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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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ASPECTS 2 LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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ASPECTS 2 LIMITED |
ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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ASPECTS 2 LIMITED |
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COMPANY INFORMATION |
for the year ended 31 October 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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1110 Elliott Court |
Coventry Business Park |
Herald Avenue |
Coventry |
West Midlands |
CV5 6UB |
ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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STRATEGIC REPORT |
for the year ended 31 October 2017 |
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The directors present their strategic report for the year ended 31 October 2017. |
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FAIR REVIEW OF BUSINESS |
The results for the year ended 31 October 2017, which are set out in the profit and loss account, show |
turnover of £3,758,790 (2016: £3,637,810) and operating profit of £680,545 (2016: £554,552). |
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Interim dividends of £40,000 (2016: £140,000) were paid during the year. |
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The directors consider the reports for the period and the financial position of the company at the year end to |
be satisfactory. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy are subject to a number of |
risks. The key business risks and uncertainties affecting the company are considered to relate to to the |
continued provision of adequate government funding. |
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KEY PERFORMANCE INDICATORS |
Given the nature of the business, the company's directors are of the opinion that key performance indicators |
are important. The company uses a number of indicators to monitor and improve the development, |
performance and the position of the business. Indicators are reviewed and altered to meet changes both in |
the internal and external environments. The directors do not consider the inclusion of an analysis using key |
performance indicators to be necessary to assist users of the financial statements in their understanding of |
the financial performance or position of the company. |
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OBJECTIVES AND POLICIES |
The company is exposed ot the usual credit and cash flow risk associated with selling on credit and manages |
this through credit control procedures. The board constantly monitors the company's trading results to ensure |
that the company can meet its future obligations as they fall due. |
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PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK |
In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for |
Directors of UK Companies 2009' the directors of all companies are now required to provide disclosures |
regarding the adoption of the going concern basis of accounting. |
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The company has sufficient financial resources available and continues to trade profitably generating cash. |
The directors have considered the likely future performance of the business and expect that these trends will |
continue. The directors therefore have a reasonable expectation that the company has adequate resources to |
continue in operational existence for the foreseeable future and have continued to adopt the going concern |
basis in preparing the financial statements. |
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ON BEHALF OF THE BOARD: |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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REPORT OF THE DIRECTORS |
for the year ended 31 October 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 October 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of residential care. |
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DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary A 0.01 shares |
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- 16 May 2017 |
Ordinary B 0.01 shares |
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- 16 May 2017 |
Ordinary C 0.01 shares | NIL |
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The directors recommend that no final dividends be paid. |
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The total distribution of dividends for the year ended 31 October 2017 will be £
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FUTURE DEVELOPMENTS |
Since the year end the parent company, HC 1187 Limited, has been acquired by Rehability UK Community |
Limited. The subsidiary continues to trade as normal, just with a new ultimate parent. |
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DIRECTORS |
report. |
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report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the directors must not approve the financial statements unless they are satisfied that they give a true and |
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They |
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for |
the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that she ought to have taken as a director in order to make herself aware of any relevant audit information |
and to establish that the company's auditors are aware of that information. |
ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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REPORT OF THE DIRECTORS |
for the year ended 31 October 2017 |
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AUDITORS |
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming |
Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASPECTS 2 LIMITED |
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Opinion |
We have audited the financial statements of Aspects 2 Limited (the 'company') for the year ended |
31 October 2017 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting |
Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 October 2017 and of its profit for the
year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial statements |
in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report |
of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form |
of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, |
in doing so, consider whether the other information is materially inconsistent with the financial statements or |
our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we |
have performed, we conclude that there is a material misstatement of this other information, we are required |
to report that fact. We have nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which
the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASPECTS 2 LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of |
the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair |
view, and for such internal control as the directors determine necessary to enable the preparation of financial |
statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes |
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our |
Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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for and on behalf of
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1110 Elliott Court |
Coventry Business Park |
Herald Avenue |
Coventry |
West Midlands |
CV5 6UB |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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STATEMENT OF COMPREHENSIVE INCOME |
for the year ended 31 October 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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BALANCE SHEET |
31 October 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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CURRENT ASSETS |
Debtors: amounts falling due within one
year |
10 |
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Debtors: amounts falling due after more
than one year |
10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 13 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Retained earnings | 15 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
