REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
I CARE (GB) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
I CARE (GB) LIMITED |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
I CARE (GB) LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
STRATEGIC REPORT |
for the year ended 31 March 2023 |
The director presents his strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
We aim to present a balanced, comprehensive review of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. |
We consider that our key financial performance indicators are those that the communicate the financial performance and strength of the company as a whole, these being turnover, profit before taxation and shareholders' funds. |
These have been detailed below. |
2023 | 2022 | 2021 |
£ | £ | £ |
Turnover | 16,709,977 | 17,097,505 | 17,466,646 |
2023 | 2022 | 2021 |
£ | £ | £ |
Profit before taxation | 428,031 | 508,835 | 913,830 |
2023 | 2022 | 2021 |
£ | £ | £ |
Shareholders' funds | 2,386,634 | 2,311,543 | 2,211,123 |
Turnover from operations fell slightly in the year under review by 2.2%. 2 of our offices were closed during the year which have contributed to the small reduction in turnover. |
Shareholders' funds have continued to increase steadily. |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
STRATEGIC REPORT |
for the year ended 31 March 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Risks |
The principal risks faced by the company are as follows: |
i) | Government spending cuts in the care sector could adversely impact on revenue and profitability in the future which is is also going to be impacted by inflation. |
ii) | Unforeseen doubtful debts may place a strain on liquidity in the future. |
iii) | The Covid-19 pandemic. |
The current rate of inflation which continues to rise, not only increases the cost of goods purchased but could also impact the level of spend that our private customers have available. Not only this, the government may be forced into spending cuts given the problem that they have with recent budgets. These could be passed on to public sector social services. The director continues to use his expertise and knowledge of the industry in order to minimize this risk and develop new sales opportunities as well as maximizing existing avenues of revenue. |
Over fifty percent of the company's trade debtors are public sector social services departments so are considered low risk. The remaining balance of private client accounts are individually small in value and monitored through a robust debt control system, using technology where possible to improve efficiency. |
The director consider the major risk to future profitability that the company continues to face is the ongoing uncertainty of the COVID19 pandemic . As a key supplier to local authorities and other key organisations the company has continued to trade throughout the pandemic. The director is satisfied that in the current financial year they will once again be able to meet their objectives of continued growth and profitability for the long term benefit of the employees. |
ON BEHALF OF THE BOARD: |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
REPORT OF THE DIRECTOR |
for the year ended 31 March 2023 |
The director presents his report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of running domiciliary care and community meals services. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 March 2023 will be £ |
FUTURE DEVELOPMENTS |
The director is optimistic that the company will continue to win new business and expand turnover placing it in an excellent position for future prosperity. |
DIRECTOR |
EMPLOYMENT POLICIES |
The company is committed to employing people with disabilities, giving full and fair consideration to employment applications from disabled persons, together with supporting the continued employment and training of employees who become disabled. |
The company is committed to keeping all employees informed about general business developments. |
ENGAGEMENT WITH EMPLOYEES |
Open communication with our employees is of utmost importance to us and our staff are kept informed of the company's activities through regular meetings with staff representatives which are undertaken every month. Employees are given the opportunity to relay their ideas to us through their representative or via their staff appraisals. These meetings enable us to achieve a common awareness with our employees of the financial and economic factors affecting the performance of the company. |
We are committed to giving our employees a safe and positive working environment, with our staff's mental and physical wellbeing at the forefront. We offer a range of benefits to encourage employees to involve themselves in the company performance including company sick pay, career support and an annual awards ceremony where awards are presented to staff. There is a definitive career progression for any of our employees, along with increases in pay. Pay is also reviewed annually. All of our staff are automatically enrolled into our work place pension scheme. We have invested heavily in Personal Protective Equipment for all of our staff, to ensure that they remain as safe as possible during the Covid-19 pandemic, so that they can continue to deliver the standard of care that our clients have become accustomed to. We would never undertake any principal decisions that would exert undue pressure on our employees as our employees wellbeing is always taken into consideration. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
REPORT OF THE DIRECTOR |
for the year ended 31 March 2023 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
I CARE (GB) LIMITED |
Opinion |
We have audited the financial statements of I Care (GB) Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
I CARE (GB) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
I CARE (GB) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
-we identified the laws and regulations applicable to the company through discussions with directors and other |
management, and from our commercial knowledge and experience of the sector; |
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial |
statements or the operations of the company, including the Companies Act 2006, taxation legislation and data |
protection, anti-bribery, employment, care legislation and health and safety legislation; |
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management and inspecting legal correspondence; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
-performed analytical procedures to identify any unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; and |
-investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
-agreeing financial statement disclosures to underlying supporting documentation; |
-enquiring of management as to actual and potential litigation and claims; and |
-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the |
company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
I CARE (GB) LIMITED |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
532,808 | 1,144,195 |
Other operating income |
OPERATING PROFIT | 5 |
Loan from connected company written off | 6 |
416,511 | 514,046 |
Interest receivable and similar income |
439,631 | 518,471 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
CASH FLOW STATEMENT |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Inter company loan write off |
Inter company loan movement for the year | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by related parties | 600,588 | 562,748 |
Amount withdrawn by related parties | (585,522 | ) | (559,271 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,625,150 |
2,143,213 |
Cash and cash equivalents at end of year | 2 |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 11,600 | 9,636 |
Finance income | (23,120 | ) | (4,425 | ) |
437,692 | 533,527 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 1,855,796 | 2,625,763 |
Bank overdrafts | ( |
) | ( |
) |
1,729,429 | 2,625,150 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 2,625,763 | 2,147,087 |
Bank overdrafts | ( |
) | ( |
) |
2,625,150 | 2,143,213 |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,625,763 | (769,967 | ) | 1,855,796 |
Bank overdrafts | (613 | ) | (125,754 | ) | (126,367 | ) |
2,625,150 | ( |
) | 1,729,429 |
Debt |
Debts falling due within 1 year | (58,777 | ) | (8,564 | ) | (67,341 | ) |
Debts falling due after 1 year | (174,361 | ) | 69,393 | (104,968 | ) |
(233,138 | ) | 60,829 | (172,309 | ) |
Total | 2,392,012 | (834,892 | ) | 1,557,120 |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
I Care (GB) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Turnover also represents the sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. |
Goodwill |
Goodwill purchased during the previous year was being amortised over 5 years before being disposed of during the current year. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
It is the policy that only those items valued at over £250 are capitalized. Items below this amount are taken to the relevant nominal within the profit and loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are |
recorded at the undiscounted amount expected to be received, net of impairment. |
Trade and other creditors |
Short term creditors are measured at transaction value. |
Going concern |
The company has at its disposal a lengthy and consistent record of strong cash generation which is more than sufficient to meet its day-to-day working capital requirements. Together with the positive bank balances at the year end, 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. |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
Critical judgements in applying the Company's accounting policies and key source of estimation uncertainty |
The following are the key sources of estimation uncertainty that the directors have assessed as being applicable to the entity and that have the most significant effect on the amounts recognised in the financial statements. It is deemed that there are no critical accounting judgements. |
Fixed Assets |
Accounting for fixed assets involves the use of estimates for (a) the useful live of the assets over which they are to be depreciated , and (b) the existence and any amount of impairment. Details of fixed assets can be found in note 10. |
Fixed assets are depreciated on a reducing balance basis over the estimated useful lives. When the company estimates useful lives various factors are considered including expected technology obsolescence and the expected usage of the asset. The company regularly reviews these assets useful lives and future economic utilization and the physical condition of the assets concerned. |
The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case, an impairment charge is taken against the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets require management judgement in determining the amounts to be impaired, in particular judgement is used when assessing the future cash flows. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Care | 505 | 518 |
Meals | 230 | 255 |
Office | 53 | 58 |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
6. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Loan from connected company written off | ( |
) | ( |
) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Bank loan interest |
Other interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Origination and reversal of |
timing differences | ( |
) |
Tax on profit |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Movement on deferred tax | (771 | ) | 3,327 |
Prior year adjustment | - | 118 |
Total tax charge | 127,940 | 217,010 |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Director's current account | 258,565 | 273,631 |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 209,713 | 145,382 |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
The company has a tailored business loan that is being repaid depending upon LIBOR and amount outstanding. It is due to expire 26/11/2025. |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank borrowings and other creditors are secured by a fixed and floating charge over the assets of the company and a charge over the debtors book. |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | - | 771 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 March 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 7 | 7 |
The A ordinary shares carry full voting rights as well as the right to receive a dividend when declared. |
20. | RESERVES |
The capital redemption reserve represents amounts which have been transferred following the purchase of a company's own shares out of distributable profits. |
I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The advance to the director is unsecured and repayable on demand. Interest is being charged at the HMRC rate applicable to beneficial loan arrangements. |
22. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Transfers | (15,066 | ) | (3,477 | ) |
Amount due from related party |
2023 | 2022 |
£ | £ |
Transfers | 164,923 | 211,534 |
Management fee | - | 50,000 |
Amount due from related party |
Recognised bad or doubtful debts due from related parties |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |