90
27 September 2022
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No description of principal activity
2020-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
03380491
2020-10-01
2021-09-30
03380491
2021-09-30
03380491
2020-09-30
03380491
2019-10-01
2020-09-30
03380491
2020-09-30
03380491
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-10-01
2021-09-30
03380491
core:PlantMachinery
2020-10-01
2021-09-30
03380491
core:FurnitureFittings
2020-10-01
2021-09-30
03380491
bus:OrdinaryShareClass1
2020-10-01
2021-09-30
03380491
bus:Director3
2020-10-01
2021-09-30
03380491
core:WithinOneYear
2021-09-30
03380491
core:WithinOneYear
2020-09-30
03380491
core:AfterOneYear
2021-09-30
03380491
core:ShareCapital
2021-09-30
03380491
core:ShareCapital
2020-09-30
03380491
core:SharePremium
2021-09-30
03380491
core:SharePremium
2020-09-30
03380491
core:RetainedEarningsAccumulatedLosses
2021-09-30
03380491
core:RetainedEarningsAccumulatedLosses
2020-09-30
03380491
core:BetweenOneFiveYears
2021-09-30
03380491
core:BetweenOneFiveYears
2020-09-30
03380491
core:MoreThanFiveYears
2020-09-30
03380491
bus:SmallEntities
2020-10-01
2021-09-30
03380491
bus:Audited
2020-10-01
2021-09-30
03380491
bus:AbridgedAccounts
2020-10-01
2021-09-30
03380491
bus:SmallCompaniesRegimeForAccounts
2020-10-01
2021-09-30
03380491
bus:PrivateLimitedCompanyLtd
2020-10-01
2021-09-30
03380491
bus:OrdinaryShareClass1
2021-09-30
03380491
bus:OrdinaryShareClass1
2020-09-30
03380491
core:OfficeEquipment
2020-10-01
2021-09-30
COMPANY REGISTRATION NUMBER:
03380491
Filleted Abridged Financial Statements
|
|
Abridged Financial Statements
|
|
Year Ended 30 September 2021
Abridged statement of financial position
|
1 to 2
|
|
|
Notes to the abridged financial statements
|
3 to 8
|
|
|
Abridged Statement of Financial Position
|
|
30 September 2021
Fixed Assets
Tangible assets
|
5
|
|
1,403,415
|
1,429,324
|
|
|
|
|
|
Current Assets
Stocks
|
4,175
|
|
4,175
|
Debtors
|
798,896
|
|
383,410
|
Cash at bank and in hand
|
101,756
|
|
223,771
|
|
---------
|
|
---------
|
|
904,827
|
|
611,356
|
|
|
|
|
Creditors: amounts falling due within one year
|
865,650
|
|
549,127
|
|
---------
|
|
---------
|
Net Current Assets
|
|
39,177
|
62,229
|
|
|
------------
|
------------
|
Total Assets Less Current Liabilities
|
|
1,442,592
|
1,491,553
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
128,381
|
–
|
|
|
|
|
Provisions
|
|
23,278
|
24,988
|
|
|
------------
|
------------
|
Net Assets
|
|
1,290,933
|
1,466,565
|
|
|
------------
|
------------
|
|
|
|
|
Capital and Reserves
Called up share capital
|
7
|
|
100
|
100
|
Share premium account
|
|
512,440
|
512,440
|
Profit and loss account
|
|
778,393
|
954,025
|
|
|
------------
|
------------
|
Shareholders Funds
|
|
1,290,933
|
1,466,565
|
|
|
------------
|
------------
|
|
|
|
|
|
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2021 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
|
|
30 September 2021
These abridged financial statements were approved by the
board of directors
and authorised for issue on
27 September 2022
, and are signed on behalf of the board by:
Company registration number:
03380491
Notes to the Abridged Financial Statements
|
|
Year Ended 30 September 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA . The business address is Hodsoll Street, New Ash Green, Sevenoaks, TN15 7LE.
2.
