Warren Park Nursing Home Limited 31/03/2019 iXBRL

Warren Park Nursing Home Limited 31/03/2019 iXBRL

WARREN PARK NURSING HOME LIMITED - Company Information

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Company registration number: 04187487
Warren Park Nursing Home Limited
Unaudited filleted financial statements
31 March 2019
Warren Park Nursing Home Limited
Contents
Statement of financial position
Notes to the financial statements
Warren Park Nursing Home Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 741,523 748,829
_______ _______
741,523 748,829
Current assets
Debtors 6 1,297,817 242,472
Cash at bank and in hand 51,802 43,790
_______ _______
1,349,619 286,262
Creditors: amounts falling due
within one year 7 ( 160,875) ( 133,700)
_______ _______
Net current assets 1,188,744 152,562
_______ _______
Total assets less current liabilities 1,930,267 901,391
Creditors: amounts falling due
after more than one year 8 ( 1,425,308) ( 460,796)
Provisions for liabilities ( 15,960) ( 14,591)
_______ _______
Net assets 488,999 426,004
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 488,899 425,904
_______ _______
Shareholders funds 488,999 426,004
_______ _______
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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:
Karl Lysaght
Director
Company registration number: 04187487
Warren Park Nursing Home Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Ann's Mount, 166 Prescot Raod, St Helens, Merseyside, WA10 3TS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
Revenue from the rendering of services is measured by reference to the charge period of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 1 % straight line
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 67 (2018: 66 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2018 843,677 181,304 1,024,981
Additions - 7,091 7,091
Disposals - ( 4,348) ( 4,348)
_______ _______ _______
At 31 March 2019 843,677 184,047 1,027,724
_______ _______ _______
Depreciation
At 1 April 2018 115,066 161,086 276,152
Charge for the year 8,437 5,116 13,553
Disposals - ( 3,504) ( 3,504)
_______ _______ _______
At 31 March 2019 123,503 162,698 286,201
_______ _______ _______
Carrying amount
At 31 March 2019 720,174 21,349 741,523
_______ _______ _______
At 31 March 2018 728,611 20,218 748,829
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 107,409 49,087
Other debtors 1,190,408 193,385
_______ _______
1,297,817 242,472
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 48,000 13,415
Trade creditors 14,999 18,989
Social security and other taxes 76,963 68,749
Other creditors 20,913 32,547
_______ _______
160,875 133,700
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 821,130 246,618
Other creditors 604,178 214,178
_______ _______
1,425,308 460,796
_______ _______
In May 2018 the company took out a loan for £900,000 repayable over fifteen years. The loan is secured by way of fixed and floating charges over the assets and undertakings of the company.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Jonathan Lysaght 70,583 7,889 ( 71,172) 7,300
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Jonathan Lysaght - 70,583 - 70,583
_______ _______ _______ _______
The director, Jonathan Lysaght took a £70,000 loan from the company in November 2017 at an interest rate of 2.5%. This loan was repaid in August 2018. As at the year end the director had an interest free loan of £7,300.