
Tangible assets
13
275,848
182,747
Current assets
Stocks
14
4,060,231
3,985,202
Debtors
15
2,276,384
1,974,261
Cash at bank and in hand
933,900
325,869
7,270,515
6,285,332
Creditors: amounts falling due within one year
17
(3,307,214)
(1,982,341)
Net current assets
3,963,301
4,302,991
Total assets less current liabilities
4,239,149
4,485,738
Creditors: amounts falling due after more than one year
18
(77,241)
(2,686)
Provisions for liabilities
Deferred tax liability
21
30,208
28,230
(30,208)
(28,230)
Net assets
4,131,700
4,454,822
Capital and reserves
Called up share capital
23
9,000
9,000
Profit and loss reserves
4,122,700
4,445,822
Total equity
4,131,700
4,454,822

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
Mr AS Hutchison
Director
Company registration number 01625765 (England and Wales)
PACIFIC LIFESTYLE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
9,000
4,624,218
4,633,218
Year ended 31 December 2023:
Profit and total comprehensive income
-
842,159
842,159
Dividends
11
-
(1,020,555)
(1,020,555)
Balance at 31 December 2023
9,000
4,445,822
4,454,822
Year ended 31 December 2024:
Loss and total comprehensive income
-
(123,122)
(123,122)
Dividends
11
-
(200,000)
(200,000)
Balance at 31 December 2024
9,000
4,122,700
4,131,700
PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Pacific Lifestyle Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stafford Mills, Milnsbridge, Huddersfield, West Yorkshire, HD3 4JD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Stafford Mills Limited. These consolidated financial statements are available from its registered office, Stafford Mills, Milnsbridge, Huddersfield, West Yorkshire, United Kingdom, HD3 4JD.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Design rights
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and machinery
20 % straight line
Website development
20% straight line
Motor Vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
3
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(82,154)
(16,750)
Government grants
(9,980)
-
Depreciation of owned tangible fixed assets
38,867
34,658
Depreciation of tangible fixed assets held under finance leases
21,131
2,042
Loss/(profit) on disposal of tangible fixed assets
2,186
(5,113)
Operating lease charges
450,691
461,716
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,650
11,280
Audit of the financial statements of the company's subsidiaries
7,605
4,550
22,255
15,830
5
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales
11,707,744
11,593,570
2024
2023
£
£
Other significant revenue
Interest income
864
25,375
Grants received
9,980
-
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,962,168
10,736,505
Europe
729,525
838,019
Rest of World
16,051
19,046
11,707,744
11,593,570
PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
37
28
Sales
11
11
Other
14
17
Total
62
56

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,469,452
814,735
Social security costs
120,863
108,775
Pension costs
29,667
25,185
1,619,982
948,695
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
69,110
78,701
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
864
25,375
Other income from investments
Exchange differences on financing transactions
38,642
-
0
Total income
39,506
25,375
PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,617
18,052
Interest on invoice finance arrangements
10,011
38,636
17,628
56,688
Other finance costs:
Interest on finance leases and hire purchase contracts
7,042
992
Exchange differences on financing transactions
-
0
12,906
Other interest
34,456
48,613
59,126
119,199
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
152,279
Adjustments in respect of prior periods
211
(3,325)
Total current tax
211
148,954
Deferred tax
Origination and reversal of timing differences
(25,712)
131,165
Total tax (credit)/charge
(25,501)
280,119

