Rico Healthcare (Grange) Limited - Accounts to registrar (filleted) - small 18.2

Rico Healthcare (Grange) Limited - Accounts to registrar (filleted) - small 18.2

RICO HEALTHCARE (GRANGE) LIMITED - Company Information

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REGISTERED NUMBER: 07469835 (England and Wales)















RICO HEALTHCARE (GRANGE) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020





Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE








RICO HEALTHCARE (GRANGE) LIMITED (REGISTERED NUMBER: 07469835)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


RICO HEALTHCARE (GRANGE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020







DIRECTORS: P Klor
S Klor





REGISTERED OFFICE: 923 Finchley Road
Golders Green
London
NW11 7PE





REGISTERED NUMBER: 07469835 (England and Wales)





ACCOUNTANTS: Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE
Page 1
RICO HEALTHCARE (GRANGE) LIMITED (REGISTERED NUMBER: 07469835)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 MARCH 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 52
Tangible assets 5 644,271 678,192
644,271 678,244

CURRENT ASSETS
Debtors 250,317 302,808
Cash at bank 3,359 34,695
253,676 337,503
CREDITORS
Amounts falling due within one year 290,889 754,887
NET CURRENT LIABILITIES (37,213 ) (417,384 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
607,058
260,860

CREDITORS
Amounts falling due after more than one
year
6
1,237,485
776,004
NET LIABILITIES (630,427 ) (515,144 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (630,527 ) (515,244 )
SHAREHOLDERS' FUNDS (630,427 ) (515,144 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 2
RICO HEALTHCARE (GRANGE) LIMITED (REGISTERED NUMBER: 07469835)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2020


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2020 and were signed on its behalf by:





S Klor - Director


The notes form part of these financial statements

Page 3
RICO HEALTHCARE (GRANGE) LIMITED (REGISTERED NUMBER: 07469835)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020


1. STATUTORY INFORMATION

Rico Healthcare (Grange) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 directors have undertaken not to withdraw their current accounts but to continue to ensure the company has adequate resources to meet its short term liabilities. For this reason, the directors believe that it is appropriate to prepare the financial statements on the going concern basis.

Turnover
Turnover represents gross income from services provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012 from a related party, is being amortised evenly over its estimated useful life of seven 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% Straight line on revalued cost
Plant and machinery - 25% on reducing balance

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Page 4
RICO HEALTHCARE (GRANGE) LIMITED (REGISTERED NUMBER: 07469835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2019 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2019
and 31 March 2020 882,052
AMORTISATION
At 1 April 2019 882,000
Amortisation for year 52
At 31 March 2020 882,052
NET BOOK VALUE

At 31 March 2020 -
At 31 March 2019 52

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2019 939,137
Additions 3,174
At 31 March 2020 942,311
DEPRECIATION
At 1 April 2019 260,945
Charge for year 37,095
At 31 March 2020 298,040
NET BOOK VALUE
At 31 March 2020 644,271
At 31 March 2019 678,192

Included in cost of land and buildings is freehold land of £ 225,000 (2019 - £ 225,000 ) which is not depreciated.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2020 2019
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 541,110 582,003

Page 5
RICO HEALTHCARE (GRANGE) LIMITED (REGISTERED NUMBER: 07469835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


7. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 777,110 824,504

Santander UK plc has a first legal charge over the assets of the subsidiary company, Coursechange Limited. They also have a debenture over all the assets of this company.

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

A personal guarantee limited to £125,000 from P Klor, has been given to Santander in respect of the mortgage.

At the balance sheet date the company owed £73,435 to The Grange Care Centre UK Limited. The directors have a controlling interest in this company through its immediate holding company.

Page 6