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Registration number: 05358284

Norfolk Care Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Norfolk Care Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 8

 

Norfolk Care Limited

Company Information

Directors

Mrs J Paheerathan

Mr P Sivapathasundaram

Company secretary

Mrs J Paheerathan

Registered office

9 Whitelocks Drive
Trumpington
Cambridge
CB2 9DN

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Norfolk Care Limited

(Registration number: 05358284)
Statement of financial position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

359,362

375,936

Current assets

 

Debtors

6

1,566,397

1,175,438

Cash at bank and in hand

 

148,107

276,571

 

1,714,504

1,452,009

Creditors: Amounts falling due within one year

7

(420,398)

(322,023)

Net current assets

 

1,294,106

1,129,986

Total assets less current liabilities

 

1,653,468

1,505,922

Creditors: Amounts falling due after more than one year

7

(13,334)

(23,334)

Provisions for liabilities

(6,590)

(6,665)

Net assets

 

1,633,544

1,475,923

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,632,544

1,474,923

Shareholders' funds

 

1,633,544

1,475,923

For the financial year ending 30 June 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 and 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 Statement of comprehensive income.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mrs J Paheerathan
Company secretary and director

 

Norfolk Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
9 Whitelocks Drive
Trumpington
Cambridge
CB2 9DN

The principal place of business is:
53 Lynn Road
Snettisham
Norfolk
PE31 7PT

These financial statements were authorised for issue by the Board on 21 March 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 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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

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 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.

 

Norfolk Care Limited

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

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 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

2% Straight line

Fixtures, Fittings and Equipment

15% 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 shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is calculated so as to write off the cost of the asset, less it estimated residual value, over the useful life of that asset. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Asset class

Amortisation method and rate

Goodwill

Fully amortised

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.

 

Norfolk Care Limited

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

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. 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.

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 statement of comprehensive income 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.

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.

 

Norfolk Care Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 28).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

150,000

150,000

At 30 June 2024

150,000

150,000

Amortisation

At 1 July 2023

150,000

150,000

At 30 June 2024

150,000

150,000

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

411,970

91,915

68,740

572,625

At 30 June 2024

411,970

91,915

68,740

572,625

Depreciation

At 1 July 2023

76,974

72,909

46,806

196,689

Charge for the year

8,239

2,851

5,484

16,574

At 30 June 2024

85,213

75,760

52,290

213,263

Carrying amount

At 30 June 2024

326,757

16,155

16,450

359,362

At 30 June 2023

334,996

19,006

21,934

375,936

 

Norfolk Care Limited

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

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

1,490,417

1,164,616

Other debtors

 

72,774

7,370

Prepayments

 

3,206

3,452

 

1,566,397

1,175,438

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,000

10,000

Trade creditors

 

762

-

Amounts due to related parties

9

264,446

255,300

Social security and other taxes

 

9,990

4,056

Other payables

 

6,042

7,192

Accruals

 

5,241

4,128

Tax liability

81,416

41,347

Payments on account

 

42,501

-

 

420,398

322,023

Due after one year

 

Loans and borrowings

13,334

23,334

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

9

Related party transactions

Summary of transactions with other related parties

 

Norfolk Care Limited

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

Norfolk Care Limited owe £258,101 (2023: £255,148) at the year end to Cieves Limited. The directors of Norfolk Care Limited are also the directors of Cieves Limited and Abhi Real Estate Limited. Norfolk Care Limited are owed £1,490,417 (2023: £1,164,616) at the year end from Abhi Real Estate Limited.