Psycare Limited - Accounts to registrar (filleted) - small 18.2
Psycare Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
| FOR |
| PSYCARE LIMITED |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| PSYCARE LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 June 2019 |
| DIRECTORS: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 4th Floor |
| Venture House |
| 27-29 Glasshouse Street |
| London |
| W1B 5DF |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| STATEMENT OF FINANCIAL POSITION |
| 30 June 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Capital redemption reserve | 14 |
| Retained earnings | 14 |
| SHAREHOLDERS' FUNDS |
| 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. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 June 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2019 |
| 1. | STATUTORY INFORMATION |
| Psycare Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
| including explanations of future events that are believed to be reasonable under the circumstances. |
| a) Critical judgements in applying the entity's accounting policies |
| (i) Exemptions on transition to FRS 102 |
| The company has elected to use the previous UK GAAP valuation of property, plant and equipment as the |
| deemed cost on transition to FRS 102. The items are being depreciated from the date of transition (1May 2014) |
| in accordance with the company's accounting policies. |
| b) Key accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, |
| by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk |
| of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are |
| addressed below; |
| (i) Useful economic life of property plant and equipment |
| The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful |
| economic lives and residual values of the assets. The useful economic lives and residual values are assessed |
| annually. They are amended when necessary to reflect current estimates based on technological advancement, |
| future investments, economic utilisation and the physical condition of the assets. |
| Revenue recognition |
| Revenue is recognised at the fair value of the consideration received or receivable for provision of services to |
| external customers in the ordinary nature of the business. The fair value of the consideration takes into account |
| discounts, settlement discounts and other rebates. |
| The company recognises revenue when the amount of revenue can be measured reliably, and it is probable that |
| future economic benefit will flow to the company. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Property, plant & equipment |
| Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated |
| impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its |
| working condition for its intended use, dismantling and restoration initially recorded at cost. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Freehold buildings | 50 years |
| Plant and machinery | 4 years |
| Motor vehicles | 4 years |
| No depreciation is charged on Freehold land |
| The carrying values of property plant and equipment are reviewed for impairment when events or changes in |
| circumstances indicate the carrying value may not be recoverable. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
| Deferred taxation |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| Provisions for liabilities and charges |
| Provisions are recognised when the company has a present legal or constructive obligation as a result of past |
| events, and it is probable that an outflow of resources will be required to settle the obligation and that the amount |
| of obligation can be measured reliably. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme, where the amounts are charged to profit or loss is |
| the contributions payable in the year. Differences between contributions payable in the year and the contributions |
| actually paid are shown as either accruals or prepayments. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic |
| financial instruments. |
| a) Basic financial assets |
| Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank |
| balances, which are due within one year are initially recognised at transaction price and subsequently carried at |
| amortised cost being the transaction price less any amounts settled and any impairment losses. |
| At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective |
| evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount |
| and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The |
| impairment loss is recognised in profit or loss. |
| If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised |
| the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
| carrying amount would have been had the impairment not previously been recognised. The impairment reversal |
| is recognised in profit or loss. |
| A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or |
| substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks |
| and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell |
| the asset in its entirety to an unrelated third party. |
| b) Basic financial liabilities and equity |
| Financial liabilities are classified as liabilities and equity instruments according to the substance of the |
| contractual arrangements entered into an equity instrument is any contract that evidences a residual interest in the |