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(148,623)
1,122,278
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(37,156)
263,960
Tax effect of expenses that are not deductible in determining taxable profit
10,024
7,570
Change in unrecognised deferred tax assets
-
0
3,406
Adjustments in respect of prior years
211
(3,325)
Fixed asset differences
1,420
947
Effect of change in deferred tax rates
-
0
7,561
Taxation for the year
(25,501)
280,119
PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
11
Dividends
2024
2023
£
£
Final paid
200,000
1,020,555
12
Intangible fixed assets
Design rights
£
Cost
At 1 January 2024 and 31 December 2024
117,005
Amortisation and impairment
At 1 January 2024 and 31 December 2024
117,005
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
13
Tangible fixed assets
Leasehold improvements
Plant and machinery
Website development
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
206,211
141,111
71,230
49,195
467,747
Additions
30,212
27,778
-
0
97,895
155,885
Disposals
-
0
-
0
-
0
(43,820)
(43,820)
At 31 December 2024
236,423
168,889
71,230
103,270
579,812
Depreciation and impairment
At 1 January 2024
58,548
122,645
60,737
43,070
285,000
Depreciation charged in the year
22,971
9,292
8,167
19,568
59,998
Eliminated in respect of disposals
-
0
-
0
-
0
(41,034)
(41,034)
At 31 December 2024
81,519
131,937
68,904
21,604
303,964
Carrying amount
At 31 December 2024
154,904
36,952
2,326
81,666
275,848
At 31 December 2023
147,663
18,466
10,493
6,125
182,747
PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 21 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
10,162
-
0
Motor vehicles
81,666
6,125
91,828
6,125
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,060,231
3,985,202
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,656,978
1,306,734
Amounts owed by group undertakings
161,477
61,476
Derivative financial instruments
39,168
526
Other debtors
25,643
180,736
Prepayments and accrued income
365,428
424,789
2,248,694
1,974,261
Deferred tax asset (note 21)
27,690
-
0
2,276,384
1,974,261
16
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
39,168
526
PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
10,070
-
0
Obligations under finance leases
20
15,344
2,822
Other borrowings
19
510,039
280,740
Trade creditors
2,125,363
1,074,432
Amounts owed to group undertakings
19,895
-
0
Corporation tax
211
152,279
Other taxation and social security
342,162
160,824
Other creditors
215,501
248,079
Accruals and deferred income
68,629
63,165
3,307,214
1,982,341

Obligations under finance leases are secured against the asset to which they relate.

18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
20
77,241
2,686

Obligations under finance leases are secured against the asset to which they relate.

19
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
10,070
-
0
Loans from group undertakings
-
0
7,708
Other loans
510,039
273,032
520,109
280,740
Payable within one year
520,109
280,740

Other loans are secured by fixed and floating charge over the undertakings property and assets both present and future, including goodwill, uncalled capital, buildings, fixtures and fixed plant and machinery.

 

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
15,344
2,822
In two to five years
77,241
2,686
92,585
5,508

Obligations under finance leases are secured against the asset to which they relate.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
ACAs
30,828
28,745
-
-
Tax losses
-
(515)
27,690
-
Short term timing differences
(620)
-
-
-
30,208
28,230
27,690
-
2024
Movements in the year:
£
Liability at 1 January 2024
28,230
Credit to profit or loss
(25,712)
Liability at 31 December 2024
2,518

Approximately £11,050 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period. It is expected that the full £27,690 deferred tax asset will reverse within 12 months and relates to unused tax losses.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,667
25,185

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £2,482 (2023 - £2,063) were payable to the scheme at the end of the period and are included in creditors.

PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,000
9,000
9,000
9,000

Each share is entitled to one vote in any circumstance.

24
Operating lease commitments
Lessee

Operating lease payments include rentals payable by the company for certain of its motor vehicles and equipment. Leases are negotiated for an average term of 4 years and rentals are fixed for an average of 4 years with an option to extend.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
47,862
66,472
Between two and five years
104,549
71,489
152,411
137,961
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
24,000
24,000
341,668
335,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
66,332
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
-
16,468
PACIFIC LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
26
Ultimate controlling party

The company is a wholly owned subsidiary of Stafford Mills Holdings Limited, a company incorporated in Great Britain and registered in England and Wales. The ultimate parent company of the group is Stafford Mills Limited, a company incorporated in Great Britain and registered in England and Wales.

 

The financial statements contain information about Pacific Lifestyle Limited as an individual company, and do not contain consolidated financial information on the group to which Pacific Lifestyle Limited belongs.

 

The financial statements of Stafford Mills Limited, which consolidate those of its subsidiary companies are available from:

 

The Secretary

Stafford Mills Limited

Stafford Mills

Milnsbridge

Huddersfield

West Yorkshire

HD3 4JD

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