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COMPANY REGISTRATION NUMBER: 04726762
New Boundaries Community Services Limited
Unaudited financial statements
For the year ended
31 March 2024
New Boundaries Community Services Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
4,550,519
3,361,199
Investments
7
1
1
-----------
-----------
4,550,520
3,361,200
Current assets
Debtors
8
118,292
948,290
Cash at bank and in hand
152,865
479,497
---------
-----------
271,157
1,427,787
Creditors: Amounts falling due within one year
9
( 554,401)
( 441,618)
---------
-----------
Net current (liabilities)/assets
( 283,244)
986,169
-----------
-----------
Total assets less current liabilities
4,267,276
4,347,369
Creditors: Amounts falling due after more than one year
10
( 46,147)
( 61,732)
Provisions
Taxation including deferred tax
( 86,070)
( 119,096)
Accruals and deferred income
( 64,648)
( 13,279)
-----------
-----------
Net assets
4,070,411
4,153,262
-----------
-----------
Capital and reserves
Called up share capital
12
10,000
10,000
Profit and loss account
4,060,411
4,143,262
-----------
-----------
Shareholders funds
4,070,411
4,153,262
-----------
-----------
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 March 2024 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 .
New Boundaries Community Services Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
C Mauree
Director
Company registration number: 04726762
New Boundaries Community Services Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Boundary House, Haveringland Road, Felthorpe, Norwich, Norfolk, NR10 4BZ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts. Revenue from the provision of healthcare services is recognised when the service is rendered and the revenue can be reliably estimated.
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 only recognised when 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
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 employees during the year was 89 (2023: 112 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
100,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
100,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 April 2023
3,204,560
9,400
60,005
210,356
23,498
3,507,819
Additions
1,218,224
18,333
1,236,557
Disposals
( 11,510)
( 17,985)
( 29,495)
-----------
------
-------
---------
-------
-----------
At 31 March 2024
4,422,784
9,400
66,828
192,371
23,498
4,714,881
-----------
------
-------
---------
-------
-----------
Depreciation
At 1 April 2023
9,400
18,560
105,310
13,350
146,620
Charge for the year
5,685
33,262
1,140
40,087
Disposals
( 8,263)
( 14,082)
( 22,345)
-----------
------
-------
---------
-------
-----------
At 31 March 2024
9,400
15,982
124,490
14,490
164,362
-----------
------
-------
---------
-------
-----------
Carrying amount
At 31 March 2024
4,422,784
50,846
67,881
9,008
4,550,519
-----------
------
-------
---------
-------
-----------
At 31 March 2023
3,204,560
41,445
105,046
10,148
3,361,199
-----------
------
-------
---------
-------
-----------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
1
----
At 31 March 2023
1
----
8. Debtors
2024
2023
£
£
Trade debtors
7,884
48,018
Prepayments and accrued income
102,331
80,340
Corporation tax repayable
8,077
Other debtors
819,932
---------
---------
118,292
948,290
---------
---------
9. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
182,000
Trade creditors
101,370
207,505
Social security and other taxes
20,221
72,815
Other creditors
250,810
161,298
---------
---------
554,401
441,618
---------
---------
Included within Other creditors due within one year is a balance of £15,585 (2023: £24,014), relating to Hire Purchase liabilities which are secured on the assets financed.
10. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
46,147
61,732
-------
-------
Included within Other creditors due in more than one year is a balance of £46,147 (2023: £61,732), relating to Hire Purchase liabilities which are secured on the assets financed.
11. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants recognised directly in income
756
752
----
----
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
8,000
8,000
10,000
10,000
Ordinary B shares of £ 1 each
1,000
1,000
Ordinary C shares of £ 1 each
1,000
1,000
-------
-------
-------
-------
10,000
10,000
10,000
10,000
-------
-------
-------
-------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
3,024
3,024
Later than 1 year and not later than 5 years
6,300
9,324
------
-------
9,324
12,348
------
-------
14. Contingencies
The company is a guarantor of the bank borrowings of Boundary House Partnership, an unincorporated business operated by the directors. The total amount outstanding at 31 March 2024 in respect of these borrowings was £nil (2023: £332,713).