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Registered number: 08611694









GEMCARE SOUTH WEST LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
GEMCARE SOUTH WEST LIMITED
REGISTERED NUMBER: 08611694

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021 Unaudited
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,829
-

Current assets
  

Debtors: amounts falling due within one year
 5 
2,615,432
2,441,450

Cash at bank and in hand
 6 
814,712
244,325

  
3,430,144
2,685,775

Creditors: amounts falling due within one year
 7 
(1,702,870)
(1,048,295)

Net current assets
  
 
 
1,727,274
 
 
1,637,480

  

Net assets
  
1,730,103
1,637,480


Capital and reserves
  

Called up share capital 
 9 
150
150

Profit and loss account
 10 
1,729,953
1,637,330

  
1,730,103
1,637,480


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




J C Landucci-Harmey
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Gemcare South West Limited is a company limited by shares and incorporated in England and Wales. The registered office is Crown House, Stephenson Road, Severalls Industrial Park, Colchester, England, CO4 9QR.
The company specialises in the provision of care services across the social care market at home.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors of the Company have prepared cash flow 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 to meet its liabilities as they fall due over that period.
As such the directors believe that there are no significant uncertainties in their assessment of whether the business is going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Long-term leasehold property
-
10%
straight line
Fixtures and fittings
-
33%
reducing balance

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition  of financial assets and liabilities like trade and other debtors and creditors, and amounts owed to and from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the reporting date for   objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive  income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
Page 4

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2022
   2021 Unaudited
            No.
            No.







Administrative and support
274
287

Page 5

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2022 (Unaudited)
43,658
72,683
116,341


Additions
-
3,018
3,018



At 31 December 2022

43,658
75,701
119,359



Depreciation


At 1 January 2022 (Unaudited)
43,658
72,683
116,341


Charge for the year
-
189
189



At 31 December 2022

43,658
72,872
116,530



Net book value



At 31 December 2022
-
2,829
2,829



At 31 December 2021 (Unaudited)
-
-
-


5.


Debtors

2022
2021 Unaudited
£
£


Trade debtors
7,189
-

Amounts owed by group undertakings
2,533,873
2,067,748

Prepayments and accrued income
74,233
373,565

Deferred taxation
137
137

2,615,432
2,441,450


Page 6

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

2022
2021 Unaudited
£
£

Cash at bank and in hand
814,712
244,325

814,712
244,325



7.


Creditors: Amounts falling due within one year

2022
2021 Unaudited
£
£

Trade creditors
34,197
154

Amounts owed to group undertakings
888,900
69,361

Corporation tax
184,468
151,283

Other taxation and social security
116,301
70,736

Other creditors
330,016
323,815

Accruals and deferred income
148,988
432,946

1,702,870
1,048,295


Page 7

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Deferred taxation




2022


£






At beginning of year
137



At end of year
137

The deferred tax asset is made up as follows:

2022
2021 Unaudited
£
£


Decelerated capital allowances
137
137

137
137


9.


Share capital

2022
2021 Unaudited
£
£
Allotted, called up and fully paid



150 Ordinary shares of £1 each
150
150



10.


Reserves

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.


11.


Pension commitments

The company operates a defined contribution 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 £69,855 (unaudited 2021 -£64,995). Contributions totalling of £24,492 (unaudited 2021 - £11,573)  were payable to the fund at the reporting date and are included in creditors.

Page 8

 
GEMCARE SOUTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Related party transactions

The company has taken exemption allowed under FRS102 not to disclose any transactions and balances with other wholly owned members of the group.


13.


Controlling party

The immediate parent undertaking is Cera Care Operations Holdings Limited and the ultimate parent  company is Cera Care Limited in which the company’s financial statements are consolidated. The consolidated financial statements can be obtained from Companies House.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 1 March 2024 by Mark Hancock (FCA) (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 9