Moorcourt Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02535848 (England and Wales)

Financial Statements

for the Year Ended 30 November 2020

for

Moorcourt Developments Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

S Rai

SECRETARIES:

D Kaplan

Mrs K A Noon

Ms S L Wilkinson

REGISTERED OFFICE:

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

REGISTERED NUMBER:

02535848 (England and Wales)

AUDITORS:

HSKS Greenhalgh

Chartered Accountants &

Statutory Auditor

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

BANKERS:

Lloyds Bank plc

25 Gresham Street

London

EC2V 7HN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,312,834

2,323,513

2,312,834

2,323,513

CURRENT ASSETS

Stocks

800

900

Debtors

2,019,455

1,388,081

Cash at bank and in hand

211,573

314,476

2,231,828

1,703,457

CREDITORS

Amounts falling due within one year

664,315

611,915

NET CURRENT ASSETS

1,567,513

1,091,542

TOTAL ASSETS LESS CURRENT LIABILITIES

3,880,347

3,415,055

PROVISIONS FOR LIABILITIES

8,175

4,654

NET ASSETS

3,872,172

3,410,401

CAPITAL AND RESERVES

Called up share capital

200,000

200,000

Revaluation reserve

7

207,249

213,142

Retained earnings

7

3,464,923

2,997,259

SHAREHOLDERS' FUNDS

3,872,172

3,410,401

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 Income Statement and an abridged Statement of Financial Position for the year ended 30 November 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 director and authorised for issue on 30 November 2021 and were signed by:

S Rai - Director

1.	STATUTORY INFORMATION

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

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents residential care services provided in the year, recognised according to the period of care provided.

Goodwill

In prior years purchased goodwill has been amortised over 5 years, being the estimated useful life of the asset, in accordance with FRS 10. With effect from the year ended 30 November 2008, the director believed that purchased goodwill had an estimated useful life of 10 years and the amortisation rate was amended accordingly.

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 land and buildings

-

2% on cost

Improvements to property

-

2% on reducing balance

Fixtures, fittings and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are measured at cost or valuation less accumulated depreciation.

Government grants

Income from government grants, whether 'capital' grants or 'revenue' grants, are recognised when the company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and 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 other post-retirement benefits

The company operated a defined contribution pension scheme. Contributions payable for the period were charged to the profit and loss account.

Going concern

The director has assessed the balance sheet and likely future cash flows at the date of approving these financial statements.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Furthermore, during the year under review, the COVID-19 pandemic became a significant emerging risk to the global economy. The director continues to monitor the impact on the business on an ongoing basis. At the time of approving these financial statements, the director does not consider COVID-19 to impact the company's ability to continue as a going concern and considers the balance sheet to be appropriately valued.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 108 (2019 - 102 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2019

and 30 November 2020

191,769

AMORTISATION

At 1 December 2019

and 30 November 2020

191,769

NET BOOK VALUE

At 30 November 2020

-

At 30 November 2019

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 December 2019

3,254,943

Additions

67,063

At 30 November 2020

3,322,006

DEPRECIATION

At 1 December 2019

931,430

Charge for year

77,742

At 30 November 2020

1,009,172

NET BOOK VALUE

At 30 November 2020

2,312,834

At 30 November 2019

2,323,513

Included within freehold land and buildings is fixed plant inherent in the property with a net book value of £295,766 (2019: £303,977). This was identified by a specific survey and valued by John Hinson, a quantity surveyor, during the year ended 31 January 2007.

Tangible fixed assets with a carrying value of £1,865,394 (2019: £1,918,050) are pledged as security for the group's borrowing facilities.

6.	SECURED DEBTS

Lloyds Bank plc holds a debenture and first legal charge over the assets of the company. In addition Lloyds Bank plc hold in their favour an omnibus guarantee and set-off agreement for the company and for other companies within the group.

7.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 December 2019

2,997,259

213,142

3,210,401

Profit for the year

461,771

-

461,771

Depreciation transfer on

revalued amount

5,893

(5,893

)

-

At 30 November 2020

3,464,923

207,249

3,672,172

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

The Report of the Auditors was unqualified.

Philip Handley FCA (Senior Statutory Auditor)

for and on behalf of HSKS Greenhalgh

9.	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.

10.	CONTROL RELATIONSHIP

The immediate parent undertaking is Rushcliffe Care Limited by virtue of its majority shareholding of the issued ordinary share capital. The registered office is 3rd Floor Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE.

The ultimate controlling party is the director, S Rai, by virtue of his majority shareholding in the ultimate parent company Rushcliffe Care Holdings Limited.

Copies of the group accounts for Rushcliffe Care Holdings Limited are available from Companies House. This is the only group that the company is consolidated into for the year.