Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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HOMECARE4U LIMITED
COMPANY INFORMATION
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HOMECARE4U LIMITED
CONTENTS
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HOMECARE4U LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present the strategic report and the financial statements for the year ended 31 December 2022.
The Company is a technology-enabled home care provider operating throughout England, focused on our central mission; to empower people to live longer, better, healthier lives in their own homes.
As a result of the global (COVID-19) pandemic - both its primary and secondary effects - the past year has seen us increase the impact of our company to the benefit of the communities we support and society as a whole. Throughout the pandemic, and at a time of unprecedented pressure in the healthcare space, we have provided invaluable support and care for our key stakeholders - including our care staff, our users and the NHS itself. As well as safeguarding the health and wellbeing of our community, we have also put thousands of people to work and recruited new talent into the sector. Looking ahead, whilst the pandemic presented a range of challenges, it also greatly accelerated a number of key shifts in the healthcare market. More and more older people now look to receive care and support in their own homes, rather than care homes or hospitals, and a greater range of healthcare services are now delivered remotely rather than in a central medical setting. We have proven over the past five years that, through our technology, commerciality and ambition, we are uniquely positioned to respond to these changes and shape this new era for healthcare. COVID-19 The safety of our employees is a major concern and the Company has followed governmental advice on safe working conditions and good business practice.
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HOMECARE4U LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors of the Company must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006.
Under section 172 of the Companies Act 2006 the directors of the Company are required to act in a way which promotes the long-term success of the Company and in doing so to consider the interests of the Company's stakeholders. Our relationships with our stakeholders are essential for us to deliver on our mission. This section summarises our key stakeholders and their interests, how we regularly engage with them, and the effect stakeholders have on board decision making. Colleagues - Our people are our most important asset. They are a reflection of our culture and values and are essential to upholding our values and delivering on our mission. Our priorities
∙Ensuring all staff can perform their roles safely
∙Ensuring diversity and inclusion across our workforce
∙ Ensuring that all key positions are filled with the best person for the job
∙ Maintaining high employee engagement
∙ Instilling our culture and values with rapid employee growth
∙ Developing skills and talents of our people
∙ Supporting the mental and physical health of our people.
How we engage and communicate
∙Safety underpins all that we do. Lessons learned and safety updates are shared with employees across the entire business.
∙Colleagues are kept informed of performance and strategy through staff reviews and monthly meetings. All executives regularly engage with our colleagues around the business.
∙Our intranet provides regular updates of what is going on around the business, along with regular updates from the CEO.
∙E-Learning for you provides a learning and development tool for our colleagues, to provide people with a range of programmes to be accessed anywhere on any device.
Shareholders and Financial Institutions - Our shareholders support the growth of our business to achieve our long-term growth objectives. We rely on support from our banks to fund our ongoing working capital requirements to allow us to operate in the way in which we do.
Our priorities
∙Demonstrate sound financial and operational performance, in line with the Company strategy.
∙Develop long-term relations with a syndicate of banks and other institutions to support our ongoing business.
How we engage and communicate
∙ Attendance at board meetings.
∙Regular communications such as financial updates, investment plans and capital allocation.
∙Annual all banks presentation on our results and outlook and strategy for the years ahead.
∙Regular ad hoc meetings with all lenders to discuss business operations.
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HOMECARE4U LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Environment - Homecare4U Limited is committed to managing environmental issues and our commitment is to do no harm to people or place.
Our priorities We recognise the urgent need to further reduce greenhouse gas emissions. How we engage and communicate
∙Reducing the environmental impact of our activities by continued investment in process improvements at our services to improve efficiency of our operations.
∙Introduction of Sustainability Report to include detailed carbon reporting, increasing transparency of our operations.
Service Users & Local Authorities - The Company's mission is to empower people to live longer, better, healthier lives in their own homes. Everything else flows from this; our values and the way we behave, what we expect, and the way we work with each other to deliver our mission.
Our priorities Our priorities to fulfil the three values of the Company:
∙Commit: We act with purpose and intent. We are committed to the communities we serve with the highest quality and standards and above all, courageously commit to the Company mission.
∙Connect: Technology is in our DNA. This, combined with kindness, helps us build real relationships. We connect with people across a diverse group of individuals.
∙Create: As creators we are visionary and solutions-driven. We innovate and seek creative solutions in everything we do. If it can be imagined, we make it possible.
How we engage and communicate
∙By living our mission, in every interaction we have.
∙Dedicated and engaged teams, who are available to our customers when they need us most.
∙Our local customer care teams remain a key differentiator in our offer and allows us to support our customer when they need it most.
Suppliers - Our relationship with our suppliers allows us to meet the needs of our service users.
Our priorities
∙Build supply chain optionality through our relationship with our suppliers
∙Develop long-term relationships with suppliers who support our strategic growth objectives.
How we engage and communicate
∙By living our mission, in every interaction we have
∙Regular and timely communications, including financial and operational updates throughout the year. We understand the important role our suppliers and partners have in achieving our growth objectives.
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HOMECARE4U LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Communities - We believe in supporting our communities. Our charity programme supports our communities.
Our priorities Through our charity programme, help fund a range of charity initiatives with a directly identifiable benefit. How we engage and communicate
∙The total charity budget is determined by the Board, however the allocation of funds is nominated by charity teams that involve all employees of the Company, with the Charity Committee making the final decision.
∙Employees are encouraged to work closely with the charities to understand how funds will be used.
