Social Care Locums Ltd. - Period Ending 2017-05-31

Registration number: 06908152

Social Care Locums Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Social Care Locums Ltd.

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Social Care Locums Ltd.

Company Information

Directors

Mrs S Sethi Mr H Sethi

Registered office

19 Martham Close Oakwood Gate Ilford Essex IG6 2GL

Accountants

Sterling Grove Accountants Limited Chartered Certified Accountants Thames House Bourne End Business Park Cores End Road Bourne End Buckinghamshire SL8 5AS

Page 1

Social Care Locums Ltd.

(Registration number: 06908152)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,146	1,674
Current assets
Debtors	5	233,842	302,792
Cash at bank and in hand		-	21,999
		233,842	324,791
Creditors: Amounts falling due within one year	6	(240,740)	(284,361)
Net current (liabilities)/assets		(6,898)	40,430
Net (liabilities)/assets		(5,752)	42,104
Capital and reserves
Called up share capital		2	2
Profit and loss account		(5,754)	42,102
Total equity		(5,752)	42,104

For the financial year ending 31 May 2017 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.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Social Care Locums Ltd.

(Registration number: 06908152)
Balance Sheet as at 31 May 2017

Approved and authorised by the Board on 11 January 2018 and signed on its behalf by:
 

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

Mr H Sethi

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Social Care Locums Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
19 Martham Close
Oakwood Gate
Ilford
Essex
IG6 2GL
England

These financial statements were authorised for issue by the Board on 11 January 2018.

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.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date the company's balance sheet shows an insolvent position, however, with the continued support of the directors, the directors consider there is adequate funding to finance the company's continuing activities and to enable it to pay its debts as and when they fall due for payment. Accordingly the directors considers that the company is a going concern and the financial statements have been prepared on this basis.

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:

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Social Care Locums Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2017

Asset class	Depreciation method and rate
Office equipment	25% straight line

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 at the transaction price, 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 at the transaction price.

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.

Share capital

Ordinary shares are classified as equity.

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 5 (2016 - 5).

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Social Care Locums Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2016	6,357	6,357
Additions	489	489
At 31 May 2017	6,846	6,846
Depreciation
At 1 June 2016	4,684	4,684
Charge for the year	1,016	1,016
At 31 May 2017	5,700	5,700
Carrying amount
At 31 May 2017	1,146	1,146
At 31 May 2016	1,674	1,674

5

Debtors

	Note	2017 £	2016 £
Trade debtors		138,440	175,137
Amounts due to related parties	8	63,321	106,905
Other debtors		32,081	20,750
Total current trade and other debtors		233,842	302,792

6

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	146,962	173,218
Trade creditors		9,265	35,725
Taxation and social security		15,892	22,656
Other creditors		68,621	52,762
		240,740	284,361

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Social Care Locums Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2017

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	23,751	15,561
Other borrowings	123,211	157,657
	146,962	173,218

8	Related party transactions

Transactions with directors

2017	At 1 June 2016 £	Repayments by director £	At 31 May 2017 £
Mrs S Sethi
Interest free loan repayable on demand	53,452	(21,792)	31,660
Mr H Sethi
Interest free loan repayable on demand	53,453	(21,792)	31,661

2016	At 1 June 2015 £	Repayments by director £	At 31 May 2016 £
Mrs S Sethi
Interest free loan repayable on demand	61,954	(8,502)	53,452
Mr H Sethi
Interest free loan repayable on demand	61,954	(8,501)	53,453

Other transactions with directors

During the year dividends were paid to directors of £107,000 (2016: £130,000).

9	Transition to FRS 102

The company has adopted FRS 102 for the first time for the year ended 31 May 2017. The company's date of transition to FRS 102 is 1 June 2015. The transition to FRS 102 has resulted in only a small number of changes in accounting policies compared to those used previously. The transition did not require restatement of comparitive prior year amounts.

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