Far Fillimore Care Homes Ltd. - Limited company accounts 20.1
Far Fillimore Care Homes Ltd. - Limited company accounts 20.1
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
FOR |
FAR FILLIMORE CARE HOMES LTD. |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 March 2020 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
FAR FILLIMORE CARE HOMES LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 March 2020 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Certified Accountants & |
Registered Auditors |
Kelvin House |
Kelvin Way |
Crawley |
West Sussex |
RH10 9WE |
BANKERS: |
Queen Square |
Wolverhampton |
West Midlands |
WV1 1DS |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 March 2020 |
The director presents his strategic report for the year ended 31 March 2020. |
The purpose of this report is to inform members and help them to assess how the director has performed her duties to promote the success of the company. |
REVIEW OF BUSINESS |
The director aims to present a balanced and comprehensive review of the performance of the business during the year under review and at the year end. |
The principal activity of the company continued to be operation, acquisition and development of specialised care and nursing homes. |
The director considers that the key performance indicators for the business is occupancy and earnings before interest, tax and depreciation. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and execution of our strategy are subject to number of risks. The following section comprises a summary of the main risks which we believe could potentially impact upon our operating and financial performance. |
The company is exposed to price risk, credit risk and liquidity risk. |
The company has limited exposure to price risk. The company's policy includes review and assessment of care plans, identifying and managing the risk by entering into price negotiations with the local authority or other service users. |
Foreign currency risk - The company has no exposure to foreign currency fluctuations. |
Interest rate risk - The company has significant exposure to fluctuations in interest rates. The company has policies and procedures in place to identify and manage such risk and in the current economic conditions the risk is considered minimal. |
Credit risk - The company's credit risk is minimal. |
Liquidity and cashflow risk - The company ensures that there is availability of funding through committed facilities to meet all of its operational requirements. |
Legal - The company is subject to various legal and compliance regulations. The company takes this responsibility seriously and ensures that its policies, systems and procedures are continually updated and comply with legal requirements and best practice. |
ON BEHALF OF THE BOARD: |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 March 2020 |
The director presents his report with the financial statements of the company for the year ended 31 March 2020. |
DIVIDENDS |
An interim dividend of £1,960 per share on the Ordinary A £1 shares was paid during the year . The director recommends that no final dividend be paid on these shares. |
No interim dividend was paid on the Ordinary B £1 shares. The director recommends that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 31 March 2020 was £196,000. |
FUTURE DEVELOPMENTS |
The director believes that the business's current revenue streams are secured and will continue for foreseeable future. The company will continue investing heavily in its staff and upgrading of the care homes. The director believes this investment is vital for the long term success of the business. |
The director also believes business will be able to recover the money invested in upgrading the nursing homes by increasing the charge rate in the future. The company has had successful negotiation in this regard with the customers. |
DIRECTOR |
POLITICAL DONATIONS AND EXPENDITURE |
No political donations were paid during the year. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 March 2020 |
AUDITORS |
The auditors, Agnon, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FAR FILLIMORE CARE HOMES LTD. |
Opinion |
We have audited the financial statements of Far Fillimore Care Homes Ltd. (the 'company') for the year ended 31 March 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FAR FILLIMORE CARE HOMES LTD. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants & |
Registered Auditors |
Kelvin House |
Kelvin Way |
Crawley |
West Sussex |
RH10 9WE |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 March 2020 |
31.3.20 | 31.3.19 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
439,407 | 670,730 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 March 2020 |
31.3.20 | 31.3.19 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
BALANCE SHEET |
31 March 2020 |
31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 March 2020 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2018 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 March 2019 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 March 2020 |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 March 2020 |
31.3.20 | 31.3.19 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 303 | - |
Amount withdrawn by directors | - | (109 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
580,580 |
Cash and cash equivalents at end of year | 2 | 638,362 | 752,265 |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 March 2020 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.20 | 31.3.19 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 82,362 | 87,112 |
Finance income | (363 | ) | (387 | ) |
599,519 | 827,879 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2020 |
31.3.20 | 1.4.19 |
£ | £ |
Cash and cash equivalents | 638,362 | 752,265 |
Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 752,265 | 580,580 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.19 | Cash flow | At 31.3.20 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 752,265 | (113,903 | ) | 638,362 |
752,265 | ( |
) | 638,362 |
Debt |
Debts falling due within 1 year | (289,897 | ) | (48,639 | ) | (338,536 | ) |
Debts falling due after 1 year | (2,893,820 | ) | 285,213 | (2,608,607 | ) |
(3,183,717 | ) | 236,574 | (2,947,143 | ) |
Total | (2,431,452 | ) | 122,671 | (2,308,781 | ) |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 March 2020 |
1. | STATUTORY INFORMATION |
Far Fillimore Care Homes Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK. |
Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over |
the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of |
the acquired business. |
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is |
amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of |
goodwill or intangible assets cannot be made, the life is presumed not to exceed five 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 |
Freehold property | - |
Fixtures and fittings | - |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
31.3.20 | 31.3.19 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.20 | 31.3.19 |
Director | 1 | 1 |
Management and administration | 9 | 9 |
Care operatives | 114 | 116 |
31.3.20 | 31.3.19 |
£ | £ |
Director's remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.20 | 31.3.19 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.20 | 31.3.19 |
£ | £ |
Bank loan interest |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2020 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.20 | 31.3.19 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.20 | 31.3.19 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2019 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
prior periods |
Deferred tax |
Total tax charge | 83,427 | 126,393 |
7. | DIVIDENDS |
31.3.20 | 31.3.19 |
£ | £ |
Ordinary A shares of £1 each |
Interim |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2020 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
AMORTISATION |
At 1 April 2019 |
and 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
Amount owed by connected |
companies |
Prepayments and accrued income |
Other debtors include £621,440 (31 March 2019 - £600,440) in respect of a loan to a connected |
company. |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2020 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 462 | 159 |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans (see note 13) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.20 | 31.3.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans |
The bank loans are secured by first mortgages over the company's freehold properties. |
The company's bank loans were consolidated into one in June 2020. This new loan is repayable over |
15 years, and attracts interest at 2.5% over base lending rate. Monthly repayments, after a 12 month |
holiday period, will be £16,444. |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2020 |
15. | FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity 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. |
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. |
16. | PROVISIONS FOR LIABILITIES |
31.3.20 | 31.3.19 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 April 2019 |
Timing difference, orig & rev |
Balance at 31 March 2020 |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2020 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
200 | 200 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2019 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2020 |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £27,480 (2019 - £17,078). |
20. | CONTINGENT LIABILITIES |
A cross-guarantee arrangement exists with connected company Primus Healthcare Ltd in respect of |
each company's bank borrowings. The amount so guaranteed by Far Fillimore Care Homes Ltd as at |
31 March 2020 amounted to £1,152,289. |
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019: |
31.3.20 | 31.3.19 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
FAR FILLIMORE CARE HOMES LTD. (REGISTERED NUMBER: 04506423) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2020 |
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued |
1. In addition to the charges disclosed in Notes 14, the company's bank loans are also secured by |
the persoanal guarantee of the director. |
2. The dividend of £196,000 paid during the year (see Note 7) was payable in full to the director, Mrs N. |
Goel, and her associates. |
3. Office premises occupied by the company are owned by the director, Mrs N. Goel, and her associates. |
An economic rent of £14,400 and service charges of £1,470 were paid by the company during the year in respect of this arrangement. |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The company is controlled by the director, Mrs N. Goel, who, together with her associates, holds 100% of the issued share capital. |