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Company Registration number: 11364669

Support for Independence (North West) Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2023

 

Support for Independence (North West) Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Support for Independence (North West) Ltd

Balance Sheet as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

16,857

15,250

Current assets

 

Stocks

6

142,424

136,930

Debtors

7

95,465

100,918

Cash at bank and in hand

 

208,979

69,678

 

446,868

307,526

Creditors: Amounts falling due within one year

8

(120,535)

(88,650)

Net current assets

 

326,333

218,876

Total assets less current liabilities

 

343,190

234,126

Creditors: Amounts falling due after more than one year

8

(19,059)

(56,266)

Provisions for liabilities

(2,433)

-

Net assets

 

321,698

177,860

Capital and reserves

 

Called up share capital

155

152

Retained earnings

321,543

177,708

Shareholders' funds

 

321,698

177,860

 

Support for Independence (North West) Ltd

Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 January 2024 and signed on its behalf by:
 

.........................................
Miss G M Clarke
Director

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Company registration number: 11364669

 

Support for Independence (North West) Ltd

Notes to the financial statements for the Year Ended 30 June 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 The Pavilions
Bridge Hall Drive
Bury
BL9 7NX

These financial statements were authorised for issue by the Board on 8 January 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102A 'The Financial Reporting Standard applicable to the small companies' Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Support for Independence (North West) Ltd

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation 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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Fixtures and fittings

15% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Support for Independence (North West) Ltd

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 47 (2022 - 43).

 

Support for Independence (North West) Ltd

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

4

PROFIT BEFORE TAX

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,992

2,691

5

TANGIBLE ASSETS

Office equipment
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

14,492

5,981

20,473

Additions

5,599

-

5,599

At 30 June 2023

20,091

5,981

26,072

Depreciation

At 1 July 2022

3,954

1,269

5,223

Charge for the year

3,285

707

3,992

At 30 June 2023

7,239

1,976

9,215

Carrying amount

At 30 June 2023

12,852

4,005

16,857

At 30 June 2022

10,538

4,712

15,250

6

STOCKS

2023
£

2022
£

Work in progress

142,424

136,930

 

Support for Independence (North West) Ltd

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

7

DEBTORS

Current

2023
£

2022
£

Trade debtors

95,465

98,275

Other debtors

-

2,643

 

95,465

100,918

8

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

9

10,042

(17,268)

Trade creditors

 

6,799

4,856

Taxation and social security

 

89,857

60,981

Accruals and deferred income

 

2,196

2,160

Other creditors

 

11,641

37,921

 

120,535

88,650

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

9

19,059

56,266

 

Support for Independence (North West) Ltd

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

9

LOANS AND BORROWINGS

2023
£

(As restated)

2022
£

Non-current loans and borrowings

Bank borrowings

19,059

56,266

2023
£

(As restated)

2022
£

Current loans and borrowings

Bank borrowings

10,042

(17,268)

10

PRIOR YEAR ADJUSTMENT

The company has restated the accounts of the prior year for a misclassification of directors pension contributions.

£84,000 of pension contributions have been removed from the profit and loss account in 2022 which has increased retained earnings by £84,000 and had an equal and opposite effect on current liabilities.