Globereen Healthcare Limited Filleted accounts for Companies House (small and micro)

GLOBEREEN HEALTHCARE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08478701

Globereen Healthcare Limited

Filleted Unaudited Financial Statements

31 May 2020

Globereen Healthcare Limited

Balance Sheet

31 May 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	929,064	1,045,197
Tangible assets	6	32,331	35,481
Investments	7	2,000	2,000
		---------	------------
		963,395	1,082,678

Current assets

Stocks		61,779	58,206
Debtors	8	100,573	68,623
Cash at bank and in hand		71,983	350,498
		---------	---------
		234,335	477,327

Creditors: amounts falling due within one year	9	634,197		939,320
		---------		---------
Net current liabilities			399,862	461,993
			---------	------------
Total assets less current liabilities			563,533	620,685

Creditors: amounts falling due after more than one year	10	559,113	607,815
		---------	---------
Net assets		4,420	12,870
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	4,320	12,770
	-------	--------
Shareholders funds	4,420	12,870
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Globereen Healthcare Limited

Balance Sheet (continued)

31 May 2020

These financial statements were approved by the board of directors and authorised for issue on 28 May 2021 , and are signed on behalf of the board by:

Mr. H.A. Patel

Director

Company registration number: 08478701

Globereen Healthcare Limited

Notes to the Financial Statements

Year ended 31 May 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, HA7 1JS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have guaranteed to provide financial support to the company so that it will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	On a straight line basis upto 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property and improvements	-	Over the period of the lease
Fixtures and fittings	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2019: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 June 2019 and 31 May 2020	1,161,330
	------------
Amortisation
At 1 June 2019	116,133
Charge for the year	116,133
	------------
At 31 May 2020	232,266
	------------
Carrying amount
At 31 May 2020	929,064
	------------
At 31 May 2019	1,045,197
	------------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 June 2019 and 31 May 2020	37,717	953	38,670
	--------	----	--------
Depreciation
At 1 June 2019	2,998	191	3,189
Charge for the year	2,998	152	3,150
	--------	----	--------
At 31 May 2020	5,996	343	6,339
	--------	----	--------
Carrying amount
At 31 May 2020	31,721	610	32,331
	--------	----	--------
At 31 May 2019	34,719	762	35,481
	--------	----	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 June 2019 and 31 May 2020	2,000
	-------
Impairment
At 1 June 2019 and 31 May 2020	–
	-------

Carrying amount
At 31 May 2020	2,000
	-------
At 31 May 2019	2,000
	-------

8. Debtors

	2020	2019
	£	£
Trade debtors	85,276	52,145
Other debtors	15,297	16,478
	---------	--------
	100,573	68,623
	---------	--------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	97,000	44,000
Trade creditors	121,778	133,602
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,000	2,000
Corporation tax	26,819	7,340
Social security and other taxes	1,169	1,333
Other creditors	385,431	751,045
	---------	---------
	634,197	939,320
	---------	---------

Bank loans amounting to £47,000 (2019 £44,000) have been secured by a fixed and floating charge over the company's assets.

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	559,113	607,815
	---------	---------

Bank loans amounting to £559,113 (2019 £607,815) have been secured by a fixed and floating charge over the company's assets.

Included within creditors: amounts falling due after more than one year is an amount of £355,062 (2019: £402,329) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.