false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
2016-10-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
272,908
6,586
279,494
235,000
6,674
241,674
37,820
37,908
xbrli:pure
xbrli:shares
iso4217:GBP
02135820
2016-10-01
2017-09-30
02135820
2017-09-30
02135820
2016-09-30
02135820
2015-10-01
2016-09-30
02135820
2016-09-30
02135820
bus:Director1
2016-10-01
2017-09-30
02135820
core:WithinOneYear
2017-09-30
02135820
core:WithinOneYear
2016-09-30
02135820
core:FurnitureFittings
2016-09-30
02135820
core:FurnitureFittings
2017-09-30
02135820
core:FurnitureFittings
2016-10-01
2017-09-30
02135820
core:ShareCapital
2017-09-30
02135820
core:ShareCapital
2016-09-30
02135820
core:CapitalRedemptionReserve
2017-09-30
02135820
core:CapitalRedemptionReserve
2016-09-30
02135820
core:RetainedEarningsAccumulatedLosses
2017-09-30
02135820
core:RetainedEarningsAccumulatedLosses
2016-09-30
02135820
core:FurnitureFittings
2016-09-30
02135820
bus:Director1
2016-09-30
02135820
bus:Director1
2017-09-30
02135820
bus:Director1
2015-09-30
02135820
bus:Director1
2016-09-30
02135820
bus:Director1
2015-10-01
2016-09-30
02135820
bus:FRS102
2016-10-01
2017-09-30
02135820
bus:AuditExempt-NoAccountantsReport
2016-10-01
2017-09-30
02135820
bus:FullAccounts
2016-10-01
2017-09-30
02135820
bus:SmallCompaniesRegimeForAccounts
2016-10-01
2017-09-30
02135820
bus:PrivateLimitedCompanyLtd
2016-10-01
2017-09-30
02135820
1
2016-10-01
2017-09-30
COMPANY REGISTRATION NUMBER:
02135820
Filleted Unaudited Financial Statements
|
|
Year ended 30 September 2017
Statement of financial position
|
1 to 2
|
|
|
Notes to the financial statements
|
3 to 7
|
|
|
Statement of Financial Position
|
|
30 September 2017
Fixed assets
Tangible assets
|
5
|
|
37,820
|
37,908
|
|
|
|
|
|
Current assets
Debtors
|
6
|
526,438
|
|
781,614
|
Cash at bank and in hand
|
254,618
|
|
180,124
|
|
---------
|
|
---------
|
|
781,056
|
|
961,738
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
458,401)
|
|
(
731,312)
|
|
---------
|
|
---------
|
Net current assets
|
|
322,655
|
230,426
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
360,475
|
268,334
|
|
|
---------
|
---------
|
Net assets
|
|
360,475
|
268,334
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Capital redemption reserve
|
|
1
|
1
|
Profit and loss account
|
|
360,374
|
268,233
|
|
|
---------
|
---------
|
Shareholders funds
|
|
360,475
|
268,334
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
30 September 2017
These financial statements were approved by the
board of directors
and authorised for issue on
27 June 2018
, and are signed on behalf of the board by:
Company registration number:
02135820
Notes to the Financial Statements
|
|
Year ended 30 September 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vernon Road, Stoke on Trent, Staffordshire, ST4 2QY. The principal activity of the company was that of the
operation of a residential nursing home and provision of residential nursing care.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during the current and prior years.
Revenue recognition
The company operates a residential nursing home and provides residential nursing care. Turnover comprises the fees receivable or received from residents and is recognised in the period the services are provided.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings
|
-
|
15% reducing balance and 33% on cost
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Employee benefits
The company provides a range of benefits to employees.
Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
69
(2016:
74
).
5.
Tangible assets
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 October 2016
|
272,908
|
272,908
|
Additions
|
6,586
|
6,586
|
|
---------
|
---------
|
At 30 September 2017
|
279,494
|
279,494
|
|
---------
|
---------
|
Depreciation
|
|
|
At 1 October 2016
|
235,000
|
235,000
|
Charge for the year
|
6,674
|
6,674
|
|
---------
|
---------
|
At 30 September 2017
|
241,674
|
241,674
|
|
---------
|
---------
|
Carrying amount
|
|
|
At 30 September 2017
|
37,820
|
37,820
|
|
---------
|
---------
|
At 30 September 2016
|
37,908
|
37,908
|
|
---------
|
---------
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
73,235
|
77,513
|
Prepayments and accrued income
|
2,273
|
1,168
|
Directors loan account
|
60,174
|
182,992
|
Amounts due from connected companies
|
388,516
|
476,741
|
Other debtors
|
2,240
|
43,200
|
|
---------
|
---------
|
|
526,438
|
781,614
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Trade creditors
|
24,088
|
27,084
|
Amounts owed to group undertakings
|
330,818
|
384,006
|
Accruals and deferred income
|
58,085
|
60,245
|
Corporation tax
|
32,548
|
–
|
Social security and other taxes
|
10,835
|
8,771
|
Other creditors
|
2,027
|
251,206
|
|
---------
|
---------
|
|
458,401
|
731,312
|
|
---------
|
---------
|
|
|
|
8.
Guarantees and other financial commitments
The amount of commitments, guarantees and contingencies is £360,000 (2016: £450,000)
9.
Parent company
The company is a wholly owned subsidiary of Newford Holdings Limited, a company incorporated in England and Wales.
10.
Events after the end of the reporting period
There were no significant events up to 27 June 2018, being the date of approval of the financial statements by the Board.
11.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2017
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
H Sarwar
|
182,992
|
166,182
|
(
289,000)
|
60,174
|
|
|
---------
|
---------
|
---------
|
--------
|
|
|
|
|
|
|
|
2016
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
H Sarwar
|
(
14,234)
|
226,226
|
(
29,000)
|
182,992
|
|
|
--------
|
---------
|
--------
|
---------
|
|
|
|
|
|
|
The loan is unsecured and repayable on demand. By virtue of the loan account, a liability to taxation exists under S455 CTA 2010 in the sum of £19,557 which will be repaid or discharged when the loan is repaid. It is anticipated that loan will be repaid within nine months of the year end, and such, no provision for the taxation has been made.
12.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.