Shift Lifestyle Ltd Small abridged accounts

SHIFT LIFESTYLE LTD - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-08-01 Sage Accounts Production Advanced 2017 Update 3 - FRS xbrli:pure xbrli:shares iso4217:GBP 08140344 2016-08-01 2017-07-31 08140344 2017-07-31 08140344 2015-08-01 2016-07-31 08140344 2016-07-31 08140344 bus:RegisteredOffice 2016-08-01 2017-07-31 08140344 bus:LeadAgentIfApplicable 2016-08-01 2017-07-31 08140344 bus:Director1 2016-08-01 2017-07-31 08140344 bus:Director3 2016-08-01 2017-07-31 08140344 core:WithinOneYear 2017-07-31 08140344 core:WithinOneYear 2016-07-31 08140344 core:ShareCapital 2017-07-31 08140344 core:ShareCapital 2016-07-31 08140344 core:RetainedEarningsAccumulatedLosses 2017-07-31 08140344 core:RetainedEarningsAccumulatedLosses 2016-07-31 08140344 bus:FRS102 2016-08-01 2017-07-31 08140344 bus:AuditExemptWithAccountantsReport 2016-08-01 2017-07-31 08140344 bus:AbridgedAccounts 2016-08-01 2017-07-31 08140344 bus:SmallCompaniesRegimeForAccounts 2016-08-01 2017-07-31 08140344 bus:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Shift Lifestyle Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08140344

Shift Lifestyle Ltd

Filleted Unaudited Abridged Financial Statements

31 July 2017

Shift Lifestyle Ltd

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	4

Shift Lifestyle Ltd

Officers and Professional Advisers

The board of directors	Mr G S Elliott
	Dr J C Elliott

Registered office	Communications house
	26 York Street
	London
	W1U 6PZ

Accountants	Sable Accounting Limited
	Chartered accountant
	77-91 New Oxford Street
	London
	UK
	WC1A 1DG

Shift Lifestyle Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Shift Lifestyle Ltd

Year ended 31 July 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Shift Lifestyle Ltd for the year ended 31 July 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Shift Lifestyle Ltd, as a body, in accordance with the terms of our engagement letter dated 31 October 2016. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Shift Lifestyle Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shift Lifestyle Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Shift Lifestyle Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shift Lifestyle Ltd. You consider that Shift Lifestyle Ltd 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 abridged financial statements of Shift Lifestyle Ltd. 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 abridged financial statements.

Sable Accounting Limited Chartered accountant

77-91 New Oxford Street London UK WC1A 1DG

15 December 2017

Shift Lifestyle Ltd

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	429	8,407
Cash at bank and in hand	15,224	5,234
	--------	--------
	15,653	13,641

Creditors: amounts falling due within one year	11,450		8,463
	--------		--------
Net current assets		4,203	5,178
		-------	-------
Total assets less current liabilities		4,203	5,178
		-------	-------
Net assets		4,203	5,178
		-------	-------

Capital and reserves

Called up share capital	2	2
Profit and loss account	4,201	5,176
	-------	-------
Shareholders funds	4,203	5,178
	-------	-------

These abridged 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 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 July 2017 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 15 December 2017 , and are signed on behalf of the board by:

Mr G S Elliott

Director

Company registration number: 08140344

Shift Lifestyle Ltd

Notes to the Abridged Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Communications house, 26 York Street, London, W1U 6PZ.

2. Statement of compliance

These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2016: 7 ).

5. Related party transactions

The company has no outstanding balance receivable from Shift Europe Limited as at the end of the 2017 year (2016: £3,624), an entity in which Dr JC Elliott has an interest. The company was under the joint control of Mr GS Elliott and Dr JC Elliott by virtue of their shareholding.

6. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.