APEX CARE SOLUTIONS LTD

Company Registration Number:
14319059 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 1 September 2023

End date: 31 August 2024

APEX CARE SOLUTIONS LTD

Contents of the Financial Statements

for the Period Ended 31 August 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

APEX CARE SOLUTIONS LTD

Directors' report period ended 31 August 2024

The directors present their report with the financial statements of the company for the period ended 31 August 2024

Principal activities of the company

Principal Activity: The principal activity of the company during the year continued to be the provision of temporary staff to the healthcare sector, including the supply of registered nurses, healthcare assistants, and support workers to care homes, hospitals, and other healthcare facilities across the United Kingdom. Business Review: During the financial year, Apex Care Solutions Ltd continued to experience strong demand for its services, driven by an increasing need for qualified healthcare professionals in response to the growing healthcare needs of an aging population. The company successfully expanded its client base and strengthened relationships with existing clients through the delivery of high-quality staffing solutions tailored to meet the specific needs of healthcare providers. Revenue growth was steady, reflecting the company’s ability to secure new contracts and maintain high occupancy rates for temporary placements. The company also invested in enhancing its recruitment processes and staff training programs, ensuring that all temporary staff supplied to clients met the highest standards of care and professionalism. Future Developments: Looking forward, Apex Care Solutions Ltd plans to continue its growth strategy by expanding its operations into new regions within the UK and by broadening its service offerings to include specialized staffing solutions for niche areas such as mental health facilities and palliative care. The company also intends to invest further in technology to improve operational efficiency and enhance client and staff satisfaction. Principal Risks and Uncertainties: The directors have identified several risks that could impact the company’s performance in the coming year. These include: Regulatory Changes: Potential changes in healthcare regulations could affect the company’s operations. The directors are committed to staying informed of any regulatory developments and ensuring full compliance with all applicable laws and standards. Economic Conditions: Fluctuations in the UK economy could impact the demand for temporary staffing services. The company mitigates this risk by diversifying its client base and focusing on sectors within healthcare that are less sensitive to economic cycles. Competition: The temporary staffing market in the healthcare sector is highly competitive. The company maintains its competitive edge through its commitment to quality, reliability, and customer service, as well as continuous investment in staff development and recruitment. Financial Performance: The company’s financial performance during the year was strong, with revenue growth reflecting the continued demand for temporary healthcare staff. The directors are satisfied with the overall financial health of the company, which remains well-positioned to continue its growth trajectory in the coming year. Dividends: The directors do not recommend the payment of a dividend for the year ended 31 August 2024 Directors: The directors who served during the year and up to the date of this report were as follows: Corina Rusu Statement of Directors’ Responsibilities: The directors are responsible for preparing the Director’s 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 UK Generally Accepted Accounting Practice (UK GAAP). 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 and then apply them consistently; Make judgments and estimates that are reasonable and prudent; 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 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. Auditors: Andrew Smith has expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting. Approval: This report was approved by the board of directors on 31 August 2024 and signed on its behalf by: Corina Rusu Director Apex Care Solutions Ltd 31 August 2024

Company policy on disabled employees

Policy on Disabled Employees: Apex Care Solutions Ltd is committed to providing equal opportunities to all employees, including those with disabilities. The company recognizes the importance of creating an inclusive work environment where all employees, regardless of their physical or mental abilities, can contribute effectively to the success of the organization. Key Elements of the Policy: Recruitment and Employment: Apex Care Solutions Ltd ensures that its recruitment processes are inclusive and accessible to candidates with disabilities. We provide reasonable adjustments during the recruitment process to accommodate the needs of disabled applicants. The company is committed to offering employment opportunities to qualified individuals with disabilities and ensuring that they are treated fairly and equitably throughout their employment. Workplace Adjustments: Apex Care Solutions Ltd is dedicated to providing reasonable adjustments in the workplace to enable employees with disabilities to perform their roles effectively. This may include modifying workstations, providing assistive technologies, altering work schedules, or making physical adjustments to the workplace. Employees with disabilities are encouraged to discuss any specific needs with their line manager or the HR department, so that appropriate adjustments can be made. Training and Development: The company offers equal access to training and development opportunities for all employees, including those with disabilities. Training programs are designed to be inclusive and accessible, and reasonable adjustments are made to ensure that employees with disabilities can fully participate. Apex Care Solutions Ltd also provides training to managers and staff to raise awareness of disability issues and to ensure that they understand how to support colleagues with disabilities effectively. Career Advancement: Apex Care Solutions Ltd is committed to ensuring that employees with disabilities have the same opportunities for career advancement as other employees. We provide the necessary support and adjustments to help them achieve their career goals. Health, Safety, and Well-being: The company prioritizes the health, safety, and well-being of all employees, including those with disabilities. We regularly review and assess workplace conditions to ensure that they are safe and accessible for disabled employees. Apex Care Solutions Ltd is committed to fostering a supportive work environment where employees feel comfortable disclosing disabilities and requesting reasonable adjustments. Monitoring and Review: The company regularly monitors its policies and practices related to disabled employees to ensure they are effective and compliant with relevant legislation. Feedback from employees with disabilities is actively sought and used to improve our policies and practices. Conclusion: Apex Care Solutions Ltd is dedicated to creating an inclusive and supportive work environment for all employees, including those with disabilities. We believe that diversity enriches our workforce and enhances our ability to provide high-quality services to our clients.



