Lyfe Health Bournemouth Limited 12742850 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is General Medical Practice activities Digita Accounts Production Advanced 6.30.9574.0 true true true 12742850 2023-01-01 2023-12-31 12742850 2023-12-31 12742850 core:RetainedEarningsAccumulatedLosses 2023-12-31 12742850 core:ShareCapital 2023-12-31 12742850 core:CurrentFinancialInstruments 2023-12-31 12742850 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12742850 core:Non-currentFinancialInstruments 2023-12-31 12742850 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12742850 core:Goodwill 2023-12-31 12742850 core:BetweenTwoFiveYears 2023-12-31 12742850 core:MoreThanFiveYears 2023-12-31 12742850 core:WithinOneYear 2023-12-31 12742850 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 12742850 core:MotorVehicles 2023-12-31 12742850 core:OfficeEquipment 2023-12-31 12742850 core:OtherPropertyPlantEquipment 2023-12-31 12742850 bus:SmallEntities 2023-01-01 2023-12-31 12742850 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12742850 bus:FilletedAccounts 2023-01-01 2023-12-31 12742850 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12742850 bus:RegisteredOffice 2023-01-01 2023-12-31 12742850 bus:Director1 2023-01-01 2023-12-31 12742850 bus:Director2 2023-01-01 2023-12-31 12742850 bus:Director3 2023-01-01 2023-12-31 12742850 bus:Director4 2023-01-01 2023-12-31 12742850 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12742850 core:Goodwill 2023-01-01 2023-12-31 12742850 core:FurnitureFittings 2023-01-01 2023-12-31 12742850 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 12742850 core:LeaseholdImprovements 2023-01-01 2023-12-31 12742850 core:MotorVehicles 2023-01-01 2023-12-31 12742850 core:OfficeEquipment 2023-01-01 2023-12-31 12742850 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 12742850 core:PlantMachinery 2023-01-01 2023-12-31 12742850 1 2023-01-01 2023-12-31 12742850 countries:EnglandWales 2023-01-01 2023-12-31 12742850 2022-12-31 12742850 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12742850 core:MotorVehicles 2022-12-31 12742850 core:OfficeEquipment 2022-12-31 12742850 core:OtherPropertyPlantEquipment 2022-12-31 12742850 2022-01-01 2022-12-31 12742850 2022-12-31 12742850 core:RetainedEarningsAccumulatedLosses 2022-12-31 12742850 core:ShareCapital 2022-12-31 12742850 core:CurrentFinancialInstruments 2022-12-31 12742850 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12742850 core:Non-currentFinancialInstruments 2022-12-31 12742850 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 12742850 core:BetweenTwoFiveYears 2022-12-31 12742850 core:MoreThanFiveYears 2022-12-31 12742850 core:WithinOneYear 2022-12-31 12742850 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12742850 core:MotorVehicles 2022-12-31 12742850 core:OfficeEquipment 2022-12-31 12742850 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 12742850

Lyfe Health Bournemouth Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Lyfe Health Bournemouth Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Lyfe Health Bournemouth Limited

Company Information

Directors

Mr J R Arthurs

Mr M A Glassborow

Mr D Hobell

Mr S Trapp

Registered office

17 Cleeve Wood Road
Downend
Bristol
BS16 2SF

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Lyfe Health Bournemouth Limited

(Registration number: 12742850)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

131,591

-

Tangible assets

5

570,416

108,129

 

702,007

108,129

Current assets

 

Debtors

6

158,132

86,008

Cash at bank and in hand

 

9,580

59,051

 

167,712

145,059

Creditors: Amounts falling due within one year

7

(592,934)

(157,802)

Net current liabilities

 

(425,222)

(12,743)

Total assets less current liabilities

 

276,785

95,386

Creditors: Amounts falling due after more than one year

7

(373,491)

(36,667)

Provisions for liabilities

-

(21,455)

Net (liabilities)/assets

 

(96,706)

37,264

Capital and reserves

 

Called up share capital

2

1

Retained earnings

(96,708)

37,263

Shareholders' (deficit)/funds

 

(96,706)

37,264

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lyfe Health Bournemouth Limited

(Registration number: 12742850)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr J R Arthurs
Director

.........................................
Mr S Trapp
Director

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Cleeve Wood Road
Downend
Bristol
BS16 2SF
England

These financial statements were authorised for issue by the Board on 29 July 2024.

2

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Going concern

There is a net deficiency of £96,706 at the balance sheet date, however the Directors and its parent company have confirmed their continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Government grants

Government grants are recognised based on the accrual model and are measured at fair value of the asset
received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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

Office equipment

5 years straight line basis

Leasehold improvements

Over the term of the lease

Medical equipment

10 years straight line basis

Furniture & fittings

5 years straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

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 goods 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.

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 the Profit and Loss Account 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

146,212

146,212

At 31 December 2023

146,212

146,212

Amortisation

Amortisation charge

14,621

14,621

At 31 December 2023

14,621

14,621

Carrying amount

At 31 December 2023

131,591

131,591

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Leasehold improvements
£

Office equipment
£

Furniture & fittings
 £

Medical equipment
 £

Total
£

Cost or valuation

At 1 January 2023

109,609

894

-

-

110,503

Additions

300,016

26,342

53,715

133,790

513,863

At 31 December 2023

409,625

27,236

53,715

133,790

624,366

Depreciation

At 1 January 2023

2,150

224

-

-

2,374

Charge for the year

35,935

1,692

6,761

7,188

51,576

At 31 December 2023

38,085

1,916

6,761

7,188

53,950

Carrying amount

At 31 December 2023

371,540

25,320

46,954

126,602

570,416

At 31 December 2022

107,459

670

-

-

108,129

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

34,799

32,669

Prepayments

12,706

33,821

Other debtors

110,627

19,518

 

158,132

86,008

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

123,412

40,000

Trade creditors

10

43,122

30,983

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

232,351

-

Taxation and social security

 

18,479

5,809

Other creditors

 

175,570

81,010

 

592,934

157,802

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

373,491

36,667

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

373,491

36,667

Current loans and borrowings

2023
£

2022
£

Other borrowings

123,412

40,000

 

Lyfe Health Bournemouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Other borrowings

Secured loan note instrument is denominated in £10,000 with a nominal interest rate of 10%, and the final instalment is due on 2 November 2024. The carrying amount at year end is £36,667 (2022 - £76,667).

Unsecured redeemable B loan notes is denominated in £1 with a nominal interest rate of 0%, and the final instalment is due on 30 April 2026. The carrying amount at year end is £260,236 (2022 - £Nil).

Secured term loan facility is denominated in £1 with a nominal interest rate of 14.4%, and the final instalment is due on 30 March 2025. The carrying amount at year end is £200,000 (2022 - £Nil).

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

70,000

70,000

Later than one year and not later than five years

280,000

280,000

Later than five years

250,833

320,833

600,833

670,833

The amount of non-cancellable operating lease payments recognised as an expense during the year was £70,889 (2022 - £35,248).

10

Related party transactions

Summary of transactions with other group companies

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the Group under section 33.1A of FRS 102. This company was not wholly owned by the Group throughout the year.

At the balance sheet date, the company owed £232,158 (2022: £nil) to its parent company Healthcare Ventures Group Limited and £193 (2022: £nil) to Lyfe Health Cheltenham Limited.

Included in trade creditors, the company owed £14,457 (2022: £nil) to Lyfe Health Diagnostics Limited.

11

Controlling party

The company is controlled by its parent company Healthcare Ventures Group Limited, incorporated in England and Wales.