Company Registration No. 09629867 (England and Wales)
LIVINGCARE IMAGING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
LS1 2TW
LIVINGCARE IMAGING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LIVINGCARE IMAGING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,114,083
1,231,486
Current assets
Debtors
4
240,586
208,785
Cash at bank and in hand
243,682
217,928
484,268
426,713
Creditors: amounts falling due within one year
5
(453,354)
(406,109)
Net current assets
30,914
20,604
Total assets less current liabilities
1,144,997
1,252,090
Creditors: amounts falling due after more than one year
6
(744,903)
(1,090,127)
Provisions for liabilities
(90,454)
(22,125)
Net assets
309,640
139,838
Capital and reserves
Called up share capital
10
10
Share premium account
89,990
89,990
Profit and loss reserves
219,640
49,838
Total equity
309,640
139,838
LIVINGCARE IMAGING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
31 March 2022
- 2 -
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 2022 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.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 4 January 2023 and are signed on its behalf by:
Mrs H D White
Director
Company Registration No. 09629867
LIVINGCARE IMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Livingcare Imaging Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4215 Park Approach, Thorpe Park, Leeds, LS15 8GB.
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 a
mounts
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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
These financial statements are prepared for a 12 month period. The comparatives are prepared for a 6 month period and are therefore not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.5
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:
Leasehold improvements
15% straight line
Plant and equipment
10% straight line
Office Equipment
33% straight line
LIVINGCARE IMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
LIVINGCARE IMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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.
LIVINGCARE IMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
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.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
12
LIVINGCARE IMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office Equipment
Total
£
£
£
£
Cost
At 1 April 2021 and 31 March 2022
48,250
1,599,638
7,973
1,655,861
Depreciation and impairment
At 1 April 2021
32,569
383,833
7,973
424,375
Depreciation charged in the year
7,237
110,166
117,403
At 31 March 2022
39,806
493,999
7,973
541,778
Carrying amount
At 31 March 2022
8,444
1,105,639
1,114,083
At 31 March 2021
15,681
1,215,805
1,231,486
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
132,593
156,615
Amounts owed by group undertakings
4,986
Other debtors
107,993
47,184
240,586
208,785
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
25,995
15,000
Obligations under finance leases
209,604
201,924
Trade creditors
1,534
2,256
Amounts owed to group undertakings
44,367
52,603
Taxation and social security
5,600
2,977
Other creditors
166,254
131,349
453,354
406,109
LIVINGCARE IMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
50,182
83,148
Obligations under finance leases
394,721
606,979
Other creditors
300,000
400,000
744,903
1,090,127
Creditors include net obligations under finance lease and hire purchase contracts which are secured against the assets purchased of £604,325 (2021 - £808,903).
Creditors include a CBILS loan which is secured by way of a debenture over the assets of the company £76,177 (2021 - £98,148).
7
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Dr S M Feldman
96,000
96,000
Fountain Diagnostic Limited
42,351
52,603
Laserslim Cosmetic Services Limited
4,986
2,016
Living Care Group Limited
108,000
108,000
LIVINGCARE IMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
7
Related party transactions
(Continued)
- 9 -
Other related party transactions
Living Care Group Limited
(Shareholder)
At the balance sheet date, the amount owed to Living Care Group Limited was £108,000 (2021 - £108,000).
The loan is interest free.
Fountain Diagnostic Limited
(Common shareholder and director)
At the balance sheet date, the amount owed to Fountain Diagnostic Limited was £42,351 (2021 - £52,603).
The loan is interest free and repayable on demand.
Laserslim Cosmetic Services Limited
(Common shareholder)
At the balance sheet date, the amount owed to/(from) Laserslim Cosmetic Services Limited was £2,016 (2021 - (£4,986)).
The loan is interest free and repayable on demand.
Dr S M Feldman
(Shareholder)
At the balance sheet date the company owed Dr S M Feldman £96,000 (2021 - £96,000).
The loan is interest free.
8
Directors' transactions
Transactions with the entity's directors
Mr D A Lestner
(Director and shareholder)
At the balance sheet date the company owed Mr D A Lestner £96,000 (2021 - £96,000).
The loan is interest free.
Description
% Rate
Opening balance
Closing balance
£
£
Mr D Lestner
-
(96,000)
(96,000)
(96,000)
(96,000)
2022-03-31
2021-04-01
false
04 January 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Mrs Helen D White
Mr Luke S Minshall
Mr David A Lestner
Mr L S Minshall
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