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Unaudited Financial Statements |
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For The Year Ended 30 June 2020 |
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Manage Care Homes Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 30 June 2020 |
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for |
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Manage Care Homes Limited |
Manage Care Homes Limited (Registered number: 05344617) |
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Contents of the Financial Statements |
For The Year Ended 30 June 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Manage Care Homes Limited |
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Company Information |
For The Year Ended 30 June 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
276 Preston Road |
Harrow |
Middlesex |
HA3 0QA |
Manage Care Homes Limited (Registered number: 05344617) |
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Balance Sheet |
30 June 2020 |
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30/6/20 | 30/6/19 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Manage Care Homes Limited (Registered number: 05344617) |
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Balance Sheet - continued |
30 June 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Manage Care Homes Limited (Registered number: 05344617) |
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Notes to the Financial Statements |
For The Year Ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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Manage Care Homes Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover from the rendering of care home services for the elderly, provision of ancillary care to patients and review of ancillary businesses is recognised by reference to the stage of completion of the contract. |
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Goodwill |
Externally purchased goodwill is stated at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its estimated useful life of ten years on straight line basis from transition date of new UK GAAP FRS 102. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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The freehold property is maintained to a high standard and any depreciation charge would be immaterial. Therefore depreciation was at nil rate. This is a departure from the requirement of Companies Act 2006 and UK GAAP. However in the opinion of the directors this approach is adopted to give a true and fair view. |
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Government grants |
Government grants, including non-monetary grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised either based on the performance model or the accrual model. This policy is applied on a class-by-class basis. |
Manage Care Homes Limited (Registered number: 05344617) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors |
Basic financial assets, including trade and other debtors, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Manage Care Homes Limited (Registered number: 05344617) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2019 |
and 30 June 2020 |
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AMORTISATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/20 | 30/6/19 |
£ | £ |
Trade debtors |
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Other debtors |
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Manage Care Homes Limited (Registered number: 05344617) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/20 | 30/6/19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30/6/20 | 30/6/19 |
£ | £ |
Bank loans |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30/6/20 | 30/6/19 |
£ | £ |
Bank loans |
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Bank loans are secured by way of a first legal charge over the company's freehold property. |
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10. | RELATED PARTY DISCLOSURES |
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Included in creditors is an amount due to directors and shareholders of £2,613 (2019: £1,734). The outstanding loan due is interest free and payable on demand. |
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11. | POST BALANCE SHEET EVENTS |
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The COVID-19 pandemic has developed rapidly in 2020. Measures taken by various governments to contain the spread of virus have affected economic activity. We have taken a number of measures to monitor and mitigate the effects of COVID-19, such as health and safety measures of our people and residents and securing the supply of material that are essential for our operations. |
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At this stage, the impact on our business and results has not been significant and based on our experience to date we expect this to remain the case. The directors will continue to follow various government policies and advice and continue the company's operations in the best and safest way possible without jeopardising the health of the residents, staff and the general public. |