Yovita Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09146919 (England and Wales)

Financial Statements for the Year Ended 30 June 2020

for

YOVITA LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

L V Adams

P C Massetti

SECRETARY:

P C Massetti

REGISTERED OFFICE:

Broad Oak Manor

Broad Oak End

Bramfield Road

Hertford

Hertfordshire

SG14 2JA

REGISTERED NUMBER:

09146919 (England and Wales)

AUDITORS:

Thorne Lancaster Parker

Chartered Accountants &

Statutory Auditors

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

5

3,315,759

3,057,911

CURRENT ASSETS

Debtors

6

1,924

2,086

Cash at bank

2,045

30

3,969

2,116

CREDITORS

Amounts falling due within one year

7

3,529,411

3,239,914

NET CURRENT LIABILITIES

(3,525,442

)

(3,237,798

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(209,683

)

(179,887

)

CAPITAL AND RESERVES

Called up share capital

9

10

10

Retained earnings

10

(209,693

)

(179,897

)

SHAREHOLDERS' FUNDS

(209,683

)

(179,887

)

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

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 28 May 2021 and were signed on its behalf by:

P C Massetti - Director

1.	STATUTORY INFORMATION

Yovita Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including explanations of future events that are believe to be reasonable under the circumstances.

Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below;

Going concern

As described on the balance sheet the company has total net current liabilities of £3,525,442 and net liabilities of £209,683. These liabilities comprise of amounts owed to group companies of £3,500,501. Accordingly, since the year end, the company has commenced to trade and together with the continued support of Nouvita Healthcare Limited and its fellow subsidiaries the directors believe the company will be able to meet its day to day working capital requirements.

The board of Nouvita Healthcare Limited has indicated in writing that it will continue to financially support the company for a period of at least one year from the approval date of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Due to the material uncertainty arising as a direct result of the disruption caused by the Covid 19 virus the directors have reviewed the Company's ability to continue as a going concern taking into account the potential impact on the Company's future cashflows. The directors have reviewed the 12-month period cashflows to 30th June 2022. Based on the results of the review the directors believe the company has sufficient resources to continue as a going concern for the foreseeable future and as such consider the going concern basis for the preparation of the financial statements to be appropriate.

Property plant and equipment

Property under construction represents the cost of asset under development. The cost comprises acquisition cost, direct labour, material purchased and overheads, where appropriate.

When the property under construction is completed, it will be recognised as a land and building and depreciated over the useful economic life.

Financial instruments

The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Basic financial liabilities

Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one year.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Property

under

construction

£

COST

At 1 July 2019

3,057,911

Additions

257,848

At 30 June 2020

3,315,759

NET BOOK VALUE

At 30 June 2020

3,315,759

At 30 June 2019

3,057,911

The Company's property are used as security against the group loan facility.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Prepayments and accrued income

1,924

2,086

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other loans

-

500,000

Amounts owed to parent undertakings

503,030

-

Amounts owed to fellow subsidiaries

2,997,471

-

Amounts owed to related undertakings

-

2,711,754

Accruals and deferred income

28,910

28,160

3,529,411

3,239,914

Amounts owed to group undertakings and fellow subsidiaries are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

8.	FINANCIAL INSTRUMENTS

The company has the following financial instruments:

Financial liabilities that are debt instruments

2020

2019

measured at amortised cost

£

£

Other loans

-

500,000

Amounts owed to group undertakings

3,500,501

-

Amounts owed to related undertakings

-

2,711,754

Accruals

28,910

28,160

3,529,411

3,239,914

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10

Ordinary

1

10

10

10.

RESERVES

Retained

earnings

£

At 1 July 2019

(179,897

)

Deficit for the year

(29,796

)

At 30 June 2020

(209,693

)

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw your attention to the disclosures in notes 3 and 15 to the financial statements and the strategic report in relation to the material uncertainty that exists in relation to the impact of Covid 19 on the Company's ability to continue as a going concern. We have reviewed the directors assertions in relation to cashflow and forecasts over the next 12 months and consider these to be adequately disclosed in the financial statements. As such we emphasise this matter but our report is not qualified in respect of this matter.

Neil Usher (Senior Statutory Auditor)

for and on behalf of Thorne Lancaster Parker

12.	CONTINGENT LIABILITIES

The company is a part of an unlimited multilateral banking guarantee with fellow group companies. At the balance sheet date the total amount outstanding under the agreement was £8.63m.

13.	RELATED PARTY DISCLOSURES

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 wholly owned subsidiaries within the group.

14.	POST BALANCE SHEET EVENTS

In February 2020 a global pandemic was declared due to the Covid-19 virus. The subsequent worldwide economic disruption has the potential to impact on all sectors and the directors of the company are constantly reviewing any potential impact on the company's trading and performance. A deterioration in the situation could potentially have adverse implications for the company's business. However with the progress in the vaccination programme in the United Kingdom, the directors are confident that the company will continue to operate as a going concern.

The care home construction was completed after the year end and the company commenced to trade in October 2020.

15.	ULTIMATE CONTROLLING PARTY

On 1 July 2019 as a result of a share reorganisation the company is now a fully owned subsidiary of Nouvita Healthcare Limited.

Mr L V Adams is considered to be the ultimate controlling party.