Company Registration No. 10704539 (England and Wales)
CRG Defence & Primary Care Limited
Financial statements
for the period ended 30 June 2020
Pages for filing with the Registrar
CRG Defence & Primary Care Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
CRG Defence & Primary Care Limited
Statement of financial position
As at 30 June 2020
Page 1
2020
2019
Notes
£
£
£
£
Non-current assets
Intangible assets
3
295,836
317,726
Current assets
Inventories
-
1,198
Trade and other receivables
4
1,255,759
2,170,282
Cash and cash equivalents
26,844
-
1,282,603
2,171,480
Current liabilities
5
(620,360)
(1,623,186)
Net current assets
662,243
548,294
Total assets less current liabilities
958,079
866,020
Non-current liabilities
6
(750,000)
(750,000)
Net assets
208,079
116,020
Equity
Called up share capital
1
1
Retained earnings
7
208,078
116,019
Total equity
208,079
116,020
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 June 2021 and are signed on its behalf by:
Jamie Webb
Director
Company Registration No. 10704539
CRG Defence & Primary Care Limited
Notes to the financial statements
For the period ended 30 June 2020
Page 2
1
Accounting policies
Company information
CRG Defence & Primary Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Tiger Court, Kings Drive, Kings Business Park, Prescot, Merseyside, L34 1BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, and loan defaults or breaches;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Health Care Resourcing Group Limited. These consolidated financial statements are available from its registered office, 8 Tiger Court, Kings Drive, Kings Business Park, Prescot, Merseyside, L34 1BH.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
CRG Defence & Primary Care Limited
Notes to the financial statements (continued)
For the period ended 30 June 2020
1
Accounting policies (continued)
Page 3
1.3
Reporting period
The current accounting period has been extended and therefore the figures in the financial statements relate to the 15 month period to 30 June 2020. The comparative figures relate to the year ended 31 March 2019.
1.4
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue arising from temporary placements is recognised when the service has been delivered. Revenue from permanent placements is recognised when the individual commences their employment.
1.5
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Inventories
Inventories are stated at their cost price, impaired as necessary.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
CRG Defence & Primary Care Limited
Notes to the financial statements (continued)
For the period ended 30 June 2020
1
Accounting policies (continued)
Page 4
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CRG Defence & Primary Care Limited
Notes to the financial statements (continued)
For the period ended 30 June 2020
1
Accounting policies (continued)
Page 5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CRG Defence & Primary Care Limited
Notes to the financial statements (continued)
For the period ended 30 June 2020
1
Accounting policies (continued)
Page 6
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
2019
Number
Number
Total
17
27
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 30 June 2020
350,238
Amortisation and impairment
At 1 April 2019
32,512
Amortisation charged for the Period
21,890
At 30 June 2020
54,402
Carrying amount
At 30 June 2020
295,836
At 31 March 2019
317,726
CRG Defence & Primary Care Limited
Notes to the financial statements (continued)
For the period ended 30 June 2020
Page 7
4
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
126,539
1,922,660
Amounts owed by group undertakings
1,080,359
-
Other receivables
48,861
247,622
1,255,759
2,170,282
5
Current liabilities
2020
2019
£
£
Trade payables
-
421,275
Amounts owed to group undertakings
431,478
679,478
Taxation and social security
129,642
24,420
Other payables
59,240
498,013
620,360
1,623,186
There is a cross company guarantee in place for all Health Care Resourcing Group Limited (HCRG) subsidiary trading companies in relation to the invoice discount facility held by HCRG. The total group liability as at 30 June 2020 in respect of this facility was £6,937,411 (2019: £24,913,316).
6
Non-current liabilities
2020
2019
£
£
Amounts owed to group undertakings
750,000
750,000
7
Reserves
Retained earnings represent the accumulated earnings less dividends paid.
CRG Defence & Primary Care Limited
Notes to the financial statements (continued)
For the period ended 30 June 2020
Page 8
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Simon Kite BSc FCA.
The auditor was Saffery Champness LLP.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
2,875
7,509
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Group undertakings
1,181,478
1,429,478
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Group undertakings
1,080,359
-
CRG Defence & Primary Care Limited
Notes to the financial statements (continued)
For the period ended 30 June 2020
Page 9
11
Parent company
The immediate and ultimate parent undertaking is Health Care Resourcing Group Limited, a company incorporated and registered in England & Wales. This is the smallest and largest group in which this company is consolidated. Copies of the Health Care Resourcing Group Limited financial statements are available from 8 Tiger Court, Kings Drive, Kings Business Park, Prescot, Merseyside, L34 1BH.
There is not considered to be an ultimate controlling party.
2020-06-302019-04-01false24 June 2021CCH SoftwareCCH Accounts Production 2020.310No description of principal activityThis audit opinion is unqualifiedIan MunroJamie WebbGary Taylor107045392019-04-012020-06-30107045392020-06-3010704539core:NetGoodwill2020-06-3010704539core:NetGoodwill2019-03-31107045392018-04-012019-03-31107045392019-03-3110704539core:CurrentFinancialInstrumentscore:WithinOneYear2020-06-3010704539core:CurrentFinancialInstrumentscore:WithinOneYear2019-03-3110704539core:Non-currentFinancialInstrumentscore:AfterOneYear2020-06-3010704539core:Non-currentFinancialInstrumentscore:AfterOneYear2019-03-3110704539core:CurrentFinancialInstruments2020-06-3010704539core:CurrentFinancialInstruments2019-03-3110704539core:ShareCapital2020-06-3010704539core:ShareCapital2019-03-3110704539core:RetainedEarningsAccumulatedLosses2020-06-3010704539core:RetainedEarningsAccumulatedLosses2019-03-3110704539bus:Director22019-04-012020-06-3010704539core:Goodwill2019-04-012020-06-3010704539core:NetGoodwill2019-03-3110704539core:NetGoodwill2019-04-012020-06-3010704539core:WithinOneYear2020-06-3010704539core:WithinOneYear2019-03-3110704539core:Non-currentFinancialInstruments2020-06-3010704539core:Non-currentFinancialInstruments2019-03-3110704539bus:PrivateLimitedCompanyLtd2019-04-012020-06-3010704539bus:SmallCompaniesRegimeForAccounts2019-04-012020-06-3010704539bus:FRS1022019-04-012020-06-3010704539bus:Audited2019-04-012020-06-3010704539bus:Director12019-04-012020-06-3010704539bus:Director32019-04-012020-06-3010704539bus:FullAccounts2019-04-012020-06-30xbrli:purexbrli:sharesiso4217:GBP