Registration number:
Quality Lifestyle Ltd
for the Year Ended 31 March 2021
Quality Lifestyle Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Quality Lifestyle Ltd
Company Information
Directors |
Mr MRM Herbert Mr R Rabin |
Company secretary |
Mrs D Nile |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Quality Lifestyle Ltd
for the Year Ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quality Lifestyle Ltd for the year ended 31 March 2021 as set out on pages 3 to 8 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
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Quality Lifestyle Ltd, 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 Quality Lifestyle Ltd and state those matters that we have agreed to state to the Board of Directors of Quality Lifestyle Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quality Lifestyle Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Quality Lifestyle Ltd 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 Quality Lifestyle Ltd. You consider that Quality 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 accounts of Quality 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 accounts.
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6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
Quality Lifestyle Ltd
(Registration number: 04725078)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
368 |
368 |
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Profit and loss account |
269,838 |
288,226 |
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Shareholders' funds |
270,206 |
288,594 |
Quality Lifestyle Ltd
(Registration number: 04725078)
Balance Sheet as at 31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Quality Lifestyle Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The accounts have been prepared on a going concern basis, taking into account the impact on the business caused by the Coronavirus outbreak. To cope with this, the business accessed the relevant emergency government support available to help it through the lockdown and expects to be in a position to commence normal trading once the peak of the crisis has passed.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Quality Lifestyle Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Property |
10 years Straight Line |
Computer Equipment |
3 years Straight Line |
Fixtures & Fittings |
25% Reducing Balance |
Motor Vehicles |
25% Reducing Balance |
Leases
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Quality Lifestyle Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Short Leasehold |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Quality Lifestyle Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
During the year the company made advances totalling £29,000 (2020: 83,000) to Mr M R M Herbert, a director. This amount was cleared during the year.
During the year the company made advances totalling £37,800 (2020: £37,900) to Mr R Rabin, a director. This amount was partly cleared during the year and the balance outstanding as at 31 March 2021 was £37,787 (2020: £37,860). Interest is charged at 2.25% per annum and is calculated on a monthly basis. Interest of £307 (2020: £332) was charged on the outstanding balance during the year.