Globereen Healthcare Limited Company Accounts

GLOBEREEN HEALTHCARE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08478701

Globereen Healthcare Limited

Filleted Unaudited Financial Statements

31 May 2017

Globereen Healthcare Limited

Financial Statements

Period from 1 May 2016 to 31 May 2017

Contents	Page

Balance sheet	1

Statement of changes in equity	3

Notes to the financial statements	4

Globereen Healthcare Limited

Balance Sheet

31 May 2017

	31 May 17		30 Apr 16
Note	£	£	£

Fixed assets

Investments	4		779,640	–

Current assets

Debtors	5	615,405	–
Cash at bank and in hand		113,604	639,227
		---------	---------
		729,009	639,227

Creditors: amounts falling due within one year	6	661,406		624,424
		---------		---------
Net current assets			67,603	14,803
			---------	--------
Total assets less current liabilities			847,243	14,803

Creditors: amounts falling due after more than one year	7	697,580	–
		---------	--------
Net assets		149,663	14,803
		---------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	149,563	14,703
	---------	--------
Shareholders funds	149,663	14,803
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period 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 financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Globereen Healthcare Limited

Balance Sheet (continued)

31 May 2017

These financial statements were approved by the board of directors and authorised for issue on 28 February 2018 , and are signed on behalf of the board by:

Mr. R.A. Patel	Mr. H.A. Patel
Director	Director

Company registration number: 08478701

Globereen Healthcare Limited

Statement of Changes in Equity

Period from 1 May 2016 to 31 May 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 May 2015	1	( 300)	( 299)

Profit for the period		15,003	15,003
	----	--------	--------
Total comprehensive income for the period	–	15,003	15,003

Issue of shares	99	–	99
	----	--------	--------
Total investments by and distributions to owners	99	–	99

At 30 April 2016	100	14,703	14,803

Profit for the period		134,860	134,860
	----	---------	---------
Total comprehensive income for the period	–	134,860	134,860

	----	---------	---------
At 31 May 2017	100	149,563	149,663
	----	---------	---------

Globereen Healthcare Limited

Notes to the Financial Statements

Period from 1 May 2016 to 31 May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2016	–
Additions	779,640
	---------
At 31 May 2017	779,640
	---------
Impairment
At 1 May 2016 and 31 May 2017	–
	---------

Carrying amount
At 31 May 2017	779,640
	---------
At 30 April 2016	–
	---------

5. Debtors

	31 May 17	30 Apr 16
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	594,703	–
Other debtors	20,702	–
	---------	----
	615,405	–
	---------	----

6. Creditors: amounts falling due within one year

	31 May 17	30 Apr 16
	£	£
Bank loans and overdrafts	42,762	–
Corporation tax	–	3,751
Other creditors	618,644	620,673
	---------	---------
	661,406	624,424
	---------	---------

Bank loans amounting to £42,762 (2016 £Nil) have been secured by a fixed and floating charge over the company's assets.

7. Creditors: amounts falling due after more than one year

	31 May 17	30 Apr 16
	£	£
Bank loans and overdrafts	697,580	–
	---------	----

Bank loans amounting to £697,580 (2016 £Nil) have been secured by a fixed and floating charge over the company's assets.

Included within creditors: amounts falling due after more than one year is an amount of £503,867 (2016: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

8. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.