RCH Care Homes Limited - Limited company accounts 22.3

REGISTERED NUMBER: 02325401 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2022

for

RCH CARE HOMES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

Directors:

Mr R S Rai MPS

Mrs A K Rai

Secretary:

Mrs A K Rai

Registered office:

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Registered number:

02325401 (England and Wales)

Auditors:

Haines Watts Essex LLP

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Solicitors:

Mullis & Peake

8-10 Eastern Road

Romford

Essex

RM1 3PJ

The directors present their strategic report for the year ended 31 March 2022.

Review of business

The principal activity of the company in the year under review was the operation of nursing care homes.

The company's operating performance is summarised in the following table:

2022

2021

Change

(£'000)

(£'000)

(%)

Turnover

32,450

28,305

14.6%

Cost of sales

17,774

17,790

-0.1%

Administration expenses

5,195

5,180

0.3%

EBITDA

10,966

7,392

48.8%

Administration expenses and EBITDA excludes rents payable to the holding company.

The directors consider the company to be well placed to take advantage of future business opportunities.

Principal risks and uncertainties

The key risk to the company is maintaining its operations and premises to a high standard in order to continue to operate care services and to attract new business. If the care and facilities are not maintained to such standards then business will decrease.

The company's activities are exposed to constant change in legislation and the company has to be ready to act accordingly.

Section 172(1) statement

Section 172 statement of the Companies Act 2006 (CA2006) specifies that boards must take consideration of stakeholder interests.

The statement necessitates directors to describe how they consider these interests in an appropriate way while performing their duties in good faith. Promoting the accomplishment of the company for the benefit of the stakeholders thus ultimately arriving with an encouraging good corporate governance and, doing so have considered the other matters to:

- The interests of the company`s employees.

- Fostering good business relationships with the customers, suppliers and other stakeholders

- The impact of the company's` operations on the community and the environment

- Considering the long-term impact of any corporate decisions

- The reputation for a high standard of business conduct and actioning fairly between members of the company

- Making sure all Health & safety matters are complied within the interest of everyone in the business

Our workforce

The strength of RCH business is built on the hard work and dedication of all of RCH people. The Group tries to provide and act appropriately with the correct outcomes, stable employment and opportunities to realise employee`s potential in a working environment where they can be at their best.

RCH group continues to foster a culture of reporting any minor concerns from staff, residents and relatives, all of which are aptly investigated. Regular staff briefings are held regularly at home level updating staffs with any regulatory changes throughout the business and the industry. Regular job training and learning opportunities are made available to staffs to update their skills and improve their knowledge. Regular employment surveys are conducted time to time and the findings are rectified and acted upon. Staff salaries are reviewed periodically to make sure they are remunerated appropriately.

Regulatory Bodies

RCH group promote and enjoy a constructive and co-operative relationships with the bodies that authorise and regulate our business activities. Any short comings found are rectified promptly. This facilitates us to maintain good standard and practices within our services. RCH strives to maintain high reputation for high standards of all our homes.

Business Relationships

We develop and maintain strong longstanding relationships with our suppliers. We consider suppliers are key to our business providing goods and services without any interruption. Our suppliers rely on us to generate revenue and employment for them.

Health & Safety

RCH group ensures a safe environment for all staff, residents, guests and any others visiting our homes. We create a culture to promote that every individual in our business takes accountability for Health & Safety seriously. Staff are given all necessary resources and regular training to comply with the regulations. We have a dedicated team working along side the managers of the homes to ensure regulations are complied with and if any shortfalls then they are addressed promptly.

Future developments

The directors and senior management team of the company are always seeking to improve the high standards of care provided to our residents within its nursing care homes.

The company continues to look to expand its services and operations through organic growth and acquisitions.

The company continues to seek suitable sites in the South East of England for development that would compliment the existing portfolio and contribute to the strategic development plan of the company.

On behalf of the board:

Mr R S Rai MPS - Director

22 November 2022

The directors present their report with the financial statements of the company for the year ended 31 March 2022.

