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Registered number: 06620232










VALUING CARE LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
VALUING CARE LTD
REGISTERED NUMBER: 06620232

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
101,497
79,107

Tangible assets
 5 
161
537

  
101,658
79,644

Current assets
  

Debtors: amounts falling due within one year
 6 
43,788
17,094

Cash at bank and in hand
 7 
1,250
27,546

  
45,038
44,640

Creditors: amounts falling due within one year
 8 
(217,851)
(184,556)

Net current liabilities
  
 
 
(172,813)
 
 
(139,916)

Total assets less current liabilities
  
(71,155)
(60,272)

Provisions for liabilities
  

Deferred tax
  
(40)
(134)

  
 
 
(40)
 
 
(134)

Net liabilities
  
(71,195)
(60,406)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(72,195)
(61,406)

  
(71,195)
(60,406)


Page 1

 
VALUING CARE LTD
REGISTERED NUMBER: 06620232
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2024.


................................................
P O'Hara
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Company is a private Company limited by shares, which is incorporated and registered in England (no. 06620232). The address of the registered office is Cairns House, 10 Station Road, Teddington, Middlesex, TW11 9AA. The principal activity of the Company is business consultancy within local government.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of OLM Group Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

Page 3

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Company meets its day to day working capital requirements through a long-term overdraft facility. The overdraft facility was most recently renewed for a period to 30 June 2025. There is no indication that the current facility cannot be serviced, and the Company has prepared formal financial statements and cashflow forecasts to 30 June 2026 to support this. The forecasts prepared to date show the Company to be able to maintain their facilities up to the renewal date.
In addition, the forecasts have been prepared on both an expected case as well as a downside case which builds in the financial impact of downside risk events, including the failure to renew the overdraft facility. Under this scenario, the Company’s ability to generate sufficient funds to meet short-term operating cash requirements is reliant upon the Company’s ability to sell certain assets it holds, or to obtain alternative financing.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 3 years.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Intangible assets




Development expenditure
Purchased software
Total

£
£
£



Cost


At 1 July 2023
118,860
43,922
162,782


Additions
54,083
-
54,083



At 30 June 2024

172,943
43,922
216,865



Amortisation


At 1 July 2023
39,753
43,922
83,675


Charge for the year on owned assets
31,693
-
31,693



At 30 June 2024

71,446
43,922
115,368



Net book value



At 30 June 2024
101,497
-
101,497



At 30 June 2023
79,107
-
79,107



Page 7

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
5,705



At 30 June 2024

5,705



Depreciation


At 1 July 2023
5,168


Charge for the year on owned assets
376



At 30 June 2024

5,544



Net book value



At 30 June 2024
161



At 30 June 2023
537


6.


Debtors

2024
2023
£
£


Trade debtors
42,727
16,034

Called up share capital not paid
1,000
1,000

Prepayments and accrued income
61
60

43,788
17,094



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,250
27,546

1,250
27,546


Page 8

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
25,782
33,643

Amounts owed to group undertakings
80,596
5,781

Corporation tax
12,910
12,910

Other taxation and social security
2,775
3,150

Other creditors
367
367

Accruals and deferred income
95,421
128,705

217,851
184,556


The Company's bank facilities are secured by the following:
 - A debenture, including fixed and floating charges, over the Company's assets dated 7 March 2024.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,201 (2023 - £2,201). Contributions totalling £367 (2023 - £367) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


11.


Related party transactions

OLM Group Limited is a shareholder in this Company, and is controlled by P O'Hara, a director of this Company. During the year Valuing Care Limited made net sales to OLM Group Limited and its subsidiaries of £NIL (2023 - £144). During the year OLM Group Limited and its subsidiaries made net sales and recharges to the Company of £18,359 (2023 - £12,448). At the year end, the Company owed £80,596 (2023 - £5,781) to OLM Group Limited and its subsidiaries, and this is shown within amounts owed to group undertakings.
During the year Believe In Your Business Limited, a Company which has an equity stake in this Company, and in which R Hart, a director of this Company, is also a director and shareholder, made net sales and recharges to the Company of £84,667 (2023 - £92,890). At the year end, the Company owed £9,225 (2023 - £9,246) to Believe In Your Business Limited.


12.


Controlling party

P O'Hara is the Company's ultimate controlling party by virtue of his majority shareholding in OLM Group Limited.

Page 9

 
VALUING CARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 16 December 2024 by Andrew Cameron (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

 
Page 10