Holly Lodge Residential Home Limited 30/06/2022 iXBRL

Holly Lodge Residential Home Limited 30/06/2022 iXBRL

HOLLY LODGE RESIDENTIAL HOME LIMITED - Company Information

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Company registration number: 02844715
Holly Lodge Residential Home Limited
Unaudited filleted financial statements
30 June 2022
Holly Lodge Residential Home Limited
Contents
Statement of financial position
Notes to the financial statements
Holly Lodge Residential Home Limited
Statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 256,469 255,407
_______ _______
256,469 255,407
Current assets
Stocks 750 750
Debtors 7 579 6,362
Cash at bank and in hand 39,835 25,292
_______ _______
41,164 32,404
Creditors: amounts falling due
within one year 8 ( 19,578) ( 20,296)
_______ _______
Net current assets 21,586 12,108
_______ _______
Total assets less current liabilities 278,055 267,515
Provisions for liabilities 9 ( 858) ( 838)
_______ _______
Net assets 277,197 266,677
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 277,097 266,577
_______ _______
Shareholders funds 277,197 266,677
_______ _______
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 March 2023 , and are signed on behalf of the board by:
Mr G Littleton
Director
Company registration number: 02844715
Holly Lodge Residential Home Limited
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Holly Lodge Residential Home, Gaskell Road, Bucknall, Stoke on Trent, ST2 9DW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and are 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:
Freehold property - Not depreciated
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2021: 16 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible assets 1,124 937
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2021 250,097 44,597 294,694
Additions - 2,186 2,186
_______ _______ _______
At 30 June 2022 250,097 46,783 296,880
_______ _______ _______
Depreciation
At 1 July 2021 - 39,287 39,287
Charge for the year - 1,124 1,124
_______ _______ _______
At 30 June 2022 - 40,411 40,411
_______ _______ _______
Carrying amount
At 30 June 2022 250,097 6,372 256,469
_______ _______ _______
At 30 June 2021 250,097 5,310 255,407
_______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors - 5,926
Prepayments 579 436
_______ _______
579 6,362
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 192 504
Corporation tax 9,025 11,512
Social security and other taxes 2,214 1,618
Director loan accounts 3,947 2,462
Accruals 4,200 4,200
_______ _______
19,578 20,296
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 July 2021 839 839
Charges against provisions 19 19
_______ _______
At 30 June 2022 858 858
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note 9) 858 838
_______ _______
11. Related party transactions
Mrs S M Harrison and Mr G Littleton are related parties by virtue of their directorship and shareholding in the company.During the year Mr G Littleton introduced net monies amounting to £104. (2021 : £104). As at 30 June 2022 Mr G Littleton was owed £1,302 (2021: £1,198).During the year Mrs S Harrison introduced monies amounting to £1,381 (2021: £104). As at 30 June 2022 Mrs S Harrison was owed £2,645 (2021: £1,264).During the year Mr G Littleton and Mrs S Harrison received equity dividends on ordinary shares in the sum of £30,000. (2021 : £70,000)
12. Controlling party
The company is jointly controlled by Mr G Littleton and Mrs S M Harrison by virtue of their combined 100% interest in the ordinary shares of the company.