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Registered number: 13065977
365 Homecare Ltd
Unaudited Financial Statements
For the Period 6 December 2020 to 31 May 2022
Shore Accounting Ltd
Broadway Court Brighton Road
Lancing
West Sussex
BN15 8JT
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13065977
31 May 2022
Notes £ £
FIXED ASSETS
Intangible Assets 3 31,200
Tangible Assets 4 23,150
54,350
CURRENT ASSETS
Debtors 5 104,299
Cash at bank and in hand 165,616
269,915
Creditors: Amounts Falling Due Within One Year 6 (275,952 )
NET CURRENT ASSETS (LIABILITIES) (6,037 )
TOTAL ASSETS LESS CURRENT LIABILITIES 48,313
NET ASSETS 48,313
CAPITAL AND RESERVES
Called up share capital 7 2
Profit and Loss Account 48,311
SHAREHOLDERS' FUNDS 48,313
Page 1
Page 2
For the period ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Timothy Corry
Director
05/09/2022
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Reducing balance 33%
Motor Vehicles Reducing balance 25%
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 52
52
Page 3
Page 4
3. Intangible Assets
Goodwill
£
Cost
As at 6 December 2020 39,000
As at 31 May 2022 39,000
Amortisation
As at 6 December 2020 -
Provided during the period 7,800
As at 31 May 2022 7,800
Net Book Value
As at 31 May 2022 31,200
As at 6 December 2020 39,000
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 6 December 2020 8,530 21,000 29,530
As at 31 May 2022 8,530 21,000 29,530
Depreciation
As at 6 December 2020 - - -
Provided during the period 1,130 5,250 6,380
As at 31 May 2022 1,130 5,250 6,380
Net Book Value
As at 31 May 2022 7,400 15,750 23,150
As at 6 December 2020 8,530 21,000 29,530
5. Debtors
31 May 2022
£
Due within one year
Trade debtors 19,542
Prepayments and accrued income 83,757
Other debtors 1,000
104,299
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
31 May 2022
£
Trade creditors 12,631
Corporation tax 12,302
Other taxes and social security 56,981
Net wages 86,946
Other creditors 21,208
Deposits held 27,475
Pensions payable 3,797
Holiday pay provision 9,608
Accruals and deferred income 882
Directors' loan accounts 44,122
275,952
7. Share Capital
31 May 2022
Allotted, Called up and fully paid 2
8. General Information
365 Homecare Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13065977 . The registered office is Studio 6, The Old Parsonage Church Street, Crondall, Farnham, GU10 5QQ.
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