| assets of the company after deducting all of its liabilities. |
| Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at |
| transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
| Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one |
| year. |
| Other loans are initially recognised at the transaction price, including transaction costs and subsequently |
| measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the |
| effective interest method and is included in interest payable and other similar charges. |
| Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
| c) Equity instruments |
| The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other |
| resources received or receivable, net of direct costs of issuing the equity instruments. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise of cash at bank and short term deposits with an original |
| maturity date of three months or less. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2019 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Land and | Plant and | Motor |
| building | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2018 |
| Additions |
| At 30 June 2019 |
| DEPRECIATION |
| At 1 July 2018 |
| Charge for year |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| Additions |
| At 30 June 2019 |
| DEPRECIATION |
| Charge for year |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by related undertaking | 401,821 | 450,625 |
| Other debtors |
| Prepayments and accrued income |
| Amounts owed by related undertakings are unsecured, interest free, have no fixed date of repayment and are |
| repayable on demand. |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans (see note 9) |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 yrs | 2,097,484 | 2,267,479 |
| In June 2017, the company entered into a new loan facility of £3,400,000 which bears interest at 1.75% per |
| annum over the base rate. The loan is repayable over fifteen years. |
| The company used the new facility to repay the previous bank loan with another lender. |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 yrs | 2,097,484 | 2,267,479 |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2019 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Hire purchase | 60,744 | - |
| The bank loan to the company is secured against the company's freehold properties. |
| 11. | FINANCIAL INSTRUMENTS |
| 2019 | 2018 |
| £ | £ |
| Financial assets that are debt instruments measured at amortised cost |
| Trade debtors | 98,888 | 250,683 |
| Amounts owed by related undertaking | 401,821 | 450,625 |
| Other debtors | 50,416 | 26,607 |
| 551,125 | 727,915 |
| 2019 | 2018 |
| £ | £ |
| Financial liabilities that are debt instruments measured at amortised cost |
| Trade creditors | 159,507 | 187,567 |
| Hire purchase contract | 60,744 | - |
| Other creditors | 68,802 | 78,419 |
| Accruals | 47,066 | 42,519 |
| Bank loan | 3,024,147 | 3,209,479 |
| 3,360,266 | 3,517,984 |
| 12. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 36,000 | 38,000 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2018 |
| Provided during year | ( |
) |
| Balance at 30 June 2019 |
| PSYCARE LIMITED (REGISTERED NUMBER: 04272280) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2019 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | 1 | 225 | 275 |
| (2018 - 27,500 ) |
| On 22 September 2018 the company undertook a purchase of own shares for cancellation 5093 ordinary shares |
| of £0.01 each. The total consideration paid in respect of the above is £50,930. |
| On 10 February 2019 the company issued 3 £0.01 ordinary shares at par. |
| On 06 May 2019 the company issued 90 £0.01 ordinary shares at par. |
| On the same date the company converted 22,500 £0.01 ordinary shares to 225 £1 ordinary shares. |
| 14. | RESERVES |
| The company's retained earnings details are shown in the Statement of Changes in Equity. |
| 15. | RELATED PARTY DISCLOSURES |
| Mr L V Adams is the controlling shareholder of Nouvita Limited. During the period the company paid expenses |
| on behalf of Nouvita Ltd and the company lent Nouvita Limited £25,000. During the year Nouvita Limited |
| charged the company £75,000 for office recharges. At the balance sheet date the company was owed £335,155 |
| in relation to the above. |
| Mr P Massetti is the controlling shareholder of Old Beech Construction Limited. During the period the company |
| was charged £20,154 by Old Beech Construction Limited in respect of repairs & contractor management fees. |
| Furthermore the company has accrued costs of £29,583. At the balance sheet date the company owes £29,583 in |
| relation to the above. |
| Mr L V Adams is the controlling shareholder of Broad Oak Manor Developments Limited. On 30 June 2019, |
| The company was owed £66,666 by Broad Oak Manor Developments Limited |
| 16. | POST BALANCE SHEET EVENTS |
| On 1 July 2019, under a group reorganisation, the company became a fully owned subsidiary of Nouvita |
| Healthcare Limited. |
| Mr L V Adams continues to remain the ultimate controlling party. |
| In November 2019, the company's existing bank facility was repaid in full. |
| The company's freehold properties are now secured against a Group loan facility of £8.75m. |
| 17. | ULTIMATE CONTROLLING PARTY |
| The directors consider Mr L V Adams to be the ultimate controlling party. |