New Century Care (Caterham) Limited - Accounts to registrar (filleted) - small 18.2
New Century Care (Caterham) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| NEW CENTURY CARE (CATERHAM) LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| NEW CENTURY CARE (CATERHAM) LIMITED (REGISTERED NUMBER: 05295038) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| NEW CENTURY CARE (CATERHAM) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors, Chartered Tax Advisers |
| and Chartered Certified Accountants |
| Broad House |
| 1 The Broadway |
| Old Hatfield |
| Herts |
| AL9 5BG |
| NEW CENTURY CARE (CATERHAM) LIMITED (REGISTERED NUMBER: 05295038) |
| BALANCE SHEET |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| NEW CENTURY CARE (CATERHAM) LIMITED (REGISTERED NUMBER: 05295038) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| New Century Care (Caterham) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Accounting convention |
| These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied, other than where additional disclosure is required to show a true and fair view. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| Going concern |
| The accounts have been prepared on the basis that the company is a going concern. The company is reliant on the continued support of its parent company, Custodes Acqco Limited, and the directors have received confirmation from the company that they will continue to provide support for at least twelve months from the date of approval of these financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group members. |
| Significant judgements and estimates |
| Estimates and judgements are periodically evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstance. Actual results may differ from these estimates. |
| The company's critical accounting judgements and estimates are in respect of impairment of assets, depreciation and provision for doubtful debts. |
| Details of these judgements and estimates are described in the relevant accounting policy and detailed notes to the financial statements as set out below: |
| - To determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
| - Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
| - An estimate for doubtful debts is made when collection of the full amount is no longer probable. The directors' best estimate is based on debts being unpaid for prolonged periods and potential failure to recover the unpaid amount against the estates responsible for settling each account. |
| Turnover |
| The company operates a care home for up to 44 older people who require residential or nursing care or who are living with dementia. Turnover represents fees in respect of these residents and is recognised for each period of occupancy within the accounting period. These fees are exempt from Vat and so the company is not Vat-registered. |
| NEW CENTURY CARE (CATERHAM) LIMITED (REGISTERED NUMBER: 05295038) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Buildings - 2% on cost |
| Plant and machinery etc - 15% on cost |
| Land and buildings are treated as separate assets and accounted for separately even though they have been acquired together. Land is considered to have an unlimited useful life and therefore is not depreciated. Buildings are depreciated in line with the company's depreciation policy. |
| Financial assets |
| Financial assets are initially measured at transaction price, including transaction costs, and subsequently at amortised cost. |
| Financial liabilities and equity |
| Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| An equity instrument is a contract which evidences a residual interest in the assets after deducting all liabilities. Equity comprises the following: |
| - Share capital, which represents the nominal value of equity shares; |
| - Profit and loss reserves, which represent retained profits; and |
| - Revaluation reserve, which represents the cumulative gains and losses arising on the revaluation of fixed assets. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| 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. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
| NEW CENTURY CARE (CATERHAM) LIMITED (REGISTERED NUMBER: 05295038) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Impairment of fixed assets |
| At the end of each reporting period, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of: |
| a. the revised estimate of its recoverable amount; and |
| b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. |
| A reversal of an impairment loss is recognised immediately in profit or loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| NEW CENTURY CARE (CATERHAM) LIMITED (REGISTERED NUMBER: 05295038) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under finance leases are as follows: |
| Land and |
| buildings |
| £ |
| COST |
| Transfer from ownership | 4,332,375 |
| At 31 December 2019 |
| DEPRECIATION |
| Charge for year |
| Transfer from ownership | 803,435 |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Finance leases (see note 8) |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Finance leases (see note 8) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Finance leases | 1,705,991 | - |
| NEW CENTURY CARE (CATERHAM) LIMITED (REGISTERED NUMBER: 05295038) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under finance leases fall due as follows: |
| Finance leases |
| 2019 | 2018 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| In more than five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| In more than five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| In more than five years |
| Per note 5, the company entered into a sale and leaseback arrangement during the year in respect of property recognised in these accounts. As a result, a finance lease over 150 years commenced on 24 May 2019. The terms of the lease include an option to repurchase the property for £1 at the end of the lease. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | CHARGE OVER ASSETS |
| The company has guaranteed a bank loan of £12.5m made to the immediate parent of its immediate parent to help finance the purchase of its immediate parent; in support of this guarantee, the bank has a fixed and floating charge over the assets of the company. |
| 11. | PARENT COMPANY |
| Consolidated accounts are prepared by the company's immediate parent, Custodes Acqco Limited, whose registered office address is Albemarle House, 1 Albemarle Street, London W1S 4HA. |