Company registration number 06051294 (England and Wales)
Angelcare Corporate UK Limited
financial statements
For the year ended 30 September 2023
Angelcare Corporate UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Angelcare Corporate UK Limited
Statement of financial position
As at 30 September 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,979
5,305
Tangible assets
5
8,655
12,221
12,634
17,526
Current assets
Stocks
462,699
1,028,563
Debtors
6
1,064,398
2,248,368
Cash at bank and in hand
198,669
813,280
1,725,766
4,090,211
Creditors: amounts falling due within one year
7
(765,200)
(391,327)
Net current assets
960,566
3,698,884
Total assets less current liabilities
973,200
3,716,410
Provisions for liabilities
(3,100)
(3,100)
Net assets
970,100
3,713,310
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
970,000
3,713,210
Total equity
970,100
3,713,310
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
Mr M Pinsonnault
Director
Company Registration No. 06051294
Angelcare Corporate UK Limited
Notes to the financial statements
For the year ended 30 September 2023
- 2 -
1
Accounting policies
Company information
Angelcare Corporate UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 6 Kern House, Brooms Road, Stone Business Park, Stone, Staffordshire, ST15 0TL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with entities within the group where the relationship is one of being wholly owned.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Software
25% reducing balance
Website costs
25% reducing balance
Angelcare Corporate UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Computers
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
Angelcare Corporate UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Angelcare Corporate UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of judgement and estimation uncertainty
The directors consider that there are no key judgements, estimates or assumptions used in preparing the financial statements.
Angelcare Corporate UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
8
4
Intangible fixed assets
Computer Software
Website costs
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
98,472
14,000
112,472
Amortisation and impairment
At 1 October 2022
97,043
10,124
107,167
Amortisation charged for the year
357
969
1,326
At 30 September 2023
97,400
11,093
108,493
Carrying amount
At 30 September 2023
1,072
2,907
3,979
At 30 September 2022
1,429
3,876
5,305
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
11,749
50,601
62,350
Depreciation and impairment
At 1 October 2022
11,068
39,061
50,129
Depreciation charged in the year
681
2,885
3,566
At 30 September 2023
11,749
41,946
53,695
Carrying amount
At 30 September 2023
8,655
8,655
At 30 September 2022
681
11,540
12,221
Angelcare Corporate UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
863,441
1,113,033
Amounts owed by group undertakings
1,077,826
Other debtors
200,957
57,509
1,064,398
2,248,368
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
169,262
212,774
Amounts owed to group undertakings
345,505
Taxation and social security
7,706
56,883
Other creditors
242,727
121,670
765,200
391,327
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Nicola Johnson
Statutory Auditor:
DJH Mitten Clarke Audit Limited
9
Financial commitments, guarantees and contingent liabilities
At the balance sheet date, the company has charges over its assets as security for borrowings of fellow group undertakings.
At 30 September 2023 these borrowings amounted to £78,779,100 (2022 - £108,089,906). As at the date of approval of these financial statements, the directors do not anticipate that the guarantees will be called upon.
Angelcare Corporate UK Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
- 8 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
41,800
64,600
11
Parent company
The parent of the smallest group for which consolidated financial statements are drawn up of which Angelcare Corporate UK Limited is a member is Le Holding Angelcare Inc. Its registered office is 2000, McGill College Avenue, office 250 Montréal, Québec, H3A 3H3, Canada.
The ultimate controlling party is M Pinsonnault.
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