Lifemarque Limited 02531239 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is sale of products relating to the outdoor and nursery industries. Digita Accounts Production Advanced 6.30.9574.0 true true true true 02531239 2023-11-01 2024-10-31 02531239 2024-10-31 02531239 bus:Consolidated 2024-10-31 02531239 core:AcceleratedTaxDepreciationDeferredTax 2024-10-31 02531239 core:OtherDeferredTax 2024-10-31 02531239 core:TaxLossesCarry-forwardsDeferredTax 2024-10-31 02531239 core:CapitalRedemptionReserve 2024-10-31 02531239 core:RetainedEarningsAccumulatedLosses 2024-10-31 02531239 core:ShareCapital 2024-10-31 02531239 core:CurrentFinancialInstruments 2024-10-31 02531239 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 02531239 core:Non-currentFinancialInstruments 2024-10-31 02531239 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 02531239 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-10-31 02531239 core:PatentsTrademarksLicencesConcessionsSimilar 2024-10-31 02531239 core:BetweenTwoFiveYears 2024-10-31 02531239 core:MoreThanFiveYears 2024-10-31 02531239 core:WithinOneYear 2024-10-31 02531239 core:FurnitureFittingsToolsEquipment 2024-10-31 02531239 core:LandBuildings 2024-10-31 02531239 core:MotorVehicles 2024-10-31 02531239 bus:FRS102 2023-11-01 2024-10-31 02531239 bus:Audited 2023-11-01 2024-10-31 02531239 bus:FullAccounts 2023-11-01 2024-10-31 02531239 bus:RegisteredOffice 2023-11-01 2024-10-31 02531239 bus:CompanySecretaryDirector1 2023-11-01 2024-10-31 02531239 bus:Director2 2023-11-01 2024-10-31 02531239 bus:Director3 2023-11-01 2024-10-31 02531239 bus:Director4 2023-11-01 2024-10-31 02531239 bus:HighestPaidDirector 2023-11-01 2024-10-31 02531239 bus:Consolidated 2023-11-01 2024-10-31 02531239 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02531239 bus:Agent1 2023-11-01 2024-10-31 02531239 2 2023-11-01 2024-10-31 02531239 3 2023-11-01 2024-10-31 02531239 core:CapitalRedemptionReserve 2023-11-01 2024-10-31 02531239 core:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 02531239 core:ShareCapital 2023-11-01 2024-10-31 02531239 countries:Europe 2023-11-01 2024-10-31 02531239 countries:RestWorldOutsideEurope 2023-11-01 2024-10-31 02531239 countries:UnitedKingdom 2023-11-01 2024-10-31 02531239 core:ComputerSoftware 2023-11-01 2024-10-31 02531239 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-01 2024-10-31 02531239 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-01 2024-10-31 02531239 core:LandBuildingsUnderOperatingLeases 2023-11-01 2024-10-31 02531239 core:OtherAssetsUnderOperatingLeases 2023-11-01 2024-10-31 02531239 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 02531239 core:LandBuildings 2023-11-01 2024-10-31 02531239 core:MotorVehicles 2023-11-01 2024-10-31 02531239 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-11-01 2024-10-31 02531239 core:UKTax 2023-11-01 2024-10-31 02531239 countries:EnglandWales 2023-11-01 2024-10-31 02531239 2023-10-31 02531239 core:CapitalRedemptionReserve 2023-10-31 02531239 core:RetainedEarningsAccumulatedLosses 2023-10-31 02531239 core:ShareCapital 2023-10-31 02531239 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 02531239 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 02531239 core:FurnitureFittingsToolsEquipment 2023-10-31 02531239 core:LandBuildings 2023-10-31 02531239 core:MotorVehicles 2023-10-31 02531239 2022-11-01 2023-10-31 02531239 2023-10-31 02531239 core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02531239 core:OtherDeferredTax 2023-10-31 02531239 core:CurrentFinancialInstruments 2023-10-31 02531239 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 02531239 core:Non-currentFinancialInstruments 2023-10-31 02531239 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 02531239 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 02531239 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 02531239 core:BetweenTwoFiveYears 2023-10-31 02531239 core:MoreThanFiveYears 2023-10-31 02531239 core:WithinOneYear 2023-10-31 02531239 core:FurnitureFittingsToolsEquipment 2023-10-31 02531239 core:LandBuildings 2023-10-31 02531239 core:MotorVehicles 2023-10-31 02531239 bus:HighestPaidDirector 2022-11-01 2023-10-31 02531239 2 2022-11-01 2023-10-31 02531239 3 2022-11-01 2023-10-31 02531239 core:CapitalRedemptionReserve 2022-11-01 2023-10-31 02531239 core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02531239 core:ShareCapital 2022-11-01 2023-10-31 02531239 countries:Europe 2022-11-01 2023-10-31 02531239 countries:RestWorldOutsideEurope 2022-11-01 2023-10-31 02531239 countries:UnitedKingdom 2022-11-01 2023-10-31 02531239 core:LandBuildingsUnderOperatingLeases 2022-11-01 2023-10-31 02531239 core:OtherAssetsUnderOperatingLeases 2022-11-01 2023-10-31 02531239 core:UKTax 2022-11-01 2023-10-31 02531239 2022-10-31 02531239 core:CapitalRedemptionReserve 2022-10-31 02531239 core:RetainedEarningsAccumulatedLosses 2022-10-31 02531239 core:ShareCapital 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 02531239

