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Registered number: 07541040
Lifestyle Carpets Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2025
Versatile Accountancy Services Limited
F6.6 - F6.9 Globe House Globe Park
Moss Bridge Road
Rochdale
OL16 5EB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07541040
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,389 4,291
3,389 4,291
CURRENT ASSETS
Stocks 5 24,238 20,608
Debtors 6 50,983 39,459
Cash at bank and in hand 18,854 19,479
94,075 79,546
Creditors: Amounts Falling Due Within One Year 7 (95,582 ) (79,045 )
NET CURRENT ASSETS (LIABILITIES) (1,507 ) 501
TOTAL ASSETS LESS CURRENT LIABILITIES 1,882 4,792
PROVISIONS FOR LIABILITIES
Deferred Taxation (589 ) (748 )
NET ASSETS 1,293 4,044
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 1,193 3,944
SHAREHOLDERS' FUNDS 1,293 4,044
Page 1
Page 2
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Anthony John Hurst
Director
14/08/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lifestyle Carpets Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07541040 . The registered office is Lifestyle Carpets Ltd, Eastway, Shaw, OL2 8NY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% RBM
Motor Vehicles 25% RBM
Fixtures & Fittings 15% RBM
Computer Equipment 15% RBM
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2024: 5)
5 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2024 1,935 21,072 1,591 3,549 28,147
As at 28 February 2025 1,935 21,072 1,591 3,549 28,147
Depreciation
As at 1 March 2024 1,694 18,493 1,303 2,366 23,856
Provided during the period 36 645 43 178 902
As at 28 February 2025 1,730 19,138 1,346 2,544 24,758
Net Book Value
As at 28 February 2025 205 1,934 245 1,005 3,389
As at 1 March 2024 241 2,579 288 1,183 4,291
5. Stocks
2025 2024
£ £
Stock 24,238 20,608
6. Debtors
2025 2024
£ £
Due within one year
Other debtors 50,983 39,459
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 69,029 33,343
Bank loans and overdrafts 15,536 27,279
Other loans - 4,579
Other creditors 2,347 2,371
Taxation and social security 8,670 11,473
95,582 79,045
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
Page 4