Care without Compromise Limited 31/03/2018 iXBRL

Care without Compromise Limited 31/03/2018 iXBRL

CARE WITHOUT COMPROMISE LIMITED - Company Information

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Company registration number: 06511464
Care without Compromise Limited
Unaudited filleted financial statements
31 March 2018
Care without Compromise Limited
Contents
Accountants report
Balance sheet
Notes to the financial statements
Care without Compromise Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Care without Compromise Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Care without Compromise Limited for the year ended 31 March 2018 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Care without Compromise Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Care without Compromise Limited and state those matters that we have agreed to state to the board of directors of Care without Compromise Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Care without Compromise Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Care without Compromise 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 Care without Compromise Limited. You consider that Care without Compromise 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 Care without Compromise 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.
Clifton House Partnership
Chartered Accountants
Clifton House
Four Elms Road
Cardiff
CF24 1LE
Dated : 23 January 2019
Care without Compromise Limited
Balance sheet
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 1,718,709 1,755,781
_________ _________
1,718,709 1,755,781
Current assets
Debtors 6 141,414 176,751
Cash at bank and in hand 33,406 65,537
_________ _________
174,820 242,288
Creditors: amounts falling due
within one year 7 ( 230,950) ( 288,843)
_________ _________
Net current liabilities ( 56,130) ( 46,555)
_________ _________
Total assets less current liabilities 1,662,579 1,709,226
Creditors: amounts falling due
after more than one year 8 ( 798,655) ( 857,577)
Provisions for liabilities ( 44,592) ( 49,681)
_________ _________
Net assets 819,332 801,968
_________ _________
Capital and reserves
Called up share capital 9 80 80
Profit and loss account 819,252 801,888
_________ _________
Shareholders funds 819,332 801,968
_________ _________
For the year ending 31 March 2018 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.
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 Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 January 2019 , and are signed on behalf of the board by:
........................................ ........................................
Mr P.A. Doyle Mrs C.E. Richards
Director Director
Company registration number: 06511464
Care without Compromise Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 24 Beechwood Grove, Pencoed, Bridgend, South Wales, CF35 6SU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 2 % straight line
Office equipment - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 76 (2017: 76 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2017 1,839,065 12,827 83,439 26,848 1,962,179
Additions - - - 9,568 9,568
Disposals - - - ( 14,940) ( 14,940)
_________ _________ _________ _________ _________
At 31 March 2018 1,839,065 12,827 83,439 21,476 1,956,807
_________ _________ _________ _________ _________
Depreciation
At 1 April 2017 144,756 10,518 38,121 13,003 206,398
Charge for the year 31,001 770 6,798 3,654 42,223
Disposals - - - ( 10,523) ( 10,523)
_________ _________ _________ _________ _________
At 31 March 2018 175,757 11,288 44,919 6,134 238,098
_________ _________ _________ _________ _________
Carrying amount
At 31 March 2018 1,663,308 1,539 38,520 15,342 1,718,709
_________ _________ _________ _________ _________
At 31 March 2017 1,694,309 2,309 45,318 13,845 1,755,781
_________ _________ _________ _________ _________
6. Debtors
2018 2017
£ £
Trade debtors - 23,018
Prepayments and accrued income 4,605 3,420
Other debtors 136,809 150,313
_________ _________
141,414 176,751
_________ _________
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 72,576 84,297
Trade creditors - 11,654
Corporation tax 89,180 137,948
Social security and other taxes 22,553 28,910
Other creditors 46,641 26,034
_________ _________
230,950 288,843
_________ _________
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 798,655 857,577
_________ _________
The bank loans are secured by (1) mortgages over the company's freehold trading properties, (2) floating charge over all of the assets of the company, and (3) a personal guarantee of £25,000 by directors P.A. Doyle, D.K. Doyle, J.P. Doyle and C.E. Richards.
Included within creditors: amounts falling due after more than one year is an amount of £ 512,762 (2017 £ 482,432 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each 80 80 80 80
_________ _________ _________ _________
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P.A. Doyle 19,849 9,023 28,872
Mrs D.K. Doyle 19,849 9,023 28,872
Mr S.G. Richards 20,000 ( 6,480) 13,520
Mrs C.E. Richards 20,000 ( 6,481) 13,519
Mr J.P. Doyle 16,236 ( 9,067) 7,169
Mrs N.L. Doyle 16,236 ( 9,067) 7,169
_________ _________ _________
112,170 ( 13,049) 99,121
_________ _________ _________
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P.A. Doyle 9,996 9,853 19,849
Mrs D.K. Doyle 9,996 9,853 19,849
Mr S.G. Richards 9,995 10,005 20,000
Mrs C.E. Richards 9,995 10,005 20,000
Mr J.P. Doyle 9,995 6,241 16,236
Mrs N.L. Doyle 9,995 6,241 16,236
_________ _________ _________
59,972 52,198 112,170
_________ _________ _________