Registration number:
Living Care Health Limited
for the Year Ended 31 March 2020
Living Care Health Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Living Care Health Limited
Company Information
Director |
Dr S M Feldman |
Registered office |
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Living Care Health Limited
(Registration number: 08510730)
Balance Sheet as at 31 March 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities - deferred tax |
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Net assets |
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Capital and reserves |
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Called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.
Approved and authorised by the
Living Care Health Limited
(Registration number: 08510730)
Balance Sheet as at 31 March 2020
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Living Care Health Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Group accounts not prepared
Going concern
The directors have prepared the financial statements on the going concern basis of accounting taking into account Covid-19 (Coronavirus) and the impact this has had on the performance of the business. The overall impact of the Covid-19 outbreak has seen no reduction in income throughtout the lockdown period due to the nature of the income being rent receivable. As a result of this, the current trading and the future prospects the directors have conculded that the going concern basis remains appropriate.
Revenue recognition
Turnover represents rental income receivable, net of value added tax.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Living Care Health Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Living Care Health Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including the director) in the year, was
Living Care Health Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Investment properties |
2020 |
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At 1 April |
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Additions |
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Disposals |
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At 31 March |
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In the opinion of the director, the investment properties are shown at open market value and have been determined on a rental yield basis. There has been no change during the year.
Living Care Health Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2019 |
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Provision |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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7,650 |
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Living Care Health Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Creditors |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
37,850 |
70,000 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank loans of £86,017 (2019 - £87,996) are secured by flixed and floating charges over the investment properties.
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank loans of £526,390 (2019 - £1,042,150) are secured by fixed and floating charges over the investment properties.
Living Care Health Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Related party transactions |
Living Care Group Limited
(Company with common shareholder and director)
At the balance sheet date, the amount owed from Living Care Group Limited was £454,706 (2019 - £454,706).
Fountain Diagnostic Limited
(Company with common shareholder and director)
At the balance sheet date, the amount owed from Fountain Diagnostic Limited was £623,614 (2019 - £118,706).
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is