Company Registration No. 09049900 (England and Wales)
SILVER BIRCH CARE (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
SILVER BIRCH CARE (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
SILVER BIRCH CARE (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
63,249
15,000
Investments
4
2,109,528
2,109,528
2,172,777
2,124,528
Current assets
Debtors
6
335,665
448,003
Cash at bank and in hand
92
876
335,757
448,879
Creditors: amounts falling due within one year
7
(299,319)
(1,243,607)
Net current assets/(liabilities)
36,438
(794,728)
Total assets less current liabilities
2,209,215
1,329,800
Creditors: amounts falling due after more than one year
8
(1,592,438)
(1,052,120)
Net assets
616,777
277,680
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
616,667
277,570
Total equity
616,777
277,680
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SILVER BIRCH CARE (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 September 2020 and are signed on its behalf by:
Mr A P T Lalani
Director
Company Registration No. 09049900
SILVER BIRCH CARE (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2018
110
153,991
154,101
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
299,579
299,579
Dividends
-
(176,000)
(176,000)
Balance at 31 March 2019
110
277,570
277,680
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
339,097
339,097
Balance at 31 March 2020
110
616,667
616,777
SILVER BIRCH CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
Silver Birch Care (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
SBCH House, 212 Ballards Lane, London, N3 2LX.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in
true
operational existence for the foreseeable future. The directors regard the foreseeable future as no less
than twelve months following the publication of the company’s annual financial statements. The directors
have considered the company’s balance sheet position as at the year end, its working capital forecasts and
projections, and the impact of the current COVID 19 crisis, taking account of reasonably possible changes
in trading performance and the current state of its operating market and are satisfied that the company has
sufficient resources to remain in operational existence. Accordingly, they have adopted going concern
basis in preparing these financial statements.
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:
Land and buildings Leasehold
Over the term of the lease
Fixtures, fittings & equipment
25% Reducing Balance Method
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
SILVER BIRCH CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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 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.
SILVER BIRCH CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2).
2020
2019
Number
Number
Total
2
2
SILVER BIRCH CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
-
25,000
25,000
Additions
4,950
59,805
64,755
At 31 March 2020
4,950
84,805
89,755
Depreciation and impairment
At 1 April 2019
-
10,000
10,000
Depreciation charged in the year
219
16,287
16,506
At 31 March 2020
219
26,287
26,506
Carrying amount
At 31 March 2020
4,731
58,518
63,249
At 31 March 2019
-
15,000
15,000
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
2,109,528
2,109,528
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019 & 31 March 2020
2,109,528
Carrying amount
At 31 March 2020
2,109,528
At 31 March 2019
2,109,528
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2020 are as follows:
SILVER BIRCH CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
5
Subsidiaries
(Continued)
- 8 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Foster Care Partnerships Ltd
United Kingdom
Ordinary
100.00
Silver Birch Care Limited
United Kingdom
Ordinary
100.00
The Beeches UK Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Foster Care Partnerships Ltd
129,116
(69)
Silver Birch Care Limited
814,091
652,460
The Beeches UK Limited
1,547,532
199,710
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
335,665
448,003
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
135,031
123,780
Amounts owed to group undertakings
116,183
133,410
Other creditors
48,105
986,417
299,319
1,243,607
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
1,592,438
1,052,120
The bank loans are secured by fixed and floating charges over all property or undertakings of the company and a negative pledge against future borrowings.
SILVER BIRCH CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
186,667
-
10
Events after the reporting date
The Covid-19 pandemic occurred after the Company’s year-end. The directors have carefully considered
the likely effect of the Covid-19 pandemic on the future performance of the company and consider that it is
likely to have
some
adverse impact on this. However, the directors consider that the company has sufficient
resources to enable it to remain in business for the foreseeable future.
11
Related party transactions
The company has taken advantage of the exemption under section 33.1A of FRS 102, from the
requirement to disclose transactions with wholly owned members of the group.
Included within other debtors is an amount of
£330,271 (2019:
£4
46,904)
owed by a company in which the director has an interest. The debtor balance is unsecured and accrued interest of
£13,367 (2019:
£1
5,113)
for the yea
r.
12
Controlling party
The
c
ompany is under the control of Mr
A P T
Lalani and his close family
by virtue of holding the majority
of
its
issued share capital.
2020-03-31
2019-04-01
false
14 September 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
Mr A P T Lalani
Mrs S Lalani
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