COMPANY REGISTRATION NUMBER:
04116725
Glasfryn Private Nursing and Residential Home Limited
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Filleted Unaudited Financial Statements
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Glasfryn Private Nursing and Residential Home Limited
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Year ended 30 November 2017
Statement of financial position
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1
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Notes to the financial statements
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3
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Glasfryn Private Nursing and Residential Home Limited
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Statement of Financial Position
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30 November 2017
Fixed assets
Tangible assets
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5
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7,666
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9,019
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Current assets
Debtors
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6
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22,607
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29,079
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Cash at bank and in hand
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1,188
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1,196
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--------
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--------
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23,795
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30,275
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Creditors: amounts falling due within one year
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7
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33,437
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26,382
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--------
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--------
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Net current (liabilities)/assets
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(
9,642)
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3,893
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-------
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--------
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Total assets less current liabilities
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(
1,976)
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12,912
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Provisions
Taxation including deferred tax
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1,303
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1,804
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-------
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--------
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Net (liabilities)/assets
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(
3,279)
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11,108
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-------
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--------
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Capital and reserves
Called up share capital
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3
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3
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Profit and loss account
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(
3,282)
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11,105
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-------
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Shareholders (deficit)/funds
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(
3,279)
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11,108
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-------
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--------
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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 November 2017 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 financial statements for the year in question in accordance with section 476
;
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Glasfryn Private Nursing and Residential Home Limited
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Statement of Financial Position (continued)
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30 November 2017
These financial statements were approved by the
board of directors
and authorised for issue on
31 August 2018
, and are signed on behalf of the board by:
Mrs M J Roberts
Director
Company registration number:
04116725
Glasfryn Private Nursing and Residential Home Limited
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Notes to the Financial Statements
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Year ended 30 November 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 1 Picton Lane, Swansea, SA1 4AF.
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 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover represents the total value of fee income during the year.
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.
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.
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:
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Plant and fixtures
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-
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15% reducing balance
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Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
37
(2016:
36
).
5.
Tangible assets
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Fixtures and fittings
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Total
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£
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£
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Cost
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At 1 December 2016 and 30 November 2017
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38,550
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38,550
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Depreciation
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At 1 December 2016
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29,531
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29,531
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Charge for the year
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1,353
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1,353
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At 30 November 2017
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30,884
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30,884
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Carrying amount
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At 30 November 2017
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7,666
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7,666
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At 30 November 2016
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9,019
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9,019
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--------
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6.
Debtors
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2017
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2016
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£
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£
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Other debtors
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22,607
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29,079
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--------
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--------
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7.
Creditors:
amounts falling due within one year
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2017
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2016
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£
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£
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Bank loans and overdrafts
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9,074
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2,073
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Trade creditors
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5,396
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–
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Corporation tax
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7,627
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14,776
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Social security and other taxes
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9,000
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7,123
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Other creditors
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2,340
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2,410
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33,437
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26,382
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8.
Director's advances, credits and guarantees
Included in debtors at the year end is £15,474 (2016 £21,946) owed by Mrs Roberts the company director. During the year Mrs Roberts repaid £9,640 to the company and paid expenses on their behalf totalling £1,500. The company paid expenses on behalf of Mrs Roberts totalling £4,668 during the year.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.