70 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 75,000 5,000 7,500 12,500 62,500 70,000 xbrli:pure xbrli:shares iso4217:GBP 07063861 2022-04-01 2023-03-31 07063861 2023-03-31 07063861 2022-03-31 07063861 2021-04-01 2022-03-31 07063861 2022-03-31 07063861 core:FurnitureFittings 2022-04-01 2023-03-31 07063861 core:NetGoodwill 2022-04-01 2023-03-31 07063861 bus:Director2 2022-04-01 2023-03-31 07063861 core:NetGoodwill 2022-03-31 07063861 core:NetGoodwill 2023-03-31 07063861 core:FurnitureFittings 2022-03-31 07063861 core:FurnitureFittings 2023-03-31 07063861 core:WithinOneYear 2023-03-31 07063861 core:WithinOneYear 2022-03-31 07063861 core:ShareCapital 2023-03-31 07063861 core:ShareCapital 2022-03-31 07063861 core:RetainedEarningsAccumulatedLosses 2023-03-31 07063861 core:RetainedEarningsAccumulatedLosses 2022-03-31 07063861 core:NetGoodwill 2022-03-31 07063861 core:FurnitureFittings 2022-03-31 07063861 bus:SmallEntities 2022-04-01 2023-03-31 07063861 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07063861 bus:FullAccounts 2022-04-01 2023-03-31 07063861 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07063861 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 07063861
MI Life Care Services Limited
Filleted Unaudited Financial Statements
31 March 2023
MI Life Care Services Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
62,500
70,000
Tangible assets
7
2,256
1,513
--------
--------
64,756
71,513
Current assets
Debtors
8
142,268
234,396
Cash at bank and in hand
179,810
134,308
---------
---------
322,078
368,704
Creditors: amounts falling due within one year
9
107,401
146,665
---------
---------
Net current assets
214,677
222,039
---------
---------
Total assets less current liabilities
279,433
293,552
Provisions
287
287
---------
---------
Net assets
279,146
293,265
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
279,145
293,264
---------
---------
Shareholders funds
279,146
293,265
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MI Life Care Services Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr K D Gandhi
Director
Company registration number: 07063861
MI Life Care Services Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 61 The Broadway, Oadby, Leicester, LE2 2HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 70 (2022: 80 ).
5. Exceptional item
During the previous year a related party debt amounting to £780,248 (2022: £nil) was written off. This was a non trading item.
6. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
75,000
--------
Amortisation
At 1 April 2022
5,000
Charge for the year
7,500
--------
At 31 March 2023
12,500
--------
Carrying amount
At 31 March 2023
62,500
--------
At 31 March 2022
70,000
--------
7. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022
9,103
6,675
15,778
Additions
963
1,126
2,089
--------
-------
--------
At 31 March 2023
10,066
7,801
17,867
--------
-------
--------
Depreciation
At 1 April 2022
8,354
5,911
14,265
Charge for the year
720
626
1,346
--------
-------
--------
At 31 March 2023
9,074
6,537
15,611
--------
-------
--------
Carrying amount
At 31 March 2023
992
1,264
2,256
--------
-------
--------
At 31 March 2022
749
764
1,513
--------
-------
--------
8. Debtors
2023
2022
£
£
Trade debtors
132,802
111,603
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,000
117,216
Other debtors
4,466
5,577
---------
---------
142,268
234,396
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,521
983
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,727
Corporation tax
52,694
58,455
Social security and other taxes
40,622
13,287
Other creditors
10,837
73,940
---------
---------
107,401
146,665
---------
---------
Barclays Security Trustee Limited hold charges on all property or undertaking of company. The charge was registered on 9 December 2020.
10. Related party transactions
From 27 November 2020 the company's immediate and ultimate parent company was Amco 148 Limited. The registered office of this company is 61 The Broadway, Oadby, Leicester, LE2 2HF.