Directors

The director shown below has held office during the whole of the period from
1 September 2023 to 31 August 2024

Corina Rusu


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
1 September 2024

And signed on behalf of the board by:
Name: Corina Rusu
Status: Director

APEX CARE SOLUTIONS LTD

Profit And Loss Account

for the Period Ended 31 August 2024

2024 2023


£

£
Turnover: 1,283,446 630,779
Cost of sales: ( 898,412 ) ( 489,331 )
Gross profit(or loss): 385,034 141,448
Administrative expenses: ( 42,826 ) ( 31,588 )
Operating profit(or loss): 342,208 109,860
Profit(or loss) before tax: 342,208 109,860
Tax: ( 49,256 )
Profit(or loss) for the financial year: 292,952 109,860

APEX CARE SOLUTIONS LTD

Balance sheet

As at 31 August 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 58,722 5,871
Total fixed assets: 58,722 5,871
Current assets
Debtors: 4 114,110 28,930
Cash at bank and in hand: 127,868 44,758
Total current assets: 241,978 73,688
Creditors: amounts falling due within one year: 5 ( 22,844 ) ( 16,000 )
Net current assets (liabilities): 219,134 57,688
Total assets less current liabilities: 277,856 63,559
Total net assets (liabilities): 277,856 63,559
Capital and reserves
Called up share capital: 140,000 13,906
Other reserves: 30,000 29,653
Profit and loss account: 107,856 20,000
Total Shareholders' funds: 277,856 63,559

The notes form part of these financial statements

APEX CARE SOLUTIONS LTD

Balance sheet statements

For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 1 September 2024
and signed on behalf of the board by:

Name: Corina Rusu
Status: Director

The notes form part of these financial statements

APEX CARE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Apex Care Solutions Ltd is committed to maintaining a stable and satisfied workforce, recognizing that employee retention is crucial to the delivery of high-quality services to our clients. This turnover policy outlines our approach to managing and minimizing employee turnover while ensuring that any transitions are handled smoothly and professionally. Objectives: Reduce Voluntary Turnover: To minimize the loss of skilled and experienced employees through voluntary resignations by addressing the root causes of turnover. Improve Employee Retention: To enhance employee satisfaction and engagement by providing a supportive work environment, opportunities for professional development, and clear career progression paths. Ensure Smooth Transitions: To manage any unavoidable turnover in a way that minimizes disruption to the business and ensures continuity of service to our clients. Key Components: Monitoring and Analysis: Turnover Tracking: The HR department regularly tracks employee turnover rates and conducts exit interviews to understand the reasons for voluntary resignations. Data Analysis: Trends and patterns in turnover are analyzed to identify any recurring issues or areas for improvement. Reporting: Turnover data is reported to the management team quarterly, along with recommendations for addressing any identified issues. Employee Engagement: Feedback Mechanisms: Regular employee surveys and feedback sessions are conducted to gauge job satisfaction and identify areas where improvements can be made. Recognition Programs: Employees are recognized and rewarded for their contributions to the company, fostering a positive and motivating work environment. Career Development: The company provides ongoing training and development opportunities to help employees advance in their careers, which is key to retaining talent. Retention Strategies: Competitive Compensation: Apex Care Solutions Ltd offers competitive salaries and benefits to attract and retain top talent. Work-Life Balance: The company promotes a healthy work-life balance by offering flexible working arrangements where possible. Clear Communication: Regular communication from management ensures that employees understand the company’s goals and how their role contributes to the company’s success. Exit Process: Exit Interviews: Conducted with all departing employees to gather insights into their reasons for leaving and to identify any potential improvements to retention strategies. Knowledge Transfer: The company ensures that critical knowledge and skills are transferred to remaining team members before an employee’s departure. Client Continuity: Where applicable, transitioning of client relationships is managed carefully to ensure no disruption to service. Succession Planning: Identifying Key Roles: The company identifies critical roles and implements succession planning to ensure that there is no gap in leadership or essential functions when turnover occurs. Talent Pipeline: Apex Care Solutions Ltd actively develops a talent pipeline to fill key positions internally, reducing the time and cost associated with external recruitment. Responsibilities: Management: Responsible for implementing retention strategies and ensuring that turnover is minimized within their teams. HR Department: Responsible for monitoring turnover rates, conducting exit interviews, and reporting findings to management. The HR department also leads the development and implementation of retention and engagement initiatives. Employees: Encouraged to provide feedback on their job satisfaction and to participate in company initiatives designed to improve retention. Review and Amendments: This policy will be reviewed annually by the HR department and the management team to ensure its effectiveness. Amendments will be made as necessary to address changing business needs and workforce dynamics.

