Registration number:
Green Cross Healthcare Limited
for the Year Ended 30 November 2021
Green Cross Healthcare Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Green Cross Healthcare Limited
Company Information
Directors |
Mr A Lakhani Mr B Lakhani |
Registered office |
|
Accountants |
|
Green Cross Healthcare Limited
(Registration number: 07687107)
Balance Sheet as at 30 November 2021
Note |
2021 |
2020 |
|||
Fixed assets |
|||||
Intangible assets |
|
|
|||
Tangible assets |
|
|
|||
|
|
||||
Current assets |
|||||
Stocks |
|
|
|||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current liabilities |
( |
( |
|||
Total assets less current liabilities |
|
|
|||
Creditors: Amounts falling due after more than one year |
( |
( |
|||
Provisions for liabilities |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Profit and loss account |
|
|
|||
Total equity |
|
|
For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Green Cross Healthcare Limited
(Registration number: 07687107)
Balance Sheet as at 30 November 2021
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.
Approved and authorised by the
......................................... |
Green Cross Healthcare Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
The financial statements are presented in Pound Sterling, which is the functional currency of the company.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in "Other operating income" within profit or loss in the same period as the related expenditure. The deferred element of grants, if any, is included in creditors as deffered income.
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.
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.
Green Cross Healthcare Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Fixtures, fittings & equipment |
20% Reducing Balance |
Improvements to leasehold property |
Over 8 years |
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised as an asset on the balance sheet and amortised over its estimated useful economic life. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Amortised Over 20 years |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Green Cross Healthcare Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 December 2020 |
|
|
At 30 November 2021 |
|
|
Amortisation |
||
At 1 December 2020 |
|
|
Amortisation charge |
|
|
At 30 November 2021 |
|
|
Carrying amount |
||
At 30 November 2021 |
|
|
At 30 November 2020 |
|
|
Green Cross Healthcare Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Tangible assets |
Improvements to leasehold property |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 December 2020 |
|
|
|
At 30 November 2021 |
|
|
|
Depreciation |
|||
At 1 December 2020 |
|
|
|
Charge for the year |
|
|
|
At 30 November 2021 |
|
|
|
Carrying amount |
|||
At 30 November 2021 |
|
|
|
At 30 November 2020 |
|
|
|
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
9,437 |
2,458 |
|
|
Green Cross Healthcare Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Corporation tax |
35,728 |
25,778 |
|
Other taxes and social security |
- |
|
|
Directors' current accounts |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
6,360 |
10,409 |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Green Cross Healthcare Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Bank borrowings
The bank loans are secured as follows:
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
This relates to the outstanding commitments for the future minimum lease payment sunder a non-cancellable operating lease for the property which the company trades from.
Related party transactions |
Other transactions with directors |
Mr B Lakhani and Mr A Lakhani
(Directors and Shareholders)
Mr B Lakhani together with his wife Mrs V Lakhani own the business premises where the company trades from. The company pays annual rent of £2 for the occupation of the business premises.
In respect of the company's bank borrwoings, Mr B Lakhani and Mr A Lakhani have provided a personal guarantee for a sum of £638,757 amd Mr A Lakhani has assigned a life cover in the form of £600,000 over 16 year terms.
Interest free loans have been provided by Mr B Lakhani and Mr A Lakhani. There are no formal repayment terms agreed for the loans. However, Mr B Lakhani and Mr A Lakhani will not demand repayment of the loans unless the company has funds to do so.
At the balance sheet date the amount due to Mr B Lakhani and Mr A Lakhani was £109,276 (2020 - £136,018).