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Filleted

Registration number: 11046441

Lyfli Foods Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Lyfli Foods Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Lyfli Foods Ltd

Company Information

Director

Mr C D Thomas

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Lyfli Foods Ltd

(Registration number: 11046441)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

88,921

98,802

Current assets

 

Stocks

6

9,948

10,552

Debtors

7

367

7,723

Cash at bank and in hand

 

726

48

 

11,041

18,323

Creditors: Amounts falling due within one year

8

(109,503)

(105,359)

Net current liabilities

 

(98,462)

(87,036)

Total assets less current liabilities

 

(9,541)

11,766

Creditors: Amounts falling due after more than one year

8

(71,405)

(76,816)

Net liabilities

 

(80,946)

(65,050)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(81,046)

(65,150)

Total equity

 

(80,946)

(65,050)

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.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Lyfli Foods Ltd

(Registration number: 11046441)
Balance Sheet as at 30 November 2024

Approved and authorised by the director on 20 August 2025
 

.........................................
Mr C D Thomas
Director

   
     
 

Lyfli Foods Ltd

Notes to the 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:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 20 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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

Plant and Machinery

10% Reducing Balance

 

Lyfli Foods Ltd

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

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Lyfli Foods Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

9,880

10,118

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2023

126,880

126,880

At 30 November 2024

126,880

126,880

Depreciation

At 1 December 2023

28,078

28,078

Charge for the year

9,881

9,881

At 30 November 2024

37,959

37,959

Carrying amount

At 30 November 2024

88,921

88,921

At 30 November 2023

98,802

98,802

6

Stocks

2024
£

2023
£

Other inventories

9,948

10,552

7

Debtors

2024
£

2023
£

Other debtors

367

7,723

 

Lyfli Foods Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

9,402

11,410

Trade creditors

 

1,335

2,250

Other creditors

 

14,621

11,016

Director 1 current account

 

84,145

80,683

 

109,503

105,359

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

71,405

76,816

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

65

65

65

65

Ordinary of £1 each

35

35

35

35

 

100

100

100

100

 

Lyfli Foods Ltd

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

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

30,163

35,574

Other borrowings

41,242

41,242

71,405

76,816

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,402

11,410

11

Related party transactions

Transactions with directors

As at the balance sheet date, the director was owed £84,145 (2023 : £80,683) from the company. The loan is interest free and repayable on demand.