ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

MEDILINE HOME CARE LIMITED - Company Information

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Registered number: 04607372









MEDILINE HOME CARE LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022
 
MEDILINE HOME CARE LIMITED
 
 
COMPANY INFORMATION


Directors
C K Donald 
J C Landucci-Harmey 




Registered number
04607372



Registered office
Crown House
Stephenson Road

Severalls Industrial Park

Colchester

England

CO4 9QR




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX




 
MEDILINE HOME CARE LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 20

 
MEDILINE HOME CARE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £243,199 (unaudited period ended 31 December 2021 - profit £826,496).

During the year, the Company declared dividends of £Nil (unaudited 2021- £Nil).

Directors

The directors who served during the year were:

L De Crutis (appointed 19 October 2023, resigned 15 February 2024)
C K Donald (appointed 28 November 2022)
N P Barker (resigned 6 October 2023)
C L Furey (resigned 21 November 2022)
H G Marten (resigned 4 February 2022)

J C Landucci-Harmey was appointed on 15 February 2024.
 
Page 1
 
MEDILINE HOME CARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

During the year, the directors appointed Barnes Roffe LLP as auditor and they will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 1 March 2024 and signed on its behalf.
 





J C Landucci-Harmey
Director

Page 2
 
MEDILINE HOME CARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDILINE HOME CARE LIMITED
 

Opinion


We have audited the financial statements of Mediline Home Care Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


∙give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3
 
MEDILINE HOME CARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDILINE HOME CARE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic report.


Page 4
 
MEDILINE HOME CARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDILINE HOME CARE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
 
°Companies Act 2006.
°FRS102.
°Employment legislation.
°Tax legislation.
 
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of; and
∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit.
 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud;
Page 5
 
MEDILINE HOME CARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDILINE HOME CARE LIMITED (CONTINUED)


∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:
 
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The year ended 31 December 2022 was the first year in which the financial statements were audited. The comparative figures in these financial statements are therefore unaudited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 6
 
MEDILINE HOME CARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDILINE HOME CARE LIMITED (CONTINUED)





Mark Hancock (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

1 March 2024
Page 7
 
MEDILINE HOME CARE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

Year ended 31 December 2022
Period ended 31 December 2021 (Unaudited)
£
£

  

Turnover
  
7,057,077
11,443,189

Cost of sales
  
(5,453,924)
(8,472,244)

Gross profit
  
1,603,153
2,970,945

Administrative expenses
  
(1,699,264)
(2,145,651)

Operating (loss)/profit
  
(96,111)
825,294

Interest payable and similar expenses
  
(12,459)
-

(Loss)/profit before tax
  
(108,570)
825,294

Tax on (loss)/profit
 5 
(134,629)
1,202

(Loss)/profit for the financial year/period
  
(243,199)
826,496

  

Total comprehensive income for the year/period
  
(243,199)
826,496

The notes on pages 11 to 20 form part of these financial statements.

Page 8
 
MEDILINE HOME CARE LIMITED
REGISTERED NUMBER: 04607372

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021 (Unaudited)
Note
£
£

Fixed assets
  

Tangible assets
 6 
19,859
11,836

Current assets
  

Debtors: amounts falling due within one year
 7 
1,111,302
708,432

Cash at bank and in hand
 8 
799,737
1,294,976

  
1,911,039
2,003,408

Creditors: amounts falling due within one year
 9 
(965,362)
(806,509)

Net current assets
  
 
 
945,677
 
 
1,196,899

Total assets less current liabilities
  
965,536
1,208,735

Provisions for liabilities
  

Deferred tax
 10 
(2,343)
(2,343)

Net assets
  
963,193
1,206,392


Capital and reserves
  

Called up share capital 
 11 
106
106

Share premium account
  
20,994
20,994

Profit and loss account
  
942,093
1,185,292

  
963,193
1,206,392


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




J C Landucci-Harmey
Director

The notes on pages 11 to 20 form part of these financial statements.

Page 9
 
MEDILINE HOME CARE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022 (Unaudited)
106
20,994
1,185,292
1,206,392


Comprehensive income for the year

Loss for the year
-
-
(243,199)
(243,199)
Total comprehensive income for the year
-
-
(243,199)
(243,199)


At 31 December 2022
106
20,994
942,093
963,193


The notes on pages 11 to 20 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2021 (Unaudited)
106
20,994
358,796
379,896


Comprehensive income for the year

Profit for the year
-
-
826,496
826,496
Total comprehensive income for the year
-
-
826,496
826,496


At 31 December 2021 (Unaudited)
106
20,994
1,185,292
1,206,392


The notes on pages 11 to 20 form part of these financial statements.

