Alma Care Homes Broome Limited Filleted accounts for Companies House (small and micro)

ALMA CARE HOMES BROOME LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11315238

Alma Care Homes Broome Limited

Filleted Abridged Financial Statements

30 September 2020

Alma Care Homes Broome Limited

Abridged Financial Statements

Year Ended 30 September 2020

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 8

Alma Care Homes Broome Limited

Abridged Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£

Fixed Assets

Intangible assets	5	1,503,411	1,693,316
Tangible assets	6	144,055	137,880
		------------	------------
		1,647,466	1,831,196

Current Assets

Debtors	7	198,278	619,689
Cash at bank and in hand		146,727	11,411
		---------	---------
		345,005	631,100

Creditors: amounts falling due within one year	390,308		562,918
	---------		---------
Net Current (Liabilities)/Assets		( 45,303)	68,182
		------------	------------
Total Assets Less Current Liabilities		1,602,163	1,899,378

Creditors: amounts falling due after more than one year	8		1,344,527	1,301,946

Provisions	3,300	–
	------------	------------
Net Assets	254,336	597,432
	------------	------------

Capital and Reserves

Called up share capital	10	1	1
Capital contribution		763,537	763,537
Profit and loss account		( 509,202)	( 166,106)
		---------	---------
Shareholders Funds		254,336	597,432
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.

Alma Care Homes Broome Limited

Abridged Statement of Financial Position (continued)

30 September 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 22 February 2022 , and are signed on behalf of the board by:

Mr W Schapira

Director

Company registration number: 11315238

Alma Care Homes Broome Limited

Notes to the Abridged Financial Statements

Year Ended 30 September 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The principal place of business is Broome Park Nursing Home, Station Road, Betchworth, Surrey, RH3 7DG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis .

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors review the financial information for the company and group considering whether they are a going concern for a period of at least 12 months from the date of approval of the accounts. The company is part of a wider group bank loan facility with Barclays Bank Plc. The company and wider group have been significantly impacted by increased costs as a result of the COVID-19 pandemic, which has contributed to an ongoing breach of its group bank financial covenants. Barclays Bank Plc are in the process of carrying out a financial review on the wider group. The results of this review are unknown at present. The directors acknowledge both the ongoing bank independent financial review and continued impact of COVID-19 on group performance may cast significant doubt on the company and groups ability to continue as a going concern. The group are working with Barclays Bank Plc during the Financial review and have implemented robust operational and financial improvements across the group. The directors are also optimistic that the detrimental impact of COVID-19 on group performance will begin to ease. They are confident that this will enable the wider group to meet financial covenants soon and hence continue to adopt the going concern basis in preparing the accounts.

Revenue recognition

The turnover shown in the profit and loss account represents residents' fees earned during the year.

Exceptional items

Exceptional items are material and non-recurring items. These are disclosed separately on the face of the income statement to reflect performance in a consistent manner, in line with how the business is managed and measured on a day-to-day basis.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Equipment	-	15% reducing balance

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 67 (2019: 84 ).

5. Intangible assets

	£
Cost
At 1 October 2019 and 30 September 2020	1,899,046
	------------
Amortisation
At 1 October 2019	205,730
Charge for the year	189,905
	------------
At 30 September 2020	395,635
	------------
Carrying amount
At 30 September 2020	1,503,411
	------------
At 30 September 2019	1,693,316
	------------

6. Tangible assets

	£
Cost
At 1 October 2019	163,506
Additions	30,293
	---------
At 30 September 2020	193,799
	---------
Depreciation
At 1 October 2019	25,626
Charge for the year	24,118
	---------
At 30 September 2020	49,744
	---------
Carrying amount
At 30 September 2020	144,055
	---------
At 30 September 2019	137,880
	---------

7. Debtors

Debtors include amounts of £– (2019: £319,400) falling due after more than one year.

8. Creditors: amounts falling due after more than one year

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2019: £912,456) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The following liabilities (including both creditors falling due within one year and after more than one year) are secured by the company:

	2020	2019
	£	£
Bank loans	1,386,024	1,396,536

The company currently pays an interest rate of 2.25% above LIBOR on bank loans with a repayment profile of over 20 years.

9. Security and contingencies

The company has entered into an unlimited guarantee for bank loans made available to group companies. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for in these financial statements.

The company treats guarantees and indemnities of this nature as contingent liabilities until such time as it becomes probable that the company will be required to make a payment under the terms of the arrangement.

As at 30 September 2020 the value of the group wide bank borrowings amounted to £16.4million (2019: £16.5million).

There is a legal charge, incorporating a fixed and floating charge, over the property and assets owned by the company.

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	------------	------------	----	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	268,961	268,571
Later than 1 year and not later than 5 years	1,014,220	1,032,499
Later than 5 years	250,000	500,000
	------------	------------
	1,533,181	1,801,070
	------------	------------

12. Summary audit opinion

The auditor's report for the year dated 22 February 2022 was unqualified .

The senior statutory auditor was Tony Hornsby BA(Hons) BFP FCA , for and on behalf of MCABA Limited t/a Mitchells .

13. Related party transactions

The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group members. During the year the company provided and received loans from related parties. The balance outstanding due from/(to) related parties at 30 September 2020 are as follows:

	2020	2019
	£	£
Amounts owed to entities under common control	–	(134,175)
Amounts due from entities under common control	–	320,203
Amounts due from entities owning a controlling interest	5,300	5,300
Amounts owed to related parties	–	(53,170)
Amounts due from related parties	57,130	57,130

Outstanding balances with entities are unsecured and interest free. Within amounts due from entities under common control £nil (2019: £319,400) relates to amounts due in over one year. The remainder of balances are repayable on demand.

14. Controlling party

Alma Care Homes Broome Limited is the 100% subsidiary of Great Nursing Homes Holding s.ár.l.. A company incorporated in Luxembourg. The ultimate parent company is Princess Wilru Sárl, a company incorporated in Luxembourg. Princess Wilru Sárl is registered with the Luxembourg Register of Commerce and Companies under number B 118.903. The registered office is 2a, rue des Capucins, L-1313 Luxembourg, Grand Duchy of Luxembourg.