Company registration number 10340455 (England and Wales)
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
584
Current assets
Debtors
5
676,791
10,730
Cash at bank and in hand
14,965
160,579
691,756
171,309
Creditors: amounts falling due within one year
6
(1,197,310)
(899,174)
Net current liabilities
(505,554)
(727,865)
Total assets less current liabilities
(505,554)
(727,281)
Creditors: amounts falling due after more than one year
7
(1,878,393)
(1,347,646)
Net liabilities
(2,383,947)
(2,074,927)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(2,383,948)
(2,074,928)
Total equity
(2,383,947)
(2,074,927)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 28 July 2024 and are signed on its behalf by:
P J Nixey MA (Oxon)
Director
Company registration number 10340455 (England and Wales)
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
(1,809,217)
(1,809,216)
Year ended 31 March 2023:
Loss and total comprehensive income
-
(265,711)
(265,711)
Balance at 31 March 2023
1
(2,074,928)
(2,074,927)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(309,020)
(309,020)
Balance at 31 March 2024
1
(2,383,948)
(2,383,947)
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
My Lifetime Care Limited (formerly Shaw Lifetime Care Limited) is a private company limited by shares incorporated in England and Wales. The registered office is L3 Alder Suite, Mamhilad House, Mamhilad Park Estate, Pontypool, Torfaen, NP4 0HZ.
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 amounts 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of The Shaw Foundation Limited. These consolidated financial statements are available from its registered office, Shaw Foundation, Mahmilad House, R4 Alder Suite, 1st Floor C Block, Pontypool, NP4 0HZ
1.2
Going concern
The directors have adopted the going concern basis in preparing the accounts, notwithstanding net liabilities of £2,true383,947 (2023: £2,074,927) following a loss of £309,020 (2023: £265,711) in the year. It should be noted that of the £3,075,703 (2023: £2,246,820) creditor balance at the year end, £2,435,859, (2023: £2,225,859) is due to the parent company, therefore the company is reliant on the continued support of its parent. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The parent company, The Shaw Foundation Limited, has confirmed that it will not require repayment of loans in the foreseeable future and will continue to provide working capital in accordance with CHIP requirements.
The board has prepared cashflow forecasts on this basis and the directors have reasonable assurance that the company will be able to meets its liabilities (excluding amounts owed to The Shaw Foundation) as they fall due for the foreseeable future, accordingly the directors continue to adopt the going concern basis.
1.3
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.
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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:
Fixtures and fittings
3 years straight line
Computers
3 years straight line
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.
1.5
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Going concern
The directors have adopted the going concern basis in preparing the accounts, notwithstanding net liabilities of £2,383,947 (2023: £2,074,927) following a loss of £309,020 (2023: £265,711) in the year. It should be noted that of the £3,075,703 (2023: £2,246,820) creditor balance at the year end, £2,435,859, (2023: £2,225,859) is due to the parent company, therefore the company is reliant on the continued support of its parent. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The parent company, The Shaw Foundation Limited, has confirmed that it will not require repayment of loans in the foreseeable future and will continue to provide working capital in accordance with CHIP requirements.
The board has prepared cashflow forecasts on this basis and the directors have reasonable assurance that the company will be able to meets its liabilities (excluding amounts owed to The Shaw Foundation) as they fall due for the foreseeable future, accordingly the directors continue to adopt the going concern basis.
Care and Home Inheritance Plan
The Care and Home Inheritance Plan (CHIP) is intended to assist the elderly to fund their care fees. When the CHIP is agreed the client agrees to lease their property to the company, who in turn will pay a pre-agreed monthly contribution to the selected care home and will renovate and sub-let the property.
Commitment to care home fees are treated as a liability at the inception of the lease as the directors believe that there is an obligation. A 'break-fee' asset is recognised being the cost of outstanding care home costs plus the cost of refurbishments in accordance with the terms of the CHIP, this is included within other debtors.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
2
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
14,646
Depreciation and impairment
At 1 April 2023
14,062
Depreciation charged in the year
584
At 31 March 2024
14,646
Carrying amount
At 31 March 2024
At 31 March 2023
584
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
676,791
10,730
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,600
6,761
Amounts owed to group undertakings
878,213
878,213
Other creditors
296,497
14,200
1,197,310
899,174
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Loans from group undertakings
1,557,646
1,347,646
Other creditors
320,747
1,878,393
1,347,646
Interest is charged at a rate of 3% per annum. There is no fixed repayment date for the loan.
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
MY LIFETIME CARE LIMITED (FORMERLY SHAW LIFETIME CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Mr John Griffiths.
The auditor was UHY Hacker Young.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Name of related party
Nature of relationship
My Care My Home Free Information & Advice
Common director
My Care My Home Limited
Common director
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
My Care My Home Free Information & Advice
Recharges
10,325
18,926
My Care My Home Limited
Recharges
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
My Care My Home Free Information & Advice
2,066
145,359
11
Parent company
The parent undertaking of My Lifetime Care Limited is The Shaw Foundation Limited. My Lifetime Care Limited is the only subsidiary undertaking of The Shaw Foundation. Copies of the group financial statements of The Shaw Foundation Limited are available from the registered office at Shaw Foundation, Mahmilad House, R4 Alder Suite, 1st Floor C Block, Pontypool, NP4 0HZ.