Company registration number 06390313 (England and Wales)
LIFECYCLE MANAGEMENT GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LIFECYCLE MANAGEMENT GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LIFECYCLE MANAGEMENT GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
71,667
116,667
Tangible assets
4
25,248
31,845
Investments
5
64,638
64,638
161,553
213,150
Current assets
Debtors falling due after more than one year
6
3,141,894
2,599,527
Debtors falling due within one year
6
817,421
621,511
Cash at bank and in hand
451
98,855
3,959,766
3,319,893
Creditors: amounts falling due within one year
7
(1,143,172)
(503,672)
Net current assets
2,816,594
2,816,221
Total assets less current liabilities
2,978,147
3,029,371
Creditors: amounts falling due after more than one year
8
(305,526)
(435,526)
Net assets
2,672,621
2,593,845
Capital and reserves
Called up share capital
9
8,350
8,350
Profit and loss reserves
2,664,271
2,585,495
Total equity
2,672,621
2,593,845
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LIFECYCLE MANAGEMENT GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2023 and are signed on its behalf by:
Mr P B Mullin
Director
Company Registration No. 06390313
LIFECYCLE MANAGEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Lifecycle Management Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unipart House, Garsington Road, Cowley, Oxford, Oxfordshire, OX4 2PG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Based on prepared forecasts atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources, including working capital support provided by one of the directors, to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue represents the value of goods and services provided in the normal course of business, and is shown net of VAT. Advance billings to customers are treated as deferred income until the outcome of the project can be assessed with reasonable certainty, at which time it is released to turnover to reflect the proportion of work completed.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
LIFECYCLE MANAGEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website Development Costs
10% straight line
Club Wembley licence
10% straight line
IP
10% straight line
Copyright & IP
10% straight line
Goodwill
5% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leased equipment
Over the life of the lease
Furniture & fittings
15% reducing balance
Computer equipment
33% straight line
Plant and machinery
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LIFECYCLE MANAGEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
49
41
LIFECYCLE MANAGEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Intangible fixed assets
Goodwill
Copyright & IP
Other
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
750,000
50,000
2,456,800
3,256,800
Amortisation and impairment
At 1 April 2022
687,500
18,750
2,433,883
3,140,133
Amortisation charged for the year
37,500
5,000
2,500
45,000
At 31 March 2023
725,000
23,750
2,436,383
3,185,133
Carrying amount
At 31 March 2023
25,000
26,250
20,417
71,667
At 31 March 2022
62,500
31,250
22,917
116,667
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
450,313
Additions
1,709
At 31 March 2023
452,022
Depreciation and impairment
At 1 April 2022
418,468
Depreciation charged in the year
8,306
At 31 March 2023
426,774
Carrying amount
At 31 March 2023
25,248
At 31 March 2022
31,845
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
64,638
64,638
LIFECYCLE MANAGEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
197,255
265,080
Corporation tax recoverable
9,937
Other debtors
616,566
343,357
813,821
618,374
Deferred tax asset
3,600
3,137
817,421
621,511
LIFECYCLE MANAGEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Debtors
(Continued)
- 8 -
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
3,141,894
2,599,527
Total debtors
3,959,315
3,221,038
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
181,373
130,000
Trade creditors
153,633
122,805
Amounts owed to group undertakings
387,785
Corporation tax
33,700
Other taxation and social security
122,877
189,451
Other creditors
263,804
61,416
1,143,172
503,672
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
303,333
433,333
Other creditors
2,193
2,193
305,526
435,526
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
835,000
835,000
8,350
8,350
LIFECYCLE MANAGEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Land & property, cars
435,750
23,125
11
Related party transactions
As at the balance sheet date, Lifecycle Management Group Limited owed the following:
To the directors of the company: £1,873 (2022: £229). No interest was charged on this balance in the year (2022: £12,436).
To Lifecycle Consultancy Services Limited, a company under common control of the parent company: £387,785 (2022: £393,182). No interest was charged on this balance in the year.
As at the balance sheet date, Lifecycle Management Group Limited was owed the following:
From its parent company, Rethink Management Group Limited: £3,141,894 (2022: £2,992,709). No interest was charged on this balance in the year.
During the year, a wholly owned subsidiary of the Company was placed into a creditors' voluntary liquidation. All balances related to this subsidiary have been written-off at the year-end, as they are not expected to be recoverable.
12
Parent company
The parent company of Lifecycle Management Group Limited is Rethink Management Group Limited and its registered office is Unipart House, Garsington Road, Cowley, Oxford, OX4 2PG.
There is no ultimate controlling party of Rethink Management Group Limited .
2023-03-312022-04-01false30 August 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr P B MullinMrs E E Elsmore WickensMrs E MullinMr J R F Elsmore WickensMr S R HooperMr N T MarriottMrs E E Elsmore Wickens2023-08-30063903132022-04-012023-03-31063903132023-03-31063903132022-03-3106390313core:NetGoodwill2023-03-3106390313core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3106390313core:IntangibleAssetsOtherThanGoodwill2023-03-3106390313core:NetGoodwill2022-03-3106390313core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3106390313core:IntangibleAssetsOtherThanGoodwill2022-03-3106390313core:OtherPropertyPlantEquipment2023-03-3106390313core:OtherPropertyPlantEquipment2022-03-3106390313core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3106390313core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3106390313core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106390313core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3106390313core:CurrentFinancialInstruments2023-03-3106390313core:CurrentFinancialInstruments2022-03-3106390313core:Non-currentFinancialInstruments2023-03-3106390313core:Non-currentFinancialInstruments2022-03-3106390313core:ShareCapital2023-03-3106390313core:ShareCapital2022-03-3106390313core:RetainedEarningsAccumulatedLosses2023-03-3106390313core:RetainedEarningsAccumulatedLosses2022-03-3106390313bus:Director12022-04-012023-03-3106390313core:Goodwill2022-04-012023-03-3106390313core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106390313core:PlantMachinery2022-04-012023-03-3106390313core:FurnitureFittings2022-04-012023-03-3106390313core:ComputerEquipment2022-04-012023-03-3106390313core:MotorVehicles2022-04-012023-03-31063903132021-04-012022-03-3106390313core:NetGoodwill2022-03-3106390313core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3106390313core:IntangibleAssetsOtherThanGoodwill2022-03-31063903132022-03-3106390313core:NetGoodwill2022-04-012023-03-3106390313core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106390313core:OtherPropertyPlantEquipment2022-03-3106390313core:OtherPropertyPlantEquipment2022-04-012023-03-3106390313core:WithinOneYear2023-03-3106390313core:WithinOneYear2022-03-3106390313bus:PrivateLimitedCompanyLtd2022-04-012023-03-3106390313bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3106390313bus:FRS1022022-04-012023-03-3106390313bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3106390313bus:Director22022-04-012023-03-3106390313bus:Director32022-04-012023-03-3106390313bus:Director42022-04-012023-03-3106390313bus:Director52022-04-012023-03-3106390313bus:Director62022-04-012023-03-3106390313bus:CompanySecretary12022-04-012023-03-3106390313bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP