Halsa Care Group Limited - Period Ending 2016-06-30

Registration number: 05149951

Halsa Care Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2016

Halsa Care Group Limited

Contents

Company Information	1
Statement of Directors' Responsibilities	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Halsa Care Group Limited

Company Information

Directors

Mr Eamonn Francis Byrne Ms Jenny Maria Byrne Mr Jonathan Andrew Light Ms Natalie De Gouveia Mr Ryan Sean Rieder

Company secretary

Mr Rupert Layard Hamilton Wright

Registered office

Unit B3 Independence House Fairacres Industrial Estate Windsor SL4 4LE

Accountants

Peloton Accountancy Ltd The Warehouse Anchor Quay Penryn Cornwall TR10 8GZ

Page 1

Halsa Care Group Limited

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

•	make judgements 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 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.

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Halsa Care Group Limited

(Registration number: 05149951)
Balance Sheet as at 30 June 2016

	Note	2016 £	2015 £
Fixed assets
Intangible assets	4	20,000	40,000
Tangible assets	5	1,048,161	843,910
Investments	6	3	3
		1,068,164	883,913
Current assets
Debtors	7	636,882	332,098
Cash at bank and in hand		(118,268)	139,470
		518,614	471,568
Creditors: Amounts falling due within one year	8	(848,686)	(777,603)
Net current liabilities		(330,072)	(306,035)
Total assets less current liabilities		738,092	577,878
Creditors: Amounts falling due after more than one year	8	(530,510)	(522,358)
Provisions for liabilities		(22,860)	62,517
Net assets		184,722	118,037
Capital and reserves
Called up share capital		205	201
Revaluation reserve		120,000	120,000
Profit and loss account		64,517	(2,164)
Total equity		184,722	118,037

The notes on pages 5 to 11 form an integral part of these financial statements.

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Halsa Care Group Limited

(Registration number: 05149951)
Balance Sheet as at 30 June 2016

For the financial year ending 30 June 2016 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 accounts for the year in question in accordance with section 476; and
•	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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 June 2017 and signed on its behalf by:
 

.........................................

Mr Eamonn Francis Byrne

Director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Halsa Care Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2016

1	General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
Unit B3
Independence House
Fairacres Industrial Estate
Windsor
SL4 4LE

The principal place of business is:
Unit B3
Independence House
Fairacres Industrial Estate
Windsor
SL4 4LE

These financial statements were authorised for issue by the Board on 8 June 2017.

2	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 except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings & equipment	33% on cost and 20% on cost
Motor vehicle	20% on cost

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Halsa Care Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2016

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Over estimated life of 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 6

Halsa Care Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2016

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 64 (2015 - 52).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 July 2015	100,000	100,000
At 30 June 2016	100,000	100,000
Amortisation
At 1 July 2015	60,000	60,000
Amortisation charge	20,000	20,000
At 30 June 2016	80,000	80,000
Carrying amount
At 30 June 2016	20,000	20,000
At 30 June 2015	40,000	40,000

Goodwill has been recognised on the acquisition of the Godalming practice in October 2012 and is being amortised over a 5 year period.

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Halsa Care Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2016

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 July 2015	385,319	876,454	21,405	1,283,178
Additions	-	443,897	-	443,897
At 30 June 2016	385,319	1,320,351	21,405	1,727,075
Depreciation
At 1 July 2015	1,231	433,875	4,162	439,268
Charge for the year	1,050	231,461	7,135	239,646
At 30 June 2016	2,281	665,336	11,297	678,914
Carrying amount
At 30 June 2016	383,038	655,015	10,108	1,048,161
At 30 June 2015	384,088	442,579	17,243	843,910

Included within the net book value of land and buildings above is £365,000 (2015 - £365,000) in respect of freehold land and buildings and £18,038 (2015 - £19,088) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 11 August 2011 by an independent valuer. The name and qualification of the independent valuer is Vail Williams LLP, Commercial Property Consultants.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £245,000 (2015 - £245,000).
 

Page 8

Halsa Care Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2016

6	Investments

	2016 £	2015 £
Investments in subsidiaries	3	3

Subsidiaries	£
Cost or valuation
At 1 July 2015	3
Provision
Carrying amount
At 30 June 2016	3
At 30 June 2015	3

7

Debtors

	2016 £	2015 £
Trade debtors	249,797	164,341
Other debtors	387,085	167,757
Total current trade and other debtors	636,882	332,098

8

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and borrowings	9	127,922	103,161
Trade creditors		40,894	78,788
Taxation and social security		142,716	121,746
Other creditors		537,154	473,908
		848,686	777,603
Due after one year
Loans and borrowings	9	530,510	522,358

Page 9

Halsa Care Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2016

9	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Bank borrowings	85,340	66,764
Hire purchase contracts and finance leases	42,582	36,397
	127,922	103,161

	2016 £	2015 £
Non-current loans and borrowings
Bank borrowings	481,121	476,492
Hire purchase contracts and finance leases	49,389	45,866
	530,510	522,358

The bank loans are secured by a legal charge over property, all asset debenture, unlimited cross guarantees between group companies and a personal guarantee from E F Byrne.

10	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £219,967 (2015 - £219,967). These commitments relate solely to operating leases.

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Halsa Care Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2016

11	Related party transactions

Transactions with directors

2016	At 1 July 2015 £	Advances to directors £	Repayments by director £	At 30 June 2016 £
Mr Eamonn Francis Byrne
	97,712	204,221	(128,061)	173,872
Ms Jenny Maria Byrne
	-	21,630	-	21,630
Mr Jonathan Andrew Light
	1,600	380	(1,600)	380
Ms Natalie De Gouveia
	-	21,630	-	21,630
Mr Ryan Sean Rieder
	2,400	21,631	(2,400)	21,631

Interest is charged at HMRC's official rate on all overdrawn directors' loan accounts. These loans are unsecured and repayable on demand.

12	Transition to FRS 102

The financial statements for the year ended 31 June 2016 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 July 2015.

The transition to FRS 102 Section 1A small entities has resulted in no changes in the accounting policies previously used.

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