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REGISTERED NUMBER: 02905218 (England and Wales)















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: Mr S V Emmanuel





SECRETARY: Mrs W K Emmanuel





REGISTERED OFFICE: Kincraig Business Park
Building 3
Kincraig Road
Blackpool
Lancashire
FY2 0PJ





REGISTERED NUMBER: 02905218 (England and Wales)





AUDITORS: Jones Harris Limited
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:





Mr S V Emmanuel - Director


7 November 2023

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 £32142.85714 per share was paid on 1 January 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 225,000 .

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
Mr S V Emmanuel held office during the whole of the period from 1 April 2022 to the date of this report.

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:





Mr S V Emmanuel - Director


7 November 2023

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.




James Schofield ACA (Senior Statutory Auditor)
for and on behalf of Jones Harris Limited
Statutory Auditors
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

7 November 2023

I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 16,709,977 17,097,505

Cost of sales 12,048,101 11,885,847
GROSS PROFIT 4,661,876 5,211,658

Administrative expenses 4,129,068 4,067,463
532,808 1,144,195

Other operating income 122,703 9,280
OPERATING PROFIT 5 655,511 1,153,475

Loan from connected company written off 6 239,000 639,429
416,511 514,046

Interest receivable and similar income 23,120 4,425
439,631 518,471

Interest payable and similar expenses 7 11,600 9,636
PROFIT BEFORE TAXATION 428,031 508,835

Tax on profit 8 127,940 217,010
PROFIT FOR THE FINANCIAL YEAR 300,091 291,825

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

300,091

291,825

I CARE (GB) LIMITED (REGISTERED NUMBER: 02905218)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 12,000 -
Tangible assets 11 33,181 50,478
45,181 50,478

CURRENT ASSETS
Stocks 12 34,536 30,419
Debtors 13 2,405,874 2,005,497
Cash at bank and in hand 1,855,796 2,625,763
4,296,206 4,661,679
CREDITORS
Amounts falling due within one year 14 (1,849,785 ) (2,225,482 )
NET CURRENT ASSETS 2,446,421 2,436,197
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,491,602

2,486,675

CREDITORS
Amounts falling due after more than one
year

15

(104,968

)

(174,361

)

PROVISIONS FOR LIABILITIES 18 - (771 )
NET ASSETS 2,386,634 2,311,543

CAPITAL AND RESERVES
Called up share capital 19 7 7
Capital redemption reserve 20 13 13
Retained earnings 20 2,386,614 2,311,523
SHAREHOLDERS' FUNDS 2,386,634 2,311,543

The financial statements were approved by the director and authorised for issue on 7 November 2023 and were signed by:





Mr S V Emmanuel - Director


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 7 2,211,106 13 2,211,126

Changes in equity
Dividends - (191,408 ) - (191,408 )
Total comprehensive income - 291,825 - 291,825
Balance at 31 March 2022 7 2,311,523 13 2,311,543

Changes in equity
Dividends - (225,000 ) - (225,000 )
Total comprehensive income - 300,091 - 300,091
Balance at 31 March 2023 7 2,386,614 13 2,386,634

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 (3,118 ) 779,192
Interest paid (11,600 ) (9,636 )
Tax paid (213,552 ) (497,447 )
Net cash from operating activities (228,270 ) 272,109

Cash flows from investing activities
Purchase of intangible fixed assets (15,000 ) -
Purchase of tangible fixed assets (1,764 ) (25,643 )
Sale of tangible fixed assets 880 -
Inter company loan write off - 639,429
Inter company loan movement for the year (403,923 ) (161,534 )
Interest received 23,120 4,425
Net cash from investing activities (396,687 ) 456,677

Cash flows from financing activities
Loan repayments in year (60,830 ) (58,918 )
Amount introduced by related parties 600,588 562,748
Amount withdrawn by related parties (585,522 ) (559,271 )
Equity dividends paid (225,000 ) (191,408 )
Net cash from financing activities (270,764 ) (246,849 )

(Decrease)/increase in cash and cash equivalents (895,721 ) 481,937
Cash and cash equivalents at beginning of
year

2

2,625,150

2,143,213

Cash and cash equivalents at end of year 2 1,729,429 2,625,150

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 428,031 508,835
Depreciation charges 21,456 19,481
Profit on disposal of fixed assets (275 ) -
Finance costs 11,600 9,636
Finance income (23,120 ) (4,425 )
437,692 533,527
(Increase)/decrease in stocks (4,117 ) 6,363
Increase in trade and other debtors (11,520 ) (151,733 )
(Decrease)/increase in trade and other creditors (425,173 ) 391,035
Cash generated from operations (3,118 ) 779,192

