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Company Registration No. 10261303 (England and Wales)
Embargo Lifestyle Limited Unaudited accounts for the year ended 31 December 2024
Embargo Lifestyle Limited Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
- 2 -
Embargo Lifestyle Limited Company Information for the year ended 31 December 2024
Directors
Tsewang Wangkang Fryderyk Szydlowski
Company Number
10261303 (England and Wales)
Registered Office
Work.Life, Kings House 174 Hammersmith Road London W6 7JP
Accountants
Barnes & Scott 86-90 Paul Street London EC2A 4NE
- 3 -
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Embargo Lifestyle Limited for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Embargo Lifestyle Limited for the year ended 31 December 2024 as set out on pages 5 - 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Embargo Lifestyle Limited, as a body, in accordance with the terms of our engagement letter dated 28 March 2017. Our work has been undertaken solely to prepare for your approval the accounts of Embargo Lifestyle Limited and state those matters that we have agreed to state to the Board of Directors of Embargo Lifestyle Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Embargo Lifestyle Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Embargo Lifestyle Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Embargo Lifestyle Limited. You consider that Embargo Lifestyle Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Embargo Lifestyle Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott Chartered Accountants 86-90 Paul Street London EC2A 4NE 17 September 2025
- 4 -
Embargo Lifestyle Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
31,420 
34,039 
Investments
5
1,000 
- 
32,420 
34,039 
Current assets
Debtors
6
496,524 
263,565 
Cash at bank and in hand
150,192 
101,783 
646,716 
365,348 
Creditors: amounts falling due within one year
8
(90,148)
(66,154)
Net current assets
556,568 
299,194 
Net assets
588,988 
333,233 
Capital and reserves
Called up share capital
9
211 
197 
Share premium
4,243,689 
3,313,463 
Capital contribution reserve
279,293 
- 
Profit and loss account
(3,934,205)
(2,980,427)
Shareholders' funds
588,988 
333,233 
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by
Tsewang Wangkang Director Company Registration No. 10261303
- 5 -
Embargo Lifestyle Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Embargo Lifestyle Limited is a private company, limited by shares, registered in England and Wales, registration number 10261303. The registered office is Work.Life, Kings House, 174 Hammersmith Road, London, W6 7JP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 December 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2023. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 11 below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Adoption of FRS102 1A
FRS 102 Section 1A has been applied for the first time in 2024, and the opening balance sheet at 1 Jan 2024 has been prepared under FRS 102.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.   Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
4 years straight line
Computer equipment
4 years straight line
- 6 -
Embargo Lifestyle Limited Notes to the Accounts for the year ended 31 December 2024
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairments losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Cash and Cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
Taxation
Taxation represents the sum of tax currently payable and deferred 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.
- 7 -
Embargo Lifestyle Limited Notes to the Accounts for the year ended 31 December 2024
Staff Share Option Scheme
The company has a share option scheme in place. This consists of an EMI share option scheme for its employees and an Unapproved share option scheme for those not eligible for EMI. The options vest over a maximum of four years and are settled by equity upon exercise. At the period end there were 924 options in issue. The Company entered a debit of £279,293 through the profit and loss account, being the estimated fair value of the net movement in share options this period (£72,616) and prior periods (£206,677). The prior period accounts were prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS105 and therefore the fair value movement of share options was not previously reported. The fair value adjustment relating to prior periods (£206,677) has been entered as a debit through the profit and loss account in this period. The number and weighted average exercise prices for the options are as follows:  (i) outstanding at the beginning of the period - 924 share options at a weighted average exercise price of £0.01 each;  (ii) granted during the period - nil;  (iii) forfeited during the period - nil;  (iv) exercised during the period - nil;  (v) expired during the period - nil;  (vi) outstanding at the end of the period - 924 share options at a weighted average exercise price of £0.01 each;  (vii) exercisable at the end of the period - 700 share options at a weighted average exercise price of £398.99 each.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2024
300 
102,770 
103,070 
Additions
- 
14,915 
14,915 
At 31 December 2024
300 
117,685 
117,985 
Depreciation
At 1 January 2024
167 
68,864 
69,031 
Charge for the year
50 
17,484 
17,534 
At 31 December 2024
217 
86,348 
86,565 
Net book value
At 31 December 2024
83 
31,337 
31,420 
At 31 December 2023
133 
33,906 
34,039 
5
Investments
Subsidiary undertakings 
£ 
Valuation at 1 January 2024
- 
Additions
1,000 
Valuation at 31 December 2024
1,000 
- 8 -
Embargo Lifestyle Limited Notes to the Accounts for the year ended 31 December 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
7,561 
12,656 
Trade debtors
5,027 
10,008 
Amounts due from group undertakings etc.
437,230 
214,215 
Other debtors
46,706 
26,686 
496,524 
263,565 
The company owns 100% of share capital of its subsidiary Embargo Lifestyle Poland
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
11,569 
10,115 
Taxes and social security
34,894 
29,323 
Other creditors
280 
1,135 
Loans from directors
22,130 
25,581 
Accruals
21,275 
- 
90,148 
66,154 
At year end, an amount of £22,130 (2023: £25,581) was owed to the directors of the company. The director loan accounts are non-interest bearing and repayable on demand.
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
21,127 Ordinary shares of £0.01 each
211.27 
197.34 
Shares issued during the period:
1,393 Ordinary shares of £0.01 each
13.93 
10
Average number of employees
During the year the average number of employees was 14 (2023: 13).
- 9 -
Embargo Lifestyle Limited Notes to the Accounts for the year ended 31 December 2024
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January 2023 
31 December 2023 
£ 
£ 
Capital and reserves (as previously stated)
218,012 
333,233 
Adjustments
- 
- 
Capital and reserves (as restated)
218,012 
333,233 
Reconciliation of profit or loss for the year
31 December 2023 
£ 
Profit for the year (as previously stated)
(427,865)
Adjustments
- 
Profit for the year (as restated)
(427,865)
- 10 -