Salix Care Limited
Salix Care Limited
Registered number: 06174126
Financial Statements
For The Year Ended
31 March 2020
Salix Care Limited
Financial Statements
For The Year Ended
31 March 2020
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | undefined—10 |
Salix Care Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
06174126
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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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 | 11 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 14 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 16 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 718,832 | 728,596 | |||
Page 1
Salix Care Limited
Balance Sheet (continued)
As at
31 March 2020
Directors' responsibilities:
-
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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Director
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The notes on pages 3 to 10 form part of these financial statements.
Page 2
Salix Care Limited
Notes to the Financial Statements
For The Year Ended
31 March 2020
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 was 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.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter with a full charge on the year of acquisition.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
1.6.
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 2020
1.7.
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.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.9.
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 33 (2019: 33)
Page 4
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
6.
Intangible Assets
| Goodwill | |||
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| Cost | |||
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| Amortisation | |||
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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 2020
7.
Tangible Assets
| Land & Property | ||||
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| Freehold Property | Improvements to Property | Plant & Machinery | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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| Computer Equipment | Total | |
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| Cost | ||
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| Additions |
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| Depreciation | ||
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| Net Book Value | ||
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Page 6
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2020 | 2019 | ||
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| £ | £ | ||
| Plant & Machinery |
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8.
Stocks
| 2020 | 2019 | ||
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| £ | £ | ||
| Stocks | 1,000 | 984 | |
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9.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 636,499 | 647,882 | |
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| Due after more than one year | |||
| Other debtors | 3,911 | - | |
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Page 7
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
10.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 10,391 | 17,925 | |
| Taxation and social security | 13,536 | 6,332 | |
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11.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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12.
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:
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | 9,470 | - | |
| Bank loans and overdrafts | 430,285 | 453,667 |
13.
Obligations Under Finance Leases and Hire Purchase
| 2020 | 2019 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| After more than five years |
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Page 8
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
14.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2020 | 2019 | ||
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| £ | £ | ||
| Deferred tax |
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15.
Provisions for Liabilities
| Deferred Tax | ||
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| Additions |
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| Balance at
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17.
Directors Advances, Credits and Guarantees
| As at
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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 directors loan account was repaid on 30th April 2019
Page 9
Salix Care Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
18.
Related Party Transactions
During the year, total dividends of £44,000 (2019: £97,500) 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 (2019: £585,258). 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. 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 considered to be irrecoverable (refer to Note 18 of these financial statements). Box Steam Brewery Ltd is a related party but not a connected company for the purposes of the loan relationship provisions.
T Bleaken is related to Mr & Mrs Roberts, directors of Salix Care Ltd . The company traded with T Bleaken during the period, generating purchase transactions of £7,037.
Mrs C Bleaken is related to Mr & Mrs Roberts. During the period a loan of £13,181.79 was made to Mrs Bleaken, the loan is repayable on demand. Repayments totalling £1,420 were made during the period to November 2020, the balance of £11,761.79 was outstanding as at 31/12/2020.
19.
Exceptional Items
The exceptional item in the sum of £42,331 (2019 £310,426) is in respect of an impairment loss arising on the outstanding balance of a loan due from Box Steam Brewery Ltd (refer to Note 17)
Regarding Box Steam Brewery Limited, a creditors voluntary liquidation commenced on 30 August 2019. In respect of the loan due to Salix Care Limited; following further consideration of statement of affairs filed by the liquidator, the directors of Salix Care Limited have now considered the full balance of the loan outstanding to irrecoverable. Accordingly a further provision for the impairment loss has been provided for within these financial statements
20.
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 (£)
Page 10