Company Registration No. 09038912 (England and Wales)
CAMBERLEY CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
CAMBERLEY CARE LIMITED
COMPANY INFORMATION
Directors
Paavan Popat
Gagan Puri
William Charles Neal
Shivaan Shillin Popat
(Appointed 1 October 2018)
Secretary
Gagan Puri
Company number
09038912
Registered office
36 Railway Approach
Station Road
Harrow
Middlesex
HA3 5AA
Auditor
HW Fisher
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers
HSBC Bank Plc (Canary Wharf)
Retail Unit 8
Canada Place
Canary Wharf
London
E14 5AH
Solicitors
Shoosmiths LLP
6th Floor
1 St. Martin's Le Grand
London
EC1A 4AS
CAMBERLEY CARE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
Statement of cash flows
9
Notes to the financial statements
10 - 19
CAMBERLEY CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2019
- 1 -
The directors present the strategic report for the year ended 30 April 2019.
Fair review of the business
The company continues to trade well. The company has generated a profit after tax of £168,813 (2018: £127,532).
At the end of the year the company had net assets of £14,763,742 (2018: £14,661,314).
|
Principal risks and uncertainties
The principal risks and uncertainties facing the company relate to adverse findings by the Care Quality Commission. However, the company ensures that its care home is run to a very high standard.
Another risk facing the industry as a whole is the use of agency staff to meet employment demands. The company aims to minimise the reliance placed on agency staff by ensuring the care home has sufficient staff available.
The directors continually review risks and uncertainties throughout the period and believe that they have the management and systems in place to deal with changing situations.
Key performance indicators
In the opinion of the directors the Key Performance Indicators of the company include gross profit margin and occupancy levels of the care homes, which are closely monitored by the directors. Gross profit of 19% (2018: 16%) was achieved during the year. The current occupancy levels are in line with directors' expectations.
|
Paavan Popat
Director
15 November 2019
CAMBERLEY CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2019.
Principal activities
The principal activity of the company continues to be that of the operation of a care home.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Paavan Popat
Gagan Puri
William Charles Neal
Shivaan Shillin Popat
(Appointed 1 October 2018)
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Future developments
The company intends to continue to operate on the same basis.
Auditor
The auditor, HW Fisher, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Paavan Popat
Director
15 November 2019
CAMBERLEY CARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
CAMBERLEY CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CAMBERLEY CARE LIMITED
- 4 -
Opinion
We have audited the financial statements of Camberley Care Limited (the 'company') for the year ended 30 April 2019 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 April 2019 and of its profit for the year then ended;
-
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.
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 Auditor's
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.
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:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
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
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CAMBERLEY CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CAMBERLEY CARE LIMITED
- 5 -
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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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:
-
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.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 an auditor’s report 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s 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 an auditor's report 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.
Naresh Samani (Senior Statutory Auditor)
for and on behalf of HW Fisher
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
15 November 2019
CAMBERLEY CARE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2019
- 6 -
2019
2018
Notes
£
£
Turnover
3
3,615,575
3,779,870
Cost of sales
(2,911,479)
(3,188,990)
Gross profit
704,096
590,880
Administrative expenses
(125,642)
(306,866)
Other operating income
1,350
3,510
Operating profit
4
579,804
287,524
Interest receivable and similar income
6
3,214
2,343
Interest payable and similar expenses
7
(285,606)
(167,858)
Profit before taxation
297,412
122,009
Tax on profit
8
(128,599)
5,523
Profit for the financial year
168,813
127,532
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
CAMBERLEY CARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2019
- 7 -
2019
2018
£
£
Profit for the year
168,813
127,532
Other comprehensive income
Tax relating to other comprehensive income
(66,385)
71,472
Total comprehensive income for the year
102,428
199,004
CAMBERLEY CARE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 8 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
9
22,240,592
22,785,415
Current assets
Debtors
11
3,906,266
5,990,226
Cash at bank and in hand
3,412,249
774,135
7,318,515
6,764,361
Creditors: amounts falling due within one year
12
(1,703,081)
(1,125,603)
Net current assets
5,615,434
5,638,758
Total assets less current liabilities
27,856,026
28,424,173
Creditors: amounts falling due after more than one year
13
(10,207,440)
(10,957,920)
Provisions for liabilities
15
(2,884,844)
(2,804,939)
Net assets
14,763,742
14,661,314
Capital and reserves
Called up share capital
18
1
1
Revaluation reserve
13,315,886
13,713,792
Profit and loss reserves
1,447,855
947,521
Total equity
14,763,742
14,661,314
The financial statements were approved by the board of directors and authorised for issue on 15 November 2019 and are signed on its behalf by:
Paavan Popat
Director
Company Registration No. 09038912
CAMBERLEY CARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2019
- 9 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
3,702,958
(7,246,069)
Interest paid
(285,606)
(167,858)
Income taxes paid
(40,500)
(186,316)
Net cash inflow/(outflow) from operating activities
3,376,852
(7,600,243)
Investing activities
Purchase of tangible fixed assets
(9,952)
(94,776)
Interest received
3,214
2,343
Net cash used in investing activities
(6,738)
(92,433)
Financing activities
Proceeds of new bank loans
-
12,000,000
Repayment of bank loans
(732,000)
(3,892,057)
Net cash (used in)/generated from financing activities
(732,000)
