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Company registration number: 09689216

Mental Health and Employment Partnership Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Mental Health and Employment Partnership Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Mental Health and Employment Partnership Limited

(Registration number: 09689216)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

308,053

1,333,454

Cash at bank and in hand

 

1,555,320

1,726,098

 

1,863,373

3,059,552

Creditors: Amounts falling due within one year

5

(716,152)

(1,704,572)

Total assets less current liabilities

 

1,147,221

1,354,980

Creditors: Amounts falling due after more than one year

5

(426,000)

(958,000)

Provisions for liabilities

 

Provisions

6

(439,724)

-

Net assets

 

281,497

396,980

Capital and reserves

 

Called up share capital

40,001

40,001

Profit and loss account

241,496

356,979

Total equity

 

281,497

396,980

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 


H B Spice
Director

   
 

Mental Health and Employment Partnership Limited

Notes to the Financial Statements
for the Year Ended 31 March 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:
C/O Social Finance Limited
87 Vauxhall Walk
London
SE11 5HJ

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.

These financial statements are presented in Sterling (£).

Going concern

The contracts entered into by the company to complete its activities will cease on 31 March 2024 and after this date, the company will settle its affairs only. As a result, these financial statements have been prepared on a basis other than the going concern basis.

All assets reflect their expected net realisable value and provision has been made for the expected losses to be incurred as a result of the various contracts in place at the balance sheet date. There is no certainty about the outcome of these contracts, but the estimated provision has been based on the latest information available.

As demonstrated in these accounts, the directors expect all creditors to be settled in full and any surplus will be available for the shareholder.

Turnover recognition

Turnover represents outcome payments received from the Life Chances Fund, West London Alliance, Tower Hamlet CCG and councils of Haringey and Barnet, Tower Hamlet, Enfield and Shropshire on achieving targets. Turnover is recognised when the agreed outcomes are achieved and turnover becomes receivable.

 

Mental Health and Employment Partnership Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Accrued income is accounted for in line with the turnover recognition accounting policy.

Creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Other creditors represent accured cost relating to services provided.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Mental Health and Employment Partnership Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 0 (2022 - 0).

Directors fees of £3,000 (2022: £3,000) have been paid during the year. None of the directors have a service contract with the company.

4

Debtors

Current

2023
£

2022
£

Trade debtors

-

478,892

Other debtors

308,053

854,562

 

308,053

1,333,454

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Loans and borrowings

-

513,500

Trade creditors

591,014

475,128

Corporation tax

-

20,519

Other creditors

125,138

695,425

716,152

1,704,572

Due after one year

Loans and borrowings

426,000

958,000

6

Provisions

A provision of £439,724 has been recognised during the year relating to contracts which will be completed within the next year where the expected costs arising after the balance sheet date will exceed the expected income arising after the balance sheet date. These contracts have therefore been accounted for as onerous contracts.

 

Mental Health and Employment Partnership Limited

Notes to the Financial Statements
for the Year Ended 31 March 2023

7

Audit Report

The Independent Auditor's Report was unqualified. We draw attention to note 2 to the financial statements which explains that the company will cease its trade when the current contracts it has entered into cease on 31 March 2024. After this date, the company will settle its affairs only. As a result, the directors have concluded that the going concern basis of accounting is not appropriate and have therefore prepared the financial statements on a basis other than the going concern basis as described in note 2.

Our opinion is not modified in respect of this matter.
The name of the Senior Statutory Auditor who signed the audit report on 7 November 2023 was Alison Kerr FCA, who signed for and on behalf of Albert Goodman LLP.