| Directors | |
| Registered office | |
| Registered number | 12108076 |
| Accountant | Thomas Hollingsworth |
| Notes |
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The financial statements were approved and authorised for issue by the Board of Directors on
Jurkiewicz, James
Director |
Company registration number 12108076
Islacare Ltd (the "Company") is a private company limited by shares and incorporated in England. The registered office of the Company is 17 Blessbury Road, Edgware, United Kingdom, HA8 0SU.
The principal activity of the company is providing software services to the healthcare industry.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are presented in Sterling, which is the functional currency of the Company and rounded to the nearest £. The financial statements have been prepared under the historical cost convention except for investments measured at fair value through profit or loss.
The Company is a small entity and has applied the presentation and disclosure requirements of Section 1A of FRS 102. These financial statements have been prepared in accordance with FRS 102 in its entirety as it applies to small entities.
Revenue represents amounts receivable for the provision of the Company's software platform and related services to healthcare providers, measured at the fair value of the consideration receivable and stated net of value added tax.
The Company's contracts are principally for the provision of access to the Isla platform, together with associated implementation, configuration, training and support services, over a defined contract term. The Company's obligation under these contracts is to make the platform and associated services available to the customer throughout the term, and revenue is accordingly recognised evenly over the contract term from the date on which service commences.
Revenue is recognised only where it is probable that the economic benefits associated with the contract will flow to the Company and the amount of revenue can be measured reliably.
The date on which service commences is determined by reference to the contract, and may differ from the date of signature or the date of invoice.
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of an asset less its estimated residual value over the useful economic life of that asset. The following rates are used using a straight line method of 3 - 10 years.
The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Basic financial assets, including trade and other debtors, accrued income and cash and cash equivalents, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Cash and cash equivalents are represented by cash held with financial institutions. Debtors include accounts receivable and accrued income.
Accounts receivable includes any service provided to the client which at the balance sheet date has been billed. Accrued income corresponds to the revenue earned during the period but not yet billed to the customer. Prepayments are payments made for goods or services that will be received in the future.
These assets are subsequently carried at amortised cost using the effective interest method, with the exception of current asset investments, which are measured at fair value through profit or loss as set out below.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Investments that do not meet the criteria for basic financial instruments are classified as other financial instruments. Such instruments are initially recognised at fair value, which is normally the transaction price. They are subsequently measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.
Fair value is determined using quoted market prices in an active market where available. If quoted market prices are not available, the fair value is determined using appropriate valuation techniques.
These assets are derecognised when the contractual rights to the cash flows expire or are transferred and substantially all the risks and rewards of ownership are transferred.
Basic financial liabilities, including accounts payable, accruals and other payable amounts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Accounts payable include any goods or services that have been invoiced to the Company but have not yet been paid. Accruals represent any amounts due to be paid but for which an invoice has not yet been received.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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