8,107,943
Net increase in cash and cash equivalents
2,638,114
415,267
Cash and cash equivalents at beginning of year
774,135
358,868
Cash and cash equivalents at end of year
3,412,249
774,135
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 10 -
1
Accounting policies
Company information
Camberley Care Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
36 Railway Approach, Station Road, Harrow, Middlesex, HA3 5AA.
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.
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 the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable during the year in respect of care services provided.
Turnover is recognised
when the company's contractual obligation is fulfilled, that is typically when the resident has received the care services from the company.
1.3
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:
Freehold buildings
Straight line over 50 years
Plant and machinery
15% Straight line
Freehold land is not depreciated.
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
.
An annual transfer is made between the revaluation reserve and profit and loss reserve representing the excess depreciation arriving on revalued assets.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 11 -
1.6
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 balance sheet 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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
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
and amounts owed to
fellow group
companies,
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 12 -
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 profit and loss account, 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Revaluation of freehold land and buildings
The company carries its property, used in the business, at fair value. It has a carrying amount at the balance sheet date of £21,882,402. Changes in fair value are recognised through other comprehensive income. The company engaged independent valuation specialists to determine the fair value of their care homes at 6 March 2017. The valuation was based on an estimate of the maintainable level of trade and future profitability a competent operator of a business conducted on the premises acting in an efficient manner would expect to achieve. As with all properties valued by reference to trading potential, valuations are vulnerable to external influences and the introduction of competition. The trading valuation is inextricably linked to the performance of the national economy. As at 30 April 2019 the directors believe that the fair value of the land and buildings, after the depreciation charge for the year, materially reflects the market value.
Deferred tax has been recognised on revalued property based on the estimated fair value at the year-end date.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2019
2018
£
£
Turnover analysed by class of business
Fee income
3,607,075
3,775,270
Daycare income
8,500
4,600
3,615,575
3,779,870
2019
2018
£
£
Other significant revenue
Interest income
3,214
2,343
2019
2018
£
£
Turnover analysed by geographical market
United Kingdom
3,615,575
3,779,870
4
Operating profit
2019
2018
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
7,240
7,240
Depreciation of owned tangible fixed assets
554,775
553,846
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 14 -
5
Employees
The average monthly number of persons employed by the company during the year was:
2019
2018
Number
Number
Nursing and care staff
94
93
Their aggregate remuneration comprised:
2019
2018
£
£
Wages and salaries
1,741,276
1,359,648
Social security costs
145,877
109,068
Pension costs
20,457
8,396
1,907,610
1,477,112
6
Interest receivable and similar income
2019
2018
£
£
Interest income
Interest on bank deposits
3,214
2,343
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
3,214
2,343
7
Interest payable and similar expenses
2019
2018
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
285,606
167,858
8
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
115,079
28,500
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
8
Taxation
(Continued)
- 15 -
Deferred tax
Origination and reversal of timing differences
13,520
(34,023)
Total tax charge/(credit)
128,599
(5,523)
In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2019
2018
£
£
Deferred tax arising on:
Revaluation of property
66,385
(71,472)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
297,412
122,009
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
56,508
23,182
Expenses that are not deductible
404
11,307
Effect of change in corporation tax rate
(1,591)
3,066
Group relief
-
(50,314)
Depreciation on assets not qualifying for tax allowances
73,278
15,194
Deferred tax adjustments in respect of prior years
-
(7,958)
Taxation charge/(credit) for the year
128,599
(5,523)
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 16 -
9
Tangible fixed assets
Freehold buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 May 2018
22,776,004
843,725
23,619,729
Additions
-
9,952
9,952
At 30 April 2019
22,776,004
853,677
23,629,681
Depreciation and impairment
At 1 May 2018
465,921
368,393
834,314
Depreciation charged in the year
427,681
127,094
554,775
At 30 April 2019
893,602
495,487
1,389,089
Carrying amount
At 30 April 2019
21,882,402
358,190
22,240,592
At 30 April 2018
22,310,083
475,332
22,785,415
Land and buildings with a carrying amount of
£21,822,402
were revalued
on
6 March 2017 by
independent valuers not connected with the company. The valuation
was based on an estimate of the maintainable level of trade and future profitability a competent operator of a business conducted on the premises acting in an efficient manner would expect to achieve. As with the property valued by reference to trading potential, valuation is vulnerable to external influences and the introduction of competition. The trading valuation is inextricably linked to the performance of the national economy. As at 30 April 2019 the directors believe that the fair value of the land and buildings, after the depreciation charge for the year, materially reflects the market value.
