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REGISTERED NUMBER: 03890186 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

LIFE IT LTD

LIFE IT LTD (REGISTERED NUMBER: 03890186)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LIFE IT LTD

Company Information
for the Year Ended 31 March 2024







Directors: H J Myers
M L Doorbar





Secretary: M L Doorbar





Registered office: 2 The Beeches
Beech Lane
Wilmslow
Cheshire
SK9 5ER





Registered number: 03890186 (England and Wales)





Accountants: Evelyn Partners (Manchester) Limited
Accountants
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

LIFE IT LTD (REGISTERED NUMBER: 03890186)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
Fixed assets
Intangible assets 5 - -
Tangible assets 6 17,921 20,437
Investments 7 12 12
17,933 20,449

Current assets
Debtors 8 637,850 833,709
Cash at bank 944,010 374,962
1,581,860 1,208,671
Creditors
Amounts falling due within one year 9 1,135,043 819,519
Net current assets 446,817 389,152
Total assets less current liabilities 464,750 409,601

Provisions for liabilities 6,696 4,890
Net assets 458,054 404,711

Capital and reserves
Called up share capital 10 215 215
Capital redemption reserve 98 98
Retained earnings 457,741 404,398
Shareholders' funds 458,054 404,711

LIFE IT LTD (REGISTERED NUMBER: 03890186)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





M L Doorbar - Director


LIFE IT LTD (REGISTERED NUMBER: 03890186)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

Life IT Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion. Once the period of support on a contract comes to an end the balance remaining is taken to turnover unless an agreement has been reached to carry forward any unused time.

Deferred revenue represents prepaid support contracts and goods not delivered at the balance sheet date. As at 31 March 2023 the deferred revenue figure was is £475,909 (2023 - £486,719).

Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation is provided on goodwill so as to write off the cost, less any estimated residual value, over its expected useful life of two years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% straight line
Computer equipment - 33% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

LIFE IT LTD (REGISTERED NUMBER: 03890186)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pensions
The company contributes to a group personal pension scheme. Contributions are recognised in the profit and loss account in the period in which they are paid.

Debtors receivable and creditors payable within one year
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 administrative expenses.

4. Employees and directors

The average number of employees during the year was 22 (2023 - 16 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 6,193
Amortisation
At 1 April 2023
and 31 March 2024 6,193
Net book value
At 31 March 2024 -
At 31 March 2023 -

LIFE IT LTD (REGISTERED NUMBER: 03890186)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 April 2023 56,800 154,026 210,826
Additions 4,544 3,053 7,597
At 31 March 2024 61,344 157,079 218,423
Depreciation
At 1 April 2023 53,483 136,906 190,389
Charge for year 1,782 8,331 10,113
At 31 March 2024 55,265 145,237 200,502
Net book value
At 31 March 2024 6,079 11,842 17,921
At 31 March 2023 3,317 17,120 20,437

7. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 April 2023
and 31 March 2024 16,614
Provisions
At 1 April 2023
and 31 March 2024 16,602
Net book value
At 31 March 2024 12
At 31 March 2023 12

8. Debtors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Trade debtors 243,819 186,515
Amounts owed by group undertakings 329,230 599,000
Other debtors 64,801 48,194
637,850 833,709

LIFE IT LTD (REGISTERED NUMBER: 03890186)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. Creditors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Trade creditors 98,117 112,898
Amounts owed to group undertakings 39,996 12
Taxation and social security 289,881 95,130
Other creditors 707,049 611,479
1,135,043 819,519

The other creditors figure above includes deferred revenue in respect of prepaid support contracts and goods invoiced but not delivered.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,020 Ordinary 10p 102 102
20 A Ordinary 10p 2 2
550 B Ordinary 10p 55 55
550 C Ordinary 10p 55 55
10 D Ordinary 10p 1 1
215 215

11. Controlling party

The company is controlled by Life Enterprise Technology Group Ltd by virtue of owning 100% of the voting share capital of the company.