Life IT Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03890186 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

LIFE IT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

H J Myers

M L Doorbar

Secretary:

M L Doorbar

Registered office:

2 The Beeches

Beech Lane

Wilmslow

Cheshire

SK9 5ER

Registered number:

03890186 (England and Wales)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Intangible assets

5

-

-

Tangible assets

6

13,130

6,257

Investments

7

12

12

13,142

6,269

Current assets

Debtors

8

949,575

1,450,458

Cash at bank and in hand

215,678

785,647

1,165,253

2,236,105

Creditors

Amounts falling due within one year

9

923,080

1,642,365

Net current assets

242,173

593,740

Total assets less current liabilities

255,315

600,009

Provisions for liabilities

2,191

634

Net assets

253,124

599,375

Capital and reserves

Called up share capital

10

215

215

Capital redemption reserve

98

98

Retained earnings

252,811

599,062

Shareholders' funds

253,124

599,375

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2020 and were signed on its behalf by:

M L Doorbar - Director

1.	Statutory information

Life IT Ltd 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.	Statement of compliance

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

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

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

Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion. Once the period of support on a contract comes to an end the balance remaining is taken to turnover unless an agreement has been reached to carry forward any unused time.

Deferred revenue represents prepaid support contracts and goods not delivered at the balance sheet date. As at 31 March 2020 the deferred revenue figure was is £445,764 (2019 - £486,208).

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation is provided on goodwill so as to write off the cost, less any estimated residual value, over its expected useful life of two years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

25% straight line

Computer equipment

-

33% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Pensions

The company contributes to a group personal pension scheme. Contributions are recognised in the profit and loss account in the period in which they are paid.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in administrative expenses.

4.	Employees and directors

The average number of employees during the year was 19 (2019 - 17 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2019

and 31 March 2020

6,193

Amortisation

At 1 April 2019

and 31 March 2020

6,193

Net book value

At 31 March 2020

-

At 31 March 2019

-

6.	Tangible fixed assets

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 April 2019

42,976

117,688

160,664

Additions

5,331

7,531

12,862

Disposals

-

(735

)

(735

)

At 31 March 2020

48,307

124,484

172,791

Depreciation

At 1 April 2019

42,976

111,431

154,407

Charge for year

1,332

4,555

5,887

Eliminated on disposal

-

(633

)

(633

)

At 31 March 2020

44,308

115,353

159,661

Net book value

At 31 March 2020

3,999

9,131

13,130

At 31 March 2019

-

6,257

6,257

7.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2019

and 31 March 2020

16,614

Provisions

At 1 April 2019

and 31 March 2020

16,602

Net book value

At 31 March 2020

12

At 31 March 2019

12

8.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

455,325

1,375,447

Amounts owed by group undertakings

429,000

-

Other debtors

65,250

75,011

949,575

1,450,458

9.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

211,941

671,219

Amounts owed to group undertakings

12

12

Corporation tax

-

5,785

Social security and other taxes

21,383

22,118

VAT

101,081

129,106

Other creditors

14,254

25,570

Accruals

128,645

302,347

Deferred revenue

445,764

486,208

923,080

1,642,365

The deferred revenue figure above is in respect of prepaid support contracts and goods invoiced but not delivered.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1,020

Ordinary

10p

102

102

20

A Ordinary

10p

2

2

550

B Ordinary

10p

55

55

550

C Ordinary

10p

55

55

10

D Ordinary

10p

1

1

215

215

11.	Controlling party

The company is controlled by Life Enterprise Technology Group Ltd by virtue of owning 100% of the voting share capital of the company.