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COMPANY REGISTRATION NUMBER: 04330572
GB Care Limited
Filleted Unaudited Financial Statements
31 March 2023
GB Care Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
648,499
668,067
Current assets
Stocks
1,500
1,500
Debtors
8
24,573
25,399
Investments
9
500,000
Cash at bank and in hand
591,621
1,143,738
------------
------------
1,117,694
1,170,637
Creditors: amounts falling due within one year
10
140,655
253,012
------------
------------
Net current assets
977,039
917,625
------------
------------
Total assets less current liabilities
1,625,538
1,585,692
Creditors: amounts falling due after more than one year
11
28,049
37,914
------------
------------
Net assets
1,597,489
1,547,778
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,597,389
1,547,678
------------
------------
Shareholders funds
1,597,489
1,547,778
------------
------------
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 income statement has not been delivered.
For the year ending 31 March 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 .
GB Care Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
D J Gandhi
Director
Company registration number: 04330572
GB Care Limited
Notes to the Financial Statements
Year ended 31 March 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 C/o Milife Care Services, Earls Way, Thurmaston, Leicester, LE4 8FY.
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. Significant events during the year
The company began leasing one of its care homes out from October 2020, this has resulted in a decrease of turnover and certain costs and expenses, and an increase in other operating income.
4. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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
-
25% reducing balance
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 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.
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:
Freehold Property
-
4% straight line
Plant and Machinery
-
25% straight line
Fixtures and Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2022: 36 ).
6. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
152,300
---------
Amortisation
At 1 April 2022 and 31 March 2023
152,300
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
7. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
1,229,472
5,195
8,042
1,242,709
Additions
13,200
2,849
16,049
------------
-------
-------
------------
At 31 March 2023
1,242,672
8,044
8,042
1,258,758
------------
-------
-------
------------
Depreciation
At 1 April 2022
561,405
5,195
8,042
574,642
Charge for the year
35,187
430
35,617
------------
-------
-------
------------
At 31 March 2023
596,592
5,625
8,042
610,259
------------
-------
-------
------------
Carrying amount
At 31 March 2023
646,080
2,419
648,499
------------
-------
-------
------------
At 31 March 2022
668,067
668,067
------------
-------
-------
------------
The value of non depreciable assets included above amount to £352,000 (2022: £352,000) in respect of freehold land.
8. Debtors
2023
2022
£
£
Trade debtors
12,404
18,246
Other debtors
12,169
7,153
--------
--------
24,573
25,399
--------
--------
9. Investments
2023
2022
£
£
Short-term deposits
500,000
---------
----
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,160
11,160
Trade creditors
7,270
9,833
Corporation tax
41,749
95,113
Social security and other taxes
8,644
8,950
Other creditors
71,832
127,956
---------
---------
140,655
253,012
---------
---------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,049
37,914
--------
--------
12. Related party transactions
During the previous year, an interest free loan from a related party repayable on demand was included within other creditors. At the balance sheet date the amount due to the related party company was £nil (2021: £95,000).