Principal activity

The principal activity of the company in the year under review was that of running nursing homes.

Dividends

No dividends will be distributed for the year ended 31 March 2022.

Directors

The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

Mr R S Rai MPS

Mrs A K Rai

Employees

The company is committed to developing, maintaining and supporting a policy of equal opportunities in employment

and operates a framework for employee information and consultation.

The company gives full consideration to applications for employment from disabled persons where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Streamlined energy and carbon reporting

Additional requirements of the Companies (Directors` Report) and Limited Liability Partnerships (Energy/Carbon Reports) Regulations came into effect on 01 April 2019, requiring the companies to disclose the carbon footprint of its operations and the measures company is taking to improve the efficiency while reducing the carbon footprint.

Energy efficiency measures

RCH group continues to acknowledge that we as a part of the entire world community need to play a fair role to make our contributions towards reduction of greenhouse gas emissions. Where possible necessary steps are taken to using less energy to perform the same task across our homes.

We are making our homes increasingly energy efficient by switching to energy efficient equipment and LED lighting. We are replacing switches with motion sensors where it is cost effective to reduce the energy usage.

Home staffs are made aware of the energy efficiency measures and the impact that it has on the climate change rigorously.

Following table illustrates our emission levels during the reporting period April 2021 to March 2022.

Gas

Electricity

Total

Total energy used covering

6,034,583

1,835,977

7,870,560

KWh

Total emissions generated through combustion of gas

1,105.29

-

1,105.29

TCO2E

Total emissions generated through use of purchased electricity

-

385.85

385.85

TCO2E

Total emissions generated through use of combustion of other fuels

-

-

-

TCO2E

Total emissions generated through business travel

-

-

-

TCO2E

Total Gross emissions

1,105.29

385,85

1,491.14

TCO2E

Intensity ratio (Total gross emissions)

2.15

0.75

2.91

kgCo2e per home resident

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Haines Watts Essex LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr R S Rai MPS - Director

22 November 2022

Opinion

We have audited the financial statements of RCH Care Homes Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and European Competitions Commission. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jim Shroff (Senior Statutory Auditor)

for and on behalf of Haines Watts Essex LLP

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

22 November 2022

Turnover

4

32,450,384

28,305,268

Cost of sales

(17,774,449

)

(17,790,486

)

Gross profit

14,675,935

10,514,782

Administrative expenses

(9,876,366

)

(10,043,110

)

4,799,569

471,672

Other operating income

1,393,784

2,043,510

Operating profit

7

6,193,353

2,515,182

Interest payable and similar expenses

8

2,098

-

Profit before taxation

6,195,451

2,515,182

Tax on profit

9

(1,177,682

)

(481,944

)

Profit for the financial year

5,017,769

2,033,238

Profit for the year

5,017,769

2,033,238

Other comprehensive income

-

-

Total comprehensive income for the year

5,017,769

2,033,238

Fixed assets

Tangible assets

10

1,407,572

386,075

Investments

11

100

100

1,407,672

386,175

Current assets

Debtors

12

47,318,935

40,159,149

Cash at bank and in hand

5,999,593

7,541,601

53,318,528

47,700,750

Creditors

Amounts falling due within one year

13

5,775,659

4,413,505

Net current assets

47,542,869

43,287,245

Total assets less current liabilities

48,950,541

43,673,420

Provisions for liabilities

15

267,199

7,847

Net assets

48,683,342

43,665,573

Capital and reserves

Called up share capital

16

105,000

105,000

Revaluation reserve

17

55,227

55,227

Retained earnings

17

48,523,115

43,505,346

Shareholders' funds

48,683,342

43,665,573

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 November 2022 and were signed on its behalf by:

