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Registration number: 12293498

Life Shed Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Life Shed Ltd

(Registration number: 12293498)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

63,525

80,102

Current assets

 

Debtors

6

218,167

192,870

Cash at bank and in hand

 

31,818

45,974

 

249,985

238,844

Creditors: Amounts falling due within one year

7

(176,274)

(134,122)

Net current assets

 

73,711

104,722

Total assets less current liabilities

 

137,236

184,824

Creditors: Amounts falling due after more than one year

7

(39,554)

(48,545)

Net assets

 

97,682

136,279

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

97,581

136,178

Shareholders' funds

 

97,682

136,279

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2025 and signed on its behalf by:
 

 

Life Shed Ltd

(Registration number: 12293498)
Balance Sheet as at 30 November 2024

.........................................
Mr Craig Farr
Director

.........................................
Mrs Hannah Farr
Director

 

Life Shed Ltd

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

1

General information

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

The address of its registered office is:
1 The Pines
Lower Road
Harmer Hill
Shrewsbury
SY4 3RH

These financial statements were authorised for issue by the Board on 12 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

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

The current income 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.

 

Life Shed Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Life Shed Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,244

17,425

 

Life Shed Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

22,509

83,652

106,161

Additions

-

667

667

At 30 November 2024

22,509

84,319

106,828

Depreciation

At 1 December 2023

-

26,059

26,059

Charge for the year

-

17,244

17,244

At 30 November 2024

-

43,303

43,303

Carrying amount

At 30 November 2024

22,509

41,016

63,525

At 30 November 2023

22,509

57,593

80,102

6

Debtors

Current

2024
£

2023
£

Trade debtors

211,467

186,170

Prepayments

6,700

6,700

 

218,167

192,870

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

79,001

69,835

Taxation and social security

 

91,773

62,952

Accruals and deferred income

 

600

600

Other creditors

 

4,900

735

 

176,274

134,122

Creditors: amounts falling due after more than one year

 

Life Shed Ltd

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

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

39,554

48,545

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary shares of £1 each

100

100

100

100

ordinary A shares of £1 each

1

1

1

1

101

101

101

101

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

39,554

48,545

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,287

7,582

Hire purchase contracts

12,000

12,000

Other borrowings

60,714

50,253

79,001

69,835