Life Care Corporation Limited
Registered number: 07187988
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,073,500 1,088,037
Investments 4 188,411 188,411
1,261,911 1,276,448
Current assets
Debtors 5 - 186,090
Cash at bank and in hand 178,996 43,809
178,996 229,899
Creditors: amounts falling due within one year 6 (148,746) (442,065)
Net current assets/(liabilities) 30,250 (212,166)
Total assets less current liabilities 1,292,161 1,064,282
Creditors: amounts falling due after more than one year 7 (32,540) (37,832)
Net assets 1,259,621 1,026,450
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,258,621 1,025,450
Shareholders' funds 1,259,621 1,026,450
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Satbir Singh Ahluwalia
Director
Approved by the board on 4 September 2024
Life Care Corporation Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised when received.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Properties and improvement costs over 50 years straight line
Equipment, fixtures and fittings 20% reducing balance basis
Motor vehicle 25% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 46 27
3 Tangible fixed assets
Properties and Improvement costs Equipment, fixtures and fittings Motor vehicle Total
£ £ £ £
Cost
At 1 April 2023 1,208,560 284,486 753 1,493,799
Additions - 25,043 - 25,043
At 31 March 2024 1,208,560 309,529 753 1,518,842
Depreciation
At 1 April 2023 191,680 213,377 705 405,762
Charge for the year 20,338 19,230 12 39,580
At 31 March 2024 212,018 232,607 717 445,342
Net book value
At 31 March 2024 996,542 76,922 36 1,073,500
At 31 March 2023 1,016,880 71,109 48 1,088,037
4 Investment in property development
Other
investments
£
Cost
At 1 April 2023 188,411
At 31 March 2024 188,411
5 Debtors 2024 2023
£ £
Related party balances - 155,590
Loan to staff - 30,500
- 186,090
6 Creditors: amounts falling due within one year 2024 2023
£ £
Director's current account 379 (88,606)
Related party balances - 399,631
Related party balance: Abhaya Care Limited 111,186 111,186
Corporation tax 23,721 5,912
Other taxes and social security costs 13,460 8,542
Other creditors and accruals - 5,400
148,746 442,065
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce back loan 32,540 37,832
8 Related party transactions 2024 2023
£ £
Lifetime Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Lifetime Care Limited.
An interest free and unsecured loan to Lifetime Care Limited yet to be reimbursed to the company.
Amount due from the related party - 156,835
Mulberry Care Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Mulberry Care Limited.
An interest free and unsecured loan to Mulberry Care Limited yet to be reimbursed to the company.
Amount due to and from the related party - 44,928
Mulberry Care Group Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Mulberry Care Group Limited.
An interest free and unsecured loan to Mulberry Care Group Limited yet to be reimbursed to the company.
Amount due to and from the related party - 93,048
Saij Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Saij Limited.
An interest free and unsecured loan to Saij Limited yet to be reimbursed to the company.
Amount due from the related party - 1,032
Sudaj Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Sudaj Limited.
An interest free and unsecured loan to Sudaj Limited yet to be reimbursed to the company.
Amount due to and from the related party - 47,118
Sat Bir Asset Holdings Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Sat Bir Asset Holdings Limited.
An interest free and unsecured loan to Sat Bir Asset Holdings Limited yet to be reimbursed to the company.
Amount due to and from the related party - 21,375
Vogue Assets Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Vogue Assets Limited.
An interest free and unsecured loan to Vogue Assets Limited yet to be reimbursed to the company.
Amount due to and from the related party - 9,367
Mulberry Property Management Ltd
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Mulbery Property Management Ltd.
An interest free and unsecured loan to Mulberry Property Management Ltd yet to be reimbursed to the company.
Amount due from the related party - 480
Chippenham Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Chippenham Limited.
An interest free and unsecured loan to Chippenham Limited yet to be reimbursed to the company.
Amount due to and from the related party - 26,400
Abhaya Care Limited
The company is related by virtue of an interest in the company.
An interest free and unsecured loan by Abhaya Care Limited yet to be reimbursed by the company.
Amount due to the related party 111,186 111,186
Willow Cottage Care Home Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Willow Cottage Care Home Limited.
An interest free and unsecured loan to and from Willow Cottage Care Home Limited yet to be reimbursed by the company.
Amount due to the related party - 105,688
Protégé Corporation Limited
Mr Ahluwalia, a director and shareholder of this company is also a director and shareholder of Protégé Corporation Limited.
An interest free and unsecured loan from Protégé Corporation Limited yet to be reimbursed to the company.
Amount due to the related party - 54,463
9 Controlling party
The director controls the company.
10 Other information
Life Care Corporation Limited is a private company limited by shares and incorporated in England. Its registered office is:
Keyers Bridge House
Wokingham Road
Hurst
Reading
Berkshire RG10 0RU
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