Generations Care Agency Limited Filleted accounts for Companies House (small and micro)

Generations Care Agency Limited Filleted accounts for Companies House (small and micro)

GENERATIONS CARE AGENCY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06198845
Generations Care Agency Limited
Filleted Unaudited Financial Statements
31 August 2017
Generations Care Agency Limited
Statement of Financial Position
31 August 2017
2017
2016
Note
£
£
£
Fixed Assets
Tangible assets
5
8,257
9,164
Current Assets
Debtors
6
172,634
156,039
Cash at bank and in hand
39,487
10,982
---------
---------
212,121
167,021
Creditors: amounts falling due within one year
7
114,039
68,661
---------
---------
Net Current Assets
98,082
98,360
---------
---------
Total Assets Less Current Liabilities
106,339
107,524
Provisions
Taxation including deferred tax
1,569
1,833
---------
---------
Net Assets
104,770
105,691
---------
---------
Capital and Reserves
Called up share capital
8
75
75
Capital redemption reserve
25
25
Profit and loss account
104,670
105,591
---------
---------
Shareholders Funds
104,770
105,691
---------
---------
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 year ending 31 August 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 year 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 .
Generations Care Agency Limited
Statement of Financial Position (continued)
31 August 2017
These financial statements were approved by the board of directors and authorised for issue on 10 May 2018 , and are signed on behalf of the board by:
K J Johnson
Director
Company registration number: 06198845
Generations Care Agency Limited
Notes to the Financial Statements
Year Ended 31 August 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 Generations Care Agency Limited , Unit 29-31 Clock Tower Business Centre, Hollingwood, Chesterfield, Derbyshire, S43 2PE.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Revenue recognition
The turnover shown in the profit and loss account represents residents fees earned during the period.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
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
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 54 (2016: 57 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2016
14,680
4,222
18,902
Additions
550
–
550
--------
-------
--------
At 31 August 2017
15,230
4,222
19,452
--------
-------
--------
Depreciation
At 1 September 2016
7,147
2,591
9,738
Charge for the year
1,212
245
1,457
--------
-------
--------
At 31 August 2017
8,359
2,836
11,195
--------
-------
--------
Carrying amount
At 31 August 2017
6,871
1,386
8,257
--------
-------
--------
At 31 August 2016
7,533
1,631
9,164
--------
-------
--------
6. Debtors
2017
2016
£
£
Trade debtors
101,732
103,840
Other debtors
70,902
52,199
---------
---------
172,634
156,039
---------
---------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
16,925
15,389
Corporation tax
25,144
–
Social security and other taxes
13,504
15,543
Other creditors
58,466
37,729
---------
--------
114,039
68,661
---------
--------
8. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
75
75
75
75
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017
2016
£
£
Not later than 1 year
2,995
1,315
Later than 1 year and not later than 5 years
5,491
–
-------
-------
8,486
1,315
-------
-------
10. Directors' advances, credits and guarantees
G Whitaker
2017
£
Advances made 6,854
Advances repaid (6,854)
Interest on the loan was charged at a rate of 3% per annum.
11. Related party transactions
During the year, A.V. Technical Services Limited , a company controlled by G Whitaker borrowed from the company £40,000. The loan was written off in full at 31 March 2017.
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.