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UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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INVALESCO LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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FOR |
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INVALESCO LIMITED |
INVALESCO LIMITED (REGISTERED NUMBER: 08281000) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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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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INVALESCO LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
INVALESCO LIMITED (REGISTERED NUMBER: 08281000) |
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BALANCE SHEET |
31 MARCH 2021 |
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31/3/21 | 30/3/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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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/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges her 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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INVALESCO LIMITED (REGISTERED NUMBER: 08281000) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Invalesco Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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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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Goodwill |
Goodwill is not amortised and is subject to an annual impairment review. |
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Following the annual impairment review, the Director considers the recoverable amount of goodwill to be £nil and therefore the balance has been impaired in full. |
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Intangible assets |
Intellectual property rights are amortised over 20 years on a straight line basis, subject to an annual impairment review. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
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Government grants |
Government grants, including monies received under the Coronavirus Job Retention Scheme, are recognised in the profit and loss account as income in the same period as the related expenditure. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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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INVALESCO LIMITED (REGISTERED NUMBER: 08281000) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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Going concern |
The director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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Fixed asset investments |
Fixed asset investments are shown at cost less provision for impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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INVALESCO LIMITED (REGISTERED NUMBER: 08281000) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 31 March 2020 |
and 31 March 2021 |
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AMORTISATION |
At 31 March 2020 |
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Charge for period |
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Impairments |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 30 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 31 March 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 31 March 2020 |
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Charge for period |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 30 March 2020 |
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INVALESCO LIMITED (REGISTERED NUMBER: 08281000) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 31 March 2020 |
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Transfer to ownership | (15,911 | ) |
At 31 March 2021 |
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DEPRECIATION |
At 31 March 2020 |
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Charge for period |
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Transfer to ownership | (7,952 | ) |
At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 30 March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 30/3/20 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts due from group |
undertakings | 156,920 | 132,303 |
Tax |
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Deferred tax asset |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/21 | 30/3/20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 44,981 | 48,738 |
Other creditors |
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Amounts due to group |
undertakings | 881,659 | 1,308,938 |
Accrued expenses |
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INVALESCO LIMITED (REGISTERED NUMBER: 08281000) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2020 TO 31 MARCH 2021 |
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8. | DEFERRED TAX |
£ |
Balance at 31 March 2020 | ( |
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Charge to Income Statement during period |
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Balance at 31 March 2021 | ( |
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9. | RELATED PARTY DISCLOSURES |
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The Garden and Home Trading Company Limited is considered to be a related party of the company, being under the common control of GHTC (Holdings) Limited. |
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During the year, the company sold to and purchased goods from The Garden and Home Trading Company Limited, to the value of £7,586 and £8,392 respectively, excluding VAT. In addition, various monies were loaned by and repaid to The Garden and Home Trading Company Limited. |
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A Deed of Waiver was issued by The Garden And Home Trading Company Limited to the company on 31 March 2021, agreeing to formally waive £1,200,000 of the balance owing. |
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As at 31 March 2021, the company owed £881,659 (2020: £1,308,938) to The Garden and Home Trading Company Limited. |
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The loan is repayable on demand and no interest has been charged. |