Page 10
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Mediline Home Care Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Crown House Stephenson Road, Severalls Industrial Park, Colchester, England, CO4 9QR.
The Company specialise in domicillary home care and support, funded by local authorities and private individuals.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors of the Company have prepared cashflow forecasts for the period of 12 months from the date of approval of these financial statements. Whilst considering the severe but plausible downsides, the Company will have sufficient funds to meet its liabilities as they fall due over that period.
As such the directors believe that there are no significant uncertainties in their assessment of whether the business is going concern and therefore have prepared the accounts on a going concern basis.

Page 11
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
on cost
Office equipment
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of
Page 14
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 387 (unaudited period ended 31 December 2021 - 293).


4.


Directors' remuneration

During the year, no director received any emoluments from the company (unaudited period ended 31 December 2021 - £Nil).



Page 15
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Taxation


2022
2021 (Unaudited)
£
£

Corporation tax


Adjustments in respect of previous periods
134,629
-


134,629
-


Total current tax
134,629
-

Deferred tax


Origination and reversal of timing differences
-
(1,202)

Total deferred tax
-
(1,202)


Tax on (loss)/profit
134,629
(1,202)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021 (Unaudited)
£
£


(Loss)/profit on ordinary activities before tax
(108,570)
825,294


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(20,628)
156,806

Effects of:


Capital allowances for year in excess of depreciation
(2,370)
-

Adjustments to tax charge in respect of prior periods
134,629
-

Other timing differences leading to an increase (decrease) in taxation
22,998
(156,806)

Deferred tax
-
(1,202)

Total tax charge for the year
134,629
(1,202)

Page 16
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
5.Taxation (continued)


Factors that may affect future tax charges

In the March 2021 Budget it was announced that the UK corporation tax rate would increase to 25% from 1 April 2023 for profits over £250,000. There are no other significant factors that may affect future tax charges.


6.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022 (unaudited)
19,542
25,888
184,130
229,560


Additions
-
-
14,832
14,832


Disposals
-
(15,334)
(161,307)
(176,641)



At 31 December 2022

19,542
10,554
37,655
67,751



Depreciation (unaudited)


At 1 January 2022
19,542
25,888
172,294
217,724


Charge for the year
-
-
6,809
6,809


Disposals
-
(15,334)
(161,307)
(176,641)



At 31 December 2022

19,542
10,554
17,796
47,892



Net book value



At 31 December 2022
-
-
19,859
19,859



At 31 December 2021 (Unaudited)
-
-
11,836
11,836

Page 17
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021 (Unaudited)
£
£


Trade debtors
203,589
322,208

Amounts owed by group undertakings
229,028
-

Other debtors
131,008
-

Prepayments and accrued income
547,677
386,224

1,111,302
708,432



8.


Cash and cash equivalents

2022
2021 (Unaudited)
£
£

Cash at bank and in hand
799,737
1,294,976

799,737
1,294,976



9.


Creditors: Amounts falling due within one year

2022
2021 (Unaudited)
£
£

Trade creditors
138,528
5,116

Amounts owed to group undertakings
-
161,056

Corporation tax
154,172
-

Other taxation and social security
66,114
78,858

Other creditors
168,742
13,503

Accruals and deferred income
437,806
547,976

965,362
806,509



10.


Deferred taxation

Page 18
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Deferred taxation (continued)




2022


£






At beginning of year
2,343



At end of year
2,343

The provision for deferred taxation is made up as follows:

2022
2021 (Unaudited)
£
£


Accelerated capital allowances
2,343
2,343

2,343
2,343

Page 19
 
MEDILINE HOME CARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Share capital

2022
2021 (Unaudited)
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100
6 Ordinary A shares of £1 each
6
6

106

106



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £100,091 (unaudited period ended 31 December 2021 - £109,784). At the reporting date £14,095 (unaudited 2021 - £19,475) was payable by the company to the pension scheme.


13.


Related party transactions

The company has taken advantage of the exemptions available under FRS 102 not to disclosed any transactions with and balances with wholly owned members of the group.


14.


Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements. 


15.


Controlling party

The immediate parent undertaking is Cera Care Operations Holdings Limited, a company incorporated in England and Wales. The registered office of Cera Care Operations Holdings Limited is Crown House Stephenson Road, Severalls Industrial Park, Colchester, England, CO4 9QR.
The ultimate parent undertaking is Cera Care Limited,a company incorporated in England and Wales, in which the company's financial statements are consolidated. The registered office of Cera Care Limited is Crown House Stephenson Road, Severalls Industrial Park, Colchester, England, CO4 9QR, from where consolidated accounts can be obtained.

 
Page 20