Lifestyle Group (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09921180 (England and Wales)

Lifestyle Group (UK) Ltd

Unaudited Financial Statements for the Year Ended 31 March 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S Syal

Mrs J E Syal

REGISTERED OFFICE:

Unit 2

Westfield Close

Rawreth Industrial Estate

Rayleigh

Essex

SS6 9RL

BUSINESS ADDRESS:

Unit 1

Westfield Close

Rawreth Industrial Estate

Rayleigh

Essex

SS6 9RL

REGISTERED NUMBER:

09921180 (England and Wales)

ACCOUNTANTS:

Aggarwal & Co Limited

Chartered Accountants

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

FIXED ASSETS

Intangible assets

4

4,939

5,631

Tangible assets

5

24,061

14,331

Investments

6

1,298

1,098

30,298

21,060

CURRENT ASSETS

Inventories

464,735

503,735

Debtors

7

3,763,336

3,164,475

Cash at bank and in hand

1,547,869

1,525,026

5,775,940

5,193,236

CREDITORS

Amounts falling due within one year

8

236,501

135,092

NET CURRENT ASSETS

5,539,439

5,058,144

TOTAL ASSETS LESS CURRENT LIABILITIES

5,569,737

5,079,204

CREDITORS

Amounts falling due after more than one year

9

(1,034

)

(1,171

)

PROVISIONS FOR LIABILITIES

(4,745

)

(2,777

)

NET ASSETS

5,563,958

5,075,256

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

5,563,458

5,074,756

SHAREHOLDERS' FUNDS

5,563,958

5,075,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2022 and were signed on its behalf by:

S Syal - Director

Mrs J E Syal - Director

1.	STATUTORY INFORMATION

Lifestyle Group (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Lifestyle Group (UK) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income recognition

Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion.

Financial instruments

The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the COVID-19 virus has been assessed by the directors so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response/financial support and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

Government grants

Government grants in relation to COVID-19 are recognised on the accruals basis and credited to the Income Statement and any related expenditure is charged to the Income Statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2021

and 31 March 2022

6,924

AMORTISATION

At 1 April 2021

1,293

Charge for year

692

At 31 March 2022

1,985

NET BOOK VALUE

At 31 March 2022

4,939

At 31 March 2021

5,631

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

70,517

Additions

17,929

At 31 March 2022

88,446

DEPRECIATION

At 1 April 2021

56,186

Charge for year

8,199

At 31 March 2022

64,385

NET BOOK VALUE

At 31 March 2022

24,061

At 31 March 2021

14,331

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

1,098

Additions

200

At 31 March 2022

1,298

NET BOOK VALUE

At 31 March 2022

1,298

At 31 March 2021

1,098

The company has investments in the following subsidiary undertakings.

Country of incorporation

Principal activity

Holding

%

Subsidiary undertakings

Banned Ecomm Ltd

England & Wales

Retailer

Ordinary shares

100

Syal sp. z.o.o.

Poland

Wholesaler

Ordinary shares

100

7.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

619,499

544,189

Other debtors

2,582,752

2,620,286

3,202,251

3,164,475

Amounts falling due after more than one year:

Amounts owed by group undertakings

561,085

-

Aggregate amounts

3,763,336

3,164,475

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

50,000

Trade creditors

65,207

29,447

Taxation and social security

130,924

12,257

Other creditors

40,370

43,388

236,501

135,092

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

1,034

1,171

10.	LEASING AGREEMENTS

The company has total other operating lease commitments at 31 March 2021 of £48,000.