Company registration number 07600574 (England and Wales)
WOUND CARE PEOPLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WOUND CARE PEOPLE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WOUND CARE PEOPLE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
10,033
15,050
Tangible assets
6
2,594
2,979
12,627
18,029
Current assets
Debtors
7
859,648
903,629
Cash at bank and in hand
196,513
105,645
1,056,161
1,009,274
Creditors: amounts falling due within one year
8
(532,960)
(452,348)
Net current assets
523,201
556,926
Total assets less current liabilities
535,828
574,955
Creditors: amounts falling due after more than one year
9
(100,000)
(100,000)
Provisions for liabilities
(492)
(745)
Net assets
435,336
474,210
Capital and reserves
Called up share capital
10
10
10
Share premium account
50,000
50,000
Profit and loss reserves
11
385,326
424,200
Total equity
435,336
474,210
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 year ended 30 April 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 year 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.
WOUND CARE PEOPLE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
E Rusling
Director
Company Registration No. 07600574
WOUND CARE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Wound Care People Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wixford Park, Georges Elm Lane, Bidford On Avon, Alcester, Warwickshire, United Kingdom, B50 4JS.
1.1
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.
1.2
Turnover
Turnover represents amounts receivable for services provided during the period net of VAT. Turnover is recognised in the period services have been performed.
1.3
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.
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:
Website
3 years straight line
1.4
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:
Plant and machinery
3 years straight line
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.
WOUND CARE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company only has financial instruments that are classified as basic financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and subsequently carried at amortised cost less impairment.
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, are initially recognised at transaction price and subsequently measured at amortised cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
WOUND CARE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the Balance Sheet date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
WOUND CARE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(252)
131
From 17 March 2020 the substantively enacted UK corporation tax rate was 19% as announced by the Government in the Spring Budget 2020. However, the UK corporation tax rate will increase to 25% with effect from 1 April 2023 per Finance Bill 2021. This increased tax rate was substantively enacted on 24 May 2021. As a result, deferred tax has been calculated at a rate of 25%.
The company has unutilised tax losses carried forward of £8,917 (2023: £15,307).
5
Intangible fixed assets
Website
£
Cost
At 1 May 2023 and 30 April 2024
15,050
Amortisation and impairment
At 1 May 2023
Amortisation charged for the year
5,017
At 30 April 2024
5,017
Carrying amount
At 30 April 2024
10,033
At 30 April 2023
15,050
WOUND CARE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
54,750
Additions
1,017
At 30 April 2024
55,767
Depreciation and impairment
At 1 May 2023
51,771
Depreciation charged in the year
1,402
At 30 April 2024
53,173
Carrying amount
At 30 April 2024
2,594
At 30 April 2023
2,979
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
271,386
306,342
Corporation tax recoverable
94,392
92,284
Other debtors
493,870
505,003
859,648
903,629
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
42,529
46,202
Corporation tax
2,108
5,070
Other taxation and social security
16,018
15,851
Other creditors
472,305
385,225
532,960
452,348
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
100,000
100,000
WOUND CARE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
375
375
4
4
Ordinary B shares of 1p each
375
375
4
4
Ordinary C shares of 1p each
250
250
2
2
1,000
1,000
10
10
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
424,200
494,703
Loss for the year
(38,874)
(70,503)
At the end of the year
385,326
424,200
12
Related party transactions
During the year the company entered into the following transactions with related parties:
During the year Wound Care People Limited purchased services totalling £209,272 (2023:£249,600) and made payments totalling £209,272 (2023:£249,600) to Rusling Associates Ltd, a company under common control.
13
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
Included in other debtors is an amount of £279,540 (2023: £273,294) due from the director Mr E Rusling. The maximum amount outstanding during the year was £279,540 (2023: £273,294) and interest has been charged at the official rate.
Included within other creditors is an amount £100,000 (2023: £100,000) owing to the director Mr M Courtney, this loan was interest free and repayable on demand.