Independent People Homecare Limited - Period Ending 2023-03-31
Independent People Homecare Limited - Period Ending 2023-03-31
Registrar
Registration number:
for the Year Ended
Independent People Homecare Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Independent People Homecare Limited
Company Information
Directors |
P F Austin S R Bailey |
Company secretary |
S R Bailey |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Independent People Homecare Limited
(Registration number: 07584328)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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100 |
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Profit and loss account |
( |
(265,395) |
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Total equity |
( |
(265,295) |
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 Profit and Loss Account.
Approved and authorised by the
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Independent People Homecare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal place of business is: 224 Moulsham Street, Chelmsford, Essex, CM2 0LR.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the consideration received or receivable for the provision of home care services and management fees in the ordinary course of the company’s activities.
Payments received in advance are recognised in the period in which the service is carried out.
Tax
Current Tax is recognised in the profit and loss account, 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
33% Straight Line |
Motor Vehicles |
25% Reducing Balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Independent People Homecare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Items of exceptional nature
Included within the company's expenses for the year are costs totalling £23,316 relating to early cancellation of a commercial lease agreement.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
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Current taxation |
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UK corporation tax adjustment to prior periods |
( |
( |
Deferred taxation |
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Arising from origination and reversal of timing differences |
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- |
Tax receipt in the income statement |
( |
( |
Independent People Homecare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Disposals |
- |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Loans to directors |
47,474 |
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Prepayments |
2,140 |
177 |
Total current trade and other debtors |
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Independent People Homecare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowing |
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Trade creditors |
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Amounts owed to related parties |
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- |
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Social security and other taxes |
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Directors loan |
- |
40,844 |
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Other creditors |
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Corporation tax |
36,325 |
22,109 |
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Accruals and deferred income |
6,450 |
6,450 |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Related party transactions |
During the year the directors charged the company £60,000 (2022: £120,000) for use of an intellectual property licence which is own personally by the directors.
Transactions with directors |
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
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( |
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( |
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