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Registration number: 07687107

Green Cross Healthcare Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Green Cross Healthcare Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Green Cross Healthcare Limited

Company Information

Directors

Mr A Lakhani

Mr B Lakhani

Registered office

54 Bishopscote Road
Luton
Bedfordshire
LU3 1PB

Accountants

Flemmings Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Green Cross Healthcare Limited

(Registration number: 07687107)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

           

Fixed assets

   

 

Intangible assets

4

 

686,500

 

755,150

Tangible assets

5

 

5,810

 

8,020

   

692,310

 

763,170

Current assets

   

 

Stocks

83,882

 

82,628

 

Debtors

6

109,289

 

61,921

 

Cash at bank and in hand

 

196,195

 

159,478

 

 

389,366

 

304,027

 

Creditors: Amounts falling due within one year

7

(415,856)

 

(416,982)

 

Net current liabilities

   

(26,490)

 

(112,955)

Total assets less current liabilities

   

665,820

 

650,215

Creditors: Amounts falling due after more than one year

7

 

(417,638)

 

(467,186)

Provisions for liabilities

 

(784)

 

(980)

Net assets

   

247,398

 

182,049

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

247,298

 

181,949

 

Total equity

   

247,398

 

182,049

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 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 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 Board on 1 August 2022 and signed on its behalf by:
 

.........................................
Mr B Lakhani
Director

 

Green Cross Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

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:
54 Bishopscote Road
Luton
Bedfordshire
LU3 1PB
United Kingdom

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2020 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2020

1,373,000

1,373,000

At 30 November 2021

1,373,000

1,373,000

Amortisation

At 1 December 2020

617,850

617,850

Amortisation charge

68,650

68,650

At 30 November 2021

686,500

686,500

Carrying amount

At 30 November 2021

686,500

686,500

At 30 November 2020

755,150

755,150

 

Green Cross Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

5

Tangible assets

Improvements to leasehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2020

9,424

19,421

28,845

At 30 November 2021

9,424

19,421

28,845

Depreciation

At 1 December 2020

6,563

14,262

20,825

Charge for the year

1,178

1,032

2,210

At 30 November 2021

7,741

15,294

23,035

Carrying amount

At 30 November 2021

1,683

4,127

5,810

At 30 November 2020

2,861

5,159

8,020

6

Debtors

2021
£

2020
£

Trade debtors

74,314

47,709

Other debtors

25,538

11,754

Prepayments and accrued income

9,437

2,458

 

109,289

61,921

 

Green Cross Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Bank loans and overdrafts

8

43,822

34,200

Trade creditors

 

208,000

202,046

Corporation tax

 

35,728

25,778

Other taxes and social security

 

-

238

Directors' current accounts

10

109,276

136,018

Other creditors

 

12,670

8,293

Accruals and deferred income

 

6,360

10,409

 

415,856

416,982

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

417,638

467,186

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

417,638

467,186

2021
£

2020
£

Current loans and borrowings

Bank borrowings

43,822

34,200

 

Green Cross Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Bank borrowings

Bank loans is denominated in Sterling with a nominal interest rate of 3.05%%, and the final instalment is due on 5 February 2031. The carrying amount at year end is £414,612 (2020 - £451,386).

The bank loans are secured as follows:

1. Debenture dated 5 February 2016 from the company over the leasehold properties occupied by the company;
2. Personal guarantee from the directors for a sum of £638,757; and
3. Life cover assigned from one of the directors for a minimum sum of £600,000 over a 16 year term.

9

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 £68 (2020 - £70).

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.

10

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).