Kirklands Care Limited - Accounts to registrar (filleted) - small 18.2
Kirklands Care Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2020 |
for |
Kirklands Care Limited |
Kirklands Care Limited (Registered number: 11263567) |
Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Kirklands Care Limited |
Company Information |
for the Year Ended 31 March 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
238 Station Road |
Addlestone |
Surrey |
KT15 2PS |
Kirklands Care Limited (Registered number: 11263567) |
Balance Sheet |
31 March 2020 |
31.3.20 | 31.3.19 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Kirklands Care Limited (Registered number: 11263567) |
Balance Sheet - continued |
31 March 2020 |
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 |
Kirklands Care Limited (Registered number: 11263567) |
Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
1. | STATUTORY INFORMATION |
Kirklands Care Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses is 2018 and 2019, is being amortised evenly over its estimated useful life of ten years. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Kirklands Care Limited (Registered number: 11263567) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in hand, trade and other debtors and trade and other creditors. The company has chosen to apply the measurement and recognition provisions of FRS 102 Section 11 'Basic Financial Instruments' and section 12 'Other financial Instruments Issues' in full. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. |
Amounts that are receivable within one year are measured at the undiscounted amount of the amount expected to be receivable net of any impairment. Where a financial asset constitutes a financing transaction it is initially measured at the present value of the future payments, discounted at a market rate of interest. |
At each reporting date, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cashflows. The amount of the provision is recognised immediately in the income statement. |
Trade creditors and other creditors |
Trade and other creditors are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using this effective interest method. |
Amounts that are payable within one year are measured at the undiscounted amount of the amount expected to be payable. |
Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest. |
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. |
Kirklands Care Limited (Registered number: 11263567) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2019 |
Additions |
At 31 March 2020 |
AMORTISATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
Additions |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Included in the cost of freehold property is freehold land of £1,800,000 (2019 - £900,000) which is not depreciated. |
Kirklands Care Limited (Registered number: 11263567) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Other loans - 1-2 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.20 | 31.3.19 |
£ | £ |
Other loans |
The loan is secured by way of a charge over one of the company's freehold properties. |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed Wisteria Investments Limited £3,400,000 which falls due to be repaid in June 2024. Interest is payable at 5% above the Bank of England base rate but only if an interest notice is issued by the lender. Security in the form of a charge over one of the company's freehold property has been pledged. |
All of the directors of the company are beneficiaries of the trust which owns Wisteria Investments Limited. |
11. | POST BALANCE SHEET EVENTS |
Since the year end the company has acquired a wholly owned subsidiary that operates two care homes. In order to acquire the subsidiary, the company entered into a term loan with its bankers and has pledged security in the form of charges over the group's freehold property as well as a fixed and floating charge over the company's assets. |