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Company registration number: 03176158
HOME HEALTH (U.K.) LIMITED
Unaudited filleted financial statements
31 March 2023
HOME HEALTH (U.K.) LIMITED
Contents
Statement of financial position
Notes to the financial statements
HOME HEALTH (U.K.) LIMITED
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 152 254
Tangible assets 6 32,841 32,093
Investments 7 725,291 402,353
_______ _______
758,284 434,700
Current assets
Stocks 2,570,492 2,689,857
Debtors 8 845,458 677,799
Cash at bank and in hand 1,181,534 1,214,883
_________ _________
4,597,484 4,582,539
Creditors: amounts falling due
within one year 9 ( 909,146) ( 624,764)
_______ _______
Net current assets 3,688,338 3,957,775
_________ _________
Total assets less current liabilities 4,446,622 4,392,475
Provisions for liabilities 10 ( 7,722) ( 8,792)
_________ _________
Net assets 4,438,900 4,383,683
_________ _________
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 4,438,800 4,383,583
_________ _________
Shareholders funds 4,438,900 4,383,683
_________ _________
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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 November 2023 , and are signed on behalf of the board by:
Mr J R Baxter
Director
Company registration number: 03176158
HOME HEALTH (U.K.) 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 Chancellors House, Brampton Lane, London, NW4 4AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis .
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less accumulated amortisation and impairment losses. Trade marks are amortised over ten years on a straight line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Leasehold improvements - Straight line over ten years (period of the lease)
Plant and machinery - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Listed investments are measured at fair value with changes in the fair value being recognised in profit or loss.
Stocks
Stocks are value at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Foreign currencies
Transactions in foreign currencies are recorded in sterling at the exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rate prevailing at the reporting date. All exchange gains or losses are taken as profit or loss.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, amounts receivable or payable to related parties and other third parties. Debt instruments that are receivable or payable within one year, such as trade receivables and payables are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received or paid. Listed investments are measured at fair value with changes in the fair value being recognised in profit or loss.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2022: 38 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2022 and 31 March 2023 1,020 1,020
_______ _______
Amortisation
At 1 April 2022 766 766
Charge for the year 102 102
_______ _______
At 31 March 2023 868 868
_______ _______
Carrying amount
At 31 March 2023 152 152
_______ _______
At 31 March 2022 254 254
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Total
£ £ £
Cost
At 1 April 2022 50,417 39,242 89,659
Additions - 20,995 20,995
Disposals - ( 22,794) ( 22,794)
_______ _______ _______
At 31 March 2023 50,417 37,443 87,860
_______ _______ _______
Depreciation
At 1 April 2022 29,514 28,052 57,566
Charge for the year 5,413 5,783 11,196
Disposals - ( 13,743) ( 13,743)
_______ _______ _______
At 31 March 2023 34,927 20,092 55,019
_______ _______ _______
Carrying amount
At 31 March 2023 15,490 17,351 32,841
_______ _______ _______
At 31 March 2022 20,903 11,190 32,093
_______ _______ _______
7. Investments
Loan to Home Health US, Inc. Listed Investments Total
£ £ £
Cost or valuation
At 1 April 2022 38,216 364,137 402,353
Additions 637 349,918 350,555
Repayments/Disposals ( 14,414) - ( 14,414)
Revaluations 2,925 - 2,925
Fair value adjustment - (16,128) (16,128)
_______ _______ _______
At 31 March 2023 27,364 697,927 725,291
_______ _______ _______
Home Health US, Inc. is a wholly owned subsidiary of Home Health (U.K.) Limited.
8. Debtors
2023 2022
£ £
Trade debtors 640,405 552,790
Other debtors 205,053 125,009
_______ _______
845,458 677,799
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 465,039 361,909
Corporation tax 108,839 163,912
Social security and other taxes 264,814 18,395
Other creditors 70,454 80,548
_______ _________
909,146 624,764
_______ _________
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2022 8,792 8,792
Charges against provisions ( 1,070) ( 1,070)
_______ _______
At 31 March 2023 7,722 7,722
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 7,722 8,792
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 8,210 6,098
Fair value adjustment of financial assets ( 488) 2,694
_______ _______
7,722 8,792
_______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 157,861 163,976
Later than 1 year and not later than 5 years 316,293 454,973
Later than 5 years 25,575 44,755
_______ _______
499,729 663,704
_______ _______