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HM Homecare Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 30 June 2023

 

HM Homecare Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

HM Homecare Limited

Company Information

Directors

Mrs Helen Parmar-Loizides

Mr Michael Harry Loizides

Registered office

56-58 Liverpool Road
Crosby
Liverpool
L23 5SG

Accountants

Heriot Hughes Chartered Accountants
Chartered Accountants
42 Crosby Road North
Liverpool
Merseyside
L22 4QQ

Registered Number


13967353

 

HM Homecare Limited

(Registration number: 13967353)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

1,408,950

-

Current assets

 

Cash at bank and in hand

 

12,990

2

Creditors: Amounts falling due within one year

5

(839,378)

-

Net current (liabilities)/assets

 

(826,388)

2

Total assets less current liabilities

 

582,562

2

Creditors: Amounts falling due after more than one year

5

(575,598)

-

Net assets

 

6,964

2

Capital and reserves

 

Called up share capital

2

2

Retained earnings

6,962

-

Shareholders' funds

 

6,964

2

For the financial period ending 30 June 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

 

HM Homecare Limited

(Registration number: 13967353)
Balance Sheet as at 30 June 2023 (continued)

.........................................
Mrs Helen Parmar-Loizides
Director

.........................................
Mr Michael Harry Loizides
Director

 

HM Homecare Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
56-58 Liverpool Road
Crosby
Liverpool
L23 5SG

These financial statements were authorised for issue by the Board on 7 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Group accounts not prepared

The company and its subsidiary form a small group. The company is therefore not required to produce
consolidated financial statements and has not done so. These financial statements present information
about the company as a single entity
.

Disclosure of long or short period

The financial statements are for a 10 month period of account. The year end was shortened to align it with the subsidary company. On this basis the current and comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

HM Homecare Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 30 June 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, banks, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence, that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss of the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The reversal impairment is recognised in profit and loss.

 

HM Homecare Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 30 June 2023 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

HM Homecare Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 30 June 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

4

Investments

2023
£

2022
£

Investments in subsidiaries

1,408,950

-

Subsidiaries

£

Cost or valuation

Additions

1,408,950

Provision

Carrying amount

At 30 June 2023

1,408,950

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Liverpool and Sefton Homecare Limited

56-58 Liverpool Road, Crosby, Liverpool, L23 5SG

England and Wales

Ordinary shares

100%

0%

 

HM Homecare Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 30 June 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

6

135,435

-

Amounts owed to related parties

703,943

-

 

839,378

-

Due after one year

 

Loans and borrowings

6

575,598

-

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

575,598

-

The bank loans are secured by way of a fixed and floating charge over all of its assets.

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

575,598

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

135,435

-