Lyfe Health Isle of Wight Limited - Period Ending 2022-12-31

Lyfe Health Isle of Wight Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Lyfe Health Isle of Wight Limited

Company Information

Directors

Mr J R Arthurs Mr M A Glassborow

Registered office

17 Cleeve Wood Road Downend Bristol BS16 2SF

Accountants

Harbour Key Limited Midway House Herrick Way Staverton Cheltenham GL51 6TQ

Lyfe Health Isle of Wight Limited

(Registration number: 12930468)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	10,383	1,046
Current assets
Debtors	5	218,193	174,275
Creditors: Amounts falling due within one year	6	(44,505)	(88,670)
Net current assets		173,688	85,605
Total assets less current liabilities		184,071	86,651
Provisions for liabilities		(733)	(225)
Net assets		183,338	86,426
Capital and reserves
Called up share capital		1	1
Retained earnings		183,337	86,425
Shareholders' funds		183,338	86,426

For the financial year ending 31 December 2022 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 accounts for the year in question in accordance with section 476; and
•	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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Lyfe Health Isle of Wight Limited

(Registration number: 12930468)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

......................................... Mr J R Arthurs Director

......................................... Mr M A Glassborow Director

Lyfe Health Isle of Wight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Cleeve Wood Road
Downend
Bristol
BS16 2SF
England

These financial statements were authorised for issue by the Board on 27 September 2023.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Government grants

Government grants are recognised based on the accrual model and are measured at fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Lyfe Health Isle of Wight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary timing differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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
Office equipment	3 years straight line basis
Medical equipment	3 years straight line basis
Leasehold improvements	over the term of the lease

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Lyfe Health Isle of Wight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Lyfe Health Isle of Wight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2021 - 10).

4	Tangible assets

	Leasehold improvements £	Office equipment £	Medical equipment  £	Total £
Cost or valuation
At 1 January 2022	-	1,227	-	1,227
Additions	8,386	151	2,047	10,584
At 31 December 2022	8,386	1,378	2,047	11,811
Depreciation
At 1 January 2022	-	181	-	181
Charge for the year	468	434	345	1,247
At 31 December 2022	468	615	345	1,428
Carrying amount
At 31 December 2022	7,918	763	1,702	10,383
At 31 December 2021	-	1,046	-	1,046

Lyfe Health Isle of Wight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Debtors

Current	Note	2022 £	2021 £
Trade debtors		1,038	2,677
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	211,182	166,164
Prepayments		42	43
Other debtors		5,931	5,391
		218,193	174,275

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts	7	20	-
Trade creditors		11,774	46,765
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	-	4,933
Taxation and social security		1,050	-
Other creditors		31,661	36,972
		44,505	88,670

7	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank overdrafts	20	-

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2022 £	2021 £
Not later than one year	12,500	9,375
Later than one year and not later than five years	46,875	-
	59,375	9,375

Lyfe Health Isle of Wight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

The amount of non-cancellable operating lease payments recognised as an expense during the year was £13,040 (2021 - £16,242).

9	Related party transactions

Summary of transactions with group companies

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the Group under section 33.1A of FRS 102.
 

10	Controlling party

The company is controlled by its parent company Healthcare Ventures Group Limited, incorporated in England and Wales.