    Tangible fixed assets depreciation policy

    Apex Care Solutions Ltd is committed to maintaining accurate and consistent financial records in compliance with UK accounting standards. This policy outlines the procedures for the depreciation of tangible fixed assets, ensuring that the value of these assets is fairly and systematically allocated over their useful lives. Objectives: Accurate Financial Reporting: To ensure that the cost of tangible fixed assets is systematically spread over their useful lives, providing a true and fair view of the company's financial position. Compliance with Accounting Standards: To adhere to UK Generally Accepted Accounting Practice (UK GAAP) or International Financial Reporting Standards (IFRS), as applicable, in the depreciation of tangible fixed assets. Consistency: To apply consistent methods and rates of depreciation across all tangible fixed assets, ensuring comparability of financial statements over time. Scope: This policy applies to all tangible fixed assets owned by Apex Care Solutions Ltd, including but not limited to: Buildings Office Equipment (e.g., computers, furniture) Vehicles Plant and Machinery Depreciation Methods: Straight-Line Method: Apex Care Solutions Ltd uses the straight-line method for depreciating all tangible fixed assets. This method allocates the cost of an asset evenly over its useful life. Formula: Annual Depreciation Expense = (Cost of Asset - Residual Value) / Useful Life of the Asset Cost of Asset: The purchase price or construction cost of the asset, including any costs directly attributable to bringing the asset to its working condition for its intended use. Residual Value: The estimated amount that the company expects to receive from the sale or disposal of the asset at the end of its useful life, after deducting estimated costs of disposal. Useful Life: The period over which the asset is expected to be available for use by the company. Residual Value: The residual value is reviewed annually and adjusted if necessary. Any adjustments are made prospectively, impacting future depreciation expenses. Useful Lives of Assets: The useful lives of tangible fixed assets are determined based on industry standards, the nature of the asset, and historical data. The following are the general categories and typical useful lives applied by the company: Buildings: 20 to 50 years Office Equipment: 3 to 5 years Vehicles: 4 to 7 years Plant and Machinery: 5 to 10 years Review and Adjustment of Useful Lives: The useful lives of assets are reviewed annually by the finance department. If there is a significant change in the expected useful life of an asset due to wear and tear, technological advancement, or other factors, the depreciation expense is adjusted prospectively. Depreciation Commencement and Cessation: Commencement: Depreciation of an asset begins when the asset is available for use, regardless of whether it is actually being used. Cessation: Depreciation ceases when the asset is either fully depreciated or removed from service (e.g., sold, disposed of, or retired from active use). Asset Disposal: Upon disposal of a tangible fixed asset, the asset’s carrying amount is removed from the balance sheet, and any resulting gain or loss is recognized in the profit and loss account. Impairment: If there is an indication that a tangible fixed asset may be impaired, an impairment review is conducted. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized in the profit and loss account. Recording and Documentation: All tangible fixed assets and their related depreciation are recorded in the company’s fixed asset register. The register includes details such as asset description, acquisition date, cost, useful life, residual value, depreciation method, and accumulated depreciation. Responsibilities: Finance Department: Responsible for maintaining the fixed asset register, calculating depreciation, and ensuring that depreciation is recorded accurately in the financial statements. Management Team: Reviews and approves the useful lives and residual values of tangible fixed assets, as well as any changes or adjustments to depreciation rates or methods. Review and Amendments: This policy will be reviewed annually by the finance department and the management team to ensure its effectiveness and alignment with changes in accounting standards or business operations. Amendments will be made as necessary to maintain accurate and compliant depreciation practices.

