Company registration number 03995943 (England and Wales)
ARLESTON VIEW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ARLESTON VIEW LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ARLESTON VIEW LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,106
23,656
Investment properties
5
2,240,000
3,060,000
2,260,106
3,083,656
Current assets
Debtors
214
210
Creditors: amounts falling due within one year
(784,033)
(916,062)
Net current liabilities
(783,819)
(915,852)
Total assets less current liabilities
1,476,287
2,167,804
Provisions for liabilities
(3,206)
(2,808)
Net assets
1,473,081
2,164,996
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
1,471,081
2,162,996
Total equity
1,473,081
2,164,996
In accordance with section 444 of the Companies Act 2006, all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 November 2022
Mr S Rai
Director
Company Registration No. 03995943
ARLESTON VIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 2 -
1
Accounting policies
Company information
Arleston View Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, as disclosed in the relevant accounting policy. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The company made a loss on ordinary activities before taxation of £662,933 (2020: profit of £155,684). The statement of financial position details net current liabilities of £783,819 (2020: £915,852) and net assets of £1,473,081 (2020: £2,164,996).
The company is part of a group reorganisation in which the investment property rented to the parent company was transferred to the parent company in July 2022. Following on from this Arleston View Limited has ceased to trade.
The parent company, Rushcliffe Care Limited, has confirmed that it will provide the company with adequate cash resources to finance its remaining trading and other obligations during the course of the twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value
of rental income receivable in the normal course of business, and
is shown net of VAT and other sales related taxes
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
ARLESTON VIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ARLESTON VIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
ARLESTON VIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
4
Tangible fixed assets
Total
£
Cost
At 1 December 2020 and 30 November 2021
350,000
Depreciation and impairment
At 1 December 2020
326,344
Depreciation charged in the year
3,550
At 30 November 2021
329,894
Carrying amount
At 30 November 2021
20,106
At 30 November 2020
23,656
5
Investment property
2021
£
Fair value
At 1 December 2020
3,060,000
Revaluations
(820,000)
At 30 November 2021
2,240,000
Investment property comprises two nursing homes owned by the company. The fair value of the investment property has been arrived at on the basis of a valuation carried out
in December 2021
by
Knight Frank
, professional valuers with a specialist healthcare team
, on an
open market value basis
.
The historic cost equivalent of these assets is £2,391,361.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Philip Handley FCA
Statutory Auditor:
HSKS Greenhalgh
7
Financial commitments, guarantees and contingent liabilities
Lloyds Bank plc holds a debenture and mortgage over the assets of the company. In addition Lloyds Bank plc hold in their favour an omnibus guarantee and set-off agreement for the company and for other companies within the group.
8
Operating lease commitments
Lessor
ARLESTON VIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
8
Operating lease commitments
(Continued)
- 6 -
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2021
2020
£
£
1,344,000
1,512,000
The lease has a twenty-five year term. The rentals disclosed are on the basis that the rent continues at the current level for the remainder of the lease term. However, in July 2022 the property was transferred to its parent company and rental income ceased at that date.
9
Events after the reporting date
In July 2022 a group reorganisation took place in which the investment property was transferred to the parent company and Arleston View Limited therefore ceased to trade. The security held by the bank over the assets of the company was released at this date and new group facilities were put in place.
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Parent company
The immediate parent undertaking is Rushcliffe Care Limited by virtue of its majority shareholding of the issued ordinary share capital. The registered office is 3rd Floor Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE.
The ultimate controlling party is the director, S Rai, by virtue of his majority shareholding in the ultimate parent company Rushcliffe Care Holdings Limited.
Copies of the group accounts for Rushcliffe Care Holdings Limited are available from Companies House. This is the only group that the company is consolidated into for this year.