Company registration number 05603926 (England and Wales)
MELITA CARE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MELITA CARE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MELITA CARE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
19,125
57,375
Tangible assets
4
967,152
1,304,680
986,277
1,362,055
Current assets
Stocks
550
550
Debtors
5
104,946
42,070
Cash at bank and in hand
78,770
85,811
184,266
128,431
Creditors: amounts falling due within one year
6
(75,681)
(81,331)
Net current assets
108,585
47,100
Total assets less current liabilities
1,094,862
1,409,155
Creditors: amounts falling due after more than one year
7
(224,620)
(625,922)
Provisions for liabilities
(68,686)
(76,772)
Net assets
801,556
706,461
Capital and reserves
Called up share capital
9
100
201
Revaluation reserve
422,974
309,175
Profit and loss reserves
378,482
397,085
Total equity
801,556
706,461
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MELITA CARE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2023 and are signed on its behalf by:
Mr D F Underwood
Mrs A L Underwood
Director
Director
Mr G F Underwood
Miss S Street
Director
Director
Company registration number 05603926 (England and Wales)
MELITA CARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Melita Care Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Simpkins Edwards, Michael House, Castle Street, Exeter, Devon, EX4 3LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum on cost
Plant and equipment
20% reducing balance basis
Fixtures and fittings
10% reducing balance basis
Motor vehicles
20% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
MELITA CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
41
40
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
382,500
Amortisation and impairment
At 1 April 2022
325,125
Amortisation charged for the year
38,250
At 31 March 2023
363,375
Carrying amount
At 31 March 2023
19,125
At 31 March 2022
57,375
MELITA CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
1,425,000
163,324
1,588,324
Additions
2,594
2,594
Disposals
(352,594)
(6,500)
(359,094)
At 31 March 2023
1,075,000
156,824
1,231,824
Depreciation and impairment
At 1 April 2022
171,000
112,644
283,644
Depreciation charged in the year
21,500
8,028
29,528
Eliminated in respect of disposals
(42,000)
(6,500)
(48,500)
At 31 March 2023
150,500
114,172
264,672
Carrying amount
At 31 March 2023
924,500
42,652
967,152
At 31 March 2022
1,254,000
50,680
1,304,680
The directors reviewed the market value of the remaining property as at the balance sheet date and are satisfied that the value shown is a fair value for the property.
MELITA CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Tangible fixed assets
(Continued)
- 6 -
If the property was measured using the cost model, the carrying amounts would be as follows:
2023
2022
£
£
Cost
577,687
1,043,302
Accumulated depreciation
(86,750)
(125,196)
Carrying value
490,937
918,106
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
32,071
41,260
Other debtors
72,875
810
104,946
42,070
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
18,239
Trade creditors
12,895
10,755
Taxation and social security
30,866
25,328
Other creditors
13,681
45,248
75,681
81,331
The bank loan is secured upon the trade and assets of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
224,620
625,922
The bank loan is secured upon the trade and assets of the company.
MELITA CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
4,293
4,250
Revaluations
64,393
72,522
68,686
76,772
2023
Movements in the year:
£
Liability at 1 April 2022
76,772
Credit to profit or loss
(72,479)
Charge to equity
64,393
Liability at 31 March 2023
68,686
The revaluations element of the deferred tax liability set out above represents the potential capital gains tax due should the company sell the freehold land and buildings.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
-
1
-
1
Ordinary C shares of £1 each
-
100
-
100
100
201
100
201
A capital reduction was undertaken during the year.
MELITA CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.00
(153)
47,200
284
(11,298)
36,033
(153)
47,200
284
(11,298)
36,033
The aforementioned advances are unsecured and repayable on demand.