HALLIDAY_HEALTHCARE_LIMIT - Accounts


Company Registration No. 03743489 (England and Wales)
HALLIDAY HEALTHCARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2018
31 March 2018
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HALLIDAY HEALTHCARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
HALLIDAY HEALTHCARE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,000
3,000
Tangible assets
4
465,993
504,115
Investment properties
5
91,072
91,072
559,065
598,187
Current assets
Stocks
6
152,747
147,810
Debtors
7
355,255
364,852
Cash at bank and in hand
660
214
508,662
512,876
Creditors: amounts falling due within one year
8
(671,676)
(659,695)
Net current liabilities
(163,014)
(146,819)
Total assets less current liabilities
396,051
451,368
Creditors: amounts falling due after more than one year
9
(149,779)
(201,067)
Provisions for liabilities
(17,856)
(21,808)
Net assets
228,416
228,493
Capital and reserves
Called up share capital
13
100
100
Revaluation reserve
166,099
170,150
Profit and loss reserves
62,217
58,243
Total equity
228,416
228,493
HALLIDAY HEALTHCARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 5 October 2018 and are signed on its behalf by:
S Halliday
Director
Company Registration No. 03743489
HALLIDAY HEALTHCARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2016
100
174,201
31,104
205,405
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
-
172,482
172,482
Dividends
-
-
(149,394)
(149,394)
Transfers
-
(4,051)
4,051
-
Balance at 31 March 2017
100
170,150
58,243
228,493
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
-
127,243
127,243
Dividends
-
-
(127,320)
(127,320)
Transfers
-
(4,051)
4,051
-
Balance at 31 March 2018
100
166,099
62,217
228,416
HALLIDAY HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information

Halliday Healthcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is Meadows Mill, Burnley Road, Bacup, OL13 8BZ.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets 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 10 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% Straight line
Plant and equipment
15% Reducing balance
Office equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
HALLIDAY HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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 at bank and in hand

Cash at bank and in hand 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 balance sheet 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 debtors and cash and bank balances, 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.

HALLIDAY HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 21 (2017 - 21).

HALLIDAY HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
10,000
Amortisation and impairment
At 1 April 2017
7,000
Amortisation charged for the year
1,000
At 31 March 2018
8,000
Carrying amount
At 31 March 2018
2,000
At 31 March 2017
3,000
4
Tangible fixed assets
Freehold property
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2017
375,000
6,016
87,385
126,120
594,521
Additions
-
-
1,507
-
1,507
At 31 March 2018
375,000
6,016
88,892
126,120
596,028
Depreciation and impairment
At 1 April 2017
17,046
4,726
32,957
35,677
90,406
Depreciation charged in the year
8,523
194
8,301
22,611
39,629
At 31 March 2018
25,569
4,920
41,258
58,288
130,035
Carrying amount
At 31 March 2018
349,431
1,096
47,634
67,832
465,993
At 31 March 2017
357,954
1,290
54,428
90,443
504,115
5
Investment property
2018
£
Fair value
At 1 April 2017 and 31 March 2018
91,072

Investment property comprises rental property. The fair value of the investment property is considered not to be dissimilar to the value disclosed in the financial statements and in line with an open market value.

HALLIDAY HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
6
Stocks
2018
2017
£
£
Stocks
152,747
147,810
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
345,596
355,495
Other debtors
696
696
Prepayments and accrued income
8,963
8,661
355,255
364,852
8
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
10
111,417
106,215
Obligations under finance leases
11
26,366
44,441
Trade creditors
391,340
390,184
Corporation tax
52,674
42,249
Other taxation and social security
37,260
26,560
Other creditors
24,403
11,364
Accruals and deferred income
28,216
38,682
671,676
659,695
9
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
138,704
163,745
Other creditors
11,075
37,322
149,779
201,067
HALLIDAY HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
10
Loans and overdrafts
2018
2017
£
£
Bank loans
163,392
187,295
Bank overdrafts
86,729
82,665
250,121
269,960
Payable within one year
111,417
106,215
Payable after one year
138,704
163,745

Bank loans and overdrafts of £250,121 (2016 - £269,960) are secured by the company and by a personal guarantee given by S Halliday.

