Park House Care (Sandy) Limited Filleted accounts for Companies House (small and micro)

PARK HOUSE CARE (SANDY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08293304

Park House Care (Sandy) Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2021

Park House Care (Sandy) Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	70,003	93,336
Tangible assets	6	2,561,886	2,616,409
		------------	------------
		2,631,889	2,709,745

Current assets

Debtors	7	56,503	52,522
Cash at bank and in hand		106,910	244,251
		---------	---------
		163,413	296,773

Creditors: amounts falling due within one year	8	233,620		234,212
		---------		---------
Net current (liabilities)/assets			( 70,207)	62,561
			------------	------------
Total assets less current liabilities			2,561,682	2,772,306

Creditors: amounts falling due after more than one year	9		501,546	580,234

Provisions	5,936	7,055
	------------	------------
Net assets	2,054,200	2,185,017
	------------	------------

Park House Care (Sandy) Limited

Statement of Financial Position (continued)

31 December 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	1	1
Profit and loss account	2,054,199	2,185,016
	------------	------------
Shareholders funds	2,054,200	2,185,017
	------------	------------

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.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act 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 18 September 2022 , and are signed on behalf of the board by:

J F Tillisch
Director

Company registration number: 08293304

Park House Care (Sandy) Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The trading address of the company is Park House Nursing Home, Mill Lane, Sandy, SG19 1NL, England.

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.

Going concern

The financial statements have been prepared on a going concern basis. The director is satisfied the company has sufficient funds and arrangements in place to meet liabilities as they fall due for payment for a period of at least 12 months from the date the accounts are approved.

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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Depreciation Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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 material 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	15 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Land and buildings	-	2% straight line
Fixtures and fittings	-	15% reducing balance
Equipment	-	15% reducing balance

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 55 (2020: 50 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2021 and 31 December 2021	270,278
	---------
Amortisation
At 1 January 2021	176,942
Charge for the year	23,333
	---------
At 31 December 2021	200,275
	---------
Carrying amount
At 31 December 2021	70,003
	---------
At 31 December 2020	93,336
	---------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2021	2,631,994	182,012	2,814,006
Additions	12,000	21,130	33,130
Disposals	–	( 68,835)	( 68,835)
	------------	---------	------------
At 31 December 2021	2,643,994	134,307	2,778,301
	------------	---------	------------
Depreciation
At 1 January 2021	109,584	88,013	197,597
Charge for the year	52,660	16,004	68,664
Disposals	–	( 49,846)	( 49,846)
	------------	---------	------------
At 31 December 2021	162,244	54,171	216,415
	------------	---------	------------
Carrying amount
At 31 December 2021	2,481,750	80,136	2,561,886
	------------	---------	------------
At 31 December 2020	2,522,410	93,999	2,616,409
	------------	---------	------------

7. Debtors

	2021	2020
	£	£
Trade debtors	46,960	37,779
Other debtors	9,543	14,743
	--------	--------
	56,503	52,522
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	107,700	121,670
Trade creditors	15,912	22,573
Amounts owed to group undertakings and undertakings in which the company has a participating interest	14,677	–
Social security and other taxes	26,766	15,297
Other creditors	68,565	74,672
	---------	---------
	233,620	234,212
	---------	---------

Bank loans and overdrafts are secured on the assets to which they relate.

During the year the company had a Coronavirus Business interruption loan (CBILS) loan and business interruption payment. As such any arrangement fees and interest repayments for the first 12 months are covered by the government. The bank holds security in the form of a debenture creating a fixed and floating charge over the assets of the company.

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

	2021	2020
	£	£
Bank loans and overdrafts	501,546	580,234
	---------	---------

Bank loans and overdrafts are secured on the assets to which they relate.

10. Director's advances, credits and guarantees

The director operated a loan account with the company which has £2,769 owed by the company at year end (2020 - £751 owed to the company). No interest has been charged during the year and the balance is repayable on demand.