Diverse Care (UK) Ltd Filleted accounts for Companies House (small and micro)

Diverse Care (UK) Ltd Filleted accounts for Companies House (small and micro)

DIVERSE CARE (UK) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04482942
Diverse Care (UK) Ltd
Filleted Unaudited Financial Statements
31 March 2023
Diverse Care (UK) Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Diverse Care (UK) Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
118,684
139,855
Current assets
Debtors
6
1,289,072
1,480,134
Cash at bank and in hand
424,996
710,111
------------
------------
1,714,068
2,190,245
Creditors: amounts falling due within one year
7
1,327,130
1,932,839
------------
------------
Net current assets
386,938
257,406
---------
---------
Total assets less current liabilities
505,622
397,261
Creditors: amounts falling due after more than one year
8
250,000
487,649
Provisions
28,000
25,024
---------
---------
Net assets/(liabilities)
227,622
( 115,412)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
227,522
( 115,512)
---------
---------
Shareholders funds/(deficit)
227,622
( 115,412)
---------
---------
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 March 2023 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 .
Diverse Care (UK) Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , and are signed on behalf of the board by:
Mr K R Gorman
Director
Company registration number: 04482942
Diverse Care (UK) Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quayside House, Chatham Maritime, Chatham, ME4 4QZ, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
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.
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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% straight line
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.
Government grants
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
101,035
124,372
225,407
Additions
27,319
–
27,319
Disposals
( 7,735)
–
( 7,735)
---------
---------
---------
At 31 March 2023
120,619
124,372
244,991
---------
---------
---------
Depreciation
At 1 April 2022
54,459
31,093
85,552
Charge for the year
14,495
31,093
45,588
Disposals
( 4,833)
–
( 4,833)
---------
---------
---------
At 31 March 2023
64,121
62,186
126,307
---------
---------
---------
Carrying amount
At 31 March 2023
56,498
62,186
118,684
---------
---------
---------
At 31 March 2022
46,576
93,279
139,855
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
305,811
134,938
Amounts owed by group undertakings and undertakings in which the company has a participating interest
463,671
512,092
Other debtors
519,590
833,104
------------
------------
1,289,072
1,480,134
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
100,000
100,000
Trade creditors
178,379
223,615
Amounts owed to group undertakings and undertakings in which the company has a participating interest
–
6,750
Corporation tax
86,234
38,594
Other creditors
962,517
1,563,880
------------
------------
1,327,130
1,932,839
------------
------------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the company's assets and undertakings.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
250,000
350,000
Other creditors
–
137,649
---------
---------
250,000
487,649
---------
---------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the company's assets and undertakings.
9. Directors' advances, credits and guarantees
At the year end, the directors owed the company £Nil (2022: £400,000). During the year advances of £Nil (2022: £400,000) were made to the directors and repayments of £400,000 (2022: Nil) were made by the directors.
10. Related party transactions
At the year end, the company was owed £74,430 (2022: £111,122) by a parent company. At the year end, the company was owed £389,129 (2022: £400,970) by a company related by common control. At the year end, the company was owed £112 (2022: £Nil) by a company related by common control. At the year end, the company owed £Nil (2022: £6,750) to a company related by common control.
11. Controlling party
The company's parent company is The Hazel Project Limited, a company incorporated in England and Wales. The Hazel Project Limited's registered address is 8 London Road, Sittingbourne, Kent, United Kingdom, ME10 1NA