Salix Care Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06174126 (England and Wales)

SALIX CARE LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

Mrs J A Roberts

Mr D K Roberts

SECRETARY:

Mrs J A Roberts

REGISTERED OFFICE:

Atelier B1

The Old Brewery

Lodway

Pill

Bristol

BS20 0DH

REGISTERED NUMBER:

06174126 (England and Wales)

ACCOUNTANTS:

Pinstripe

Atelier B1

The Old Brewery

Lodway

Pill

Bristol

BS20 0DH

FIXED ASSETS

Intangible assets

4

7,000

11,000

Tangible assets

5

536,602

552,208

543,602

563,208

CURRENT ASSETS

Stocks

6

3,482

4,000

Debtors

7

723,277

855,155

Cash at bank

29,318

55,062

756,077

914,217

CREDITORS

Amounts falling due within one year

8

252,072

249,663

NET CURRENT ASSETS

504,005

664,554

TOTAL ASSETS LESS CURRENT LIABILITIES

1,047,607

1,227,762

CREDITORS

Amounts falling due after more than one year

9

(191,377

)

(201,635

)

PROVISIONS FOR LIABILITIES

11

(1,013

)

(1,596

)

NET ASSETS

855,217

1,024,531

CAPITAL AND RESERVES

Called up share capital

200

200

Other reserves

(87,015

)

-

Retained earnings

942,032

1,024,331

SHAREHOLDERS' FUNDS

855,217

1,024,531

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2017 and were signed on its behalf by:

Mrs J A Roberts - Director

1.	STATUTORY INFORMATION

Salix Care Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition

Turnover represents the revenue generated from the sale of services. Revenue is measured at the fair value of the

consideration received and receivable excluding value added tax.

Revenue from services is recognised when services have been provided and the contractual right to the

consideration has been earned.

Goodwill

Goodwill in connection with the acquisition of a business was purchased on 20 January 2014, it will be

amortised evenly over it's estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted by the

balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial liabilities and equity instruments are classified and accounted for according to the substance of

contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the assets of the entity after deducting all of its financial

liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2016 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

20,000

AMORTISATION

At 1 April 2016

9,000

Amortisation for year

4,000

At 31 March 2017

13,000

NET BOOK VALUE

At 31 March 2017

7,000

At 31 March 2016

11,000

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2016

572,238

5,000

11,976

Additions

-

-

1,483

At 31 March 2017

572,238

5,000

13,459

DEPRECIATION

At 1 April 2016

36,051

1,096

6,338

Charge for year

11,445

500

3,363

At 31 March 2017

47,496

1,596

9,701

NET BOOK VALUE

At 31 March 2017

524,742

3,404

3,758

At 31 March 2016

536,187

3,904

5,638

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

10,942

5,825

605,981

Additions

1,915

-

3,398

At 31 March 2017

12,857

5,825

609,379

DEPRECIATION

At 1 April 2016

5,331

4,957

53,773

Charge for year

3,213

483

19,004

At 31 March 2017

8,544

5,440

72,777

NET BOOK VALUE

At 31 March 2017

4,313

385

536,602

At 31 March 2016

5,611

868

552,208

6.

STOCKS

2017

2016

£

£

Stocks

3,482

4,000

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

13,564

56,889

Other debtors

550,728

798,266

564,292

855,155

Amounts falling due after more than one year:

Other debtors

158,985

-

Aggregate amounts

723,277

855,155

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

27,637

27,970

Trade creditors

8,667

10,201

Taxation and social security

14,350

39,806

Other creditors

201,418

171,686

252,072

249,663

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

191,377

201,635

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

219,014

229,272

The bank loans are secured by fixed and floating charges over the assets of the company.

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

1,013

1,596

Deferred

tax

£

Balance at 1 April 2016

1,596

Accelerated capital allowances

(583

)

Balance at 31 March 2017

1,013

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Other than movements on the directors loan accounts there were no other transactions with the directors in the

period.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £100,000 were paid to the directors .

14.	OTHER RESERVES

The amount shown in other reserves is a measurement adjustment in relation to a loan granted by the company to

a related party at an interest rate below market value.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Salix Care Limited for the year ended 31 March 2017 which comprise the Profit and Loss

Account, the Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and

other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the directors of Salix Care Limited in accordance with the terms of our engagement letter.

Our work has been undertaken solely to prepare for your approval of the financial statements of Salix Care Limited and

state those matters that we have agreed to state to the director of Salix Care Limited in this report in accordance with the

requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its

director for our work or for this report.

It is your duty to ensure that Salix Care Limited has kept adequate accounting records and to prepare statutory financial

statements that give a true and fair view of the assets, liabilities, financial position and profit of Salix Care Limited. You

consider that Salix Care Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Salix Care Limited. For this

reason, we have not verified the accuracy or completeness of the accounting records or information and explanations

you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Pinstripe

Atelier B1

The Old Brewery

Lodway

Pill

Bristol

BS20 0DH

20 December 2017