JASON RICE I-CARE LIMITED


Director	RICE, Jason Christopher


Registered Address	7 Harefield Road
	Nuneaton
	CV11 4HA


Registered Number	04656232 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	Jason Rice I-Care Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04656232. The registered office is 7 Harefield Road, Nuneaton, CV11 4HA.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.

	Tangible fixed assets and depreciation
	Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


		Straight line (years)
	Plant and machinery	5
	Fixtures and fittings	7
	Vehicles	4
	Office Equipment	3

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	11		12

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 January 24	192,000	192,000
At 31 December 24	192,000	192,000
Amortisation and impairment
At 01 January 24	192,000	192,000
At 31 December 24	192,000	192,000
Net book value
At 31 December 24	-	-
At 31 December 23	-	-

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 24	85,869	751	66,647	4,694	157,961
Additions	-	-	5,006	130	5,136
At 31 December 24	85,869	751	71,653	4,824	163,097
Depreciation and impairment
At 01 January 24	76,471	564	66,097	2,910	146,042
Revaluation surplus	7,349	187	901	826	9,263
At 31 December 24	83,820	751	66,998	3,736	155,305
Net book value
At 31 December 24	2,049	-	4,655	1,088	7,792
At 31 December 23	9,398	187	550	1,784	11,919

5.	Stocks

	2024	2023
	£	£
Raw materials and consumables	54,815	51,066
Total	54,815	51,066

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	39,701	39,715
Other debtors	653	3,709
Prepayments and accrued income	1,605	2,547
Total	41,959	45,971

7.	Debtors: amounts due after one year

	2024	2023
	£	£
Other debtors	12,423	12,423
Total	12,423	12,423

8.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	28,523	36,472
Bank borrowings and overdrafts	9,000	7,333
Taxation and social security	16,522	1,682
Finance lease and HP contracts	4,806	4,902
Other creditors	1,768	1,806
Accrued liabilities and deferred income	1,854	4,915
Total	62,473	57,110

9.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	22,500	34,907
Other creditors	6,408	11,994
Total	28,908	46,901


	The director has given a personal guarantee of £45,000 (2023 - £45,000) in relation to the company's borrowings.

10.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	11,215		16,896


	Included within other creditors are obligations under finance leases of £6,408 (2023: £11,994) which are secured on the assets purchased under the lease.

11.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	1,948	975
Total	1,948	975

12.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
RICE, Jason Christopher	37,628	0	0	37,628
	37,628	0	0	37,628


	The above loan is unsecured, had interest charged at 2.5% and is repayable on demand

13.	Share capital
	Allotted, Called up and fully paid amounts to £2,000 (2023: £2,000)

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	4		7,792		11,919
			7,792		11,919
Current assets
Stocks	5	54,815		51,066
Debtors	6,7	54,382		58,394
Cash at bank and on hand		5,839		460
		115,036		109,920
Creditors amounts falling due within one year	8	(62,473)		(57,110)
Net current assets (liabilities)			52,563		52,810
Total assets less current liabilities			60,355		64,729
Creditors amounts falling due after one year	9		(28,908)		(46,901)
Provisions for liabilities	11		(1,948)		(975)
Net assets			29,499		16,853
Capital and reserves
Called up share capital			2,000		2,000
Profit and loss account			27,499		14,853
Shareholders' funds			29,499		16,853