Salix Care Limited
Salix Care Limited
Registered number: 06174126
Financial Statements
For The Year Ended 31 March 2019
Salix Care Limited
Financial Statements
For The Year Ended 31 March 2019
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—9 |
Salix Care Limited
Balance Sheet
As at
31 March 2019
Balance Sheet
Registered number:
06174126
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 704,567 | 951,544 | |||
Page 1
Salix Care Limited
Balance Sheet (continued)
As at
31 March 2019
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 9 form part of these financial statements.
Page 2
Salix Care Limited
Notes to the Financial Statements
For The Year Ended 31 March 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
These financial statements have ben prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial sttements have been prepared under the historical cost convention.
1.2.
Turnover
Turnover represents the revenue generated from the sale of goods and services. Revenue is measured at the fair value of the consideration received and receivable excluding value added tax.
Revenue from services is recognised when services have been provided and the contractual right to the consideration has been earned.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
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.
Goodwill
Goodwill in connection with acquisition of a business was purchased on 20 January 2014, it will be amortised evenly over it's estimated useful life of five years.
1.4.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold Property |
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| Improvements to Property |
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| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Financial Instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Page 3
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
1.6.
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.
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 that have been enacted or substantively enacted by the balance sheet date.
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.
1.7.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items.
3.
Average Number of Employees
The average number of employees during the year was 31 (2018 - 29)
Page 4
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
4.
Intangible Assets
| Goodwill | |||
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| Cost | |||
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| Amortisation | |||
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| Net Book Value | |||
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5.
Tangible Assets
| Land & Property | ||||
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| Freehold Property | Improvements to Property | Plant & Machinery | Fixtures & Fittings | |
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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Page 5
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
| Computer Equipment | Total | |
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| £ | £ | |
| Cost | ||
| As at |
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| Additions |
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| Disposals |
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| Depreciation | ||
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| Provided during the period |
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| Net Book Value | ||
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6.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stocks | 984 | 3,845 | |
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Page 6
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
7.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 647,883 | 616,341 | |
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| Due after more than one year | |||
| Other debtors | - | 174,884 | |
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8.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 17,923 | 171,195 | |
| Taxation and social security | 30,365 | 29,884 | |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| Bank loans |
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Page 7
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
10.
Secured Creditors
The bank loans are secured by fixed and floating charges over the assets of the company.
The following secured debts are included within creditors:
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 453,667 | 202,926 |
11.
Provisions for Liabilities
| Deferred Tax | ||
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| Additions |
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| Balance at |
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13.
Directors Advances, Credits and Guarantees
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr David Roberts |
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Other than movements on the directors' loan accounts there were no other transactions with the directors in the period.
The overdrawn director's loan account balance as at 31st March 2019 was repaid on 30th April 2019.
Page 8
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
14.
Related Party Transactions
During the year, total dividends of £97,500 (2018: £10,000) were paid to the directors.
The directors, Mr & Mrs Roberts, each own 50% of the company by virtue of their shareholding.
Mrs & Mrs Roberts own 100% of Cross Guns Ltd. During the period, the company maintained a loan account with Cross Guns Ltd. The balance at the end of the financial year was £585,258 (2018: £546,022). This loan is interest free and there are no terms relating to repayment.
Mr and Mrs Roberts hold 50 per cent of the voting share capital of Box Steam Brewery Limited and are the settlors of the Box Steam Brewery Settlement 2011 which holds the balance of the share capital; their son is the sole director. During the accounting reference period, the company maintained a loan account with Box Steam Brewery Limited in respect of which the balance outstanding as at 31 March 2019, in the sum of £352,757, was not considered not to be fully recoverable (refer to Note 16 of these financial statements).
15.
Exceptional Items
The exceptional item in the sum of £310,426 is in respect of an impairment loss arising on the outstanding balance of a loan due from a related company as at 31 March 2019.
16.
Post Balance Sheet Event
Box Steam Brewery Limited – Creditors Voluntary Liquidation
Regarding Box Steam Brewery Limited, a creditors voluntary liquidation commenced on 30 August 2019. In respect of the loan of £352,757 due to Salix Care Limited as at 31 March 2019; following consideration of the statement of affairs filed by the liquidator, the directors of Salix Care Limited have considered the balance of the loan outstanding to be substantially impaired and a loss of £310,426 has been provided for within these financial statements.
17.
General Information
Salix Care Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06174126 . The registered office is Atelier B1, The Old Brewery, Lodway, Pill, Bristol, BS20 0DH.
The presentation currency of the financial statements is the Pound Sterling (£)
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