Economic Lifestyle Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05091986 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

ECONOMIC LIFESTYLE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R O W Neal

J Neal

M A Neal

S Neal

D Sinclair

SECRETARY:

D Sinclair

REGISTERED OFFICE:

Columbia House

Columbia Drive

Worthing

West Sussex

BN13 3HD

REGISTERED NUMBER:

05091986 (England and Wales)

ACCOUNTANTS:

Watson Associates (Professional Services) Limited

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

CURRENT ASSETS

Debtors

4

-

40,000

Cash at bank

2

13,343

2

53,343

CREDITORS

Amounts falling due within one year

5

(96,721

)

(87,263

)

NET CURRENT LIABILITIES

(96,719

)

(33,920

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(96,719

)

(33,920

)

CREDITORS

Amounts falling due after more than one year

6

-

(100,000

)

NET LIABILITIES

(96,719

)

(133,920

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(97,719

)

(134,920

)

SHAREHOLDERS' FUNDS

(96,719

)

(133,920

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 September 2017 and were signed on its behalf by:

J Neal - Director

M A Neal - Director

1.	STATUTORY INFORMATION

Economic Lifestyle Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet 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.

Going concern

The balance sheet shows that as at 31 December 2016 liabilities exceeded assets by £96,719 (2015:

£133,920). The company has received assurance from its directors that they will continue to support

the company and accordingly the accounts have been prepared on a going concern basis.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

and 31 December 2016

206,890

DEPRECIATION

At 1 January 2016

and 31 December 2016

206,890

NET BOOK VALUE

At 31 December 2016

-

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Amounts owed by associates

-

40,000

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other creditors

9,458

-

Directors' current accounts

87,013

87,013

Accrued expenses

250

250

96,721

87,263

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other loans - 1-2 years

-

100,000

7.	SECURED DEBTS

The bank overdraft is personally guaranteed by the directors.