Registration number:
Prestige Care (Yew Tree) Limited
Filleted
for the
Year Ended 31 July 2020
Prestige Care (Yew Tree) Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Prestige Care (Yew Tree) Limited
Company Information
Director |
Mr S Singh |
Registered office |
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Bankers |
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Accountants |
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Prestige Care (Yew Tree) Limited
(Registration number: 11529463)
Statement of Financial Position as at 31 July 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
Prestige Care (Yew Tree) Limited
(Registration number: 11529463)
Statement of Financial Position as at 31 July 2020 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Prestige Care (Yew Tree) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through cash generated from operations. The director has assessed the potential impact of the COVD-19 virus and the financial impact on the company and have developed a business continuity plan should the global impact widen.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Revenue from providing nursing and care services is measured by reference to period of occupancy.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Prestige Care (Yew Tree) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020 (continued)
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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Leasehold property |
25 years straight line |
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Fixtures and fittings |
5 years straight line |
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Office equipment |
3 years straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Prestige Care (Yew Tree) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020 (continued)
2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Long leasehold land and buildings |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 August 2019 |
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Additions |
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At 31 July 2020 |
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Depreciation |
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At 1 August 2019 |
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Charge for the year |
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
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At 31 July 2019 |
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Included within the net book value of land and buildings above is £28,829 (2019 - £30,057) in respect of long leasehold land and buildings.
Prestige Care (Yew Tree) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020 (continued)
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Corporation tax liability |
60,666 |
5,242 |
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Creditors: amounts falling due after more than one year
2020 |
2019 |
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Due after one year |
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Deferred income |
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Accruals and deferred income includes amounts of £2,605,911 relating to a long term lease incentive, this amount is released to the income statement over the term of the lease.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Prestige Care (Yew Tree) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020 (continued)
7 |
Financial commitments, guarantees and contingencies (continued) |
Amounts disclosed in the statement of financial position
Included in the statement of financial position are pensions of £5,008 (2019 - £4,287).
Related party transactions |
The company has taken advantage of the exemption available under paragraph 1.AC.35 of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.
Summary of transactions with entities with joint control or significant interest
Parent and ultimate parent undertaking |
The company is a wholly owned subsidiary of Prestige Care Group Holdings Ltd. The ultimate controlling party is