Company registration number 12717879 (England and Wales)
OVERSLADE CARE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 13 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
OVERSLADE CARE LTD
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
OVERSLADE CARE LTD
Balance sheet
AS AT
13 FEBRUARY 2024
13 February 2024
- 1 -
13 February 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
19,401
22,560
Tangible assets
5
4,101
4,141
23,502
26,701
Current assets
Debtors
6
57,248
7,089
Cash at bank and in hand
8,691
3,132
65,939
10,221
Creditors: amounts falling due within one year
7
(222,414)
(80,006)
Net current liabilities
(156,475)
(69,785)
Total assets less current liabilities
(132,973)
(43,084)
Creditors: amounts falling due after more than one year
8
-
0
(74,704)
Provisions for liabilities
(779)
(787)
Net liabilities
(133,752)
(118,575)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(133,852)
(118,675)
Total equity
(133,752)
(118,575)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 13 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

OVERSLADE CARE LTD
Balance sheet (continued)
AS AT
13 FEBRUARY 2024
13 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Mr J S Ahluwalia
Director
Company registration number 12717879 (England and Wales)
OVERSLADE CARE LTD
Balance sheet (continued)
AS AT 13 FEBRUARY 2024
13 February 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Overslade Care Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 281 Ground Floor (A), 281-285 Bedford Road, Kempston, Bedford, England, MK42 8QB.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Reporting period

The accounting period commenced on 1 January 2023 up to 13 February 2024 due to the sale of the company. Therefore the comparative amounts presented in the financial statements are not entirely comparative.

2.3
Turnover

Turnover represents gross invoiced sales of domiciliary home care services.

2.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

OVERSLADE CARE LTD
Notes to the financial statements
FOR THE PERIOD ENDED 13 FEBRUARY 2024
2
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Franchise fees
10% on straight line

The franchise fee, paid to Right at Home UK Limited, during August 2021, is being release evenly over the period of the franchise agreement of ten years.

2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on a straight line basis
Fixtures and fittings
20% on a straight line basis
Computers
20% on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

OVERSLADE CARE LTD
Notes to the financial statements (continued)
FOR THE PERIOD ENDED 13 FEBRUARY 2024
2
Accounting policies
(Continued)
- 5 -
2.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.

 

 

2.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

OVERSLADE CARE LTD
Notes to the financial statements (continued)
FOR THE PERIOD ENDED 13 FEBRUARY 2024
2
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2022
Number
Number
Total
42
13
OVERSLADE CARE LTD
Notes to the financial statements (continued)
FOR THE PERIOD ENDED 13 FEBRUARY 2024
- 7 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 13 February 2024
28,200
Amortisation and impairment
At 1 January 2023
5,640
Amortisation charged for the Period
3,159
At 13 February 2024
8,799
Carrying amount
At 13 February 2024
19,401
At 31 December 2022
22,560
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
1,893
3,633
5,526
Additions
-
0
1,428
1,428
At 13 February 2024
1,893
5,061
6,954
Depreciation and impairment
At 1 January 2023
492
893
1,385
Depreciation charged in the Period
424
1,044
1,468
At 13 February 2024
916
1,937
2,853
Carrying amount
At 13 February 2024
977
3,124
4,101
At 31 December 2022
1,401
2,740
4,141
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
42,291
1,773
Other debtors
14,957
5,316
57,248
7,089
OVERSLADE CARE LTD
Notes to the financial statements (continued)
FOR THE PERIOD ENDED 13 FEBRUARY 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
73,240
9,296
Trade creditors
-
0
44
Taxation and social security
34,603
6,937
Other creditors
114,571
63,729
222,414
80,006

The loans are secured by fixed and floating charges over the assets of the company.

8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
-
0
74,704

The loans are secured by fixed and floating charges over the assets of the company.

Creditors which fall due after five years are as follows:
2024
2022
£
£
Payable by instalments
-
14,475
9
Directors' transactions

The director of the company was owed £80,765 from the company at the balance sheet date. This balance is interest free and repayable on demand.

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