behalf by: |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 October 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 November 2015 |
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Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
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Balance at 31 October 2016 |
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Changes in equity |
Dividends | - | ( |
) | ( |
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Total comprehensive income | - |
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Balance at 31 October 2017 |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2017 |
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1. | STATUTORY INFORMATION |
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Aspects 2 Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Significant judgements and estimates |
These financial statements do not contain any significant judgments or estimation uncertainty. |
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Turnover & revenue recognition |
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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The company recognises revenue when: the amount of revenue can be reliably measured, it is |
probable that future economic benefits will flow to the entity and when specific criteria have been met |
for each of the company's activities. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual |
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. Where shares are issued, any component that creates a financial liability of the company is |
presented as a liability on the balance sheet. The corresponding dividends relating to the liability |
component are charged as interest expenses in the profit and loss account. |
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All financial assets and liabilities are initially measured at transaction price (including transaction |
costs), except for those financial assets classified as at fair value through profit or loss, which are |
initially measured at fair value (which is normally the transaction price excluding transaction costs), |
unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing |
transaction, the financial asset or financial liability is measured at the present value of the future |
payments discounted at a market rate of interest for a similar debt instrument. |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Comprehensive Income, 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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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 |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation |
that the company has adequate resources 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. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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The total turnover of the company has been derived from its principal activity wholly undertaken in the |
United Kingdom. |
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4. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2017 | 2016 |
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Administration and support | 1 | 2 |
Care Staff | 146 | 147 |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2017 | 2016 |
£ | £ |
Other interest received |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax moving over/under to P&L | 642 | 361 |
Group relief payable/(receive | - | 22,540 |
Total current tax |
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Deferred tax | ( |
) |
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Tax on profit |
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UK corporation tax has been charged at 20% . |
ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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7. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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2017 | 2016 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances |
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- |
Adjustments to tax charge in respect of previous periods |
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Adjustments to tax charge in respect of change in rate | 6,342 | - |
Total tax charge | 162,301 | 159,286 |
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8. | DIVIDENDS |
2017 | 2016 |
£ | £ |
Ordinary A shares of 0.01 each |
Interim |
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Ordinary B shares of 0.01 each |
Interim |
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Ordinary C shares of 0.01 each |
Interim |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2016 |
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Additions |
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At 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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10. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
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Other debtors |
|
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Directors' current accounts | 133,640 | - |
Prepayments and accrued income |
|
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|
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
|
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Tax |
|
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Social security and other taxes |
|
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Other creditors |
|
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Net wages | 154,518 | 157,073 |
Accrued expenses |
|
|
|
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12. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
|
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Between one and five years |
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In more than five years |
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13. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 4,129 | 5,132 |
|
Deferred |
tax |
£ |
Balance at 1 November 2016 |
|
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 October 2017 |
|
ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary A | 0.01 | - | - |
|
Ordinary B | 0.01 | - | - |
|
Ordinary C | 0.01 | 2 | 2 |
2 | 2 |
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The shares rank pari passu in all respects, other than the right to dividends. |
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15. | RESERVES |
Retained |
earnings |
£ |
|
At 1 November 2016 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 October 2017 |
|
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16. | CONTINGENT LIABILITIES |
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The company is bound by an intercompany guarantee with its subsidiary company ISW2 Limited, in |
respect of bank borrowings. The amount guaranteed is £1,909,408 (2016: £1,918,161). |
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17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 October 2017 and |
31 October 2016: |
|
2017 | 2016 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
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Amounts repaid |
|
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
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Balance outstanding at start of year |
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Amounts advanced |
|
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Amounts repaid |
|
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
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The Directors' Loan accounts were both repaid in full on 16 February 2018. |
ASPECTS 2 LIMITED (REGISTERED NUMBER: 06660529) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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18. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £40,000 were paid to the directors . |
|
During the year Aspects 2 Limited paid rent of £264,000 (2016: £260,000) to ISW2 Limited, a fellow |
subsidiary company. |
|
At 31 October 2017 the company was owed £4,519,495 (2016: £4,387,859) by ISW2 Limited. Interest |
of £131,636 (2016: £243,810) was charged at a commercial rate during the year and there are no fixed |
repayment terms. |
|
19. | ULTIMATE CONTROLLING PARTY |
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The company is an 85% owned subsidiary of HC 1187 Limited, which is registered in England and |
Wales. HC 1187 Limited was acquired by Rehability UK Community Limited on 16 February 2018. |