Lifemarque Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2024

 

Lifemarque Limited

Contents

Company Information

1

Directors' Report

2

Strategic Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11 to 12

Notes to the Financial Statements

13 to 22

 

Lifemarque Limited

Company Information

Directors

N J Butler

M G Cobham

A B Koziell

R White

Company secretary

N J Butler

Registered office

Units 1 & 8 Bacchus House
Calleva Park
Aldermaston
Reading
RG7 8EN

Bankers

HSBC Bank Plc
15 - 17 Praed Street
Paddington
London
W2 1NJ

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Lifemarque Limited

Directors' Report for the Year Ended 31 October 2024

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

Directors of the company

The directors who held office during the year were as follows:

N J Butler - Company secretary and director

M G Cobham

A B Koziell

R White

Principal activity

The principal activity of the company is sale of products relating to the outdoor and nursery industries.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Further details regarding the adoption of the going concern basis can be found in the accounting policies in the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 8 April 2025 and signed on its behalf by:


N J Butler
Company secretary and director

 

Lifemarque Limited

Strategic Report for the Year Ended 31 October 2024

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

Fair review of the business

The results for the year, which are set out in the profit and loss account, show a pre-tax profit of £91,728 (2023 - profit of £445,153).

The company has tangible fixed assets including leasehold land and buildings and fixtures and fittings included in the financial statements at their net book value amounting to £928,438 (2023 - £823,818) and net current assets amounting to £3,981,775 (2023 - £4,262,569) including stock of £3,688,814 (2023 - £3,324,467), trade debtors of £1,507,673 (2023 - £1,774,261) and trade creditors of £378,880 (2023 - £451,557).

Key performance indicators

Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the development, performance and position of the business. Indicators are reviewed and altered to meet changes in the internal and external environments.

Future developments

The company continues with its policy of looking for new customers, new markets and new products for all 4 of its brands.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and local suppliers of outdoor and nursery products and the general sale of the outdoor and nursery products market.

Credit risk - The principal credit risk for the company arises from trade debtors. In order to manage its credit risk, the company performs credit checks and also sets credit limits for its customers based on its customers payment histories and their financial records.

Liquidity risk - The directors believe that the company has sufficient funds and adequate banking facilities to supports its future activities.

Cash flow risk - The company principally finances its operations and manages its cash flow through a combination of retained profits, bank overdraft and a bank invoice finance facility.

Approved by the Board on 8 April 2025 and signed on its behalf by:


N J Butler
Company secretary and director

 

Lifemarque Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Lifemarque Limited

Independent Auditor's Report to the Members of Lifemarque Limited

Opinion

We have audited the financial statements of Lifemarque Limited (the 'company') for the year ended 31 October 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:

give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Lifemarque Limited

Independent Auditor's Report to the Members of Lifemarque Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

 

Lifemarque Limited

Independent Auditor's Report to the Members of Lifemarque Limited

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of this 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.





Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

8 April 2025

 

Lifemarque Limited

Profit and Loss Account for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

3

9,519,495

10,386,280

Cost of sales

 

(5,922,617)

(6,303,655)

Gross profit

 

3,596,878

4,082,625

Distribution costs

 

(910,161)

(821,891)

Administrative expenses

 

(2,589,120)

(2,808,091)

Operating profit

4

97,597

452,643

Interest payable and similar expenses

5

(5,869)

(7,490)

Profit before tax

 

91,728

445,153

Tax on profit

9

(24,474)

(109,556)

Profit for the financial year

 

67,254

335,597

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Lifemarque Limited

(Registration number: 02531239)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

171,721

125,367

Tangible assets

11

928,438

823,818

 

1,100,159

949,185

Current assets

 

