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COMPANY REGISTRATION NUMBER: 08876679
Kirkham Healthcare Limited
Unaudited Financial Statements
31 July 2023
Kirkham Healthcare Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Kirkham Healthcare Limited
Director's Report
Year ended 31 July 2023
The director presents her report and the unaudited financial statements of the company for the year ended 31 July 2023 .
Director
The director who served the company during the year was as follows:
Miss A J Cocks
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 8 November 2023 and signed on behalf of the board by:
Miss A J Cocks
Director
Registered office:
64 Cop Lane
Penwortham
Preston
Lancashire
England
PR1 0SP
Kirkham Healthcare Limited
Statement of Income and Retained Earnings
Year ended 31 July 2023
2023
2022
Note
£
£
Turnover
632,848
604,140
Cost of sales
275,910
305,448
---------
---------
Gross profit
356,938
298,692
Administrative expenses
286,636
253,452
---------
---------
Operating profit
70,302
45,240
Other interest receivable and similar income
52
Interest payable and similar expenses
2,434
4,020
---------
---------
Profit before taxation
5
67,920
41,220
Tax on profit
14,691
9,918
--------
--------
Profit for the financial year and total comprehensive income
53,229
31,302
--------
--------
Retained earnings at the start of the year
269,427
238,125
---------
---------
Retained earnings at the end of the year
322,656
269,427
---------
---------
All the activities of the company are from continuing operations.
Kirkham Healthcare Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
366,721
366,721
Tangible assets
7
21,748
26,949
---------
---------
388,469
393,670
Current assets
Stocks
5,000
5,000
Cash at bank and in hand
50,045
52,228
--------
--------
55,045
57,228
Creditors: amounts falling due within one year
8
65,303
95,692
--------
--------
Net current liabilities
10,258
38,464
---------
---------
Total assets less current liabilities
378,211
355,206
Creditors: amounts falling due after more than one year
9
55,554
85,778
---------
---------
Net assets
322,657
269,428
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
322,656
269,427
---------
---------
Shareholders funds
322,657
269,428
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 July 2023 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kirkham Healthcare Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Miss A J Cocks
Director
Company registration number: 08876679
Kirkham Healthcare Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 64 Cop Lane, Penwortham, Preston, Lancashire, PR1 0SP, England.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Short Life Assets
-
33% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
5,201
8,983
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
366,721
---------
Amortisation
At 1 August 2022 and 31 July 2023
---------
Carrying amount
At 31 July 2023
366,721
---------
At 31 July 2022
366,721
---------
7. Tangible assets
Fixtures and fittings
£
Cost
At 1 August 2022 and 31 July 2023
80,070
--------
Depreciation
At 1 August 2022
53,121
Charge for the year
5,201
--------
At 31 July 2023
58,322
--------
Carrying amount
At 31 July 2023
21,748
--------
At 31 July 2022
26,949
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,987
56,603
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,197
16,197
Corporation tax
14,691
9,918
Other creditors
12,428
12,974
--------
--------
65,303
95,692
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
55,554
85,554
Other creditors
224
--------
--------
55,554
85,778
--------
--------
10. Director's advances, credits and guarantees
The directors loan consists of Corporation Tax for the 2018 tax year paid from the directors private bank account.
11. Related party transactions