REGISTERED NUMBER:
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OPTIMA CARE SHINE LONDON LIMITED |
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Financial Statements |
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for the Year Ended 31 May 2022 |
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REGISTERED NUMBER:
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OPTIMA CARE SHINE LONDON LIMITED |
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Financial Statements |
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for the Year Ended 31 May 2022 |
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OPTIMA CARE SHINE LONDON LIMITED (REGISTERED NUMBER: 09556224) |
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Contents of the Financial Statements |
for the year ended 31 May 2022 |
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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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OPTIMA CARE SHINE LONDON LIMITED |
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Company Information |
for the year ended 31 May 2022 |
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Directors: |
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Registered office: |
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Registered number: |
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OPTIMA CARE SHINE LONDON LIMITED (REGISTERED NUMBER: 09556224) |
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Balance Sheet |
31 May 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital | 7 |
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Retained earnings |
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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. |
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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 Board of Directors and authorised for issue on
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OPTIMA CARE SHINE LONDON LIMITED (REGISTERED NUMBER: 09556224) |
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Notes to the Financial Statements |
for the year ended 31 May 2022 |
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1. | Statutory information |
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Optima Care Shine London Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
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Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated). The financial statements are presented in Sterling (£). |
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2. | Accounting policies |
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Compliance with accounting standards |
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Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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(a) Critical judgements in applying the Company's accounting policies |
The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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(b) Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
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i. Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
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ii. Impairment of tangible assets |
Annually, the Company considers whether tangible assets are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the future cash flows from the assets along with selection of appropriate discount rates to calculate the net present value of those cash flows. |
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Turnover |
Turnover relates to services providing residential care activities for learning difficulties, mental health and substance abuse. It is 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 is recognised in line with the services rendered during the period and the contractual agreement between the Company and the customer. |
OPTIMA CARE SHINE LONDON LIMITED (REGISTERED NUMBER: 09556224) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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2. | Accounting policies - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Taxation |
Taxation for the year 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 year 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 |
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 |
These financial statements have been prepared on a going concern basis. |
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The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
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Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
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In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors considers that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
OPTIMA CARE SHINE LONDON LIMITED (REGISTERED NUMBER: 09556224) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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2. | Accounting policies - continued |
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The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
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Financial instruments |
The Company has chosen to adopt Sections 11 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances, 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. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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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 asset's original effective interest rate. The impairment loss is recognised in the Income Statement. |
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If there is 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 the Income Statement. |
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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. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables and loans from other related companies, 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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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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OPTIMA CARE SHINE LONDON LIMITED (REGISTERED NUMBER: 09556224) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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4. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 June 2021 |
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Additions |
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Reclassification/transfer | ( |
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At 31 May 2022 |
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Depreciation |
At 1 June 2021 |
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Charge for year |
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Reclassification/transfer | ( |
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At 31 May 2022 |
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Net book value |
At 31 May 2022 |
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At 31 May 2021 |
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5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Called up share capital not paid |
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Prepayments |
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6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Accruals and deferred income |
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Accrued expenses |
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OPTIMA CARE SHINE LONDON LIMITED (REGISTERED NUMBER: 09556224) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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7. | Called up share capital |
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Allotted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Share capital 1 | £0.10 | 10 | 10 |
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8. | Ultimate controlling party |
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The controlling party is Mr E M Coombes. |