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Registration number: 04256038

Independent Living (North West) Limited

Annual Report and Unaudited Financial Statements (Filleted)
for the Year Ended 30 June 2024

 

Independent Living (North West) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Independent Living (North West) Limited

Company Information

Directors

Mr SJ Gibbons

Mr SM Gibbons

Registered office

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

Accountants

Horne Brooke Shenton
Chartered Accountants15 Olympic Court Boardmans Way,
Whitehills Business Park
Blackpool
FY4 5GU

 

Independent Living (North West) Limited

(Registration number: 04256038)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

1,322,539

1,340,246

Current assets

 

Stocks

5

6,500

6,500

Debtors

6

112,971

138,375

Cash at bank and in hand

 

61,892

93,645

 

181,363

238,520

Creditors: Amounts falling due within one year

7

(215,488)

(220,807)

Net current (liabilities)/assets

 

(34,125)

17,713

Total assets less current liabilities

 

1,288,414

1,357,959

Creditors: Amounts falling due after more than one year

7

-

(36,483)

Provisions for liabilities

(41,500)

(33,848)

Net assets

 

1,246,914

1,287,628

Capital and Reserves

 

Called up share capital

9

36

36

Revaluation reserve

900,983

900,983

Retained Earnings

345,895

386,609

Shareholders' funds

 

1,246,914

1,287,628

 

Independent Living (North West) Limited

(Registration number: 04256038)
Balance Sheet as at 30 June 2024

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 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 27 March 2025 and signed on its behalf by:
 

.........................................
Mr SJ Gibbons
Director

 

Independent Living (North West) 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.

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:
Warren Manor
Warren Drive
Thornton Cleveleys
Lancashire
FY5 3TG

These financial statements were authorised for issue by the Board on 27 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.

Going concern

Revenue recognition

Turnover comprises amounts due from customers the provision of day care and other complimentary 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.

 

Independent Living (North West) Limited

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

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 statement of financial position at cost or revalued amount, 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

Plant & machinery

25% reducing balance

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

Freehold property

Nil

The current residual value of freehold property is in excess of the cost and therefore no depreciation is provided within the financial statements.

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.

 

Independent Living (North West) 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.

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 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 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.

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 shareholder is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Independent Living (North West) Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 30).

 

Independent Living (North West) Limited

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

4

Tangible Assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,152,667

387,586

112,258

94,320

1,746,831

Additions

-

8,257

316

-

8,573

At 30 June 2024

1,152,667

395,843

112,574

94,320

1,755,404

Depreciation

At 1 July 2023

-

244,125

88,817

73,643

406,585

Charge for the year

-

15,172

5,939

5,169

26,280

At 30 June 2024

-

259,297

94,756

78,812

432,865

Carrying amount

At 30 June 2024

1,152,667

136,546

17,818

15,508

1,322,539

At 30 June 2023

1,152,667

143,461

23,441

20,677

1,340,246

Included within the net book value of land and buildings above is £1,152,667 (2023 - £1,152,667) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 11 April 2016 by an independent valuer.
A depreciated replacement cost method of valuation has been adopted to value the asset. The name and qualification of the independent valuer are Alan H Morton Msc LL.B (Hons) FRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £251,684 (2023 - £251,684). The company have instructed for a new valuation to be conducted in the current financial year.

5

Stocks

2024
£

2023
£

Other inventories

6,500

6,500

 

Independent Living (North West) Limited

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

6

Debtors

Current

Note

2024
£

2023
£

Trade Debtors

 

76,463

23,728

Amounts owed by related parties

13

-

86,669

Other debtors

 

36,508

27,978

   

112,971

138,375

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

40,046

32,202

Trade Creditors

 

17,682

62,852

Taxation and social security

 

98,264

59,173

Accruals and deferred income

 

-

13,163

Other creditors

 

59,496

53,417

 

215,488

220,807

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

36,483

 

Independent Living (North West) Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

36,483

Current loans and borrowings

2024
£

2023
£

Bank borrowings

40,046

32,202

Bank borrowings

The Bank loans are denominated in GBP with an interest rate of 3.4%, the loan was repaid by 31 October 2024. The carrying amount at year end is £40,046 (2023 - £66,685).

The company had offered security over amounts owing to the bank in the form of a legal charge over its freehold property known as Warren Manor, Warren Drive. The charge has now been removed.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

36

36

36

36

       

10

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

4,435

4,101

Later than one year and not later than five years

15,523

18,425

19,958

22,526

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,435 (2023 - £4,101).

 

Independent Living (North West) Limited

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

11

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £1,694.44 (2023 - £2,572.92) per each Ordinary share

 

61,000

 

92,625

         

12

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 £19,958 (2023 - £22,556).

 

Independent Living (North West) Limited

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

13

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

Mr SM Gibbons

Transfer to private account

20,753

8,972

29,725

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr SM Gibbons

Transfer to private account

17,540

3,213

20,753

Amounts owed by the directors are interest free and repayable on demand.

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

23,750

18,728



 

Loans to related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

-

86,669

86,669

Advanced

171

8,746

8,917

Repaid

-

(86,669)

(86,669)

At end of period

171

8,746

8,917

 

Independent Living (North West) Limited

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

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

5,162

94,010

99,172

Repaid

(5,162)

(7,341)

(12,503)

At end of period

-

86,669

86,669