Company Registration No. 06517935 (England and Wales)
116 CARDAMON LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
116 CARDAMON LIMITED
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
3 - 7
116 CARDAMON LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.

116 CARDAMON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
4,859,733
4,569,782
Cash at bank and in hand
38,369
40,619
4,898,102
4,610,401
Creditors: amounts falling due within one year
7
(10,022,452)
(9,369,442)
Net current liabilities
(5,124,350)
(4,759,041)
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
(5,124,550)
(4,759,241)
Total equity
(5,124,350)
(4,759,041)

The notes on pages 3 to 7 form part of these financial statements.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 and signed by the director and authorised for issue on 9 February 2024
Mr G Pulford
Director
Company Registration No. 06517935
116 CARDAMON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

116 Cardamon Limited is a private company limited by shares incorporated in England and Wales. The registered office is Speed Medical House, 16 Eaton Avenue, Matrix Park, Chorley, Lancashire, PR7 7NA.

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.

1.2
Going concern

The Directors have considered the Company's forecasts and projections, taking account of reasonably possible changes in trading performance and cash collection profile together with other means of managing cash outflows, show that the Company has sufficient resources and facilities to meet its liabilities as they fall due and have accordingly prepared the financial statements on a going concern basis.true

 

As part of the assessment, the Company has received a letter of support for a period of twelve months from the date of approval of these financial statements from the associated group which includes both making funds available if required and not to seek repayment of amounts due at the balance sheet date, if this would be detrimental to the Company.

 

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual report and financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

116 CARDAMON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.6
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.

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.

116 CARDAMON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Fixed asset investments
Investments in subsidiary companies
£
Cost or valuation
At 1 June 2022 & 31 May 2023
(6,471,166)
Impairment
At 1 June 2022 & 31 May 2023
(6,471,166)
Carrying amount
At 31 May 2023
-
At 31 May 2022
-
5
Subsidiaries

Details of the company's subsidiaries at 31 May 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Marplace (Number 641)
Ordinary
100.00
-
Aim Legal Expenses Insurance Limited
Ordinary
-
100.00
Motorplus Limited
Ordinary
100.00
-

The registered office of all subsidiaries is the same as the Parent Company and is stated on the Company Information page.

116 CARDAMON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,712,400
1,052,062
Other debtors
1,147,333
3,517,720
4,859,733
4,569,782
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,056
-
0
Amounts owed to group undertakings
2,268,009
852,047
Amounts owed to related parties
7,744,505
8,503,177
Taxation and social security
512
668
Accruals and deferred income
8,370
13,550
10,022,452
9,369,442

Amounts owed to group undertakings are repayable on demand. Interest is charged at 3.5%.

 

Amounts owed to related parties are repayable on demand. Interest is charged at 2.25%.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
200
200
200
200
116 CARDAMON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Speed Medical Examination Services Limited

 

Speed Medical Examination Services Limited is a related party by virtue of common directorship and ultimate controlling ownership. Within creditors due within one year is a loan balance of £5,919,926 (2022- £5,574,170) The loan attracts interest at the rate of 3.5% p.a. Interest of £345,756 (2022- £200,920) accrued during the year.

 

FL 360 Limited

 

FL 360 Limited is a related party by virtue of common directorship and ultimate controlling ownership. At the year end there was an amount owed to FL 360 Limited of £1,609,080 (2022 - 935,829)

 

Dr Rajnish Luthra

 

During the year, Dr Rajnish Luthra an amount of £695,618 (2022 - £683,863) was due from Dr Luthra as at 31 May 2023. Dr Ranjnish Lutha is the ultimate controlling party. The loan to Dr Luthra attracts interest at the rate of 2.25% p.a. Interest of £11,755 (2022 - £11,755) was charged in the year.

 

Aim Provide LLP

 

Aim Provide LLP is considered a related party by virtue of common ultimate controlling ownership. Included within creditors due less than one year is a loan balance of £547,000 (2022 - £547,000). The loan is interest free.

10
Controlling party

The ultimate controlling party is Dr Rajnish Luthra in virtue of his shareholding.

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