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COMPANY REGISTRATION NUMBER: NI615459
ADVANCED CARE (NI) LIMITED
Filleted Unaudited Financial Statements
30 November 2021
ADVANCED CARE (NI) LIMITED
Financial Statements
Year ended 30 November 2021
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
ADVANCED CARE (NI) LIMITED
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
Fixed assets
Intangible assets
5
11,837
14,826
Tangible assets
6
2,204
3,303
--------
--------
14,041
18,129
Current assets
Debtors
7
501,675
262,039
Cash at bank and in hand
767,664
619,676
------------
---------
1,269,339
881,715
Creditors: amounts falling due within one year
8
245,890
182,870
------------
---------
Net current assets
1,023,449
698,845
------------
---------
Total assets less current liabilities
1,037,490
716,974
------------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,037,488
716,972
------------
---------
Shareholders funds
1,037,490
716,974
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ADVANCED CARE (NI) LIMITED
Statement of Financial Position (continued)
30 November 2021
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
Mr Niall Smyth
Director
Company registration number: NI615459
ADVANCED CARE (NI) LIMITED
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 2A Ballinderry Business Park, 58 Ballinderry Road, Lisburn, BT28 2SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangibles
-
10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 194 (2020: 115 ).
5. Intangible assets
Intangible asset user defined 1
£
Cost
At 1 December 2020 and 30 November 2021
29,890
--------
Amortisation
At 1 December 2020
15,064
Charge for the year
2,989
--------
At 30 November 2021
18,053
--------
Carrying amount
At 30 November 2021
11,837
--------
At 30 November 2020
14,826
--------
6. Tangible assets
Plant and machinery
£
Cost
At 1 December 2020
44,516
Additions
1,535
--------
At 30 November 2021
46,051
--------
Depreciation
At 1 December 2020
41,213
Charge for the year
2,634
--------
At 30 November 2021
43,847
--------
Carrying amount
At 30 November 2021
2,204
--------
At 30 November 2020
3,303
--------
7. Debtors
2021
2020
£
£
Trade debtors
465,269
200,633
Other debtors
36,406
61,406
---------
---------
501,675
262,039
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
110,841
79,206
Social security and other taxes
36,853
30,515
Other creditors - desc in a/cs
43,696
14,541
Other creditors
54,500
58,608
---------
---------
245,890
182,870
---------
---------
9. Financial instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
10. Director's advances, credits and guarantees
There were no advances, credits or guarantees given by the company on behalf of its director for the financial year ended 30th November 2021 (2020:Nil).
11. Related party transactions
The company was under the control of Mr Niall Smyth , director and shareholder. The director was paid dividends totalling £144,000 in the year. At 30th November 2021 the balance on the directors current account was £19,490 (2020:£26,887).