Lifestyle Care UK Ltd 31/12/2020 iXBRL

Deferred tax (note 13)

At 1 January 2020 and 31 December 2020

LIFESTYLE CARE UK LTD - Company Information

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Company registration number: 06161785

Lifestyle Care UK Ltd

Audited filleted financial statements

31 December 2020

Lifestyle Care UK Ltd

Contents

Directors and other information

Director's responsibilities statement

Statement of financial position

Notes to the financial statements

Lifestyle Care UK Ltd

Directors and other information


	Director	Timothy Ogunleye


	Company number	06161785


	Registered office	23 Marsham Way
		Gerrards Cross
		South Bucks
		SL9 8AB


	Business address	9 Athelstan Way
		Horsham
		RH13 6HA


	Auditor	LBH Accountancy Services Limited
		Craven House
		32 Lee Lane
		Horwich
		Bolton
		BL6 7BY




	Bankers	The Royal Bank of Scotland
		41 Cornmarket
		Derby
		DE1 2DG

Lifestyle Care UK Ltd

Director's responsibilities statement

Year ended 31 December 2020

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lifestyle Care UK Ltd

Statement of financial position

31 December 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Intangible assets	8	-		-
Tangible assets	9	4,731,492		4,753,446
		_______		_______
			4,731,492		4,753,446

Current assets
Stocks		3,500		3,500
Debtors	10	109,385		53,700
Cash at bank and in hand		304,132		227,153
		_______		_______
		417,017		284,353
Creditors: amounts falling due
within one year	11	( 227,730)		( 143,828)
		_______		_______
Net current assets			189,287		140,525
			_______		_______
Total assets less current liabilities			4,920,779		4,893,971


Provisions for liabilities	12		( 436,600)		( 436,600)

			_______		_______
Net assets			4,484,179		4,457,371
			_______		_______

Capital and reserves
Called up share capital	14		400,000		400,000
Non distributable reserve			3,021,260		3,034,820
Capital redemption reserve			400,000		400,000
Profit and loss account			662,919		622,551
			_______		_______
Shareholder funds			4,484,179		4,457,371
			_______		_______

These 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 statement of comprehensive income has not been delivered.

These financial statements were approved and authorised for issue on 24 September 2021 , and are signed by:

Timothy Ogunleye

Director

Company registration number: 06161785

Lifestyle Care UK Ltd

Notes to the financial statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Marsham Way, Gerrards Cross, South Bucks, SL9 8AB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis as modified to include the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of residential retirement nursing home fees receivable by the company during the year.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income,. Current tax is measured at the amounts of tax expected to be paid 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 that have originated but not yet reserved at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at tax rates that are expected to apply in the periods which timing differences reverse, base on tax rates and laws enacted or substantively enacted at the balance sheet.

Goodwill

Goodwill has been written off in equal annual instalments over its original estimated useful economic life of 10 years.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost or revaluation less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Fixtures fittings and equipment	-	20 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Stocks

Stocks are measured at cost.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Defined contribution plans

The pension costs charged in the financial statements represent the contribution payable by the company during the period.

4. Auditors remuneration

	2020	2019
	£	£
Fees payable for the audit of the financial statements	7,200	7,020
	_______	_______

5. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2020	2019
Nursing and care staff	38	39
	_______	_______

The aggregate payroll costs incurred during the year were:

	2020	2019
	£	£
Wages and salaries	974,703	942,006
Other pension costs	16,250	12,057
	_______	_______
	990,953	954,063
	_______	_______

6. Interest payable and similar expenses

	2020	2019
	£	£
Bank loan	81,628	110,115
	_______	_______

7. Tax on profit

Major components of tax expense

	2020	2019
	£	£
Current tax:
UK current tax expense	68,978	56,996
	_______	_______
Tax on profit	68,978	56,996
	_______	_______

8. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2020 and 31 December 2020	338,396	338,396
	_______	_______
Amortisation
At 1 January 2020 and 31 December 2020	338,396	338,396
	_______	_______
Carrying amount
At 31 December 2020	-	-
	_______	_______
At 31 December 2019	-	-
	_______	_______

9. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost or revaluation
At 1 January 2020 and 31 December 2020	4,742,420	308,086	5,050,506
	_______	_______	_______
Depreciation
At 1 January 2020	30,943	266,117	297,060
Charge for the year	13,560	8,394	21,954
	_______	_______	_______
At 31 December 2020	44,503	274,511	319,014
	_______	_______	_______
Carrying amount
At 31 December 2020	4,697,917	33,575	4,731,492
	_______	_______	_______
At 31 December 2019	4,711,477	41,969	4,753,446
	_______	_______	_______

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold property	Total
	£	£
At 31 December 2020
Aggregate cost	1,464,668	1,464,668
Aggregate depreciation	(270,490)	(270,490)
	_______	_______
Carrying amount	1,194,178	1,194,178
	_______	_______

At 31 December 2019
Aggregate cost	1,464,668	1,464,668
Aggregate depreciation	(255,197)	(255,197)
	_______	_______
Carrying amount	1,209,471	1,209,471
	_______	_______

The property was revalued as part of the acquisition process in September 2017 at the above amount £4,742,420.

10. Debtors

	2020	2019
	£	£
Trade debtors	42,247	36,193
Other debtors	67,138	17,507
	_______	_______
	109,385	53,700
	_______	_______

11. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	21,872	18,823
Corporation tax	127,411	56,996
Social security and other taxes	22,198	16,258
Other creditors	56,249	51,751
	_______	_______
	227,730	143,828
	_______	_______

12. Provisions

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions (note 12)	436,600	436,600
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Revaluation of tangible assets	436,600	436,600
	_______	_______

The forthcoming increase in the rate of corporation tax will result in an increased deferred tax provision of £137,872.

14. Called up share capital

Issued, called up and fully paid

	2020		2019
	No	£	No	£
Ordinary 'A' shares of £ 1.00 each	400,000	400,000	400,000	400,000
	_______	_______	_______	_______

15. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	3,802	3,802
Later than 1 year and not later than 5 years	6,019	9,821
	_______	_______
	9,821	13,623
	_______	_______

16. Summary audit opinion

The auditor's report for the year dated 24 September 2021 was unqualified.

The senior statutory auditor was Raymond Hamer FCCA for and on behalf of LBH Accountancy Services Limited

17. Related party transactions

Creditors includes £3,080 (2019 - £1,560) in respect of loans from other companies under the control of the director. Debtors include £1,817 (2019 - £9,740) in respect of a loan to other companies under the control of the director.

18. Controlling party

The company is controlled by its director Mr T K Ogunleye by virtue of his and his immediate family's 100% share holding and directorships in the holding company, Zion Care Limited.

19. Ultimate parent undertaking

Zion Care Limited, a company incorporated in England and Wales is the holding company of Lifestyle Care UK Ltd .

20. Provisions available for Smaller Entities

In common with many other businesses of our size and nature we use our auditors to prepare payroll and submit returns to the tax authorities and assist with the preparation of the financial statements.

21. Financial viability during the ongoing pandemic

As referred to in the director's report the care sector, within which the company operates, has experienced an unanticipated and unprecedented traumatic trading environment since the year end. The company and the group of which it is a member have sufficient financial resources to enable it to trade, albeit possibly at a lower level of net profitability, through the ongoing pandemic and for a period of at least twelve months from the date when the financial statements are authorised for issue.