The Grange Nursing Home Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08578320 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

The Grange Nursing Home Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R C Northover

Mrs H Northover

Mrs A L Northover

REGISTERED OFFICE:

72 Upper Northam Road

Hedge End

Southampton

Hampshire

SO30 4EB

REGISTERED NUMBER:

08578320 (England and Wales)

ACCOUNTANTS:

Northover & Co Accountants Ltd

132A Bournemouth Road

Chandler's Ford

Eastleigh

Hampshire

SO53 3AL

FIXED ASSETS

Intangible assets

4

1,322,500

1,352,500

Tangible assets

5

3,192,569

3,239,127

4,515,069

4,591,627

CURRENT ASSETS

Debtors

236,526

248,574

Cash at bank and in hand

348,370

163,343

584,896

411,917

CREDITORS

Amounts falling due within one year

707,044

492,753

NET CURRENT LIABILITIES

(122,148

)

(80,836

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,392,921

4,510,791

CREDITORS

Amounts falling due after more than one year

6

(1,024,256

)

(1,105,203

)

PROVISIONS FOR LIABILITIES

9

(4,476

)

-

NET ASSETS

3,364,189

3,405,588

CAPITAL AND RESERVES

Called up share capital

10

3

3

Share premium

2,237,829

2,237,829

Retained earnings

1,126,357

1,167,756

SHAREHOLDERS' FUNDS

3,364,189

3,405,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 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 Balance Sheet for the year ended 30 April 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 8 February 2021 and were signed on its behalf by:

Mr R C Northover - Director

1.	STATUTORY INFORMATION

The Grange Nursing Home 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.

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.

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 a business in 2013, is being amortised evenly over its estimated useful life of fifty 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

-

2% on building cost

Plant and machinery

-

20% on cost

Fixtures, fittings & equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on cost

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.

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 119 (2019 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2019

and 30 April 2020

1,500,000

AMORTISATION

At 1 May 2019

147,500

Amortisation for year

30,000

At 30 April 2020

177,500

NET BOOK VALUE

At 30 April 2020

1,322,500

At 30 April 2019

1,352,500

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2019

3,742,492

Additions

65,791

At 30 April 2020

3,808,283

DEPRECIATION

At 1 May 2019

503,365

Charge for year

112,349

At 30 April 2020

615,714

NET BOOK VALUE

At 30 April 2020

3,192,569

At 30 April 2019

3,239,127

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans more 5 yr by instal

-

552,791

7.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

100,000

100,116

Amounts falling due between two and five years:

Bank loans - 2-5 years

1,024,256

552,412

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

552,791

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,124,256

1,205,319

The above loan is the bank mortgage on the premises 72 Upper Northam Road. This is a 5 year capital and interest repayment loan which interest is charged at 2.8% above LIBOR. The loan is secured by a legal charge and debenture over the freehold property, dated 30th May 2014. In addition, the directors have provided a joint and several guarantee.

9.	PROVISIONS FOR LIABILITIES

2020

£

Deferred tax

4,476

Deferred

tax

£

Balance at 1 May 2019

(1,391

)

Movement in year

5,867

Balance at 30 April 2020

4,476

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

1

Ordinary C

£1

1

1

3

3

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2020 and 30 April 2019:

2020

2019

£

£

Mr R C Northover and Mrs H Northover

Balance outstanding at start of year

(4,923

)

313,371

Amounts advanced

234,843

8,058

Amounts repaid

(161,513

)

(326,352

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

68,407

(4,923

)

Mrs A L Northover

Balance outstanding at start of year

(22,114

)

352,075

Amounts advanced

100,992

224,720

Amounts repaid

(58,945

)

(598,909

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,933

(22,114

)

Interest has been charged on the loan accounts at 2.5%.

12.	ULTIMATE CONTROLLING PARTY

There is no shareholder with overall control.