Cream IV Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10973080 (England and Wales)

CREAM IV LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M L Reed

REGISTERED OFFICE:

Osborne House

Trull Road

Taunton

Somerset

TA1 4PX

REGISTERED NUMBER:

10973080 (England and Wales)

AUDITORS:

Mark Holt & Co Limited

Chartered Accountants

Statutory Auditors

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Tangible assets

5

4,372

331,364

CURRENT ASSETS

Debtors

267,236

46,870

Cash at bank and in hand

118,877

81,580

386,113

128,450

CREDITORS

Amounts falling due within one year

167,574

302,967

NET CURRENT ASSETS/(LIABILITIES)

218,539

(174,517

)

TOTAL ASSETS LESS CURRENT LIABILITIES

222,911

156,847

PROVISIONS FOR LIABILITIES

830

950

NET ASSETS

222,081

155,897

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

221,081

154,897

222,081

155,897

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 Balance Sheet for the year ended 30 April 2021 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 19 January 2022 and were signed by:

M L Reed - Director

1.	STATUTORY INFORMATION

Cream IV 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.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Turnover

Turnover represents net invoiced specialist care home fees and is recognised per night that a room is occupied.

Turnover is deferred where amounts have been invoiced, but these relate to services to be provided in future periods. Turnover is accrued where amounts have yet to be invoiced, but where the services have been provided in the period to date.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Depreciation is charged once the assets are brought into use.

Fixtures and fittings - 15% on reducing balance

Computer equipment - 15% on reducing balance

Freehold property and improvements to property were recognised at cost. These assets were not depreciated as it is considered that the residual value is high, due in part to the fact that the property is subject to a repair and maintenance programme and they are unlikely to suffer from technical or economic obsolescence. The property and improvements were disposed of in the current period.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

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.

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases

Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits

Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provision for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for the period of absence.

Grant income

Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognised as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 7 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2020

332,898

Additions

147

Disposals

(326,430

)

At 30 April 2021

6,615

DEPRECIATION

At 1 May 2020

1,534

Charge for year

709

At 30 April 2021

2,243

NET BOOK VALUE

At 30 April 2021

4,372

At 30 April 2020

331,364

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

46,786

-

Between one and five years

187,144

-

In more than five years

444,467

-

678,397

-

There is an operating lease in place with respect to the premises from which the care activities are provided.

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

The Report of the Auditors was unqualified.

SIMON LAW (Senior Statutory Auditor)

for and on behalf of Mark Holt & Co Limited

8.	RELATED PARTY DISCLOSURES

There are amounts owed from a partnership under common control at the year end. These balances are unsecured and have no set terms of repayment and hence have been shown as due in less than one year. The total amount due from all non-group related parties at the year end is £30,000.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is deemed to be CCG Enterprises Limited at the year end. Their registered office is Osborne House, Trull Road, Taunton, Somerset TA1 4PX.

The ultimate parent company is deemed to be CCGE Parasol Limited at the year end. Their registered office is Osborne House, Trull Road, Taunton, Somerset TA1 4PX.

Consolidated accounts for the group can be found at Companies House, Crown Way, Cardiff CF14 3UZ.

Martin Reed is the ultimate controlling party.