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Company registration number: 04634643
South West Mediation Limited
Trading as Mediation First
Unaudited filleted financial statements
31 March 2023
SOUTH WEST MEDIATION LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr. J Loram (Resigned 6 April 2023)
Ms V J Lewis (Resigned 6 April 2023)
Ms L Caldwell
Mr T Elwell (Appointed 6 April 2023)
Secretary J B Loram (Resigned 6 April 2023)
Company number 04634643
Registered office 26 - 28 Southernhay East
Exeter
Devon
EX1 1NS
Business address 7 Victory House
Dean Clarke Gardens
Southernhay East
Exeter
EX2 4AA
Accountants Westcotts
26 - 28 Southernhay East
Exeter
Devon
EX1 1NS
SOUTH WEST MEDIATION LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 1,000
Tangible assets 6 26,560 26,924
_______ _______
26,560 27,924
Current assets
Debtors 7 50,752 35,212
Cash at bank and in hand 100,058 175,449
_______ _______
150,810 210,661
Creditors: amounts falling due
within one year 8 ( 169,002) ( 135,817)
_______ _______
Net current (liabilities)/assets ( 18,192) 74,844
_______ _______
Total assets less current liabilities 8,368 102,768
Provisions for liabilities ( 6,640) ( 6,731)
_______ _______
Net assets 1,728 96,037
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 9 1,718 96,027
_______ _______
Shareholders funds 1,728 96,037
_______ _______
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Ms L Caldwell Mr T Elwell
Director Director
Company registration number: 04634643
SOUTH WEST MEDIATION 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 26 - 28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is to undertake family mediation services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the total value of services, excluding value added tax, provided to customers during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation.
Depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected life, as follows: Building improvements - straight line over 10 years Other tangible assets - 15% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period the payment is due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 20,000 20,000
_______ _______
Amortisation
At 1 April 2022 19,000 19,000
Charge for the year 1,000 1,000
_______ _______
At 31 March 2023 20,000 20,000
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 1,000 1,000
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2022 6,366 81,518 27,339 115,223
Additions - 3,481 840 4,321
_______ _______ _______ _______
At 31 March 2023 6,366 84,999 28,179 119,544
_______ _______ _______ _______
Depreciation
At 1 April 2022 6,366 60,462 21,469 88,297
Charge for the year - 3,680 1,007 4,687
_______ _______ _______ _______
At 31 March 2023 6,366 64,142 22,476 92,984
_______ _______ _______ _______
Carrying amount
At 31 March 2023 - 20,857 5,703 26,560
_______ _______ _______ _______
At 31 March 2022 - 21,056 5,870 26,926
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 40,430 28,000
Other debtors 10,322 7,212
_______ _______
50,752 35,212
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 38,455 23,208
Accruals and deferred income 62,389 6,956
Social security and other taxes 35,733 74,704
Other creditors 32,425 30,949
_______ _______
169,002 135,817
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 22,237 1,837
_______ _______