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Registration number: 08510730

Living Care Health Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2018 to 31 March 2019

 

Living Care Health Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Living Care Health Limited

Company Information

Director

Dr S M Feldman

Registered office

4215 Park Approach
Thorpe Park
Leeds
LS15 8GB

 

Living Care Health Limited

(Registration number: 08510730)
Balance Sheet as at 31 March 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

1,463

702

Investment property

5

3,790,221

3,753,261

Investments

6

900,000

900,000

 

4,691,684

4,653,963

Current assets

 

Debtors

7

725,830

575,381

Cash at bank and in hand

 

6,532

141,579

 

732,362

716,960

Creditors: Amounts falling due within one year

8

(765,007)

(756,366)

Net current liabilities

 

(32,645)

(39,406)

Total assets less current liabilities

 

4,659,039

4,614,557

Creditors: Amounts falling due after more than one year

8

(1,042,150)

(1,092,666)

Provisions for liabilities - deferred tax

(60,595)

(43,972)

Net assets

 

3,556,294

3,477,919

Capital and reserves

 

Called up and fully paid share capital

200

200

Profit and loss account

3,556,094

3,477,719

Total equity

 

3,556,294

3,477,919

For the financial period ending 31 March 2019 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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.

 

Living Care Health Limited

(Registration number: 08510730)
Balance Sheet as at 31 March 2019

Approved and authorised by the director on 17 January 2020
 

.........................................
Dr S M Feldman
Director

   
     
 

Living Care Health Limited

Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019

1

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.

2

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

The company is part of a small group. The company has taken advantage of the exemption provided in Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover represents rental income receivable, net of value added tax.

Tax

The tax expense for the period comprises current 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.

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:

 

Living Care Health Limited

Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 Period from 1 October 2018 to 31 March 2019

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

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Company's assets after deducting all of its liabilities.

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.

 

Living Care Health Limited

Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019

3

Staff numbers

The average number of persons employed by the company (including the director) in the period, was 1 (2018 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 October 2018

749

749

Additions

1,191

1,191

At 31 March 2019

1,940

1,940

Depreciation

At 1 October 2018

47

47

Charge for the period

430

430

At 31 March 2019

477

477

Carrying amount

At 31 March 2019

1,463

1,463

At 30 September 2018

702

702

5

Investment properties

2019
£

At 1 October

3,753,261

Additions

36,960

At 31 March

3,790,221

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 Period from 1 October 2018 to 31 March 2019

6

Investments

2019
£

2018
£

Investments in subsidiaries

900,000

900,000

Subsidiaries

£

Cost or valuation

At 1 October 2018

900,000

Provision

Carrying amount

At 31 March 2019

900,000

At 30 September 2018

900,000

7

Debtors

2019
£

2018
£

Trade debtors

80,400

42,150

Amounts owed by group undertakings

573,412

461,213

Other debtors

64,368

64,368

Prepayments

7,650

7,650

725,830

575,381

 

Living Care Health Limited

Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019

8

Creditors

2019
£

2018
£

Due within one year

Loans and borrowings

87,996

87,995

Trade creditors

33,572

11,435

Taxation and social security

44,743

31,126

Other creditors

528,696

563,626

Accrued expenses

70,000

62,184

765,007

756,366

Due after one year

Loans and borrowings

1,042,150

1,092,666

9

Loans and borrowings

2019
£

2018
£

Current loans and borrowings

Bank borrowings

87,996

87,995

Bank loans of £87,996 (2018 - £87,995) are secured by flixed and floating charges over the investment properties.

2019
£

2018
£

Non-current loans and borrowings

Bank borrowings

1,042,150

1,092,666

Bank loans of £1,042,150 (2018 - £1,092,666) are secured by fixed and floating charges over the investment properties.

 

Living Care Health Limited

Notes to the Financial Statements for the Period from 1 October 2018 to 31 March 2019

10

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 (2018 - £454,706).

Fountain Diagnostic Limited
(Company with common shareholder and director)
At the balance sheet date, the amount owed from Fountain Diagnostic Limited was £118,706 (2018 - £6,506).

11

Parent and ultimate parent undertaking

The company's immediate parent is Aghoco 1419 Limited, incorporated in England and Wales.

 The ultimate parent is Aghoco 1419 Limited, incorporated in England and Wales.