Homecarers (Liverpool) Limited - Period Ending 2017-08-31

Homecarers (Liverpool) Limited - Period Ending 2017-08-31


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Registration number: 03729978

Homecarers (Liverpool) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Robinson Rice Associates Limited
Chartered Accountants, Statutory Auditors & Chartered Tax Advisors
30 Crosby Road North
Liverpool
Merseyside
L22 4QF

 

Homecarers (Liverpool) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Homecarers (Liverpool) Limited

Company Information

Director

Mrs Karen Janet Caffrey

Company secretary

Mr Christopher Caffrey

Registered office

8 Childwall Valley Road
Liverpool
Merseyside
L16 4PE

Accountants

Robinson Rice Associates Limited
Chartered Accountants, Statutory Auditors & Chartered Tax Advisors
30 Crosby Road North
Liverpool
Merseyside
L22 4QF

 

Homecarers (Liverpool) Limited

(Registration number: 03729978)
Balance Sheet as at 31 August 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

148,604

163,728

Current assets

 

Stocks

6

500

500

Debtors

7

433,967

270,184

Cash at bank and in hand

 

327,825

273,976

 

762,292

544,660

Creditors: Amounts falling due within one year

8

(548,618)

(530,163)

Net current assets

 

213,674

14,497

Total assets less current liabilities

 

362,278

178,225

Provisions for liabilities

(2,503)

(2,627)

Net assets

 

359,775

175,598

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

24,435

24,435

Profit and loss account

335,338

151,161

Total equity

 

359,775

175,598

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

 

Homecarers (Liverpool) Limited

(Registration number: 03729978)
Balance Sheet as at 31 August 2017

Approved and authorised by the director on 5 November 2017
 

.........................................

Mrs Karen Janet Caffrey

Director

 

Homecarers (Liverpool) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Childwall Valley Road
Liverpool
Merseyside
L16 4PE

These financial statements were authorised for issue by the director on 5 November 2017.

2

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 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Homecarers (Liverpool) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

25% reducing balance

Short leasehold

over 20 year licence

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

Homecarers (Liverpool) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Homecarers (Liverpool) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Financial instruments

Classification
Financial instruments are classified and accounting for, according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 209 (2016 - 213).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2016

1,610

1,610

At 31 August 2017

1,610

1,610

Amortisation

At 1 September 2016

1,610

1,610

At 31 August 2017

1,610

1,610

Carrying amount

At 31 August 2017

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

Homecarers (Liverpool) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 September 2016

289,141

134,862

5,820

23,428

Additions

-

-

-

1,146

At 31 August 2017

289,141

134,862

5,820

24,574

Depreciation

At 1 September 2016

153,504

110,799

4,630

20,590

Charge for the year

9,383

5,833

297

757

At 31 August 2017

162,887

116,632

4,927

21,347

Carrying amount

At 31 August 2017

126,254

18,230

893

3,227

At 31 August 2016

135,637

24,063

1,190

2,838

Total
£

Cost or valuation

At 1 September 2016

453,251

Additions

1,146

At 31 August 2017

454,397

Depreciation

At 1 September 2016

289,523

Charge for the year

16,270

At 31 August 2017

305,793

Carrying amount

At 31 August 2017

148,604

At 31 August 2016

163,728

Included within the net book value of land and buildings above is £126,254 (2016 - £135,637) in respect of short leasehold land and buildings.
 

 

Homecarers (Liverpool) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

6

Stocks

2017
£

2016
£

Finished goods and goods for resale

500

500

7

Debtors

2017
£

2016
£

Trade debtors

404,796

233,760

Prepayments

26,753

31,500

Other debtors

2,418

4,924

433,967

270,184

8

Creditors

Creditors: amounts falling due within one year

2017
£

2016
£

Due within one year

Trade creditors

1,498

6,171

Accruals and deferred income

13,851

10,604

Other creditors

533,269

513,388

548,618

530,163

9

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

10

Dividends

Interim dividends paid

 

Homecarers (Liverpool) Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

   

2017
£

 

2016
£

Interim dividend of 80,000.00 (2016 - 98,000.00) per each Interim dividend share

 

160,000

 

196,000

         

11

Transition to FRS 102

These financial statements for the year ended 31 August 2017 are the first financial statements that comply with FRS102 1A for small entities. The date of transition was 1 September 2015, and there were no adjustments necessary.