BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The Principal Activity of the business is that of Residential care activities for the elderly and disabled 26 August 2024 NI676388 2024-03-31 NI676388 2023-03-31 NI676388 2022-03-31 NI676388 2023-04-01 2024-03-31 NI676388 2022-04-01 2023-03-31 NI676388 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI676388 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI676388 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI676388 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI676388 uk-bus:Director1 2023-04-01 2024-03-31 NI676388 uk-bus:Director2 2023-04-01 2024-03-31 NI676388 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI676388 uk-bus:Agent1 2023-04-01 2024-03-31 NI676388 uk-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI676388 uk-core:ShareCapital 2024-03-31 NI676388 uk-core:ShareCapital 2023-03-31 NI676388 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI676388 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI676388 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI676388 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI676388 uk-bus:FRS102 2023-04-01 2024-03-31 NI676388 uk-core:LandBuildings 2023-04-01 2024-03-31 NI676388 uk-core:Buildings 2023-04-01 2024-03-31 NI676388 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI676388 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI676388 uk-core:CurrentFinancialInstruments 2024-03-31 NI676388 uk-core:CurrentFinancialInstruments 2023-03-31 NI676388 uk-core:WithinOneYear 2024-03-31 NI676388 uk-core:WithinOneYear 2023-03-31 NI676388 uk-core:WithinOneYear 2024-03-31 NI676388 uk-core:WithinOneYear 2023-03-31 NI676388 uk-core:AfterOneYear 2024-03-31 NI676388 uk-core:AfterOneYear 2023-03-31 NI676388 uk-core:BetweenOneTwoYears 2024-03-31 NI676388 uk-core:BetweenOneTwoYears 2023-03-31 NI676388 uk-core:BetweenTwoFiveYears 2024-03-31 NI676388 uk-core:BetweenTwoFiveYears 2023-03-31 NI676388 uk-core:EmployeeBenefits 2023-03-31 NI676388 uk-core:EmployeeBenefits 2023-04-01 2024-03-31 NI676388 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI676388 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI676388 uk-core:OtherDeferredTax 2024-03-31 NI676388 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 NI676388 uk-core:EmployeeBenefits 2024-03-31 NI676388 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI676388
 
 
LG Care Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024
LG Care Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Peter Graham
Liam Lavery
 
 
Company Registration Number NI676388
 
 
Registered Office and Business Address 9 Shinn Road
Newry
BT34 1PF
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
BT1 1PG
United Kingdom
 
 
Bankers Danske Bank
  45-48 High Street,
  Portadown,
  Craigavon
  Co Armagh
  BT62 1LB
  United Kingdom



LG Care Limited

CHARTERED ACCOUNTANTS' REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of LG Care Limited
for the financial year ended 31 March 2024
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 March 2024 as set out on pages  to 12 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of LG Care Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 March 2024 your duty to ensure that LG Care Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LG Care Limited. You consider that LG Care Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of LG Care Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
BT1 1PG
United Kingdom
 
26 August 2024



LG Care Limited
Company Registration Number: NI676388
STATEMENT OF FINANCIAL POSITION
as at 31 March 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 367,379 445,055
───────── ─────────
 
Current Assets
Receivables 5 118,137 120,945
Cash and cash equivalents 145,435 106,855
───────── ─────────
263,572 227,800
───────── ─────────
Payables: amounts falling due within one year 6 (172,120) (387,974)
───────── ─────────
Net Current Assets/(Liabilities) 91,452 (160,174)
───────── ─────────
Total Assets less Current Liabilities 458,831 284,881
 
Payables:
amounts falling due after more than one year 7 (62,949) (69,691)
 
Provisions for liabilities 9 17,571 (4,571)
───────── ─────────
Net Assets 413,453 210,619
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 413,353 210,519
───────── ─────────
Equity attributable to owners of the company 413,453 210,619
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 26 August 2024 and signed on its behalf by
           
           
________________________________          
Peter Graham          
Director          
           
           
________________________________
Liam Lavery
Director
           



LG Care Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
LG Care Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI676388. The registered office of the company is 9 Shinn Road, Newry, BT34 1PF which is also the principal place of business of the company. The Principal Activity of the business is that of Residential care activities for the elderly and disabled The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Reducing Balance
  Short leasehold property - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
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 company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 27.
 
  2024 2023
  Number Number
 
Directors 2 2
Employees 25 19
  ───────── ─────────
  27 21
  ═════════ ═════════
             
4. Property, plant and equipment
  Land and Short Fixtures, Motor Total
  buildings leasehold fittings and vehicles  
  freehold property equipment    
  £ £ £ £ £
Cost
At 1 April 2023 418,602 7,828 30,588 24,919 481,937
Additions 37,500 - - 6,000 43,500
Disposals (100,847) - - - (100,847)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 355,255 7,828 30,588 30,919 424,590
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 15,868 2,818 8,857 9,339 36,882
Charge for the financial year 6,863 1,002 4,346 4,520 16,731
On disposals 3,598 - - - 3,598
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 26,329 3,820 13,203 13,859 57,211
  ───────── ───────── ───────── ───────── ─────────
Carrying amount
At 31 March 2024 328,926 4,008 17,385 17,060 367,379
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 402,734 5,010 21,731 15,580 445,055
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Receivables 2024 2023
  £ £
 
Trade receivables 102,737 100,839
Prepayments and accrued income 15,400 20,106
  ───────── ─────────
  118,137 120,945
  ═════════ ═════════
       
6. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank loan 15,198 14,552
Trade payables 2,227 6,378
Taxation  (Note 8) 105,446 74,380
Directors' current accounts 31,773 275,184
Other creditors 4,406 5,639
Accruals 13,070 11,841
  ───────── ─────────
  172,120 387,974
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 62,949 69,691
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 15,198 14,552
Repayable between one and two years 15,198 14,552
Repayable between two and five years 47,751 55,139
  ───────── ─────────
  78,147 84,243
  ═════════ ═════════
 
 
LG Care Limited currently has an outstanding charge which was created on 23 March 2021. The charge is held in relation to a loan provided by Northern Bank Limited. This charge contains fixed charges, floating charges over all the property or undertaking of the company and contains a negative pledge.
       
8. Taxation 2024 2023
  £ £
 
Payables:
Corporation tax 98,639 67,225
PAYE / NI 6,807 7,155
  ───────── ─────────
  105,446 74,380
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 4,571 4,571 8,192
Charged to profit and loss (22,142) (22,142) (3,621)
  ───────── ───────── ─────────
At financial year end (17,571) (17,571) 4,571
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2024.
   
11. Directors' advances, credits and guarantees
 
On the 1st April 2023 the company owed the directors £275,184. Net transactions between the parties totalled £243,412 during the year. On 31st March 2024 the company owed the directors £31,773.

   
12. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.