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COMPANY REGISTRATION NUMBER: 07871165
Camella Healthcare Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Camella Healthcare Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Officers and professional advisers
1
Accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Camella Healthcare Limited
2
Statement of financial position
3
Notes to the financial statements
5
Camella Healthcare Limited
Officers and Professional Advisers
The board of directors
Mr R Bromfield Cole
Mr L Browne
Registered office
Wellington Road Pharmacy
108 Wellington Road
Rhyl
Denbighshire
LL18 L1H
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Lloyds Bank Plc
8 Foregate Street
Chester
Chesire
CH1 1XP
Camella Healthcare Limited
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Camella Healthcare Limited
Year ended 31 October 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
29 July 2024
Camella Healthcare Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
6
2,526,671
2,973,671
Tangible assets
7
24,786
35,546
-----------
-----------
2,551,457
3,009,217
Current assets
Stocks
343,194
243,759
Debtors
9
1,337,219
1,378,756
Cash at bank and in hand
950
1,120
-----------
-----------
1,681,363
1,623,635
Creditors: amounts falling due within one year
10
1,845,391
1,796,238
-----------
-----------
Net current liabilities
164,028
172,603
-----------
-----------
Total assets less current liabilities
2,387,429
2,836,614
Creditors: amounts falling due after more than one year
11
1,523,500
1,892,401
Provisions
Taxation including deferred tax
12
5,968
6,542
-----------
-----------
Net assets
857,961
937,671
-----------
-----------
Camella Healthcare Limited
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
14
385,714
385,714
Share premium account
15
444,286
444,286
Profit and loss account
15
27,961
107,671
---------
---------
Shareholders funds
857,961
937,671
---------
---------
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 October 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 .
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr L Browne
Director
Company registration number: 07871165
Camella Healthcare Limited
Notes to the Financial Statements
Year ended 31 October 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 Wellington Road Pharmacy, 108 Wellington Road, Rhyl, Denbighshire, LL18 L1H.
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.
Business combinations
Business combinations relating to acquiring control of trade and assets to form one or more businesses are accounted for using the purchase method.
The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination.
Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series.
Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination.
Going concern
The directors has assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future and conclude that the company has adequate recourses to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue is derived from the sale of pharmaceuticals and related goods. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, when the amount of revenue can be relied measurably and it is probable that the associated economic benefits will flow to the entity. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
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.
Goodwill
Goodwill is measured at cost less accumulated amortisation. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
13 years straight line
Goodwill is measured at cost less accumulated amortisation. It is amortised on a straight-line basis over its useful life.
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
-
20% Straight line
Motor vehicles
-
25% Reducing balance
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 55 (2022: 65 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividends on Ordinary A shares
44,883
41,155
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
5,814,547
-----------
Amortisation
At 1 November 2022
2,840,876
Charge for the year
447,000
-----------
At 31 October 2023
3,287,876
-----------
Carrying amount
At 31 October 2023
2,526,671
-----------
At 31 October 2022
2,973,671
-----------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
96,538
9,975
106,513
Additions
6,850
6,850
---------
------
---------
At 31 October 2023
103,388
9,975
113,363
---------
------
---------
Depreciation
At 1 November 2022
60,992
9,975
70,967
Charge for the year
17,610
17,610
---------
------
---------
At 31 October 2023
78,602
9,975
88,577
---------
------
---------
Carrying amount
At 31 October 2023
24,786
24,786
---------
------
---------
At 31 October 2022
35,546
35,546
---------
------
---------
8. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
40,000
-------
Impairment
At 1 November 2022 and 31 October 2023
40,000
-------
Carrying amount
At 31 October 2023
-------
At 31 October 2022
-------
9. Debtors
2023
2022
£
£
Trade debtors
1,147,059
1,174,528
Other debtors
190,160
204,228
-----------
-----------
1,337,219
1,378,756
-----------
-----------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
575,011
497,469
Trade creditors
960,000
1,002,540
Social security and other taxes
69,461
44,115
Other creditors
240,919
252,114
-----------
-----------
1,845,391
1,796,238
-----------
-----------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,198,500
1,567,401
Other creditors
325,000
325,000
-----------
-----------
1,523,500
1,892,401
-----------
-----------
The bank loans are secured by fixed and floating charges and a negative pledge over all of the company's assets in favour of Lloyds Bank Plc.
Included within creditors: amounts falling due after more than one year is an amount of £620,680 (2022: £643,387) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
12. Provisions
Deferred tax (note 13)
£
At 1 November 2022
6,542
Charge against provision
( 574)
------
At 31 October 2023
5,968
------
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 12)
5,968
6,542
------
------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
5,968
6,542
------
------
14. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
270,000
270,000
270,000
270,000
Ordinary 'B' shares of £ 1 each
115,714
115,714
115,714
115,714
---------
---------
---------
---------
385,714
385,714
385,714
385,714
---------
---------
---------
---------
15. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
16. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
76,755
76,755
Later than 1 year and not later than 5 years
278,061
274,561
Later than 5 years
139,839
122,094
---------
---------
494,655
473,410
---------
---------
17. Directors' advances, credit and guarantees
Included in debtors is an amount of £70,156 (2022: £84,095) due from Mr L Browne , a company Director. There are no interest charges or terms of repayment due on the loans.
18. Related party transactions
The company has taken exemptions under section 33 of FRS102 from reporting transactions with wholly owned subsidiaries. During the year, the Company paid accountancy fees of £51,950 (2022: £62,650) to R Cole Accountancy Services Limited, a company in which Mr R Cole has significant influence and control. Included within other creditors is a loan to the company of £325,000 (2022: £325,000) from R Cole Accountancy Services Limited. During the year the company was charged interest of £16,270 (2022: £16,255). Included within creditors is amount owed to Mr R Cole of £200,000 (2022: £195,000).
19. Controlling party
The ultimate controlling party of the company, by virtue of a majority shareholding, is Mr L Browne.