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Registered number: 07830683
RYEDALE COURT LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
BAGINSKY COHEN
CHARTERED ACCOUNTANTS
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RYEDALE COURT LIMITED
COMPANY INFORMATION
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CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS
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NATIONAL WESTMINISTER BANK PLC
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RYEDALE COURT LIMITED
CONTENTS
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Independent auditors' report
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Notes to the financial statements
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RYEDALE COURT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014
The directors present their report and the financial statements for the year ended 31 December 2014.
DIRECTORS' RESPONSIBILITIES STATEMENT
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The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
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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). 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:
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·select suitable accounting policies and then apply them consistently;
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·make judgments and accounting estimates that are reasonable and prudent;
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·state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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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.
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The company operates a care facility providing nursing and dementia care service for the elderly.
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The loss for the year, after taxation, amounted to £387,120 (2013 - loss £577,997).
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The directors do not recommend the payment of a dividend (2013: Nil).
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The directors who served during the year were:
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B. C. FREEMAN
A.CHIANG
The directors consider that it is appropriate to prepare the financial statements on a going concern basis, having received confirmation of continued financial support from the parent undertaking.
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Page 1
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RYEDALE COURT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014
DISCLOSURE OF INFORMATION TO AUDITORS
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
·so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware, and
·that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Under section 487(2) of the Companies Act 2006, Baginsky Cohen will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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This report was approved by the Board on 29 September 2015 and signed on its behalf.
Page 2
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RYEDALE COURT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF RYEDALE COURT LIMITED
We have audited the financial statements of Ryedale Court Limited for the year ended 31 December 2014, set out on pages 5 to 12. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 an Auditors' report 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.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
OPINION ON FINANCIAL STATEMENTS
In our opinion the financial statements:
·give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its loss 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.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Page 3
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RYEDALE COURT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF RYEDALE COURT LIMITED
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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; or
·the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic report.
Jerry Michael (Senior statutory auditor)
for and on behalf of
BAGINKSY COHEN
CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS
930 HIGH ROAD
LONDON
N12 9RT
29 September 2015
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RYEDALE COURT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2014
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Interest payable and similar charges
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LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
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Tax on loss on ordinary activities
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LOSS FOR THE FINANCIAL YEAR
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All amounts relate to continuing operations.
There were no recognised gains and losses for 2014 or 2013 other than those included in the Profit and loss account.
The notes on pages 7 to 12 form part of these financial statements.
Page 5
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RYEDALE COURT LIMITED
REGISTERED NUMBER: 07830683
BALANCE SHEET
AS AT 31 DECEMBER 2014
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 29 September 2015.
The notes on pages 7 to 12 form part of these financial statements.
Page 6
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RYEDALE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
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The company, being a subsidiary undertaking where 90% or more of the voting rights are controlled within the group whose consolidated financial statements are publicly available, is exempt from the requirement to draw up a cash flow statement in accordance with FRS 1.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
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The directors consider that it is appropriate to prepare the financial statements on a going concern basis, having received confirmation of continued financial support from the parent undertaking.
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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The pension costs charged against the profit and loss account represent the amount of contributions payable to the scheme in the accounting period.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Page 7
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RYEDALE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
1.ACCOUNTING POLICIES (continued)
2.TURNOVER
All turnover arose from the provision of nursing and dementia care and other services within the United Kingdom, stated net of value added tax.
3.OPERATING LOSS
The operating loss is stated after charging:
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Depreciation of tangible fixed assets:
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During the year, no director received any emoluments (2013 - £NIL).
4.AUDITORS' REMUNERATION
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Fees payable to the company's auditor and its associates for the audit of the company's annual accounts
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Fees payable to the company's auditor and its associates in respect of:
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Other services realating to taxation
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5.STAFF COSTS
Staff costs were as follows:
Page 8
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RYEDALE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
5.STAFF COSTS (continued)
The average monthly number of employees, including the directors, during the year was as follows:
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Management and administrative
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6.INTEREST PAYABLE
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On loans from group undertakings
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7.TAXATION
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UK corporation tax charge on loss for the year
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Factors affecting tax charge for the year
The tax assessed for the year is lower than (2013 - lower than) the standard rate of corporation tax in the UK of 21.50% (2013 - 20%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.50% (2013 - 20%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Current tax charge for the year (see note above)
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Page 9
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RYEDALE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
8.TANGIBLE FIXED ASSETS
9.DEBTORS
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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10.CREDITORS:
Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 10
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RYEDALE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
11.CREDITORS:
Amounts falling due after more than one year
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Amounts owed to group undertakings
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12.SHARE CAPITAL
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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13.RESERVES
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Loss for the financial year
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14.RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' DEFICIT
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Opening shareholders' (deficit)/funds
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Loss for the financial year
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Closing shareholders' deficit
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15.PENSION COMMITMENTS
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,167 (2013: Nil ).
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RYEDALE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
16.OPERATING LEASE COMMITMENTS
At 31 December 2014 the company had annual commitments under non-cancellable operating leases as follows:
17.CAPITAL COMMITMENTS
The company has no capital commitments at 31 December 2014 or 31 December 2013.
18.CONTINGENT ASSETS/LIABILITES
The group's bank has a cross corporate guarantee between European Healthcare Group PLC and all its subsidiary undertakings. The directors of European Healthcare Group PLC are of the opinion that the group will be able to operate within agreed facilities.
19.TRANSACTIONS WITH DIRECTORS AND OTHER RELATED PARTIES
The company has taken advantage of the exemption in Financial Reporting Standard No 8 "Related party disclosures" and has not disclosed transactions with group undertakings.
There were no other related party transactions.
20.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The company's immediate parent company is European Healthcare Group PLC, a company registered in England and Wales. The ultimate parent undertaking and controlling party is Givril Investment SA, a company incorporated in the Republic of Panama.
Copies of the immediate parents company's financial statements can be obtained from that company's registered office.
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