Thorburn Manor Ltd Filleted accounts for Companies House (small and micro)

THORBURN MANOR LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC384291

Thorburn Manor Ltd

Filleted Financial Statements

31 August 2020

Thorburn Manor Ltd

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		3,569,173	3,545,339

Current assets

Stocks		1,800	1,350
Debtors	6	674,455	907,431
Cash at bank and in hand		581,988	122,179
		------------	------------
		1,258,243	1,030,960

Creditors: amounts falling due within one year	7	531,790		410,142
		------------		------------
Net current assets			726,453	620,818
			------------	------------
Total assets less current liabilities			4,295,626	4,166,157

Creditors: amounts falling due after more than one year	8		3,647,766	3,830,733

Provisions

Taxation including deferred tax	119,474	91,446
	------------	------------
Net assets	528,386	243,978
	------------	------------

Capital and reserves

Called up share capital	10	1	1
Profit and loss account	11	528,385	243,977
		---------	---------
Shareholders funds		528,386	243,978
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 8 June 2021 , and are signed on behalf of the board by:

Sean Black
Director

Company registration number: SC384291

Thorburn Manor Ltd

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

Thorburn Manor Ltd is a private company limited by shares, registered in Scotland ( SC384291 ). The address of the registered office is 29 York Place, Edinburgh, EH1 3HP. The place of business is 2a Thorburn Road, Edinburgh, EH13 0BQ. The principal activity of the company is proprietors and operators of care homes for the elderly.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and relate to the individual entity . The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest pound.

Group relief

It is group policy to surrender tax losses without payment.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors have made the following estimates in the process of applying the entity's accounting policies:- - depreciation - residual value and economic life

Revenue recognition

Turnover is measured at the fair value of the total invoice value of fees receivable from care home residents. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of timing differences. Deferred tax relating to Land & buildings that is measured at fair value is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	straight line over 50 years
Crockery & linen	-	10% reducing balance
Plant & machinery	-	25% reducing balance
Fixtures & fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Land - Nil Integral features - 2% straight line (Plant & machinery contained in the fabric of the building)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are ascertained by purchase price.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and all are subsequently carried at amortised cost using the effective interest method. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand includes cash and short term highly liquid investments. Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 45 (2019: 46 ).

5. Tangible assets

	Freehold property	Crockery & linen	Plant, machinery and office equipment	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Sep 2019	3,755,936	17,282	49,784	264,219	–	4,087,221
Additions	–	–	5,289	8,390	132,689	146,368
	------------	--------	--------	---------	---------	------------
At 31 Aug 2020	3,755,936	17,282	55,073	272,609	132,689	4,233,589
	------------	--------	--------	---------	---------	------------
Depreciation
At 1 Sep 2019	342,972	8,481	36,725	153,704	–	541,882
Charge for the year	54,168	880	4,587	29,727	33,172	122,534
	------------	--------	--------	---------	---------	------------
At 31 Aug 2020	397,140	9,361	41,312	183,431	33,172	664,416
	------------	--------	--------	---------	---------	------------
Carrying amount
At 31 Aug 2020	3,358,796	7,921	13,761	89,178	99,517	3,569,173
	------------	--------	--------	---------	---------	------------
At 31 Aug 2019	3,412,964	8,801	13,059	110,515	–	3,545,339
	------------	--------	--------	---------	---------	------------

6. Debtors

	2020	2019
	£	£
Trade debtors	624	26,813
Amounts owed by group undertakings	639,646	876,370
Other debtors	34,185	4,248
	---------	---------
	674,455	907,431
	---------	---------

Other debtors

	2020	2019
	£	£
Prepayments	8,178	3,293
Other	26,007	955
	--------	-------
	34,185	4,248
	--------	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	256,240	244,576
Trade creditors	15,807	14,400
Amounts owed to group undertakings and undertakings in which the company has a participating interest	182	996
Corporation tax	72,030	39,426
Social security and other taxes	17,638	20,458
Other creditors	169,893	90,286
	---------	---------
	531,790	410,142
	---------	---------

	2020	2019
	£	£
Accruals and deferred income	114,179	70,555
Other	55,714	19,731
	---------	--------
	169,893	90,286
	---------	--------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	2,590,418	2,830,733
Other loans	57,348	–
Other creditors	1,000,000	1,000,000
	------------	------------
	3,647,766	3,830,733
	------------	------------

HSBC Bank plc hold a standard security over the property at 2a Thorburn Road, as included in fixed assets. HSBC Bank plc hold a bond & floating charge over all assets of the company covering all sums due.

Included within creditors: amounts falling due after more than one year is an amount of £1,562,681 (2019: £1,792,304) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Morningside Manor Ltd, Lorimer House Ltd, Thorburn Manor Ltd and Lindemann Healthcare Ltd are all party to an intercompany cross guarantee with HSBC.

9. Financial instruments

All financial instruments are basic financial instruments.

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

11. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses .

12. Events after the end of the reporting period

At the time of signing the 2020 statutory accounts, the country is under restriction measures introduced by the Government to combat COVID19. It remains unclear the level of economic impact these measures will have on businesses in the UK and abroad. The care sector in particular is facing significant challenges, including higher mortality rates. The group companies are strictly following government guidelines to keep residents and staff safe and to date used our best endeavours to mitigate the risk as much as possible. We expect a gradual return to normal business in line with the Government's lifting of restrictions. With the financial support measures introduced by the government in place to assist businesses during this difficult period and the Group's resources, the Company is well placed to deal with the difficulties the economic impact caused by this crisis.

13. Summary audit opinion

The auditor's report for the year dated 8 June 2021 was unqualified.

The senior statutory auditor was Walter Raymond Paterson , for and on behalf of McDonald Gordon & Co Ltd .

14. Related party transactions

The company has taken advantage of the exemption under FRS102 Section 33 from the requirement to disclose information of transactions with the entities which are part of the group, on the basis that consolidated group financial statements are publicly available.

15. Controlling party

The ultimate parent undertaking is Lindemann Healthcare Ltd (SC155229) a company registered in Scotland at 29 York Place, Edinburgh, EH1 3HP. Consolidated accounts for Lindemann Healthcare Ltd are available from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.