UKG Lifestyle Limited Filleted accounts for Companies House (small and micro)

UKG LIFESTYLE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06311210

UKG Lifestyle Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2021

UKG Lifestyle Limited

Statement of Financial Position

31 July 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	6	17,848	20,810

Current assets

Stocks		12,500	12,500
Debtors	7	34,902	50,937
Cash at bank and in hand		36,499	30,429
		--------	--------
		83,901	93,866

Creditors: amounts falling due within one year	8	482,310	507,220
		---------	---------
Net current liabilities		398,409	413,354
		---------	---------
Total assets less current liabilities		( 380,561)	( 392,544)

Creditors: amounts falling due after more than one year	9	129,752	204,252

Provisions	2,810	2,557
	---------	---------
Net liabilities	( 513,123)	( 599,353)
	---------	---------

UKG Lifestyle Limited

Statement of Financial Position (continued)

31 July 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 513,223)	( 599,453)
	---------	---------
Shareholders deficit	( 513,123)	( 599,353)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2021 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 31 March 2022 , and are signed on behalf of the board by:

R Follert	N C Waldron
Director	Director

Company registration number: 06311210

UKG Lifestyle Limited

Notes to the Financial Statements

Year ended 31 July 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C2, Endeavour Business Park, Penner Road, Havant, PO9 1QN, Hampshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Going concern

During 2020 and into 2021 the worldwide spread of Coronavirus has occurred and from March 2020 has affected the UK. This has affected how the Company operates and the markets it operates in. The company has made appropriate adjustments in terms of how it operates and to protect its employees. The UK Government has provided a package of financial support to protect companies and this has been accessed as is necessary. Whilst the company has an overdrawn balance sheet, this has arisen because of a prior year loan write off. The company is now profitable and retains the support of the directors and shareholders. For this reason the accounts have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are disclosed in the accounting policies. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 66 (2020: 109 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2020 and 31 July 2021	78,750
	--------
Amortisation
At 1 August 2020 and 31 July 2021	78,750
	--------
Carrying amount
At 31 July 2021	–
	--------
At 31 July 2020	–
	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 August 2020	54,949	4,790	59,739
Additions	3,557	–	3,557
Disposals	( 1,013)	–	( 1,013)
	--------	-------	--------
At 31 July 2021	57,493	4,790	62,283
	--------	-------	--------
Depreciation
At 1 August 2020	34,992	3,937	38,929
Charge for the year	5,736	213	5,949
Disposals	( 443)	–	( 443)
	--------	-------	--------
At 31 July 2021	40,285	4,150	44,435
	--------	-------	--------
Carrying amount
At 31 July 2021	17,208	640	17,848
	--------	-------	--------
At 31 July 2020	19,957	853	20,810
	--------	-------	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	29,739	19,619
Other debtors	5,163	31,318
	--------	--------
	34,902	50,937
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	106,737	210,166
Trade creditors	42,330	14,885
Social security and other taxes	199,913	127,408
Sundry creditors	88,031	95,674
Other creditors	45,299	59,087
	---------	---------
	482,310	507,220
	---------	---------

Bank loans and overdrafts are secured on the assets of the company.

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	129,752	204,252
	---------	---------

Bank loans and overdrafts are secured on the assets of the company.

10. Directors' advances, credits and guarantees

The directors maintain a loan account within the company. The account remained in credit throughout the year.