All other tangible fixed assets are stated at historical costs.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2019
2018
£
£
Cost
6,199,970
6,199,970
Accumulated depreciation
(381,622)
(285,462)
Carrying value
5,818,348
5,914,508
10
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,881,669
5,971,126
Carrying amount of financial liabilities
Measured at amortised cost
11,728,804
11,980,223
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 17 -
11
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
202,462
142,932
Amounts owed by group undertakings
2,679,207
4,828,194
Other debtors
1,000,000
1,000,000
Prepayments and accrued income
24,597
19,100
3,906,266
5,990,226
12
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans
14
753,400
717,400
Trade creditors
97,038
119,279
Amounts owed to group undertakings
511,525
47,153
Corporation tax
103,079
28,500
Other taxation and social security
78,638
74,800
Other creditors
144,987
121,096
Accruals and deferred income
14,414
17,375
1,703,081
1,125,603
13
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans
14
10,207,440
10,957,920
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
7,816,320
14
Loans and overdrafts
2019
2018
£
£
Bank loans
10,960,840
11,675,320
Payable within one year
753,400
717,400
Payable after one year
10,207,440
10,957,920
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
14
Loans and overdrafts
(Continued)
- 18 -
The bank loans are secured by a fixed and floating charge over all the assets, which include all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.
Interest on the loan is charged at 1.85% per annum over LIBOR. Monthly repayments are made with the full balance being repaid by the termination date, 6 years after draw down.
15
Provisions for liabilities
2019
2018
Notes
£
£
Deferred tax liabilities
16
2,884,844
2,804,939
16
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Fixed asset timing differences
137,524
123,593
Short term timing differences
(847)
(436)
Revaluations on land and buildings
2,748,167
2,681,782
2,884,844
2,804,939
2019
Movements in the year:
£
Liability at 1 May 2018
2,804,939
Charge to profit or loss
13,520
Charge to other comprehensive income
66,385
Liability at 30 April 2019
2,884,844
17
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,457
8,396
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
CAMBERLEY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 19 -
18
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
19
Parent company
The immediate and ultimate parent company is TLC Group Limited, a company incorporated in England and Wales whose registered office address is 36 Railway Approach, Harrow, Middlesex, HA3 5AA. The group financial statements can be obtained from Companies House.
The ultimate controlling party is S D Popat.
20
Related party transactions
Included
within other debtors
at 30 April 2019
is
an amount
of £
1,000,000
(201
8
: £
1,000,000)
due from
SPK Hospitality Cambridge Limited, a company owned by
P Popat, a director of the company.
The outstanding balance is in relation to an interest free loan, which is repayable on demand.
21
Cash generated from operations
2019
2018
£
£
Profit for the year after tax
168,813
127,532
Adjustments for:
Taxation charged/(credited)
128,599
(5,523)
Finance costs
285,606
167,858
Investment income
(3,214)
(2,343)
Depreciation and impairment of tangible fixed assets
554,775
553,846
Movements in working capital:
Decrease/(increase) in debtors
2,083,960
(4,715,738)
Increase/(decrease) in creditors
484,419
(3,371,701)
Cash generated from/(absorbed by) operations
3,702,958
(7,246,069)
2019-04-30
2018-05-01
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CCH Software
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Gagan Puri
William Charles Neal
Shivaan Shillin Popat
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