Registration number:
Living Care Medical Services Limited
for the Period from 1 October 2018 to 31 March 2019
Living Care Medical Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Living Care Medical Services Limited
Company Information
Directors |
Dr S M Feldman Mrs S A Feldman |
Registered office |
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Page 1 |
Living Care Medical Services Limited
(Registration number: 06677276)
Balance Sheet as at 31 March 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 March 2019 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and the option not to file the profit and loss account has been taken.
Approved and authorised by the
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Page 2 |
Living Care Medical Services Limited
Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
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.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Computer equipment |
25% on cost (fully depreciated) |
Fixtures, fittings and equipment |
15% on reducing balance |
Page 3 |
Living Care Medical Services Limited
Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019
2 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise 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. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 4 |
Living Care Medical Services Limited
Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019
2 |
Accounting policies (continued) |
Share capital
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.
Dividends
Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) in the period, was
Page 5 |
Living Care Medical Services Limited
Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 October 2018 |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 October 2018 |
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Charge for the period |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 30 September 2018 |
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Investments |
2019 |
2018 |
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Fixed asset investment |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
36,511 |
185,743 |
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Page 6 |
Living Care Medical Services Limited
Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019
Creditors |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Director's loan account |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
308,017 |
373,760 |
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Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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Bank loans of £191,669 (2018 - £169,829) are secured by fixed and floating charges over the assets of the company.
Page 7 |
Living Care Medical Services Limited
Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019
Related party transactions |
Fountain Diagnostic Limited
(Company under common control)
At the balance sheet date, the amount owed from Fountain Diagnostic Limited was £274,037 (2018 - £533,792).
Living Care Group Limited
(Parent company)
At the balance sheet date, the amount owed from Living Care Group Limited was £515,090 (2018 - £515,090).
Leodis Care Limited
(Company under common control)
At the balance sheet date, the amount owed from Leodis Care Limited was £nil (2018 - £155,463).
Living Care Imaging Limited
(Common shareholder and director)
At the balance sheet date, the amount owed from Living Care Imaging Limited was £nil (2018 - £53,200).
Laserslim Cosmetic Services Limited
(Common shareholder and director)
At the balance sheet date, the amount owed to Laserslim Cosmetic Services Limited was £nil (2018 - £913).
Living Care Health Limited
(Company under common control)
At the balance sheet date, the amount owed to Living Care Health Limited was £nil (2018 - £437).
Parent and ultimate parent undertaking |
The company's immediate parent is
The company is controlled by Dr S M Feldman by virtue of his majority shareholding.
Page 8 |