    Valuation information and policy

    Apex Care Solutions Ltd is committed to maintaining transparency and accuracy in the valuation of its assets, liabilities, and financial instruments. This policy outlines the procedures and standards for valuing company assets and liabilities, ensuring compliance with applicable accounting standards and providing reliable financial information to stakeholders. Objectives: Accurate Valuation: To ensure that all assets, liabilities, and financial instruments are valued accurately and fairly in accordance with UK Generally Accepted Accounting Practice (UK GAAP) or International Financial Reporting Standards (IFRS), as applicable. Consistency and Transparency: To apply consistent valuation methods across all reporting periods and ensure transparency in the reporting and disclosure of valuation information. Regulatory Compliance: To ensure that the company’s valuation practices comply with relevant regulations and industry standards. Scope: This policy applies to the valuation of all assets, liabilities, and financial instruments owned or held by Apex Care Solutions Ltd, including but not limited to: Tangible Fixed Assets (e.g., property, plant, and equipment) Intangible Assets (e.g., goodwill, intellectual property) Financial Instruments (e.g., investments, derivatives) Inventories (if applicable) Liabilities (e.g., loans, accounts payable) Valuation Methods: Tangible Fixed Assets: Historical Cost: Tangible fixed assets are initially recognized at their historical cost, which includes the purchase price and any costs directly attributable to bringing the asset to its working condition for its intended use. Depreciated Cost: Assets are subsequently measured at depreciated cost, less any accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method over the asset’s useful life. Revaluation Model (if applicable): For certain categories of tangible fixed assets, the revaluation model may be applied, where assets are revalued to their fair value, with adjustments recognized in other comprehensive income. Intangible Assets: Cost Method: Intangible assets are measured initially at cost, which includes all expenditures directly attributable to the acquisition or development of the asset. Amortization: Intangible assets with finite useful lives are amortized on a systematic basis over their useful lives. The amortization period and method are reviewed at least annually. Impairment Testing: Intangible assets with indefinite useful lives or those not yet available for use are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Financial Instruments: Fair Value: Financial instruments are measured at fair value through profit or loss or other comprehensive income, depending on the classification of the instrument. Amortized Cost: Financial assets and liabilities may also be measured at amortized cost using the effective interest method if they meet specific criteria under IFRS or UK GAAP. Impairment: Financial assets are assessed for impairment at each reporting date, with any impairment losses recognized in the profit and loss account. Inventories (if applicable): Lower of Cost and Net Realizable Value: Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method or the weighted average cost method. Write-Downs: Inventories are written down to their net realizable value when the cost exceeds the amount expected to be realized from their sale. Liabilities: Amortized Cost: Liabilities such as loans and accounts payable are measured at amortized cost using the effective interest method, unless they are designated at fair value through profit or loss. Provisions: Provisions for liabilities and charges are recognized when the company has a present obligation as a result of a past event, it is probable that an outflow of resources will be required, and a reliable estimate can be made of the obligation. Valuation Review and Updates: Annual Review: The finance department conducts an annual review of all significant assets and liabilities to ensure that their carrying amounts are consistent with current market conditions and accounting standards. Market Fluctuations: In the event of significant market fluctuations or changes in the economic environment, the company will reassess the valuation of affected assets and liabilities and adjust their carrying amounts as necessary. Impairment Testing: Impairment tests are performed annually, or more frequently if there are indications of impairment, to ensure that assets are not carried at more than their recoverable amount. Disclosure: The company discloses its valuation methods, key assumptions, and the fair value of assets and liabilities in the notes to the financial statements, providing transparency to stakeholders. Any changes in valuation methods or significant assumptions are disclosed, along with the impact of such changes on the financial statements. Responsibilities: Finance Department: Responsible for the accurate valuation of all assets, liabilities, and financial instruments, ensuring compliance with relevant accounting standards. Management Team: Reviews and approves valuation assumptions, methods, and any significant adjustments or impairments. External Auditors: The company’s external auditors review the valuation processes and disclosures as part of the annual audit. Review and Amendments: This policy will be reviewed annually by the finance department and the management team to ensure its effectiveness and alignment with changes in accounting standards or business operations. Amendments will be made as necessary to maintain accurate and compliant valuation practices.

APEX CARE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 125 58

APEX CARE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2023 5,871 0 5,871
Additions 54,000 54,000
Disposals
Revaluations 1,149 1,149
Transfers
At 31 August 2024 4,722 54,000 58,722
Depreciation
At 1 September 2023
Charge for year
On disposals
Other adjustments
At 31 August 2024
Net book value
At 31 August 2024 4,722 54,000 58,722
At 31 August 2023 5,871 0 5,871

APEX CARE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Debtors

2024 2023
£ £
Trade debtors 114,110 28,930
Total 114,110 28,930

APEX CARE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Amounts due under finance leases and hire purchase contracts 22,844 16,000
Total 22,844 16,000