Stocks

12

3,688,814

3,324,467

Debtors

13

1,644,166

1,921,883

Cash at bank and in hand

 

26,199

124,664

 

5,359,179

5,371,014

Creditors: Amounts falling due within one year

14

(1,377,404)

(1,108,445)

Net current assets

 

3,981,775

4,262,569

Total assets less current liabilities

 

5,081,934

5,211,754

Creditors: Amounts falling due after more than one year

14

(32,317)

(62,183)

Provisions for liabilities

9

(74,450)

(41,658)

Net assets

 

4,975,167

5,107,913

Capital and reserves

 

Called up share capital

88

88

Capital redemption reserve

12

12

Retained earnings

4,975,067

5,107,813

Shareholders' funds

 

4,975,167

5,107,913

Approved and authorised by the Board on 8 April 2025 and signed on its behalf by:
 


N J Butler
Company secretary and director

 

Lifemarque Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 November 2023

88

12

5,107,813

5,107,913

Profit for the year

-

-

67,254

67,254

Dividends

-

-

(200,000)

(200,000)

At 31 October 2024

88

12

4,975,067

4,975,167

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 November 2022

88

12

4,772,216

4,772,316

Profit for the year

-

-

335,597

335,597

At 31 October 2023

88

12

5,107,813

5,107,913

 

Lifemarque Limited

Statement of Cash Flows for the Year Ended 31 October 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

67,254

335,597

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

93,025

74,820

Finance costs

5

5,869

7,490

Income tax expense

9

24,474

109,556

 

190,622

527,463

Working capital adjustments

 

(Increase)/decrease in stocks

12

(364,347)

1,316,835

Decrease/(increase) in trade debtors

13

277,717

(392,984)

(Decrease)/increase in trade creditors

14

(181,771)

78,229

Cash generated from operations

 

(77,779)

1,529,543

Income taxes paid

9

(83,331)

(105,166)

Net cash flow from operating activities

 

(161,110)

1,424,377

Cash flows from investing activities

 

Acquisitions of tangible assets

(153,522)

(52,628)

Proceeds from sale of tangible assets

 

500

-

Acquisition of intangible assets

10

(90,977)

(95,760)

Net cash flows from investing activities

 

(243,999)

(148,388)

Cash flows from financing activities

 

Interest paid

5

(5,869)

(7,490)

(Repayment) of bank borrowing

 

(32,302)

(103,637)

Drawdown/(repayment) of invoice financing

 

505,089

(774,916)

(Repayment) of overdraft

 

-

(194,478)

Dividends paid

17

(200,000)

-

Net cash flows from financing activities

 

266,918

(1,080,521)

Net (decrease)/increase in cash and cash equivalents

 

(138,191)

195,468

Cash and cash equivalents at 1 November

 

124,664

(70,804)

Cash and cash equivalents at 31 October

 

(13,527)

124,664

 

Lifemarque Limited

Statement of Cash Flows for the Year Ended 31 October 2024

 

Analysis of changes in net debt

At 1 November 2023
£

Cash flows
£

At 31 October 2024
£

Cash and cash equivalents

Cash

124,664

(98,465)

26,199

Overdrafts

-

(39,726)

(39,726)

124,664

(138,191)

(13,527)

Borrowings

Long term borrowings

(62,183)

29,866

(32,317)

Short term borrowings

(21,422)

(502,653)

(524,075)

(83,605)

(472,787)

(556,392)

 

41,059

(610,978)

(569,919)

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
Units 1 & 8 Bacchus House
Calleva Park
Aldermaston
Reading
RG7 8EN

 

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

These financial statements do not contain any significant judgements or estimation uncertainty.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of
exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Tax

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

The current 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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 calculated to write off the cost less estimated residual value of all tangible fixed assets other than
leasehold property with more than 50 years unexpired term over their estimated useful lives at the following rates:

Asset class

Depreciation method and rate

Leasehold land and buildings

Nil

Fixtures, fittings and equipment

20% straight line

Motor vehicles

20% straight line

No depreciation is provided on leasehold properties with more than 50 years unexpired terms as it is the company's policy to maintain these assets so that they keep their previously assessed standard of performance. As the useful economic lives of these assets are of such length and the residual values are such that they are not materially different form the carrying amount any depreciation would not be material.

Intangible assets

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents, trademarks and product development

20% straight line

Website

20% straight line

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.

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stock is valued at the lower of cost and net realisable value.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Leases

All leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

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.

