MNP Complete Care Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11073266

MNP Complete Care Limited

Filleted Unaudited Financial Statements

31 October 2024

MNP Complete Care Limited

Financial Statements

Year ended 31 October 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

MNP Complete Care Limited

Statement of Financial Position

31 October 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	300,000	400,000
Tangible assets	6	26,429	110,819
		---------	---------
		326,429	510,819

Current assets

Debtors	7	2,592,394	1,993,139
Cash at bank and in hand		210,124	156,112
		------------	------------
		2,802,518	2,149,251

Creditors: amounts falling due within one year	8	966,484	1,169,484
		------------	------------
Net current assets		1,836,034	979,767
		------------	------------
Total assets less current liabilities		2,162,463	1,490,586

Creditors: amounts falling due after more than one year	9	1,127,099	1,251,922
		------------	------------
Net assets		1,035,364	238,664
		------------	------------

Capital and reserves

Called up share capital	118	118
Profit and loss account	1,035,246	238,546
	------------	---------
Shareholders funds	1,035,364	238,664
	------------	---------

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 year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MNP Complete Care Limited

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

Mr S J C Hill

Director

Company registration number: 11073266

MNP Complete Care Limited

Notes to the Financial Statements

Year ended 31 October 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 Bedford House Fulham Green, 69-79 Fulham High Street, London, SW6 3JW, 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.

Income tax

The taxation expense represents the aggregate amount of current 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property is held at cost and no depreciation is charged. As the directors believe that the freehold property will appreciate in value, and therefore to charge depreciation would not be appropriate.

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:

Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	20% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 132 (2023: 136 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2023 and 31 October 2024	1,000,000
	------------
Amortisation
At 1 November 2023	600,000
Charge for the year	100,000
	------------
At 31 October 2024	700,000
	------------
Carrying amount
At 31 October 2024	300,000
	------------
At 31 October 2023	400,000
	------------

6. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2023	87,184	1,758	21,139	31,262	141,343
Additions	–	–	–	10,569	10,569
Disposals	( 87,184)	–	–	–	( 87,184)
	--------	-------	--------	--------	---------
At 31 October 2024	–	1,758	21,139	41,831	64,728
	--------	-------	--------	--------	---------
Depreciation
At 1 November 2023	–	954	12,784	16,786	30,524
Charge for the year	–	149	4,228	3,398	7,775
	--------	-------	--------	--------	---------
At 31 October 2024	–	1,103	17,012	20,184	38,299
	--------	-------	--------	--------	---------
Carrying amount
At 31 October 2024	–	655	4,127	21,647	26,429
	--------	-------	--------	--------	---------
At 31 October 2023	87,184	804	8,355	14,476	110,819
	--------	-------	--------	--------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	61,397	91,316
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,895,608	1,518,516
Other debtors	635,389	383,307
	------------	------------
	2,592,394	1,993,139
	------------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	431,304	363,781
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	587,966
Corporation tax	–	256
Other creditors	535,180	217,481
	---------	------------
	966,484	1,169,484
	---------	------------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	36,458	98,958
Other creditors	1,090,641	1,152,964
	------------	------------
	1,127,099	1,251,922
	------------	------------

10. Related party transactions

At the year end the company was owed £8,353 (2023: £8,353) by a company associated by common control.

11. Controlling party

The company's ultimate parent company is Wellgate Group Limited. The registered address of the ultimate parent company is Bedford House Fulham Green, 69-79 Fulham High Street, London, United Kingdom, SW6 3JW.