∙The Charity Committee is made up of volunteer staff from each team within the business.
Government & CQC - As a social care provider supplier, we maintain close relationships with government bodies in the regions we operate.
Our priorities Develop productive relationships with government bodies where we provide a critical role in the provision of social care. How we engage and communicate
∙Regular meetings and communications with our Government contacts to provide business updates.
∙Involvement in round table discussions and industry consultations.
This report was approved by the board on 23 April 2024 and signed on its behalf.
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HOMECARE4U LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate given the following assumptions. Directors considered the operating nature of the entity and expectations for the future trading for a 12 month period from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides, the Company will have sufficient funds through funding from its ultimate parent Cera Care Limited to meet its liabilities as they fall due over that period. Those forecasts are dependent on Cera Care Limited providing additional financial support during that period. Cera Care Limited has indicated its intention to continue to make available such funds as are needed by the company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of the financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Further details regarding the adoption of the going concern basis can be found in Note 2 to the financial statements.
The directors who served during the year were:
J C Landucci-Harmey ws appointed as a director on 15 February 2024.
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HOMECARE4U LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
a) Business review; and b) Future developments. Engagement with suppliers, customers and others The Company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Company. This is achieved through consultations with employee representatives and newsletters. Data Protection Protecting service user data is critical to the business. The Company could face financial loss, disruption, or damage to brand reputation arising from an attack on our systems by criminals, terrorists or foreign governments. If the Company does not adequately protect our service user and employee data, the Company could breach regulations and face penalties and loss of customer trust. The Company ensures that it is up to date with industry standards and addresses industry standards. General Data Protection Regulation (GDPR) regulations that came into effect in May 2018 have been incorporated into operating and compliance practices.
Applications for employment by disabled employees are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the Company may continue. It is the policy of the Company that training, career development and promotion opportunities should be available to all employees
The company keeps employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the company and the wider Cera Care Group. This is achieved through consultations with employee representatives and newsletters.
There have been no significant events affecting the Company since the year end.
The directors appointed Barnes Roffe LLP as auditors and they will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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HOMECARE4U LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the board on
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HOMECARE4U LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HOMECARE4U LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED
We have audited the financial statements of Homecare4u Limited (the 'Company') for the period ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were appointed as auditors for the accounting year ended 31 December 2022, after the prior accounting period had a disclaimer of audit opinion. It has proved difficult to obtain sufficient audit evidence to satisfy ourselves regarding the opening balances for the accounting period to 31 December 2022. Consequently, we were unable to determine whether any adjustments to these figures or the profit and loss account for the period ended 31 December 2022 were necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HOMECARE4U LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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HOMECARE4U LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. °Companies Act 2006. °FRS102. °Employment legislation. °Tax legislation.
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HOMECARE4U LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED (CONTINUED)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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HOMECARE4U LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
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HOMECARE4U LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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HOMECARE4U LIMITED
REGISTERED NUMBER: 07455354
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 28 form part of these financial statements.
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HOMECARE4U LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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HOMECARE4U LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Homecare4U Limited is a company limited by shares incorporated in the England and Wales. The registered office is Crown House Stephenson Road, Severalls Industrial Park, Colchester, CO4 9QR.
The Company's principal activity continues to be that of the provision of domiciliary services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following exemptions:
∙the requirement to present a statement of cash flows and the related notes;
∙financial instrument disclosures
∙disclosing Group undertakings transactions
The following principal accounting policies have been applied:
The directors have prepared cashflow forecasts for the period for 12 months from the date of approval of these financial statements. Whilst considering the severe but plausible downsides, the company will have sufficient funds through funding from its ultimate parent Cera Care Limited to meet its liabilities as they fall due over that period.
Cera Care Limited has indicated its intention to continue to make available such funds as are needed by the Company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of the financial statements, they have no reason to believe that it will not do so. The directors believe that in the current economic climate, with the Company offering enhanced healthcare at home, that they are in a strong position to secure new commercial opportunities as well as be in a position to close future fund raises if required.
The Company has taken exemption from producing a cashflow as it is included in the ultimate parent company's consolidated financial statements.
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company utilises rostering systems to manage care. These systems allow for planning a rota for each staff member, together with the corresponding pay and bill rates for the particular service type, length of service and time of delivery. These results are very accurate in the calculation of billable time, income and corresponding employee pay for a particular contract, branch or region. Accrued income is determined by applying an average historical billing rate to the number of unbilled hours delivered at the balance sheet date. Variances are reviewed in the following month once actual billing is known. The rostering systems allow unbilled hours to be calculated based on planned, rostered and actual visits along with the corresponding pay and bill rates for the particular service type, length of service and time of delivery. These results are very accurate in the calculation of billable time, income and corresponding employee pay for a particular contract, branch or region.
The Company treats any items that are outside of the normal revenue-generating activities as exceptional and discloses them as such on the profit and loss account.
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The whole of the turnover is attributable to the principal activity of the Company and arose in the United Kingdom.
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
In the March 2021 Budget it was announced that the UK corporation tax rate would increase to 25% from 1 April 2023 for profits over £250,000. There are no other significant factors that may affect future tax charges.
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £132,257 (Period ended 31 December 2021 - £131,889). Contributions totalling £45,976 (2021 - £55,413) were payable to the fund at the reporting date.
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HOMECARE4U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
In the opinion of the directors there is no, one ultimate controlling party.
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