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COMPANY REGISTRATION NUMBER: 10993730
KINVER CARE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
KINVER CARE LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
31 Oct 22
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
14,080
4,822
CURRENT ASSETS
Debtors
6
488,979
218,432
Cash at bank and in hand
23,999
9,863
---------
---------
512,978
228,295
CREDITORS: amounts falling due within one year
7
470,618
171,954
---------
---------
NET CURRENT ASSETS
42,360
56,341
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
56,440
61,163
CREDITORS: amounts falling due after more than one year
8
20,000
34,166
PROVISIONS
3,520
916
--------
--------
NET ASSETS
32,920
26,081
--------
--------
CAPITAL AND RESERVES
Called up share capital
9
2
2
Profit and loss account
32,918
26,079
--------
--------
SHAREHOLDERS FUNDS
32,920
26,081
--------
--------
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.
For the period ending 31 March 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KINVER CARE LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 12 March 2025 , and are signed on behalf of the board by:
Joanna Catherine McNally (appointed 27 November 2024)
Director
Company registration number: 10993730
KINVER CARE LTD
NOTES TO THE FINANCIAL STATEMENTS
Period from 1 November 2022 to 31 March 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Townend House, Wisemore, Walsall, West Midlands, WS1 1NS, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and equipment
-
20% straight line
Fixtures, fittings and office equipment
-
20% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 are 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 159 (2022: 68 ).
5. TANGIBLE ASSETS
Plant and equipment
Fixtures, fittings and office equipment
Total
£
£
£
Cost
At 1 November 2022
3,928
10,521
14,449
Additions
15,941
15,941
-------
--------
--------
At 31 March 2024
3,928
26,462
30,390
-------
--------
--------
Depreciation
At 1 November 2022
2,306
7,321
9,627
Charge for the period
575
6,108
6,683
-------
--------
--------
At 31 March 2024
2,881
13,429
16,310
-------
--------
--------
Carrying amount
At 31 March 2024
1,047
13,033
14,080
-------
--------
--------
At 31 October 2022
1,622
3,200
4,822
-------
--------
--------
6. DEBTORS
31 Mar 24
31 Oct 22
£
£
Trade debtors
476,242
215,362
Other debtors
12,737
3,070
---------
---------
488,979
218,432
---------
---------
7. CREDITORS: amounts falling due within one year
31 Mar 24
31 Oct 22
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
69,718
945
Amounts owed to group undertakings and undertakings in which the company has a participating interest
106,850
31,736
Corporation tax
349
16,579
Social security and other taxes
78,466
20,033
Other creditors
205,235
92,661
---------
---------
470,618
171,954
---------
---------
8. CREDITORS: amounts falling due after more than one year
31 Mar 24
31 Oct 22
£
£
Bank loans and overdrafts
20,000
34,166
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
31 Mar 24
31 Oct 22
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
31 Oct 22
£
£
Not later than 1 year
358,295
Later than 1 year and not later than 5 years
939,986
------------
----
1,298,281
------------
----
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
At 1 November 2021, a director owed the company £1,973. Further advances of £13,214 were made during the year, with the full amount of £15,187 being repaid by 31 October 2022. Interest is charged on loans to directors at H M Revenue & Customs official rates for beneficial loan arrangements. There were no periods during year ended 31 October 2022 that required interest to be charged to the director. The loan to the director was repayable on demand. There were no loans to directors during period ended 31 March 2024.
12. FREQUENCY OF REPORTING
The company has extended its accounting period in order to align with that of the holding company. Comparative amounts presented in the financial statements, including the related notes, are therefore not entirely comparable.