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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 APRIL 2017 TO 30 JUNE 2018 |
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PARALLEL OPTIONS LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 APRIL 2017 TO 30 JUNE 2018 |
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FOR |
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PARALLEL OPTIONS LIMITED |
PARALLEL OPTIONS LIMITED (REGISTERED NUMBER: 06158680) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 April 2017 to 30 June 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PARALLEL OPTIONS LIMITED |
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COMPANY INFORMATION |
for the period 1 April 2017 to 30 June 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
PARALLEL OPTIONS LIMITED (REGISTERED NUMBER: 06158680) |
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BALANCE SHEET |
30 June 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Retained earnings | ( |
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( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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PARALLEL OPTIONS LIMITED (REGISTERED NUMBER: 06158680) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 April 2017 to 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Parallel Options Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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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 |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small |
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK |
and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared |
using the historical cost convention except for, where disclosed in these accounting policies, certain |
items are shown at fair value. |
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Preparation of consolidated financial statements |
The financial statements contain information about Parallel Options Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company is |
exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated |
financial statements as it and its subsidiary undertaking are included by full consolidation in the |
consolidated financial statements of its parent, , . |
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These financial statements are consolidated in the financial statements of Rehability Group Limited. |
The financial statements of Rehability UK Community Limited may be obtained from Companies |
House. |
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The company has taken exemption from preparing group accounts as it is included in the consolidated |
accounts for a larger group which are drawn up as full consolidated audited accounts and which are |
filed at Companies House. |
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Critical accounting judgements and key sources of estimation uncertainty |
These financial statements do not contain any significant judgements or estimation uncertainty. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income |
Statement, 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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the period end and that |
are expected to apply to the reversal of the timing difference. |
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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. |
PARALLEL OPTIONS LIMITED (REGISTERED NUMBER: 06158680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2017 to 30 June 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation |
that the company has adequate resource to continue in operational existence for the foreseeable |
future. The company therefore continues to adopt the going concern basis in preparing its financial |
statements. |
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3. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2017 |
and 30 June 2018 |
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PROVISIONS |
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Impairments | 4,902,848 |
At 30 June 2018 | 4,902,848 |
NET BOOK VALUE |
At 30 June 2018 |
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At 31 March 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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Accrued expenses |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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PARALLEL OPTIONS LIMITED (REGISTERED NUMBER: 06158680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2017 to 30 June 2018 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, called up and fully paid share capital |
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2018 | 2017 |
No. | £ | No. | £ |
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Ordinary shares of £0.01 each | 100 | 1 | 100 | 1 |
Ordinary B shares of £0.01 each | 5 | - | 5 | - |
105 | 1 | 105 | 1 |
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The ordinary B shares carry no voting rights but rank pari passu with the ordinary shares in respect of |
dividend distributions. On a distribution of assets on a liquidation or a return of capital or on a sale of |
more than 50% of the issued share capital or substantially all of the company's assets, the surplus |
assets after payment of the company's liabilities or the proceeds of a sale shall be applied first in |
paying to each of the shares (other than the ordinary B shares) an amount per share until the holders |
thereof have received £10,000 per share and second any surplus assets shall be distributed among |
the ordinary and ordinary B shareholders pro rata, save that the holders of the ordinary B shares shall |
not be entitled to receive any more than the 25% of the total available surplus. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES |
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The total amount of financial commitments not included in the balance sheet is £nil (2017: £100,000). |
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10. | ULTIMATE CONTROLLING PARTY |
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The company's ultimate controlling party is Rehability Group Limited by virtue of its 100% shareholding |
in Rehability UK Community Limited. The company's immediate parent is Select Living Options |
Limited. |
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Until 19 January 2018 the ultimate controlling party was Sovereign Capital Partners LLP. |
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Until 19 January 2018 the ultimate parent company was Select Living Options Limited, also |
incorporated in England and Wales. On this date 100% of the share capital of Select Living Options |
Limited was acquired by Rehability UK Community Limited, a company incorporated in England and |
Wales. |
PARALLEL OPTIONS LIMITED (REGISTERED NUMBER: 06158680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2017 to 30 June 2018 |
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11. | INVESTMENTS |
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Details of the investments in which the company holds 20% or more of the nominal value of any class |
of share capital is as follows: |
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Undertaking |
Registered
office |
Holding |
Proportion of voting
rights and shares held |
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Subsidiary undertakings | 2018 | 2017 |
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Assisted Living Solutions Limited |
England &
Wales |
Ordinary |
100% |
100% |
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The principal activity of Assisted Living Solutions Limited is the provision of supported living services. |