REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Freedom Care and Support Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Freedom Care and Support Ltd |
Freedom Care and Support Ltd (Registered number: 07466340) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Freedom Care and Support Ltd |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
209 Liverpool Road |
Birkdale |
Southport |
Merseyside |
PR8 4PH |
Freedom Care and Support Ltd (Registered number: 07466340) |
Balance Sheet |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Freedom Care and Support Ltd (Registered number: 07466340) |
Balance Sheet - continued |
31 March 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Freedom Care and Support Ltd (Registered number: 07466340) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Freedom Care and Support Ltd is a private limited company, incorporated and registered in England and Wales (registered number 07466340). The address of the registered office is Office 119 - 120, Business First, Empire Business Park, Liverpool Road, Burnley, Lancashire, England, BB12 6HH. The principal activity of the company is that of the provision of health and social care to people with a disability. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates and including value added tax. |
The company provides health and social care to people with a disability. The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets |
All tangible assets are initially recorded at cost. Cost includes all expenditure directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner included by management. |
Depreciation is provided at the following annual rates in order to write off the cost of each asset less its residual amount over its estimated useful life. |
Land and buildings - 2% on cost |
Plant & machinery etc - 33 1/3 % on cost and 25% on cost |
At each reporting date the carrying value of the company's tangible fixed assets are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or related group of assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
Taxation |
Taxation comprises current and deferred tax. Tax is recognised in the Income Statement 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 that have been enacted or substantively enacted by the balance sheet date. |
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. |
Freedom Care and Support Ltd (Registered number: 07466340) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other account receivables and payables and loans from related parties. Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, and impairment loss is recognised in profit or loss. |
Short term debtors are measured at transaction price, less any impairment. |
Short term creditors are measured at the transaction price. Other financial liabilities are measured at fair value net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Other operating income |
Rents receivable from the letting of the company's land and buildings are accounted for on a receivable basis. |
Coronavirus (covid-19) grants |
Coronavirus (Covid-19) grants are recognised as income in the company's profit or loss. Such grants are in respect of claims made to Her Majesty Revenue and Customs for employees furloughed in accordance with the Coronavirus Job Retention Scheme which are recognised on a receivable basis, business rate relief grant and other grants the company is entitled to received from local council which are recognised on a received basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Freedom Care and Support Ltd (Registered number: 07466340) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 25,201 | 33,240 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
The company's bank loan is secured by a legal charge in favour of Barclays Bank PLC over its freehold land and buildings. |
9. | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
The preparation of financial statements, in conformity with generally accepted accounting principles, requires the use of estimates and judgements that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the directors' best knowledge of current events and actions, action results ultimately may differ from these estimates. |
In preparing these financial statements the directors reviewed the company's contracts with its customers to ensure that revenues receivable from the provision of social work activities for the elderly and disabled in the year ended 31 March 2022 are satisfactory recorded within the income statement and balance sheet. |
The directors do not consider there to be any additional estimates and judgements in connection with the preparation of the company's year ended 31 March 2022 financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities at the balance sheet date of 31 March 2022. |
Freedom Care and Support Ltd (Registered number: 07466340) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
10. | CORONAVIRUS (COVID-19) |
As with most businesses the company has been impacted by the Coronavirus (Covid-19). This has had an impact on the company's operations, customers, suppliers and staff. Some of the company's staff were furloughed in the year ended 31 March 2021. None of the company's staff were furloughed in the year ended 31 March 2022. The company has utilised the grants and benefits available from the local council, and is taking all the steps it can to protect the future of its business. Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis. Working capital of the company remains strong and retained earnings remain healthy. |