11 30/09/2023 2023-09-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-05-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04770495 2022-05-01 2023-09-30 04770495 2023-09-30 04770495 2022-04-30 04770495 2021-05-01 2022-04-30 04770495 2022-04-30 04770495 2021-04-30 04770495 core:NetGoodwill 2022-05-01 2023-09-30 04770495 core:PlantMachinery 2022-05-01 2023-09-30 04770495 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-09-30 04770495 core:MotorVehicles 2022-05-01 2023-09-30 04770495 bus:Director3 2022-05-01 2023-09-30 04770495 core:WithinOneYear 2023-09-30 04770495 core:WithinOneYear 2022-04-30 04770495 core:NetGoodwill 2022-04-30 04770495 core:NetGoodwill 2023-09-30 04770495 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 04770495 core:PlantMachinery 2022-04-30 04770495 core:FurnitureFittingsToolsEquipment 2022-04-30 04770495 core:MotorVehicles 2022-04-30 04770495 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 04770495 core:PlantMachinery 2023-09-30 04770495 core:FurnitureFittingsToolsEquipment 2023-09-30 04770495 core:AfterOneYear 2022-04-30 04770495 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-01 2023-09-30 04770495 core:ShareCapital 2023-09-30 04770495 core:ShareCapital 2022-04-30 04770495 core:RetainedEarningsAccumulatedLosses 2023-09-30 04770495 core:RetainedEarningsAccumulatedLosses 2022-04-30 04770495 core:NetGoodwill 2022-04-30 04770495 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 04770495 core:PlantMachinery 2022-04-30 04770495 core:FurnitureFittingsToolsEquipment 2022-04-30 04770495 core:MotorVehicles 2022-04-30 04770495 bus:Director1 2022-04-30 04770495 bus:Director1 2023-09-30 04770495 bus:Director1 2021-04-30 04770495 bus:Director1 2022-04-30 04770495 bus:Director1 2022-05-01 2023-09-30 04770495 bus:Director1 2021-05-01 2022-04-30 04770495 bus:SmallEntities 2022-05-01 2023-09-30 04770495 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-09-30 04770495 bus:FullAccounts 2022-05-01 2023-09-30 04770495 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-09-30 04770495 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-09-30
Company registration number: 04770495
Korcare Limited
Unaudited filleted financial statements
30 September 2023
KORCARE LIMITED
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023
30/09/23 30/04/22
Note £ £ £ £
Fixed assets
Intangible assets 5 28,104 53,250
Tangible assets 6 182,751 505,680
_______ _______
210,855 558,930
Current assets
Stocks - 6,070
Debtors 7 10,425 51,250
Cash at bank and in hand 280,753 349,994
_______ _______
291,178 407,314
Creditors: amounts falling due
within one year 8 ( 73,308) ( 60,425)
_______ _______
Net current assets 217,870 346,889
_______ _______
Total assets less current liabilities 428,725 905,819
Creditors: amounts falling due
after more than one year 9 - ( 7,877)
_______ _______
Net assets 428,725 897,942
_______ _______
Capital and reserves
Called up share capital 99 99
Profit and loss account 10 428,626 897,843
_______ _______
Shareholders funds 428,725 897,942
_______ _______
For the period ending 30 September 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 period 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 02 February 2024 , and are signed on behalf of the board by:
Mr Christopher Phillips
Director
Company registration number: 04770495
KORCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 30 SEPTEMBER 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 Korcare Limited , Nightingale House, Landscore Close, Teignmouth, Devon, TQ14 9LD.
Principal activity
The principal activity of the company is the provision of specialised residential care.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 11 (2022: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2022 and 30 September 2023 355,000 355,000
_______ _______
Amortisation
At 1 May 2022 301,750 301,750
Charge for the period 25,146 25,146
_______ _______
At 30 September 2023 326,896 326,896
_______ _______
Carrying amount
At 30 September 2023 28,104 28,104
_______ _______
At 30 April 2022 53,250 53,250
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2022 469,046 51,475 61,914 79,544 661,979
Disposals ( 297,185) - - ( 79,544) ( 376,729)
_______ _______ _______ _______ _______
At 30 September 2023 171,861 51,475 61,914 - 285,250
_______ _______ _______ _______ _______
Depreciation
At 1 May 2022 - 47,549 48,444 60,306 156,299
Charge for the year - 1,391 5,115 6,814 13,320
Disposals - - - ( 67,120) ( 67,120)
_______ _______ _______ _______ _______
At 30 September 2023 - 48,940 53,559 - 102,499
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2023 171,861 2,535 8,355 - 182,751
_______ _______ _______ _______ _______
At 30 April 2022 469,046 3,926 13,470 19,238 505,680
_______ _______ _______ _______ _______
7. Debtors
30/09/23 30/04/22
£ £
Trade debtors - 45,530
Other debtors 10,425 5,720
_______ _______
10,425 51,250
_______ _______
8. Creditors: amounts falling due within one year
30/09/23 30/04/22
£ £
Trade creditors 6,475 1,534
Accruals and deferred income 11,645 4,320
Other creditors 55,188 54,571
_______ _______
73,308 60,425
_______ _______
9. Creditors: amounts falling due after more than one year
30/09/23 30/04/22
£ £
Other creditors - 7,877
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/09/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director (21,209) 29,039 (63,018) (55,188)
_______ _______ _______ _______
Year ended 30/04/22
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director (5,709) 28,750 (44,250) (21,209)
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
12. Going concern
The Company will be placed into a Members' Voluntary Liquidation in the next financial year.