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31 May 2023
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Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC494612
2021-09-01
2022-08-31
SC494612
2022-08-31
SC494612
2020-09-01
2021-08-31
SC494612
2021-08-31
SC494612
bus:Director1
2021-09-01
2022-08-31
SC494612
core:WithinOneYear
2022-08-31
SC494612
core:WithinOneYear
2021-08-31
SC494612
core:ShareCapital
2022-08-31
SC494612
core:ShareCapital
2021-08-31
SC494612
core:RetainedEarningsAccumulatedLosses
2022-08-31
SC494612
core:RetainedEarningsAccumulatedLosses
2021-08-31
SC494612
bus:SmallEntities
2021-09-01
2022-08-31
SC494612
bus:Audited
2021-09-01
2022-08-31
SC494612
bus:FullAccounts
2021-09-01
2022-08-31
SC494612
bus:SmallCompaniesRegimeForAccounts
2021-09-01
2022-08-31
SC494612
bus:PrivateLimitedCompanyLtd
2021-09-01
2022-08-31
COMPANY REGISTRATION NUMBER:
SC494612
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 August 2022
Current assets
Stocks |
5 |
1,737,978 |
|
359,819 |
Debtors |
6 |
24,493 |
|
14,589 |
Cash at bank and in hand |
48,575 |
|
40,477 |
|
------------ |
|
--------- |
|
1,811,046 |
|
414,885 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,464,431 |
|
48,306 |
|
------------ |
|
--------- |
Net current assets |
|
346,615 |
366,579 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
346,615 |
366,579 |
|
|
--------- |
--------- |
Net assets |
|
346,615 |
366,579 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
346,614 |
366,578 |
|
|
--------- |
--------- |
Shareholders funds |
|
346,615 |
366,579 |
|
|
--------- |
--------- |
|
|
|
|
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 Section 1A of 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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
31 May 2023
, and are signed on behalf of the board by:
Company registration number:
SC494612
Notes to the Financial Statements |
|
Year ended 31 August 2022
1.
General information
Canal View Care Ltd is a private company limited by shares, registered in Scotland (
SC494612
). The address of the registered office is 29 York Place, Edinburgh, EH1 3HP. The place of business is 48 Polwarth Terrace,Edinburgh, EH11 1NJ. The principal activity was proprietors and operators of care homes for the elderly. The Care Home closed in October 2020 and will not re-open. The residential property development has now commenced.
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 and relate to the individual entity
. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1.
Group relief
It is group policy to surrender tax losses without payment.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the financial support of the group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors have made the following estimates in the process of applying the entity's accounting policies:- - depreciation - residual value and useful economic life. The carrying amounts of assets to which the estimation has been applied are: Tangible assets: nil
Revenue recognition
Turnover is measured at the invoice value of fees invoiced to care home residents
Income tax
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. A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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 differences. Deferred tax relating to Land and buildings that is measured at fair value is measured using the rates and allowances that apply to the sale of the asset.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Land - 0% Integral features - 4% straight line
Stocks
Stocks are measured at cost.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and all are subsequently carried at amortised cost using the effective interest method. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand includes cash and short term highly liquid investments. Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the statement of comprehensive income.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2021:
22
).
5.
Stocks
|
2022 |
2021 |
|
£ |
£ |
Work in progress |
1,737,978 |
359,819 |
|
------------ |
--------- |
|
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Amounts owed by group undertakings |
20,063 |
1,218 |
Other debtors |
4,430 |
13,371 |
|
-------- |
-------- |
|
24,493 |
14,589 |
|
-------- |
-------- |
|
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Prepayments and accrued income |
2,102 |
– |
|
Other debtors |
752 |
751 |
|
VAT |
1,576 |
12,620 |
|
|
------- |
-------- |
|
|
4,430 |
13,371 |
|
|
------- |
-------- |
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
11,834 |
5,747 |
Amounts owed to group undertakings |
1,426,901 |
130 |
Other creditors |
25,696 |
42,429 |
|
------------ |
-------- |
|
1,464,431 |
48,306 |
|
------------ |
-------- |
|
|
|
Other creditors
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Accruals and deferred income |
4,800 |
20,651 |
|
Other |
20,896 |
21,778 |
|
|
-------- |
-------- |
|
|
25,696 |
42,429 |
|
|
-------- |
-------- |
|
|
|
|
8.
Contingent liabilities
The company is party to a group intercompany guarantee in respect of bank loans amounting to £7.083m (2021 £7.698m
). The group debts are secured by properties, most of which are subject to standard security charges and the group held cash reserves at the year end amounting to £1.753m with the lending bank.
9.
Summary audit opinion
The auditor's report for the year dated
31 May 2023
was
unqualified
.
The senior statutory auditor was
Walter Raymond Paterson
, for and on behalf of
McDonald Gordon & Co Ltd
.
10.
Controlling party
The ultimate parent undertaking is
Lindemann Healthcare Ltd
(SC155229), a company registered in Scotland. The address of the registered office is 29 York Place, Edinburgh, EH1 3HP. Consolidated accounts for Lindemann Healthcare Ltd are available from Companies House, 4th Floor, 139 Fountainbridge, Edinburgh, EH3 9FF.