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 (126,367 ) (613 )
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 (613 ) (3,874 )
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 (895,721 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the remaining period of the lease
Plant and machinery - 50% on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 33% on reducing balance
Computer equipment - 100% on cost

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 11,543,772 11,466,006
Social security costs 757,838 720,696
Other pension costs 293,352 246,275
12,594,962 12,432,977

The average number of employees during the year was as follows:
2023 2022

Care 505 518
Meals 230 255
Office 53 58
788 831

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 6,396 6,240
Director's pension contributions to money purchase schemes 98,959 52,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 304,147 297,994
Depreciation - owned assets 18,456 19,480
Profit on disposal of fixed assets (275 ) -
Goodwill amortisation 3,000 -
Auditors' remuneration 12,848 12,700

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Loan from connected company written off (239,000 ) (639,429 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 1,882 19
Bank loan interest 9,310 9,617
Other interest 408 -
11,600 9,636

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 128,711 213,682

Origination and reversal of
timing differences (771 ) 3,328
Tax on profit 127,940 217,010

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 428,031 508,835
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

81,326

96,679

Effects of:
Expenses not deductible for tax purposes 45,980 121,492
Capital allowances in excess of depreciation - (4,606 )
Depreciation in excess of capital allowances 1,405 -
Movement on deferred tax (771 ) 3,327
Prior year adjustment - 118
Total tax charge 127,940 217,010

9. DIVIDENDS
2023 2022
£    £   
Interim 225,000 191,408

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022 114,159
Additions 15,000
At 31 March 2023 129,159
AMORTISATION
At 1 April 2022 114,159
Amortisation for year 3,000
At 31 March 2023 117,159
NET BOOK VALUE
At 31 March 2023 12,000
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 16,334 351,217 548,178
Additions - - 1,159
Disposals - - -
At 31 March 2023 16,334 351,217 549,337
DEPRECIATION
At 1 April 2022 16,334 347,186 521,952
Charge for year - 1,581 12,100
Eliminated on disposal - - -
At 31 March 2023 16,334 348,767 534,052
NET BOOK VALUE
At 31 March 2023 - 2,450 15,285
At 31 March 2022 - 4,031 26,226

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 84,731 92,938 1,093,398
Additions - 605 1,764
Disposals (17,996 ) - (17,996 )
At 31 March 2023 66,735 93,543 1,077,166
DEPRECIATION
At 1 April 2022 81,971 75,477 1,042,920
Charge for year 819 3,956 18,456
Eliminated on disposal (17,391 ) - (17,391 )
At 31 March 2023 65,399 79,433 1,043,985
NET BOOK VALUE
At 31 March 2023 1,336 14,110 33,181
At 31 March 2022 2,760 17,461 50,478

12. STOCKS
2023 2022
£    £   
Stocks 34,536 30,419

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 1,680,713 1,466,068
Other debtors 381,192 211,580
Director's current account 258,565 273,631
Prepayments 85,404 54,218
2,405,874 2,005,497

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 193,708 59,390
Trade creditors 200,160 196,043
Tax 128,711 213,552
Social security and other taxes 139,046 214,311
VAT 209,713 145,382
Other creditors 599,274 562,722
Accruals and deferred income 379,173 834,082
1,849,785 2,225,482

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 104,968 174,361

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 126,367 613
Bank loans 67,341 58,777
193,708 59,390

Amounts falling due between one and two years:
Bank loans 64,444 55,714

Amounts falling due between two and five years:
Bank loans 40,524 118,647

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 126,367 613
Bank loans 172,309 233,138
298,676 233,751

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 771
Credit to Statement of Comprehensive Income during year (771 )
Balance at 31 March 2023 -

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
7 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
£    £   
Mr S V Emmanuel
Balance outstanding at start of year 273,631 277,108
Amounts advanced 326,883 288,403
Amounts repaid (341,949 ) (291,880 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 258,565 273,631

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

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Transfers (15,066 ) (3,477 )
Amount due from related party 258,565 273,631

Other related parties
2023 2022
£    £   
Transfers 164,923 211,534
Management fee - 50,000
Amount due from related party 374,483 209,560
Recognised bad or doubtful debts due from related parties 239,000 639,429

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S V Emmanuel.