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REGISTERED NUMBER: 05318834 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

I CARE EXTRA CARE LIMITED

I CARE EXTRA CARE LIMITED (REGISTERED NUMBER: 05318834)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I CARE EXTRA CARE LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTOR: Mr S V Emmanuel





SECRETARY: Mrs W K Emmanuel





REGISTERED OFFICE: Kincraig Business Park
Building 3
Kincraig Road
Blackpool
Lancashire
FY2 0PJ





REGISTERED NUMBER: 05318834 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
Chartered Accountants
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

I CARE EXTRA CARE LIMITED (REGISTERED NUMBER: 05318834)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 14,363 17,859
Investment property 5 7,811,455 3,043,458
7,825,818 3,061,317

CURRENT ASSETS
Stocks 6 1,096 4,616,997
Debtors 7 82,276 73,332
Cash at bank and in hand 4,334 4,640
87,706 4,694,969
CREDITORS
Amounts falling due within one year 8 (909,686 ) (648,175 )
NET CURRENT (LIABILITIES)/ASSETS (821,980 ) 4,046,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,003,838

7,108,111

CREDITORS
Amounts falling due after more than one
year

9

(3,156,672

)

(3,594,851

)

PROVISIONS FOR LIABILITIES (1,993 ) (2,495 )
NET ASSETS 3,845,173 3,510,765

CAPITAL AND RESERVES
Called up share capital 10 10
Fair value reserve 370,815 370,815
Retained earnings 3,474,348 3,139,940
SHAREHOLDERS' FUNDS 3,845,173 3,510,765

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

I CARE EXTRA CARE LIMITED (REGISTERED NUMBER: 05318834)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 November 2023 and were signed by:





Mr S V Emmanuel - Director


I CARE EXTRA CARE LIMITED (REGISTERED NUMBER: 05318834)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

I Care Extra Care Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the value of management fees and fees for residents' services due. Turnover is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance and 20% to 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view.

All finance costs associated with the construction of the property are included in the cost of the asset.

Stocks
Stocks are valued at the lower of cost (including interest payable) and net realisable value after making due allowance for slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

I CARE EXTRA CARE LIMITED (REGISTERED NUMBER: 05318834)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future and for at least 12 months from the date that these Financial statements are approved. Therefore, the company continues to adopt the going concern basis in preparing the Financial statements

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 210,851 4,221 215,072
Additions 6,660 - 6,660
At 31 March 2023 217,511 4,221 221,732
DEPRECIATION
At 1 April 2022 193,010 4,203 197,213
Charge for year 10,151 5 10,156
At 31 March 2023 203,161 4,208 207,369
NET BOOK VALUE
At 31 March 2023 14,350 13 14,363
At 31 March 2022 17,841 18 17,859

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 3,043,458
Additions 151,685
Reclassification/transfer 4,616,312
At 31 March 2023 7,811,455
NET BOOK VALUE
At 31 March 2023 7,811,455
At 31 March 2022 3,043,458

The investment property is held for the purpose of letting under operating leases.

I CARE EXTRA CARE LIMITED (REGISTERED NUMBER: 05318834)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 7,811,455

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 7,440,640 2,672,643

Investment property was valued on an open market basis on 31 March 2023 by the director .

6. STOCKS
2023 2022
£    £   
Stocks 1,096 4,616,997

Stock includes interest of £Nil (2022 - £502,488).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 60,305 50,173
Prepayments 21,971 23,159
82,276 73,332

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 338,798 229,473
Trade creditors 11,320 20,531
Tax 18,895 24,858
Social security and other taxes 896 1,219
VAT 1,786 875
Other creditors 439,212 276,289
Accruals and deferred income 98,779 94,930
909,686 648,175

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 3,156,672 3,594,851

Bank loans outstanding at the year end amounted to £3,495,470 (2022 - £3,824,324) and include instalments due after more than five years of £1,692,759 (2022 - £2,636,438).

I CARE EXTRA CARE LIMITED (REGISTERED NUMBER: 05318834)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,495,470 3,824,324

The bank loan is secured on the assets of the company.