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Registration number: 07208847

North West Care Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 30 April 2024

 

North West Care Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

North West Care Limited

Company Information

Director

Mr F Nicholls

Company secretary

Mrs DJ Nicholls

Registered office

15 Olympic Court
Boardmans Way
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU

Accountants

Horne Brooke Shenton
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

North West Care Limited

(Registration number: 07208847)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

207,000

241,500

Tangible Assets

5

54,465

64,400

 

261,465

305,900

Current assets

 

Debtors

6

307,481

113,064

Cash at bank and in hand

 

1,876,378

1,961,295

 

2,183,859

2,074,359

Creditors: Amounts falling due within one year

7

(255,459)

(227,417)

Net current assets

 

1,928,400

1,846,942

Total assets less current liabilities

 

2,189,865

2,152,842

Provisions for liabilities

(9,535)

(8,936)

Net assets

 

2,180,330

2,143,906

Capital and Reserves

 

Called up share capital

8

1,000

1,000

Retained Earnings

2,179,330

2,142,906

Shareholders' funds

 

2,180,330

2,143,906

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director 's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 January 2025
 

.........................................
Mr F Nicholls
Director

 

North West Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
15 Olympic Court
Boardmans Way
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU
United Kingdom

The principal place of business is:
220/224 Heysham Road
Heysham
Morecambe
Lancs
LA3 1NL

These financial statements were authorised for issue by the director on 8 January 2025.

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 small entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in Sterling (£) and are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of specialist care and accomodation for residents with challengng behaviour.Turnover is shown net of rebates and discounts, and is exempt from VAT.

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.

 

North West Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Government grants

Whether of a capital or revenue nature, government grants have been recognised on an accruals basis and
recognised in the accounts in the period in which they become receivable. Grants of a revenue nature are
recognised in "other operating income"; within the profit and loss account of the same period as the related
expenditure.
These include
Lancashire County Council - Local Restrictions Support Grant

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Furniture and fixtures

25% reducing balance

Motor Vehicles

25% reducing balance

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 has been estimated at 20 years by the director.

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:

 

North West Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Asset class

Amortisation method and rate

Goodwill

5% straight line

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 goods provided 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

North West Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 59 (2023 - 52).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

690,000

690,000

At 30 April 2024

690,000

690,000

Amortisation

At 1 May 2023

448,500

448,500

Amortisation charge

34,500

34,500

At 30 April 2024

483,000

483,000

Carrying amount

At 30 April 2024

207,000

207,000

At 30 April 2023

241,500

241,500

 

North West Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible Assets



 

Fixtures and fittings
£

Motor vehicles
 £

Office Equipment
 £

Total
£

Cost or valuation

At 1 May 2023

215,381

19,658

16,707

251,746

Additions

7,286

-

934

8,220

At 30 April 2024

222,667

19,658

17,641

259,966

Depreciation

At 1 May 2023

166,827

8,599

11,920

187,346

Charge for the year

13,960

2,765

1,430

18,155

At 30 April 2024

180,787

11,364

13,350

205,501

Carrying amount

At 30 April 2024

41,880

8,294

4,291

54,465

At 30 April 2023

48,554

11,059

4,787

64,400

6

Debtors

Current

2024
£

2023
£

Trade Debtors

289,355

99,070

Prepayments

14,411

13,830

Other debtors

3,715

164

 

307,481

113,064


 

 

North West Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade Creditors

28,581

63,591

Taxation and social security

145,211

152,003

Accruals and deferred income

2,500

-

Other creditors

79,167

11,823

255,459

227,417

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

£1 ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

56,320

54,086

Later than one year and not later than five years

202,732

206,636

Later than five years

-

49,000

259,052

309,722

The amount of non-cancellable operating lease payments recognised as an expense during the year was £74,574 (2023 - £62,224).

 

North West Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £295 (2023 - £190) per ordinary share

 

295,000

 

190,000

         

The director is not proposing a final dividend (2023: nil).

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £259,052 (2023 - £309,722). The commitments are in relation to operating leases for vehicles, dryers and the property.

12

Related party transactions

Dividends paid to the director

2024
£

2023
£

Mr F Nicholls

145,580

93,860

 

 

Directors' remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

60,000

-

13

Government Grants

The amount of grants recognised in the financial statement, have arisen in relation to Covid 19 support and are as follows

Local Restrictions Support Grant £Nil (2023 - £9,382)