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Registration number: 03093979

Prepared for the registrar

Carecamp Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Carecamp Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Carecamp Limited

Company Information

Directors

S S Bhamra

G K Bhamra

D S Bhamra

Company secretary

S S Bhamra

Registered office

Wychwood
15 Vicarage Way
Gerrards Cross
Buckinghamshire
SL9 8AR

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Carecamp Limited

(Registration number: 03093979)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

200,000

250,415

Current assets

 

Stocks

-

17,297

Debtors

6

370,917

119,320

Cash at bank and in hand

 

-

557

 

370,917

137,174

Creditors: Amounts falling due within one year

7

(157,675)

(86,268)

Net current assets

 

213,242

50,906

Total assets less current liabilities

 

413,242

301,321

Deferred tax liabilities

9

(15,389)

(22,255)

Net assets

 

397,853

279,066

Capital and reserves

 

Called up share capital

2

2

Retained earnings

397,851

279,064

Shareholders' funds

 

397,853

279,066

For the financial year ending 31 May 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 Profit and Loss Account.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 


S S Bhamra
Company secretary and director

 

Carecamp Limited

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

 

1

General information

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

The address of its registered office is:
Wychwood
15 Vicarage Way
Gerrards Cross
Buckinghamshire
SL9 8AR
England

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has 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.
 

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

 

Carecamp Limited

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

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover 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. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Asset class

Depreciation method and rate

Freehold property

Nil

Equipment

25% Reducing balance

Fixtures & fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life estimated by the directors to be 10 years.

 

Carecamp Limited

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

Intangible assets

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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 profit and loss account 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.

 

Carecamp Limited

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

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.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Carecamp Limited

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

 

4

Intangible assets

Goodwill
 £

Cost

At 1 June 2023

259,500

Disposals

(259,500)

At 31 May 2024

-

Amortisation

At 1 June 2023

259,500

Amortisation eliminated on disposals

(259,500)

At 31 May 2024

-

Carrying amount

At 31 May 2024

-

At 31 May 2023

-

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

200,000

203,513

23,436

426,949

Disposals

-

(203,513)

(23,436)

(226,949)

At 31 May 2024

200,000

-

-

200,000

Depreciation

At 1 June 2023

-

158,781

17,753

176,534

Charge for the year

-

11,189

1,421

12,610

Eliminated on disposal

-

(169,970)

(19,174)

(189,144)

At 31 May 2024

-

-

-

-

Carrying amount

At 31 May 2024

200,000

-

-

200,000

At 31 May 2023

200,000

44,732

5,683

250,415

Included within the net book value of land and buildings above is £200,000 (2023 - £200,000) in respect of freehold land and buildings.

Revaluation

The fair value of the company's Freehold Property was revalued on 23 November 2016 by an independent valuer. The freehold property was revalued on an open market basis. The independent valuation was performed by Christie & Co, RICS qualified surveyor. The directors are of the opinion that the value of property has not materially changed since the valuation. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £132,067 (2023 - £132,067).

 

Carecamp Limited

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

 

6

Debtors

2024
£

2023
£

Trade debtors

51,126

38,051

Receivables from related parties

314,618

76,495

Prepayments

2,173

2,206

Other debtors

3,000

2,568

370,917

119,320

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,967

3,341

Trade creditors

 

118,861

52,378

Amounts due to related parties

 

7,088

5,588

Taxation and social security

 

13,495

21,400

Accruals and deferred income

 

3,225

3,000

Other creditors

 

6,039

561

 

157,675

86,268

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

8,967

3,341

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Short term timing differences

15,389

15,389

2023

Liability
£

Short term timing differences

22,255

22,255

 

Carecamp Limited

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

 

10

Related party transactions

Summary of transactions with other related parties

Richard Adams Pharma Limited
(Parent Company of Carecamp Limited)
At the balance sheet date the company was owed £314,618 (2023: £76,495) by Richard Adams Pharma Limited. This amount is included in amounts due by related parties. There are no fixed repayment terms and no interest is charged on the loan.

GKB Investments Limited
(Has a common director with Carecamp Limited)
At the balance sheet date the company owed £7,088 (2023: £5,588) to GKB Investments Limited. This amount is included within other creditors. There are no fixed repayment terms and no interest is charged on the loan.