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Company registration number: NI657747
Clear Healthcare (Forres) Limited
Unaudited filleted abridged financial statements
31 January 2024
Clear Healthcare (Forres) Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Clear Healthcare (Forres) Limited
Directors and other information
Directors Colin Johnston
Alison Johnston
Secretary Robert Smyth
Company number NI657747
Registered office Block D
17 Heron Road
Belfast
BT3 9LE
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers Santander UK plc
2 Triton Square
Regent's Place
London
NW1 3AN
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Clear Healthcare (Forres) Limited
Year ended 31 January 2024
In accordance with the engagement letter dated 6 September 2023, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 January 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie/Professional-Standards/Home.
This report is made solely to the Company's Board of Directors, 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 the Company's 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 the Institute of Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by the Institute of Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the year ended 31 January 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the 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 financial statements.
Hill Vellacott 29 October 2024
22 Great Victoria Street
Belfast
BT2 7BA
Clear Healthcare (Forres) Limited
Abridged statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 554,201 646,567
Tangible assets 6 278,828 310,119
_______ _______
833,029 956,686
Current assets
Stocks 61,997 53,445
Debtors 327,266 350,930
Cash at bank and in hand 90,977 40,270
_______ _______
480,240 444,645
Creditors: amounts falling due
within one year 7 ( 1,420,135) ( 886,338)
_______ _______
Net current liabilities ( 939,895) ( 441,693)
_______ _______
Total assets less current liabilities ( 106,866) 514,993
Creditors: amounts falling due
after more than one year 8 ( 69,850) ( 622,171)
_______ _______
Net liabilities ( 176,716) ( 107,178)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 176,717) ( 107,179)
_______ _______
Shareholders deficit ( 176,716) ( 107,178)
_______ _______
For the year ending 31 January 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.
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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Colin Johnston
Director
Company registration number: NI657747
Clear Healthcare (Forres) Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Clear Healthcare (Forres) Limited, Block D, 17 Heron Road, Belfast, BT3 9LE.
The principal activity of the company is that of dispensing chemist activities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a loss of £69,538 for the year and has negative reserves of £176,717 which included £460,602 owed to connected parties. The company is dependant upon the continued support from its connected parties who have indicated that they will not seek repayable of the of the amounts owed for the foreseeable future. As a result, the directors have a reasonable expectation that the company has the adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. When considering the going concern concept the directors have considered a period on 12 months from the date that these financial statements are approved.
Judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the directors opinion there are no accounting policies which require material estimations or uncertainties included within the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 2 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
User defined asset - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Intangible assets
£
Cost
At 1 February 2023 and 31 January 2024 923,666
_______
Amortisation
At 1 February 2023 277,099
Charge for the year 92,366
_______
At 31 January 2024 369,465
_______
Carrying amount
At 31 January 2024 554,201
_______
At 31 January 2023 646,567
_______
6. Tangible assets
£
Cost
At 1 February 2023 418,343
Additions 7,181
_______
At 31 January 2024 425,524
_______
Depreciation
At 1 February 2023 108,224
Charge for the year 38,472
_______
At 31 January 2024 146,696
_______
Carrying amount
At 31 January 2024 278,828
_______
At 31 January 2023 310,119
_______
7. Creditors: amounts falling due within one year
Included in creditors: Amounts falling due within one year are bank loans of £553,521 (2023 - £56,708). Secured on the whole of the property of the underatking and on the freehold property at 81 and 83 High Street, Forres.
8. Creditors: amounts falling due after more than one year
Included in Creditors: Amounts falling greater than one year are bank loans of £69,850 (2023 - £622, 171). Secured on the whole of the property of the underatking and on the freehold property at 81 and 83 High Street, Forres.
9. Related party transactions
Clear Healthcare (Forres) Limited i s connected to related parties by virtue of common control from the directors. At the balance sheet date, the amount owed to Clear Healthcare (Forres) Limited from related parties was £197,983 (2023: £217,676).At the balance sheet date, the amount owed by Clear Healthcare (Forres) Limted to related parties was £460,602 (2023: £481,041).All related party balances are unsecured, interest free and repayable upon demand.