| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2025 |
| for |
| LIFESTYLE PRODUCTS LIMITED |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2025 |
| for |
| LIFESTYLE PRODUCTS LIMITED |
| LIFESTYLE PRODUCTS LIMITED (REGISTERED NUMBER: 05079251) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| LIFESTYLE PRODUCTS LIMITED |
| Company Information |
| for the Year Ended 31 March 2025 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANT: |
| 10 Market Street |
| Chapel-en-le-Frith |
| High Peak |
| Derbyshire |
| SK23 0HH |
| SOLICITORS: |
| Notary House |
| 65 High Street West |
| Glossop |
| Derbyshire |
| SK13 8AZ |
| LIFESTYLE PRODUCTS LIMITED (REGISTERED NUMBER: 05079251) |
| Balance Sheet |
| 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| LIFESTYLE PRODUCTS LIMITED (REGISTERED NUMBER: 05079251) |
| Balance Sheet - continued |
| 31 March 2025 |
| The financial statements were approved by the director and authorised for issue on |
| LIFESTYLE PRODUCTS LIMITED (REGISTERED NUMBER: 05079251) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Lifestyle Products Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The principal accounting policies adopted in the preparation of the financial statements are set out below. |
| The financial statements have been prepared under the historic cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Rental income is received quarterly in advance and recognised at the beginning of each respective quarterly period. All other income is recognised at the time goods or services are made available. |
| Tangible fixed assets |
| Land Newby Road | - |
| Property improvements | - |
| Motor vehicles | - |
| Computer & office equipment | - |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank loans and directors loans. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
| Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| LIFESTYLE PRODUCTS LIMITED (REGISTERED NUMBER: 05079251) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Employee benefits |
| Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Land | Computer |
| Newby | Property | Motor | & office |
| Road | improvements | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2024 |
| and 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Cost or valuation at 31 March 2025 is represented by: |
| Land | Computer |
| Newby | Property | Motor | & office |
| Road | improvements | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2009 | 220,000 | - | - | - | 220,000 |
| Valuation in 2016 | 63,750 | - | - | - | 63,750 |
| Valuation in 2019 | 140,000 | - | - | - | 140,000 |
| Valuation in 2023 | 645,000 | - | - | - | 645,000 |
| Cost | 516,250 | 10,618 | 821 | 4,045 | 531,734 |
| 1,585,000 | 10,618 | 821 | 4,045 | 1,600,484 |
| LIFESTYLE PRODUCTS LIMITED (REGISTERED NUMBER: 05079251) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| If freehold land at Newby Road had not been revalued it would have been included at the following historical cost: |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Cost | 516,250 | 516,250 |
| Freehold land at Newby Road was valued on an open market basis on 31 March 2023 by Roger Hannah Ltd Chartered Surveyors . |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Trade creditors |
| Taxation |
| VAT | 5,171 | 4,333 |
| Sundry creditors |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Directors loan account (APG) | 82,839 | 74,035 |
| Directors loan account (SAG) | 114,844 | 131,465 |
| Family loan account | 12,800 | 12,400 |
| Stockport Storage Limited | 145,000 | 145,000 |
| 8. | SECURED DEBTS |
| A P Griffiths and M C Griffiths in an agreement dated 29 August 2023 hold a Debenture incorporating fixed and floating charges over all the property or undertakings of the company as security against a debt created following the sale of shares in the company. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.25 | 31.3.24 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| Ordinary B Non Voting | £1 | 100 | 100 |
| Ordinary C Non Voting | £1 | 100 | 100 |
| 300 | 300 |
| LIFESTYLE PRODUCTS LIMITED (REGISTERED NUMBER: 05079251) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 10. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2024 | 1,194,812 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 March 2025 | 1,208,336 |
| 11. | RELATED PARTY DISCLOSURES |
| On the 29 August 2023 as part of a restructure, the company became a wholly owned subsidiary of S A Griffiths Holdings Limited, a company under the control of the director S A Griffiths. |
| The controlling party is S A Griffiths Holdings Limited. |
| The ultimate controlling party is |