Folcarn Limited Filleted accounts for Companies House (small and micro)

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Folcarn Limited

Unaudited financial statements

31 March 2019

Company Registration Number 02177402

Folcarn Limited

Financial statements

year ended 31 March 2019

Contents	Pages

Balance sheet 1 to 2

Notes to the financial statements 3 to 7

Folcarn Limited

Balance sheet

31 March 2019

		2018
Note	£		£

Fixed assets

Tangible assets	4	990,516	1,658,776
Investments	5	423,450	366,279
		------------	------------
		1,413,966	2,025,055

Current assets

Debtors	6	737,352	491,484
Cash at bank and in hand		173,110	429,315
		---------	---------
		910,462	920,799

Creditors: amounts falling due within one year	7	361,913		497,118
		---------		---------
Net current assets			548,549		423,681
			------------		------------
Total assets less current liabilities			1,962,515		2,448,736

Creditors: amounts falling due after more than one year	8		182,783		1,144,611

Provisions		14,355		33,510

Accruals and deferred income	4,687	5,100
	------------	------------
Net assets	1,760,690	1,265,515
	------------	------------

Folcarn Limited

Balance sheet (continued)

31 March 2019

		2018
Note	£		£

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,760,590	1,265,415
	------------	------------
Shareholders funds	1,760,690	1,265,515
	------------	------------

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 profit and loss account and directors' report have not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 5 December 2019 , and are signed on behalf of the board by:

Mr P Coulthard

Director

Company registration number: 02177402

Folcarn Limited

Notes to the financial statements

year ended 31 March 2019

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2. Accounting policies

2.1 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.

2.2 Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and is exempt Value Added Tax. Where the service period spans the end of a period, it is accrued for accordingly.

2.3 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.

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.

2.4 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

2.5 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:

Land and buildings	-	2% straight line
Furniture and fittings	-	15% reducing balance
Equipment	-	25% reducing balance

2.6 Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

2.7 Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.8 Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 69 (2018: 97 ).

4. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total

Cost
At 1 April 2018	1,677,020	182,306	16,500	33,777	1,909,603
Additions	–	1,195	44,825	1,560	47,580
Disposals	( 706,595)	–	–	–	( 706,595)
	------------	---------	--------	--------	------------
At 31 March 2019	970,425	183,501	61,325	35,337	1,250,588
	------------	---------	--------	--------	------------
Depreciation
At 1 April 2018	78,790	137,150	7,992	26,895	250,827
Charge for the year	4,853	6,774	5,653	1,870	19,150
Disposals	( 9,905)	–	–	–	( 9,905)
	------------	---------	--------	--------	------------
At 31 March 2019	73,738	143,924	13,645	28,765	260,072
	------------	---------	--------	--------	------------
Carrying amount
At 31 March 2019	896,687	39,577	47,680	6,572	990,516
	------------	---------	--------	--------	------------
At 31 March 2018	1,598,230	45,156	8,508	6,882	1,658,776
	------------	---------	--------	--------	------------

5. Investments

	Other investments other than loans
	£

Cost
At 1 April 2018	366,279
Additions	57,171
	---------
At 31 March 2019	423,450
	---------
Impairment
At 1 April 2018 and 31 March 2019	–
	---------

Carrying amount
At 31 March 2019	423,450
	---------
At 31 March 2018	366,279
	---------

The properties at Norfolk Gardens, Duffield road and 13 Parkgate, Reginald Street, Derby, were valued at cost as at 1 April 2017, 31 March 2018 and 31 March 2019 by the directors. There has been no movement in the property value per the directors (in excess of costs added).

6. Debtors

		2018
	£	£

Trade debtors	62,669	124,582
Other debtors	674,683	366,902
	---------	---------
	737,352	491,484
	---------	---------

7. Creditors: amounts falling due within one year

		2018
	£	£

Bank loans and overdrafts	54,011	66,576
Trade creditors	58,008	76,801
Corporation tax	142,820	178,018
Social security and other taxes	32,986	50,316
Other creditors	74,088	125,407
	---------	---------
	361,913	497,118
	---------	---------

The bank loans are secured on the The Old Lodge Nursing Home (and 114 Western Road "New lodge" at 31 March 2018), along with a fixed and floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

		2018
	£	£

Bank loans and overdrafts	182,783	1,144,611
	---------	------------

The bank loans are secured on the The Old Lodge Nursing Home (and 114 Western Road "New lodge" at 31 March 2018).

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

		2018
	£	£

Not later than 1 year	504	5,124
Later than 1 year and not later than 5 years	756	8,190
	-------	--------
	1,260	13,314
	-------	--------

10. Related party transactions

There was a loan to Lavender Grey Limited for £ 209,077 (2018: £ 209,077 ) at the year end. Lucy Coulthard (the daughter of Mr P & Mrs L Coulthard) owns 51% of the issued share capital of Lavender Grey Limited. The loan is interest free and repayable upon demand.

11. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The Old Lodge Nursing Home, Sandy Pits Lane, Etwall, Derbyshire.