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Registration number: 05574463

Valmar Care Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Valmar Care Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Valmar Care Limited

Company Information

Directors

Stuart Gordon Pearson

Charlie Clare Pearson

Marla Charlie Pearson

Valente Stuart Pearson

Company secretary

Stuart Gordon Pearson

Registered office

Locharwoods Care Home
Carrs Crescent
Formby
L37 2EU

Accountants

S.B.P. (Southport) Limited T/A SB Patel & Co
Chartered Certified Accountants
Tolsey House
1 Marshside Road
Southport
Merseyside
PR9 9TL

 

Valmar Care Limited

(Registration number: 05574463)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

108,130

101,683

Current assets

 

Debtors

6

647,758

545,765

Cash at bank and in hand

 

67,776

87,663

 

715,534

633,428

Creditors: Amounts falling due within one year

7

(359,758)

(288,527)

Net current assets

 

355,776

344,901

Total assets less current liabilities

 

463,906

446,584

Creditors: Amounts falling due after more than one year

7

(37,935)

(63,993)

Net assets

 

425,971

382,591

Capital and reserves

 

Called up share capital

100

100

Retained earnings

425,871

382,491

Shareholders' funds

 

425,971

382,591

For the financial 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

 

Valmar Care Limited

(Registration number: 05574463)
Statement of Financial Position as at 31 March 2024

.........................................
Stuart Gordon Pearson
Director

.........................................
Charlie Clare Pearson
Director

 

Valmar Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Locharwoods Care Home
Carrs Crescent
Formby
L37 2EU
England

These financial statements were authorised for issue by the Board on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Valmar Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Valmar Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2023 - 51).

 

Valmar Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

335,000

335,000

At 31 March 2024

335,000

335,000

Amortisation

At 1 April 2023

335,000

335,000

At 31 March 2024

335,000

335,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

28,205

306,360

51,909

2,425

Additions

-

19,638

10,937

-

At 31 March 2024

28,205

325,998

62,846

2,425

Depreciation

At 1 April 2023

13,769

231,062

41,202

1,183

Charge for the year

564

18,987

4,329

248

At 31 March 2024

14,333

250,049

45,531

1,431

Carrying amount

At 31 March 2024

13,872

75,949

17,315

994

At 31 March 2023

14,436

75,298

10,707

1,242

 

Valmar Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Total
£

Cost or valuation

At 1 April 2023

388,899

Additions

30,575

At 31 March 2024

419,474

Depreciation

At 1 April 2023

287,216

Charge for the year

24,128

At 31 March 2024

311,344

Carrying amount

At 31 March 2024

108,130

At 31 March 2023

101,683

 

Valmar Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

40,961

-

Prepayments

8,697

11,259

Other debtors

598,100

534,506

 

647,758

545,765

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

24,529

23,000

Trade creditors

 

7,643

3,851

Taxation and social security

 

41,615

25,487

Accruals and deferred income

 

4,401

4,119

Other creditors

 

281,570

232,070

 

359,758

288,527

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

37,935

63,993

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,935

63,993

Current loans and borrowings

2024
£

2023
£

Bank borrowings

24,529

23,000

 

Valmar Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Stuart Gordon Pearson

97,681

35,250

(21,761)

111,170

Charlie Clare Pearson

200,198

67,514

(801)

266,911

Summary of transactions with other related parties


Quality Home Care (NW) Limited

 During the year, there were transactions totalling £12,000 (2023: £7,112) resulting in an inter-company loan to Quality Home Care (NW) Limited, a company in which S.G Pearson & C.C Pearson have a controlling interest. The amount outstanding at the end of the year was £4,888 (2023: £7112 (other debtors)) disclosed in other creditors.