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Registration number: 07167593

Om Care Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 28 February 2023

 

Om Care Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 16

 

Om Care Ltd

Company Information

Director

B Patel

Company secretary

D Patel

Registered office

27 Brighton Road
Coulsdon
Surrey
CR5 2BF

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Om Care Ltd

Director's Report for the Year Ended 28 February 2023

The director presents his report and the abridged financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

B Patel

Principal activity

The principal activity of the company is Social work activities without accommodation for the elderly and disabled

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 23 November 2023
 

.........................................
B Patel
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Om Care Ltd
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Om Care Ltd for the year ended 28 February 2023 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Om Care Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Om Care Ltd and state those matters that we have agreed to state to the Board of Directors of Om Care Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Om Care Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Om Care Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Om Care Ltd . You consider that Om Care Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Om Care Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

23 November 2023

 

Om Care Ltd

Abridged Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Gross profit

 

1,022,536

1,210,674

Administrative expenses

 

(462,016)

(384,265)

Other interest receivable and similar income

 

3,321

77

Interest payable and similar expenses

 

(403)

(304)

Profit before tax

4

563,438

826,182

Tax on profit

 

(107,051)

(156,975)

Profit for the financial year

 

456,387

669,207

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Om Care Ltd

Statement of Comprehensive Income for the Year Ended 28 February 2023

2023
£

2022
£

Profit for the year

456,387

669,207

Total comprehensive income for the year

456,387

669,207

 

Om Care Ltd

(Registration number: 07167593)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

5

1

1

Tangible Assets

6

113,554

27,732

 

113,555

27,733

Current assets

 

Debtors

7

1,691,148

1,118,474

Cash at bank and in hand

 

735,740

861,156

 

2,426,888

1,979,630

Creditors: Amounts falling due within one year

(417,907)

(314,700)

Net current assets

 

2,008,981

1,664,930

Total assets less current liabilities

 

2,122,536

1,692,663

Creditors: Amounts falling due after more than one year

(20,370)

-

Provisions for liabilities

(6,710)

(526)

Accruals and deferred income

 

(1,920)

(54,988)

Net assets

 

2,093,536

1,637,149

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

2,093,535

1,637,148

Shareholders' funds

 

2,093,536

1,637,149

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Om Care Ltd

(Registration number: 07167593)
Abridged Balance Sheet as at 28 February 2023

Approved and authorised by the director on 23 November 2023
 

.........................................
B Patel
Director

 

Om Care Ltd

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

1

1,637,148

1,637,149

Profit for the year

-

456,387

456,387

At 28 February 2023

1

2,093,535

2,093,536

Share capital
£

Retained earnings
£

Total
£

At 1 March 2021

1

972,941

972,942

Profit for the year

-

669,207

669,207

Dividends

-

(5,000)

(5,000)

At 28 February 2022

1

1,637,148

1,637,149

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
27 Brighton Road
Coulsdon
Surrey
CR5 2BF
United Kingdom

These financial statements were authorised for issue by the director on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fixture and fittings

20% on reducing balance

Motor Vehicles

20% on reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

Amortized over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

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

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

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 74 (2022 - 76).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

28,388

6,933

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 March 2022

70,000

At 28 February 2023

70,000

Amortisation

At 1 March 2022

69,999

At 28 February 2023

69,999

Carrying amount

At 28 February 2023

1

At 28 February 2022

1

6

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

20,871

156,626

177,497

Additions

1,200

113,010

114,210

At 28 February 2023

22,071

269,636

291,707

Depreciation

At 1 March 2022

17,013

132,752

149,765

Charge for the year

1,012

27,376

28,388

At 28 February 2023

18,025

160,128

178,153

Carrying amount

At 28 February 2023

4,046

109,508

113,554

At 28 February 2022

3,858

23,874

27,732

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Dividends

   

2023

 

2022

   

£

 

£

         

10

Related party transactions

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

B Patel

(1,496)

174

(1,322)

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

B Patel

(1,274)

(222)

(1,496)

       
     

 

 

Om Care Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Other transactions with the director

Om2 Care Limited and Mera Investments Limited are related parties by virtue of common director, B.Patel, and his interests. At the balance sheet date Om2 Care Limited owed the company £79,782 (2022:£79,782) and Mera Investments Limited owed £1,116,581 (2022:£546,580l)

11

Parent and ultimate parent undertaking

The company's immediate parent is Brightmoon Holdings Limited, incorporated in United Kingdom.

 The ultimate controlling party is director B Patel.