Lifestyle Appliances Limited - Period Ending 2016-08-31

Registration number: 04195949

Lifestyle Appliances Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

DSE Accountants
Shrubbery House
47 Prospect Hill
Redditch
Worcestershire
B97 4BS

Lifestyle Appliances Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
 Lifestyle Appliances Limitedfor the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lifestyle Appliances Limited for the year ended 31 August 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Lifestyle Appliances Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lifestyle Appliances Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lifestyle Appliances Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lifestyle Appliances 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 profit of Lifestyle Appliances Limited. You consider that Lifestyle Appliances 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 Lifestyle Appliances 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.

......................................

DSE Accountants
Shrubbery House
47 Prospect Hill
Redditch
Worcestershire
B97 4BS

30 September 2016

Page 1

Lifestyle Appliances Limited
(Registration number: 04195949)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					26,201			22,477
Current assets
Stocks					388,697			380,552
Debtors					228,491			231,068
Cash at bank and in hand					120,427			44,606
					737,615			656,226
Creditors: Amounts falling due within one year					(175,480)			(200,078)
Net current assets					562,135			456,148
Total assets less current liabilities					588,336			478,625
Creditors: Amounts falling due after more than one year					(34,779)			(49,660)
Net assets					553,557			428,965
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					553,457			428,865
Shareholders' funds					553,557			428,965

For the year ending 31 August 2016 the company was entitled to exemption 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 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 30 September 2016

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Lifestyle Appliances Limited
(Registration number: 04195949)
Abbreviated Balance Sheet at 31 August 2016
......... continued

.........................................
Mr FC Spencer
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Lifestyle Appliances Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any esimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Tooling	33% Straight Line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Vehicles	25% Straight Line
Plant	15% Straight Line
Computer Equipment	25% Straight Line
Fixtures	15% Straight Line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Lifestyle Appliances Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		120,277			120,277
Additions		17,599			17,599
At 31 August 2016		137,876			137,876
Depreciation
At 1 September 2015		97,800			97,800
Charge for the year		13,875			13,875
At 31 August 2016		111,675			111,675
Net book value
At 31 August 2016		26,201			26,201
At 31 August 2015		22,477			22,477

Page 5

Lifestyle Appliances Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 6