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

REGISTERED NUMBER: 03064278 (England and Wales)

Unaudited Financial Statements for the Year Ended 29 April 2020

for

Hicare Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S S Nanuwa

Mrs S K Nanuwa

REGISTERED OFFICE:

13b High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

REGISTERED NUMBER:

03064278 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Intangible assets

4

325,000

390,000

Tangible assets

5

172,360

204,395

497,360

594,395

CURRENT ASSETS

Debtors

6

1,710,159

1,438,555

Cash at bank and in hand

206,572

123,879

1,916,731

1,562,434

CREDITORS

Amounts falling due within one year

7

433,066

199,919

NET CURRENT ASSETS

1,483,665

1,362,515

TOTAL ASSETS LESS CURRENT LIABILITIES

1,981,025

1,956,910

CREDITORS

Amounts falling due after more than one year

8

(716,911

)

(773,158

)

PROVISIONS FOR LIABILITIES

(6,205

)

(6,217

)

NET ASSETS

1,257,909

1,177,535

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,257,809

1,177,435

1,257,909

1,177,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2020 and were signed on its behalf by:

S S Nanuwa - Director

1.	STATUTORY INFORMATION

Hicare 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the

acquirer's interest in the fair value of the identifiable assets and liabilities of the acquiree at the date of

acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and

accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over

its estimated useful economic life of twenty years.

Tangible fixed assets

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

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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

Assets obtained under the hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 119 (2019 - 123 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 30 April 2019

and 29 April 2020

1,300,000

AMORTISATION

At 30 April 2019

910,000

Charge for year

65,000

At 29 April 2020

975,000

NET BOOK VALUE

At 29 April 2020

325,000

At 29 April 2019

390,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 30 April 2019

232,513

310,576

365,711

39,991

948,791

Disposals

-

-

-

(7,222

)

(7,222

)

At 29 April 2020

232,513

310,576

365,711

32,769

941,569

DEPRECIATION

At 30 April 2019

133,248

273,649

303,993

33,506

744,396

Charge for year

11,625

9,231

6,171

1,621

28,648

Eliminated on disposal

-

-

-

(3,835

)

(3,835

)

At 29 April 2020

144,873

282,880

310,164

31,292

769,209

NET BOOK VALUE

At 29 April 2020

87,640

27,696

55,547

1,477

172,360

At 29 April 2019

99,265

36,927

61,718

6,485

204,395

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.4.20

29.4.19

£

£

Trade debtors

107,627

112,055

Other debtors

1,602,532

1,326,500

1,710,159

1,438,555

Other debtors include prepayments and accrued income of £6,575 (2019: £1,134).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.4.20

29.4.19

£

£

Bank loans and overdrafts

59,618

50,120

Hire purchase contracts

3,490

3,273

Trade creditors

54,994

56,577

Taxation and social security

60,490

68,777

Other creditors

254,474

21,172

433,066

199,919

Other creditors include accruals and deferred income of £17,773 (2019: £16,603).

Bank loans are secured by a guarantee of £1,250,000 from S S and S K Nanuwa which is supported by legal

charges on the properties and associated assets used by the Company and owned by S S and S K Nanuwa who

are directors of the Company.

Net obligations under finance leases and hire purchase contracts are secured against the assets to which they

relate.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.4.20

29.4.19

£

£

Bank loans

712,243

765,000

Hire purchase contracts

4,668

8,158

716,911

773,158

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

501,143

564,521

Bank loans are secured by a guarantee of £1,250,000 from S S and S K Nanuwa which is supported by legal

charges on the properties and associated assets used by the Company and owned by S S and S K Nanuwa who

are directors of the Company.

9.	OTHER FINANCIAL COMMITMENTS

The total amount of other financial commitments, guarantees & contingencies that are not included on the

balance sheet is £4,849. (2019: nil).