Compare Private Care Limited - Period Ending 2018-11-30
Compare Private Care Limited - Period Ending 2018-11-30
Registration number:
Compare Private Care Limited
Filleted
for the Year Ended 30 November 2018
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY
Compare Private Care Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Compare Private Care Limited
Company Information
Director |
Mr Bara Massri |
Registered office |
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Accountants |
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Page 1 |
Compare Private Care Limited
(Registration number: 09322578)
Abridged Balance Sheet as at 30 November 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 2 |
Compare Private Care Limited
(Registration number: 09322578)
Abridged Balance Sheet as at 30 November 2018
Approved and authorised by the
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Director
Page 3 |
Compare Private Care Limited
Notes to the Abridged Financial Statements for the Year Ended 30 November 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged 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, based on the continued support of the company's bank and director, and future financial projections. The business, whilst developing it's product, is making a loss and the director anticipates this to continue into the future until such time as the website is made live. The director remains fully committed to the company and forecasts that it will be able to meet its day to day working capital requirements as required. For this reason the director considers that the going concern basis is appropriate.
Page 4 |
Compare Private Care Limited
Notes to the Abridged Financial Statements for the Year Ended 30 November 2018
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 December 2017 and have had an effect on the financial statements:
Amortisation of development costs
Development of a website by the company is ongoing currently, and the website has not yet been released into the public domain. The director considers for this reason that the useful economic life of the asset has yet to commence, and that it would be unsuitable to include the asset at any value less than historic cost at the balance sheet date. For this reason, the company accounting policy on intangible fixed assets has been amended and the amortisation previously charged has been reversed in the current accounting period. The useful economic life of the asset will commence on release to the public, and from that point onwards the asset will be amortised over its expected useful economic life.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Administrative expenses (Profit & loss) | (5,713) | (5,713) | (5,713) |
Intangible assets (Balance sheet) | 17,139 | 11,426 | 5,713 |
Profit and loss account (Balance sheet) | 17,139 | 11,426 | 5,713 |
No amendments have been made to comparative periods in respect of this change, and the impact on the accounting figures is seen only in the current financial year.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development costs |
33% Straight line from date of release |
Page 5 |
Compare Private Care Limited
Notes to the Abridged Financial Statements for the Year Ended 30 November 2018
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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Compare Private Care Limited
Notes to the Abridged Financial Statements for the Year Ended 30 November 2018
Intangible assets |
Total |
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Cost or valuation |
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At 1 December 2017 |
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At 30 November 2018 |
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Amortisation |
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At 1 December 2017 |
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Impairment |
( |
At 30 November 2018 |
- |
Carrying amount |
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At 30 November 2018 |
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At 30 November 2017 |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Related party transactions |
Key management personnel
Relationship: Director
Summary of transactions with key management
Page 7 |