Retracare Limited - Accounts to registrar (filleted) - small 18.2

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RETRACARE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST OCTOBER 2018

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTORS:

R J Hughes

J S Hutchinson

A O'gorman

H Saycell

D Parkinson

M Sheldrake

REGISTERED OFFICE:

Retra House

1 Ampthill Street

Bedford

Bedfordshire

MK42 9EY

REGISTERED NUMBER:

02621451 (England and Wales)

SENIOR STATUTORY AUDITOR:

Roger Hammond FCA

AUDITORS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Tangible assets

1,784

2,385

Investments

650,000

662,538

651,784

664,923

CURRENT ASSETS

Debtors

207,563

91,369

Investments

893,591

Cash at bank and in hand

745,120

795,184

952,683

1,780,144

CREDITORS

Amounts falling due within one year

920,696

742,582

NET CURRENT ASSETS

31,987

1,037,562

TOTAL ASSETS LESS CURRENT
LIABILITIES

683,771

1,702,485

CREDITORS

Amounts falling due after more than one
year

579,864

1,462,659

NET ASSETS

103,907

239,826

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

103,807

239,726

SHAREHOLDERS' FUNDS

103,907

239,826

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 23rd September 2019 and were signed on its
behalf by:

H Saycell - Director

1.	STATUTORY INFORMATION

Retracare Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover for the year represents commission charges, excluding value added tax, receivable from the arranging

of extended service plans, net of deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

33% on reducing balance

Computer equipment

33% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Current asset investments

Investments held as current assets are valued at fair value with revaluation adjustments being recognised in the

profit and loss account. Income from investments and capital gains made on disposal of current assets

investments are included in the profit and loss account as they arise.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

COST

At 1st November 2017

8,408

5,921

14,329

Additions

295

Disposals

(100

)

(100

)

At 31st October 2018

8,408

6,116

14,524

DEPRECIATION

At 1st November 2017

7,327

4,617

11,944

Charge for year

360

436

796

At 31st October 2018

7,687

5,053

12,740

NET BOOK VALUE

At 31st October 2018

721

1,063

1,784

At 31st October 2017

1,081

1,304

2,385

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

COST

At 1st November 2017

and 31st October 2018

662,538

PROVISIONS

Reclassification

12,538

At 31st October 2018

12,538

NET BOOK VALUE

At 31st October 2018

650,000

At 31st October 2017

662,538

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/18

31/10/17

Other debtors

171,840

91,369

VAT

24,426

Prepayments and accrued income

11,297

207,563

91,369

7.	CURRENT ASSET INVESTMENTS

31/10/18

31/10/17

Listed investments

893,591

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/18

31/10/17

Trade creditors

25,569

22,970

Amounts owed to group undertakings

46,003

Social security and other taxes

7,552

10,142

VAT

10,158

Other creditors

2,051

Deferred income

877,594

642,702

Accrued expenses

7,930

10,607

920,696

742,582

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31/10/18

31/10/17

Deferred income

579,864

1,462,659

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roger Hammond FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

11.	POST BALANCE SHEET EVENTS

On 19 August 2019 Retracare entered into a contract to transfer all existing 103,825 guarantee policies 'the back

book' for a sum of £2,258,919. The amount is to be paid in instalments totalling £1,758,919 for the year ended

31 October 2019 and a further £125,000 per year, ending in the financial year to 31 October 2023. Transferring

the guarantees relinquishes the company from any financial obligation to satisfy future claims made against those

policies.

Deferred income in the financial statements totalling £1,457,459 will also be written back to the profit and loss

account in the year ending 31 October 2019 to reflect the commercial arrangement of the deal.