Mr R S Rai MPS - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2020

105,000

41,472,108

55,227

41,632,335

Changes in equity

Total comprehensive income

-

2,033,238

-

2,033,238

Balance at 31 March 2021

105,000

43,505,346

55,227

43,665,573

Changes in equity

Total comprehensive income

-

5,017,769

-

5,017,769

Balance at 31 March 2022

105,000

48,523,115

55,227

48,683,342

1.	Statutory information

RCH Care Homes 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. The address of the company's principal place of business is King George Place, 762 Eastern Avenue, Newbury Park, Ilford, Essex IG2 7HU.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Going concern

The directors have reviewed and considered relevant information, including the annual budgets and forecasts in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have taken into account the impact of COVID-19, alongside the measures that they have taken to mitigate the impact. Including working closely with the adult social care, NHS bodies and other governmental authorities and following their guidance and advise, and employing specialised resources needed such as infection prevention and control procedures. Based on these assessments, given the measures that have been undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is also estimation uncertainty in calculating deferred tax liability due to temporary timing differences. Unrelieved tax losses and other deferred tax assets are only 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.

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

Turnover represents residents' fees due for the period. Fees not invoiced but due at the year end are included as accrued income.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and any accumulated impairment losses. The fair value of freehold property is based on market value.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Freehold property

-

2% on buildings and nil on land

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Government grants

The accruals models has been adopted in recognising grant income relating to the Coronavirus Job Retention Scheme (CJRS) and other government grants in relation to Covid assistance for the Care Home industry. Grant income has been recognised in the same period in which the expense has been incurred and included in other operating income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and employees benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

4.

Turnover

Turnover is wholly attributable to the rendering of services within the United Kingdom.

5.	Employees and directors

2022

2021

£

£

Wages and salaries

13,162,768

13,806,935

Social security costs

1,090,729

1,024,426

Other pension costs

240,181

241,607

14,493,678

15,072,968

The average number of employees during the year was as follows:

2022

2021

Administration

17

38

Care staff

688

821

705

859

6.	Directors' emoluments

2022

2021

£

£

Directors' remuneration

-

-

7.	Operating profit

The operating profit is stated after charging:

2022

2021

£

£

Other operating leases

4,681,333

4,863,000

Depreciation - owned assets

91,850

13,604

Auditors' remuneration

20,080

18,000

8.

Interest payable and similar expenses

2022

2021

£

£

Other interest

(2,098

)

-

9.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

918,330

484,529

Deferred tax

259,352

(2,585

)

Tax on profit

1,177,682

481,944

UK corporation tax has been charged at 19% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022

2021

£

£

Profit before tax

6,195,451

2,515,182

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)

1,177,136

477,885

Effects of:

Expenses not deductible for tax purposes

(1,260

)

1,474

Capital allowances in excess of depreciation

(257,546

)

-

assets

Deferred tax

259,352

2,585

year

Total tax charge

1,177,682

481,944

10.	Tangible fixed assets

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost or valuation

At 1 April 2021

400,000

3,833,301

29,080

154,904

4,417,285

Additions

-

1,044,362

-

68,985

1,113,347

At 31 March 2022

400,000

4,877,663

29,080

223,889

5,530,632

Depreciation

At 1 April 2021

30,000

3,823,600

22,706

154,904

4,031,210

Charge for year

6,000

65,990

6,374

13,486

91,850

At 31 March 2022

36,000

3,889,590

29,080

168,390

4,123,060

Net book value

At 31 March 2022

364,000

988,073

-

55,499

1,407,572

At 31 March 2021

370,000

9,701

6,374

-

386,075

Included in cost or valuation of land and buildings is freehold land of £ 100,000 (2021 - £ 100,000 ) which is not depreciated.

Cost or valuation at 31 March 2022 is represented by:

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2015

55,227

-

-

-

55,227

Cost

344,773

4,877,663

29,080

223,889

5,475,405

400,000

4,877,663

29,080

223,889

5,530,632

If Property, Fixtures & Fittings had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

344,773

344,773

Value of land in freehold land and buildings

100,000

100,000

Freehold properties were valued in 2015 and are included at the directors' valuation.