Life IT Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 03890186 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

LIFE IT LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Directors:

J Sherratt

H J Myers

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

2

-

-

Tangible assets

3

43,587

23,552

Investments

4

1,111,045

1,111,045

1,154,632

1,134,597

Current assets

Debtors

728,582

387,031

Cash at bank and in hand

605,647

774,345

1,334,229

1,161,376

Creditors

Amounts falling due within one year

1,264,740

1,168,745

Net current assets/(liabilities)

69,489

(7,369

)

Total assets less current liabilities

1,224,121

1,127,228

Provisions for liabilities

6,639

4,342

Net assets

1,217,482

1,122,886

Capital and reserves

Called up share capital

5

107

107

Capital redemption reserve

98

98

Profit and loss account

1,217,277

1,122,681

Shareholders' funds

1,217,482

1,122,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 July 2016 and were signed on its behalf by:

J Sherratt - Director

1.	Accounting policies

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Preparation of consolidated financial statements

The financial statements contain information about Life IT Ltd as an individual company and do not contain

consolidated financial information as the parent of a group. The company has taken the option under Section

398 of the Companies Act 2006 not to prepare consolidated financial statements.

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 2016 the deferred revenue figure was £552,351 (2015 - £386,946).

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.

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% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of

certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet

date, except as required by the FRSSE.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are

expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Fixed asset investments

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

2.	Intangible fixed assets

Total

£

Cost

At 1 April 2015

and 31 March 2016

6,193

Amortisation

At 1 April 2015

and 31 March 2016

6,193

Net book value

At 31 March 2016

-

At 31 March 2015

-

3.	Tangible fixed assets

Total

£

Cost

At 1 April 2015

115,447

Additions

39,642

At 31 March 2016

155,089

Depreciation

At 1 April 2015

91,895

Charge for year

19,607

At 31 March 2016

111,502

Net book value

At 31 March 2016

43,587

At 31 March 2015

23,552

4.	Fixed asset investments

Investments

other

than

loans

£

Cost

At 1 April 2015

and 31 March 2016

1,127,647

Provisions

At 1 April 2015

and 31 March 2016

16,602

Net book value

At 31 March 2016

1,111,045

At 31 March 2015

1,111,045

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ariadne Software Limited

Nature of business: Selling of computer software

%

Class of shares:

holding

Ordinary shares

100.00

31/10/15

31/10/14

£

£

Aggregate capital and reserves

265,309

207,037

Professional Software Solutions Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary shares

100.00

A ordinary shares

100.00

31/12/15

31/12/14

£

£

Aggregate capital and reserves

12

12

Kelros Limited

Nature of business: Sale and implementation of computer software

%

Class of shares:

holding

Ordinary shares

100.00

30/6/15

30/6/14

£

£

Aggregate capital and reserves

533,884

499,810

The directors do not consider it necessary to amend the subsidiaries year ends to correspond with the year end

of Life IT Limited.

5.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,020

Ordinary

£0.10

102

102

2

A Ordinary

£1.00

2

2

1

B Ordinary

£1.00

1

1

1

C Ordinary

£1.00

1

1

1

D Ordinary

£1.00

1

1

107

107