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

3

Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

9,519,495

10,386,280

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

7,646,004

8,483,742

Europe

1,602,541

1,590,779

Rest of world

270,950

311,759

9,519,495

10,386,280

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

48,902

27,218

Amortisation expense

44,623

47,602

Foreign exchange losses

28,720

29,290

Operating lease expense - property

182,744

180,790

Operating lease expense - other

17,052

14,729

 

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

5,869

7,490

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,528,523

1,631,128

Social security costs

181,227

196,098

Pension costs, defined contribution scheme

20,757

20,205

1,730,507

1,847,431

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

17

16

Sales and distribution

23

25

40

41

 

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

389,951

463,269

In respect of the highest paid director:

2024
£

2023
£

Remuneration

133,694

158,829

During the year no retirement benefits were paid to directors (2023: 0) in respect of defined contribution pension schemes.

 

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

14,400

13,950

Other fees to auditors

All other non-audit services

2,000

3,000


 

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

91,649

UK corporation tax adjustment to prior periods

(8,318)

-

(8,318)

91,649

Deferred taxation

Arising from origination and reversal of timing differences

30,992

-

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

1,800

17,907

Total deferred taxation

32,792

17,907

Tax expense in the income statement

24,474

109,556

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 22.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

91,728

445,153

Corporation tax at standard rate

22,932

100,248

Tax increase/(decrease) from effect of capital allowances and depreciation

1,267

(65)

Tax decrease from other short-term timing differences

(1,762)

-

Effect of expense not deductible in determining taxable profit (tax loss)

237

7,595

Deferred tax expense from unrecognised temporary difference from a prior period

1,800

-

Deferred tax expense relating to changes in tax rates or laws

-

1,778

Total tax charge

24,474

109,556

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

77,133

Losses and other deductions

(1,649)

Short term timing differences

(1,034)

74,450

2023

Liability
£

Fixed asset timing differences

41,672

Short term timing differences

(14)

41,658

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

10

Intangible assets

Trademarks, patents and licenses
 £

Website
 £

Total
£

Cost

At 1 November 2023

385,903

59,350

445,253

Additions

90,977

-

90,977

At 31 October 2024

476,880

59,350

536,230

Amortisation

At 1 November 2023

314,947

4,939

319,886

Amortisation charge

32,753

11,870

44,623

At 31 October 2024

347,700

16,809

364,509

Carrying amount

At 31 October 2024

129,180

42,541

171,721

At 31 October 2023

70,956

54,411

125,367

 

11

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 November 2023

738,036

276,774

41,395

1,056,205

Additions

-

153,522

-

153,522

Disposals

-

(113,198)

-

(113,198)

At 31 October 2024

738,036

317,098

41,395

1,096,529

Depreciation

At 1 November 2023

-

208,790

23,597

232,387

Charge for the year

-

44,322

4,580

48,902

Eliminated on disposal

-

(113,198)

-

(113,198)

At 31 October 2024

-

139,914

28,177

168,091

Carrying amount

At 31 October 2024

738,036

177,184

13,218

928,438

At 31 October 2023

738,036

67,984

17,798

823,818

Included within the net book value of land and buildings above is £738,036 (2023 - £738,036) in respect of long leasehold land and buildings.
 

 

12

Stocks

2024
£

2023
£

Finished goods and goods for resale

3,688,814

3,324,467

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

13

Debtors

2024
£

2023
£

Trade debtors

1,507,673

1,774,261

Prepayments

136,493

147,622

1,644,166

1,921,883

 

14

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

15

563,801

21,422

Trade creditors

 

378,880

451,557

Social security and other taxes

 

97,392

194,358

Other creditors

 

208,298

82,856

Accruals

 

129,033

266,603

Corporation tax liability

9

-

91,649

 

1,377,404

1,108,445

Due after one year

 

Loans and borrowings

15

32,317

62,183

 

15

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,521

20,957

Bank overdrafts

39,726

-

Invoice financing

505,554

465

563,801

21,422

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,317

62,183

The bank overdraft, bank loan and invoice finance amounts included in loans and borrowings are secured by a debenture including a fixed and floating charge over the assets of the company.

 

Lifemarque Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

16

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

92,723

92,723

Later than one year and not later than five years

298,639

309,698

Later than five years

35,750

107,250

427,112

509,671

The amount of non-cancellable operating lease payments recognised as an expense during the year was £199,796 (2023 - £189,543).

 

17

Dividends

2024
 £

2023
 £

Dividends paid

200,000

-

 

18

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 7 to the financial statements.

There are no other related party transactions to disclose.

 

 

19

Parent and ultimate parent undertaking

The majority shareholder with control is M Cobham.