Registration number:
Livingcare Imaging Limited
for the Year Ended 30 September 2020
Livingcare Imaging Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Livingcare Imaging Limited
Company Information
Directors |
Mr D Lestner Mrs H White Mr L S Minshall |
Company secretary |
Mr L S Minshall |
Registered office |
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Livingcare Imaging Limited
(Registration number: 09629867)
Balance Sheet as at 30 September 2020
Note |
2020 |
(As restated) |
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Fixed assets |
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Tangible assets |
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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 |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up and fully paid share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2020 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.
Livingcare Imaging Limited
(Registration number: 09629867)
Balance Sheet as at 30 September 2020
Approved and authorised by the
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Livingcare Imaging Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
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.
Going concern
The financial statements have been prepared on a going concern basis of accounting taking into account the on-going Covid-19 (coronavirus) pandemic and the impact this is having on the performance of the business. The business has continued to operate on a slightly reduced basis due to the fact that professional sports activities have been able continue operating in and out of lockdowns imposed by the government. The company has utilised what support has been available in these times such as Job Retention Scheme Grants and also taking out a CBILS loan. As a result of the above the directors conclude that a going concern basis remains appropriate with the continued support of the directors and the company's shareholders.
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.
Government grants
Government grants in relation to revenue expenditure that has already been incurred for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which they become receivable.
Tax
The tax expense for the period comprises current 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.
Livingcare Imaging Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
2 |
Accounting policies (continued) |
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 |
Leasehold improvements |
15% straight line |
Plant and equipment |
10% straight line |
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.
Livingcare Imaging Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
2 |
Accounting policies (continued) |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in profit or loss and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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 year, was
Livingcare Imaging Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
Tangible assets |
Leasehold Improvements |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost |
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At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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Depreciation |
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At 1 October 2019 |
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Charge for the year |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments |
50,592 |
34,748 |
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Less non-current portion |
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Details of non-current trade and other debtors
£395 (2019 -£10,315) of other debtors is classified as non current. This relates to a deferred tax asset.
Livingcare Imaging Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
Creditors |
2020 |
(As restated) |
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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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Taxation and social security |
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Other creditors |
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Accrued expenses |
110,658 |
54,288 |
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Due after one year |
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Loans and borrowings |
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Other creditors |
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1,197,050 |
1,204,424 |
Creditors include net obligations under finance lease and hire purchase contracts which are secured against the assets purchased of £911,191 (2019 - £1,001,747).
Creditors include a CBILS loan which is secured by way of a debenture over the assets of the company £100,000 (2019 - £nil).
Prior year adjustment
The accounts have been restated to incorporate the impact of a misclassification of share premium and amounts owed to related parties. Other creditors due after one year has increased by £10,000 and share premium has reduced by £10,000. This is a balance sheet adjustment and has had no effect on profit.
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Livingcare Imaging Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
7 |
Loans and borrowings (continued) |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Related party transactions |
Living Care Group Limited
(Shareholder)
At the balance sheet date, the amount owed to Living Care Group Limited was £108,000 (2019 - £92,000).
The loan is interest free and repayable on demand.
Skeletal Imaging Limited
(Shareholder)
At the balance sheet date, the amount owed to Skeletal Imaging Limited was £100,000 (2019 - £100,000).
The loan is interest free and repayable on demand.
Fountain Diagnostic Limited
(Common shareholder and director)
At the balance sheet date, the amount owed to Fountain Diagnostic Limited was £132,884 (2019 - (£12,338)).
The loan is interest free and repayable on demand.
Mr D Lestner
(Director and shareholder)
At the balance sheet date the company owed David Lestner £96,000 (2019 - £96,000).
The loan is interest free and repayable on demand.
Dr S M Feldman
(Shareholder)
At the balance sheet date the company owed Stephen Feldman £96,000 (2019 - £96,000).
The loan is interest free and repayable on demand.