PRIME_HEALTHCARE_UK_LTD - Accounts

PRIME HEALTHCARE UK LIMITED - Company Information

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Company Registration No. 04580643 (England and Wales)

PRIME HEALTHCARE UK LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2014

PRIME HEALTHCARE UK LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

PRIME HEALTHCARE UK LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 1 -

2014

2013

as restated

Notes

Fixed assets

Intangible assets

102,500

381,250

Tangible assets

995,574

998,911

1,098,074

1,380,161

Current assets

Debtors

143,359

39,934

Cash at bank and in hand

3,095

1,874

146,454

41,808

Creditors: amounts falling due within one year

(192,433)

(293,164)

Net current liabilities

(45,979)

(251,356)

Total assets less current liabilities

1,052,095

1,128,805

Creditors: amounts falling due after more than one year

(1,042,387)

(1,108,203)

Provisions for liabilities

(1,667)

9,708

18,935

Capital and reserves

Called up share capital

100

Profit and loss account

9,608

18,835

Shareholders' funds

9,708

18,935

PRIME HEALTHCARE UK LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MAY 2014

- 2 -

For the financial year ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 10 September 2014

Mr Talwinder Patara

Director

Company Registration No. 04580643

PRIME HEALTHCARE UK LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Changes in accounting policies

The company has adopted FRS102 , that applies to accounting periods commencing 1st January 2015. The adoption of this standard represents a change in accounting policy for the amortisation of goodwill and the comparative figures have been restated accordingly.

The purchased goodwill has been amortised over 10 years instead of previous 20 years.

There is a prior year adjustment of £218,750 to reserves resulting from adopting this standard, as its provisions relate to disclosure.

1.3

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.4

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.5

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.6

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

Nil

Computer equipment

25% Straight line

Fixtures, fittings & equipment

15% Straight line

Motor vehicles

20% Straight line

No Depreciation.

No depreciation is provided in respect of freehold land and buildings. The company has a policy of regular maintenance and repair, so that the asset maintains its performance standards. The assets are not expected to suffer from economic or technological obsolescence and the estimated residual values are material. An impairment review is carried out annually on the tangible fixed assets other than non-depreciable land), at the end of each accounting period, where: - no depreciation is charged as it is deemed immaterial because of the length of the remaining useful economic life or where the estimated residual value is not markedly different from the carrying amount; or - the tangible fixed assets estimated useful economic life exceeds 50 years.

PRIME HEALTHCARE UK LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 June 2013

600,000

1,071,442

1,671,442

Disposals

(7,500)

At 31 May 2014

600,000

1,063,942

1,663,942

Depreciation

At 1 June 2013

437,500

72,531

510,031

On disposals

(6,750)

Charge for the year

60,000

2,587

62,587

At 31 May 2014

497,500

68,368

565,868

Net book value

At 31 May 2014

102,500

995,574

1,098,074

At 31 May 2013

381,250

998,911

1,380,161

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

(603,214)

(673,377)

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100