Statement of compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors review the financial information for the company and group considering whether they are a going concern for a period of at least 12 months from the date of approval of the accounts. The company is part of a wider group bank loan facility with Barclays Bank PLC. The company and wider group have been significantly impacted by increased costs as a result of the COVID-19 pandemic, which has contributed to an ongoing breach of its group bank financial covenants. Barclays Bank PLC completed a financial review on the wider group during the first quarter of 2022. The directors accepted the results of this review. The directors acknowledge the continued impact of COVID-19 on group performance may cast significant doubt on the company and groups ability to continue as a going concern. The group continue to work with Barclays Bank PLC after the financial review and have implemented robust operational and financial improvements across the group. The group are currently in discussions with Barclays Bank PLC regarding a new facility, which all parties are confident will be agreed imminently. The directors are also optimistic that the detrimental impact of COVID-19 on group performance will begin to ease. They are confident that this will enable the wider group to meet financial covenants soon and hence continue to adopt the going concern basis in preparing the accounts.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Fieldrose Limited which can be obtained from The Registrar of Companies (England and Wales). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
The turnover shown in the income statement represents fees earned during the year. Fee income is recognised in line with the provision of care provided to residents.
Exceptional items
Exceptional items are material and non-recurring items. These are disclosed separately on the face of the income statement to reflect performance in a consistent manner, in line with how the business is managed and measured on a day-to-day basis.
Taxation
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Freehold property
|
-
|
1% straight line
|
|
Plant and machinery
|
-
|
15% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
Equipment
|
-
|
15% reducing balance
|
|
|
|
|
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.
Stocks
Stocks are valued at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
90
(2020:
99
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 October 2020
|
2,069,929
|
Additions
|
12,681
|
|
------------
|
At 30 September 2021
|
2,082,610
|
|
------------
|
Depreciation
|
|
At 1 October 2020
|
640,605
|
Charge for the year
|
38,590
|
|
------------
|
At 30 September 2021
|
679,195
|
|
------------
|
Carrying amount
|
|
At 30 September 2021
|
1,403,415
|
|
------------
|
At 30 September 2020
|
1,429,324
|
|
------------
|
|
|
6.
Securities and contingencies
The company has entered into an unlimited guarantee for bank loans made available to group companies. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for in these financial statements.
The company treats guarantees and indemnities of this nature as contingent liabilities until such time as it becomes probable that the company will be required to make a payment under the terms of the arrangement.
As at 30 September 2021 the value of the group wide bank borrowings amounted to £16.0million (2020: £16.4million).
There is a legal charge, incorporating a fixed and floating charge, over the property and assets owned by the company.
7.
Called up share capital
Issued, called up and fully paid
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021
|
2020
|
|
£
|
£
|
Not later than 1 year
|
19,322
|
18,939
|
Later than 1 year and not later than 5 years
|
61,590
|
63,497
|
Later than 5 years
|
–
|
11,448
|
|
--------
|
--------
|
|
80,912
|
93,884
|
|
--------
|
--------
|
|
|
|
9.
Summary audit opinion
The auditor's report for the year dated
27 September 2022
was
unqualified
.
The senior statutory auditor was
David Waining FCA
, for and on behalf of
MCABA Limited t/a Mitchells
.
10.
Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. During the year the company provided and received loans from group companies and related parties. The total balances outstanding due (to)/from these entities at 30 September 2021 are as follows:
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Amounts owed from entities which hold a controlling interest |
33,080 |
12,165 |
|
Amounts owed from entities under common control |
58,390 |
– |
|
Amounts owed from entities under control of directors |
171,030 |
171,030 |
|
Amounts owed to entities which hold a controlling interest |
(245,117) |
– |
|
Amounts owed to entities under common control |
(162,665) |
– |
|
|
|
|
Outstanding balances with entities under common control are repayable on demand and unsecured. No interest is charged on these balances.
11.
Controlling party
Holywell Park Limited
is the 100% subsidiary of Holywell Park Holdings Limited
. A company incorporated in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, England, S40 1LA. The ultimate parent company is Princess Wilru S.á r.l.,
a company incorporated in Luxembourg. The directors consider Princess Wilru S.á r.l. to be the ultimate controlling party. Princess Wilru S.á r.l. is registered with the Luxembourg Register of Commerce and Companies under number B 118.903. It's registered office is 2a, rue des Capucins, L-1313 Luxembourg, Grand Duchy of Luxembourg.