WINDY KNOWE LIMITED - Accounts to registrar (filleted) - small 18.2
WINDY KNOWE LIMITED - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
FOR |
WINDY KNOWE LIMITED |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2020 |
Page |
Statement of financial position | 1 |
Notes to the financial statements | 2 | to | 8 |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
STATEMENT OF FINANCIAL POSITION |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Special reserve |
Retained earnings |
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 |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
WINDY KNOWE LIMITED is a |
Registered number: | 09826921 |
Registered office: | 20 Watergate Mansions |
St. Marys Place |
Shrewsbury |
Shropshire |
SY1 1DW |
The principal activity of the company is that of the provision of residential and care services for the elderly. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Significant judgements and estimates |
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. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
The tangible fixed assets are regularly revalued based on independent valuations which adopt value in use as the valuation basis. Value in use is determined by considering various factors such as EBITDA, occupancy levels and trading potential. As the valuations are performed at a particular point in time, they may be subject to fluctuation depending on current trading conditions. Due to this, the director regularly reviews the value in use to ensure that it is still appropriate. |
Government grants |
Due to the Covid-19 pandemic, the company has claimed various government backed grants. Grants are recognised as other income when received other than the Coronavirus Job Retention Scheme grants which are recognised in the month the payroll costs relate to. |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
The company provides residential and care services to the elderly. The turnover shown in the profit and loss account represents the fees due for the services provided during the year. Revenue is recognised in the period of care to which it is applicable. |
Tangible fixed assets |
Fixtures and fittings | - |
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. |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Financial liabilities and equity instruments are classified 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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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. |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
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. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
Employee benefits |
The company provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expense in the profit abd loss account in the period in which they accrued. |
Going concern |
The company is part of the Springcare Limited group. The Group has been affected by the Covid pandemic, however, the support of Central and Local Government through grants; and Debt Funders through a period of interest only payments, have helped to counter this current difficult period. After reviewing the group forecasts and projections, the director is confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
31.12.20 | 31.12.19 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,538 |
3,769 |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Cost |
At 1 January 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2020 |
Depreciation |
At 1 January 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2020 |
Net book value |
At 31 December 2020 |
At 31 December 2019 |
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: |
31.12.20 | 31.12.19 |
£ | £ |
Fixtures and fittings | 90,479 | 146,267 |
90,479 | 146,267 |
The assets are secured under finance leases or hire purchase agreements taken out by the company, or on behalf of the company by the ultimate parent company, Springcare Limited. |
The business was valued in April 2019 by Colliers International as a fully equipped operational entity, including fixtures, fittings, tools and equipment held by the company at the valuation date and having regard to its trading potential. |
The valuations have been reviewed by the director as at 31 December 2020 after consideration of occupancy levels and specific trading situations. The director considers the above cost to be representative of fair value at the balance sheet date. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Hire purchase contracts |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
There are cross guarantees between the companies within the Barca Holdings Limited Group totalling £12,035,143 (2019: £12,285,641). |
The amount of other commitments, guarantees and contingencies is £12,094 (2019: £17,717). |
11. | RELATED PARTY DISCLOSURES |
Details of transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS102. |
12. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no material events up to the date of approval of the financial statements by the Board. |
WINDY KNOWE LIMITED (REGISTERED NUMBER: 09826921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
13. | ULTIMATE CONTROLLING PARTY |
The parent company is Barca Holdings Ltd is incorporated in England and Wales. |
The ultimate parent company is Springcare Limited, a company incorporated in England. Springcare Limited is the only group company that prepares consolidated financial statements, including the accounts of the company. A copy of the financial statements can be obtained from the registered office being; 20 Watergate Mansions, St. Marys Place, Shrewsbury, Shropshire, England, SY1 1DW. |
14. | GOING CONCERN |
The company is part of the Springcare Limited group. The Group has been affected by the Covid pandemic, however, the support of Central and Local Government through grants; and Debt Funders through a period of interest only payments, have helped to counter this current difficult period. After reviewing the group forecasts and projections, the director is confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements. |