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Company registration number: 12561578
Arterne Care Limited
Unaudited filleted financial statements
31 January 2023
ARTERNE CARE LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 230,420 259,222
Tangible assets 6 22,134 5,414
_______ _______
252,554 264,636
Current assets
Debtors 7 33,408 49,076
Cash at bank and in hand 15,731 89,704
_______ _______
49,139 138,780
Creditors: amounts falling due
within one year 8 ( 296,111) ( 239,584)
_______ _______
Net current liabilities ( 246,972) ( 100,804)
_______ _______
Total assets less current liabilities 5,582 163,832
Creditors: amounts falling due
after more than one year 9 ( 7,438) ( 87,442)
Provisions for liabilities ( 5,534) ( 1,354)
_______ _______
Net (liabilities)/assets ( 7,390) 75,036
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 7,490) 74,936
_______ _______
Shareholders (deficit)/funds ( 7,390) 75,036
_______ _______
For the year ending 31 January 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 November 2023 , and are signed on behalf of the board by:
Cindy Wilcocks
Director
Company registration number: 12561578
ARTERNE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Plym House, 3 Longbridge Road, Plymouth, Devon, PL6 8LT.
Principal activity
The principal activity of the company is that of the provision of care services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at 31 January 2023 the company had net current liabilities of £246,972. The company is reliant on the support of the directors and companies related to them for the continuation of the business.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill - 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2022 and 31 January 2023 288,024 288,024
_______ _______
Amortisation
At 1 February 2022 28,802 28,802
Charge for the year 28,802 28,802
_______ _______
At 31 January 2023 57,604 57,604
_______ _______
Carrying amount
At 31 January 2023 230,420 230,420
_______ _______
At 31 January 2022 259,222 259,222
_______ _______
6. Tangible assets
Property Improvements Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 - 5,127 1,750 6,877
Additions 13,350 6,920 - 20,270
Disposals - ( 60) - ( 60)
_______ _______ _______ _______
At 31 January 2023 13,350 11,987 1,750 27,087
_______ _______ _______ _______
Depreciation
At 1 February 2022 - 1,025 438 1,463
Charge for the year 667 2,397 438 3,502
Disposals - ( 12) - ( 12)
_______ _______ _______ _______
At 31 January 2023 667 3,410 876 4,953
_______ _______ _______ _______
Carrying amount
At 31 January 2023 12,683 8,577 874 22,134
_______ _______ _______ _______
At 31 January 2022 - 4,102 1,312 5,414
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 7,228 43,677
Other debtors 26,180 5,399
_______ _______
33,408 49,076
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 165,984 89,419
Accruals and deferred income 2,365 1,800
Social security and other taxes 2,536 23,425
Other creditors 125,226 124,940
_______ _______
296,111 239,584
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 7,438 87,442
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 16,200 21,600
Later than 1 year and not later than 5 years - 16,200
_______ _______
16,200 37,800
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
( 44,889) 112 ( 44,777)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
( 44,646) ( 243) ( 44,889)
_______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Arterne 2 Nurse Limited 210,039 30,813 229,270 19,231
Arterne: Enriching The Next Generation CIC 89,519 77,898 162,317 72,798
_______ _______ _______ _______