South West Mediation Limited 04634643 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is to undertake family mediation services. Digita Accounts Production Advanced 6.30.9574.0 true true 04634643 2023-04-01 2024-03-31 04634643 2024-03-31 04634643 2 2024-03-31 04634643 core:CurrentFinancialInstruments 2024-03-31 04634643 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04634643 core:Goodwill 2024-03-31 04634643 core:WithinOneYear 2024-03-31 04634643 core:FurnitureFittings 2024-03-31 04634643 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04634643 core:PlantMachinery 2024-03-31 04634643 core:ParentEntities 2024-03-31 04634643 bus:SmallEntities 2023-04-01 2024-03-31 04634643 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04634643 bus:FilletedAccounts 2023-04-01 2024-03-31 04634643 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04634643 bus:RegisteredOffice 2023-04-01 2024-03-31 04634643 bus:Director2 2023-04-01 2024-03-31 04634643 bus:Director3 2023-04-01 2024-03-31 04634643 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04634643 core:Goodwill 2023-04-01 2024-03-31 04634643 core:FurnitureFittings 2023-04-01 2024-03-31 04634643 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04634643 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04634643 core:LeaseholdImprovements 2023-04-01 2024-03-31 04634643 core:PlantMachinery 2023-04-01 2024-03-31 04634643 core:ParentEntities 2023-04-01 2024-03-31 04634643 countries:England 2023-04-01 2024-03-31 04634643 2023-03-31 04634643 core:Goodwill 2023-03-31 04634643 core:FurnitureFittings 2023-03-31 04634643 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04634643 core:PlantMachinery 2023-03-31 04634643 2022-04-01 2023-03-31 04634643 2023-03-31 04634643 2 2023-03-31 04634643 core:CurrentFinancialInstruments 2023-03-31 04634643 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04634643 core:WithinOneYear 2023-03-31 04634643 core:FurnitureFittings 2023-03-31 04634643 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04634643 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04634643

South West Mediation Limited

trading as Mediation First

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

South West Mediation Limited

trading as Mediation First

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

South West Mediation Limited

trading as Mediation First

(Registration number: 04634643)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

22,781

26,560

Current assets

 

Debtors

6

119,791

50,752

Cash at bank and in hand

 

10,581

100,058

 

130,372

150,810

Creditors: Amounts falling due within one year

7

(140,433)

(169,002)

Net current liabilities

 

(10,061)

(18,192)

Total assets less current liabilities

 

12,720

8,368

Provisions for liabilities

(5,695)

(6,640)

Net assets

 

7,025

1,728

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

7,015

1,718

Shareholders' funds

 

7,025

1,728

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

South West Mediation Limited

trading as Mediation First

(Registration number: 04634643)
Statement of Financial Position as at 31 March 2024 (continued)

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 


Ms L Caldwell
Director


Mr T Elwell
Director

 

South West Mediation Limited

trading as Mediation First

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

1

General information

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

The address of its 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

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

South West Mediation Limited

trading as Mediation First

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

 

South West Mediation Limited

trading as Mediation First

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Building improvements

straight line over 10 years

Other tangible assets

15% reducing balance

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.

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.

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

20 years straight line

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 that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

South West Mediation Limited

trading as Mediation First

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 12).

 

South West Mediation Limited

trading as Mediation First

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Amortisation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

6,366

28,179

84,998

119,543

Additions

-

-

242

242

Disposals

(6,366)

-

-

(6,366)

At 31 March 2024

-

28,179

85,240

113,419

Depreciation

At 1 April 2023

6,366

22,475

64,143

92,984

Charge for the year

-

856

3,164

4,020

Eliminated on disposal

(6,366)

-

-

(6,366)

At 31 March 2024

-

23,331

67,307

90,638

Carrying amount

At 31 March 2024

-

4,848

17,933

22,781

At 31 March 2023

-

5,703

20,857

26,560

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

South West Mediation Limited

trading as Mediation First

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

67,558

40,430

Amounts owed by related parties

10

46,519

-

Other debtors

 

750

1,130

Prepayments

 

4,964

5,454

Income tax asset

-

3,738

 

119,791

50,752

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

26,659

38,455

Taxation and social security

41,626

35,733

Accruals and deferred income

43,453

62,389

Other creditors

28,695

32,425

140,433

169,002

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

705

22,237

 

South West Mediation Limited

trading as Mediation First

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions

Loans to related parties

2024

Parent
£

Total
£

Advanced

46,519

46,519

At end of period

46,519

46,519

Terms of loans to related parties

The loan provided to Mediation First Limited is non-interest bearing.