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COMPANY REGISTRATION NUMBER: 04790989
Norvic Healthcare (Anglia) Limited
Unaudited financial statements
31 July 2023
Norvic Healthcare (Anglia) Limited
Statement of financial position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
144,325
120,921
Current assets
Stocks
2,100
2,100
Debtors
6
2,271,439
2,166,140
Cash at bank and in hand
30,912
29,298
-----------
-----------
2,304,451
2,197,538
Creditors: Amounts falling due within one year
7
( 465,978)
( 415,603)
-----------
-----------
Net current assets
1,838,473
1,781,935
-----------
-----------
Total assets less current liabilities
1,982,798
1,902,856
Creditors: Amounts falling due after more than one year
8
( 135,417)
( 177,084)
Provisions
Taxation including deferred tax
( 18,806)
( 13,015)
Accruals and deferred income
( 8,562)
( 10,815)
-----------
-----------
Net assets
1,820,013
1,701,942
-----------
-----------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
1,819,913
1,701,842
-----------
-----------
Shareholders funds
1,820,013
1,701,942
-----------
-----------
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 income and retained earnings has not been delivered.
For the year ending 31 July 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 .
Norvic Healthcare (Anglia) Limited
Statement of financial position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 15 April 2024 , and are signed on behalf of the board by:
Mr E O Adeyemi
Director
Company registration number: 04790989
Norvic Healthcare (Anglia) Limited
Notes to the financial statements
Year ended 31 July 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 Unit 5 Longs Business Centre, 232 Fakenham Road, Taverham, Norwich, Norfolk, NR8 6QW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised when 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 86 (2022: 74 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 August 2022
27,860
62,884
100,894
191,638
Additions
21,450
10,417
30,049
61,916
-------
-------
---------
---------
At 31 July 2023
49,310
73,301
130,943
253,554
-------
-------
---------
---------
Depreciation
At 1 August 2022
8,285
17,707
44,725
70,717
Charge for the year
5,650
12,162
20,700
38,512
-------
-------
---------
---------
At 31 July 2023
13,935
29,869
65,425
109,229
-------
-------
---------
---------
Carrying amount
At 31 July 2023
35,375
43,432
65,518
144,325
-------
-------
---------
---------
At 31 July 2022
19,575
45,177
56,169
120,921
-------
-------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
289,651
152,655
Prepayments and accrued income
1,994
1,753
Amounts due from parent company
202,210
202,210
Other debtors
1,777,584
1,809,522
-----------
-----------
2,271,439
2,166,140
-----------
-----------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans
41,666
41,666
Trade creditors
33,606
16,882
Social security and other taxes
80,743
43,700
Other creditors
309,963
313,355
---------
---------
465,978
415,603
---------
---------
Included within creditors falling due within one year are amounts of £126,699 (2022: £63,909) in respect of Invoice Discounting liabilities which are secured by the company. Bank Loans and Invoice Discounting liabilities are secured by way of a fixed and floating charge over the assets of the company.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans
135,417
177,084
---------
---------
Bank Loans are secured by way of a fixed and floating charge over the assets of the company. Included in Bank Loans are amounts of £Nil (2022: £10,417), due in more than five years.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
2,100
16,100
Later than 1 year and not later than 5 years
2,100
------
-------
2,100
18,200
------
-------