11
Finance lease obligations
2018
2017
Future minimum lease payments due under finance leases:
£
£
Within one year
26,366
44,441
In two to five years
11,075
26,366
In over five years
-
10,956
37,441
81,763

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

12
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,461
6,654

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £431 (2017 - £358) were payable to the fund at the balance sheet date.

HALLIDAY HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 10 -
13
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
34Ordinary £1 A Shares of £1 each
34
34
33Ordinary £1 B Shares of £1 each
33
33
33Ordinary £1 C Shares of £1 each
33
33
100
100
14
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2018
2017
£
£
38,753
39,800
2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.300No description of principal activity05 October 2018S HallidayP N HallidayS Halliday037434892017-04-012018-03-31037434892018-03-31037434892017-03-3103743489core:NetGoodwill2018-03-3103743489core:NetGoodwill2017-03-3103743489core:LandBuildingscore:OwnedOrFreeholdAssets2018-03-3103743489core:PlantMachinery2018-03-3103743489core:ComputerEquipment2018-03-3103743489core:MotorVehicles2018-03-3103743489core:LandBuildingscore:OwnedOrFreeholdAssets2017-03-3103743489core:PlantMachinery2017-03-3103743489core:ComputerEquipment2017-03-3103743489core:MotorVehicles2017-03-3103743489core:CurrentFinancialInstruments2018-03-3103743489core:CurrentFinancialInstruments2017-03-3103743489core:Non-currentFinancialInstruments2018-03-3103743489core:Non-currentFinancialInstruments2017-03-3103743489core:ShareCapital2018-03-3103743489core:ShareCapital2017-03-3103743489core:RevaluationReserve2018-03-3103743489core:RevaluationReserve2017-03-3103743489core:RetainedEarningsAccumulatedLosses2018-03-3103743489core:RetainedEarningsAccumulatedLosses2017-03-3103743489core:ShareCapitalOrdinaryShares2018-03-3103743489core:ShareCapitalOrdinaryShares2017-03-3103743489bus:CompanySecretaryDirector12017-04-012018-03-31037434892016-04-012017-03-3103743489core:RetainedEarningsAccumulatedLosses2017-04-012018-03-3103743489core:RetainedEarningsAccumulatedLosses2016-04-012017-03-3103743489core:Goodwill2017-04-012018-03-3103743489core:LandBuildingscore:OwnedOrFreeholdAssets2017-04-012018-03-3103743489core:PlantMachinery2017-04-012018-03-3103743489core:ComputerEquipment2017-04-012018-03-3103743489core:MotorVehicles2017-04-012018-03-3103743489core:NetGoodwill2017-03-3103743489core:NetGoodwill2017-04-012018-03-3103743489core:LandBuildingscore:OwnedOrFreeholdAssets2017-03-3103743489core:PlantMachinery2017-03-3103743489core:ComputerEquipment2017-03-3103743489core:MotorVehicles2017-03-31037434892017-03-3103743489core:WithinOneYear2018-03-3103743489core:WithinOneYear2017-03-3103743489core:BetweenTwoFiveYears2018-03-3103743489core:BetweenTwoFiveYears2017-03-3103743489core:MoreThanFiveYears2017-03-3103743489bus:OrdinaryShareClass22018-03-3103743489bus:OrdinaryShareClass32018-03-3103743489bus:OrdinaryShareClass42018-03-3103743489bus:OrdinaryShareClass22017-04-012018-03-3103743489bus:OrdinaryShareClass32017-04-012018-03-3103743489bus:OrdinaryShareClass42017-04-012018-03-3103743489bus:PrivateLimitedCompanyLtd2017-04-012018-03-3103743489bus:FRS1022017-04-012018-03-3103743489bus:AuditExemptWithAccountantsReport2017-04-012018-03-3103743489bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-3103743489bus:Director12017-04-012018-03-3103743489bus:Director22017-04-012018-03-3103743489bus:CompanySecretary12017-04-012018-03-3103743489bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP