The Old Rectory Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03409971 (England and Wales)

THE OLD RECTORY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Dr A Kumar

SECRETARY:

Dr A Kumar

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

03409971 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

706,558

590,018

706,558

590,018

CURRENT ASSETS

Inventories

250

250

Debtors

6

423,877

418,314

Cash in hand

2,247

2,679

426,374

421,243

CREDITORS

Amounts falling due within one year

7

(780,670

)

(553,133

)

NET CURRENT LIABILITIES

(354,296

)

(131,890

)

TOTAL ASSETS LESS CURRENT LIABILITIES

352,262

458,128

CREDITORS

Amounts falling due after more than one year

8

(298,073

)

(355,387

)

NET ASSETS

54,189

102,741

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

53,189

101,741

SHAREHOLDERS' FUNDS

54,189

102,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 29 January 2020 and were signed by:

Dr A Kumar - Director

1.	STATUTORY INFORMATION

The Old Rectory Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 03409971. The registered office is 5 Bank Street, Bury, BL9 0DN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director has assessed the business risks faced by the company and is satisfied that it is well placed to manage

these risks. Accordingly, the director is satisfied that the financial statements are correctly prepared on the going

concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which

the estimate is revised.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying

amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements

in calculating an appropriate depreciation charge.

Estimating the recoverability of trade debtors is considered the key judgement in calculating the bad debt

provision at the year end.

Revenue

Revenue comprises the aggregate of the fair value of the sale of services provided, net of rebates and discounts.

Service revenues are recognised as those services are provided to residents.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company only enters into basic financial instruments 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 and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,

being the transaction price less any amounts settled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2018 - 44 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 May 2018

and 30 April 2019

139,115

Amortisation

At 1 May 2018

and 30 April 2019

139,115

Net book value

At 30 April 2019

-

At 30 April 2018

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 May 2018

774,066

149,066

923,132

Additions

-

138,360

138,360

At 30 April 2019

774,066

287,426

1,061,492

Depreciation

At 1 May 2018

250,561

82,553

333,114

Charge for year

-

21,820

21,820

At 30 April 2019

250,561

104,373

354,934

Net book value

At 30 April 2019

523,505

183,053

706,558

At 30 April 2018

523,505

66,513

590,018

In the opinion of the director, the residual value of the freehold property is approximately equal to the book

value brought forward., Any further charge for depreciation is considered to be immaterial and therefore no

current year charge has been applied.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

111,106

103,503

Other debtors

312,771

314,811

423,877

418,314

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

112,174

79,705

Trade creditors

120,867

117,789

Taxation and social security

64,520

66,057

Other creditors

483,109

289,582

780,670

553,133

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

298,073

355,387

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

170,073

227,387