Life IT Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03890186 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

LIFE IT LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

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

5

-

-

Tangible assets

6

28,029

43,587

Investments

7

1,111,045

1,111,045

1,139,074

1,154,632

Current assets

Debtors

783,293

728,582

Cash at bank and in hand

477,821

605,647

1,261,114

1,334,229

Creditors

Amounts falling due within one year

931,903

1,264,740

Net current assets

329,211

69,489

Total assets less current liabilities

1,468,285

1,224,121

Provisions for liabilities

3,707

6,639

Net assets

1,464,578

1,217,482

Capital and reserves

Called up share capital

8

107

107

Capital redemption reserve

98

98

Retained earnings

1,464,373

1,217,277

Shareholders' funds

1,464,578

1,217,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 14 September 2017 and were signed on its behalf by:

J Sherratt - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

First year adoption

This is the first year that the company has presented its financial statements under the provisions of Section 1A

of FRS102 issued by the Financial Reporting Council.

The last financial statements for the year ended 31 March 2016 were prepared under previous UK GAAP, and

the transition date to FRS 102 is therefore 1 April 2015.

The adoption of FRS102 has not required any material changes to the accounting policies.

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 2017 the deferred revenue figure was £469,171 (2016 - £552,351).

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

Motor vehicles

-

33% 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 18 (2016 - 18 ) .

5.	Intangible fixed assets

Totals

£

Cost

At 1 April 2016

and 31 March 2017

6,193

Amortisation

At 1 April 2016

and 31 March 2017

6,193

Net book value

At 31 March 2017

-

At 31 March 2016

-

6.	Tangible fixed assets

Totals

£

Cost

At 1 April 2016

155,089

Additions

7,506

At 31 March 2017

162,595

Depreciation

At 1 April 2016

111,502

Charge for year

23,064

At 31 March 2017

134,566

Net book value

At 31 March 2017

28,029

At 31 March 2016

43,587

7.	Fixed asset investments

Information on investments other than loans is as follows:

Totals

£

Cost

At 1 April 2016

and 31 March 2017

1,127,647

Provisions

At 1 April 2016

and 31 March 2017

16,602

Net book value

At 31 March 2017

1,111,045

At 31 March 2016

1,111,045

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

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

9.	Related party disclosures

During the year, total dividends of £440,880 (2016 - £390,100) were paid to the directors .

10.	Ultimate controlling party

The company is controlled by J Sherratt by virtue of owning 80% of the voting share capital of the company.