Speed 9395 Limited - Limited company accounts 23.1
Speed 9395 Limited - Limited company accounts 23.1
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
SPEED 9395 LIMITED |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 July 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
SPEED 9395 LIMITED |
COMPANY INFORMATION |
for the year ended 31 July 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Coventry University |
Technology Park |
Puma Way |
Coventry |
CV1 2TT |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
STRATEGIC REPORT |
for the year ended 31 July 2022 |
The directors present their strategic report for the year ended 31 July 2022. |
The company has been trading within the healthcare sector providing care home services. |
Key performance indicators are turnover, gross profit margin and costs. |
During the year, the company has continued to consolidate in different aspects of its main strategic objectives which includes to continue to increase profits. |
The turnover of the company increased by 11.4% to £4,279,374 (2021 - £ 3,791,771). This was due to the care home fees increasing. |
The gross profit margin for the year decreased to 38.3% (2021 - 39.1%) This was as a result of an increased use of agency staff and the overall market prices increasing. |
Operating profit went up to £1,270,312 (2021 - £1,153,054). |
As at the year end, the company is in a net asset position of £8,121,484 (2021 - net asset position of £7,105,081). |
The directors consider due to the increase in net profit despite the challenging trading circumstances, the results are reasonable and together with the reduction in trading competition, result in them to look forward to the future. |
The main elements of the company's strategy are as follows: |
(a) Manage the principal risks and uncertainties facing the business. |
(b) Maintaining existing client relationship and develop new businesses by improving on the full range of services |
to ensure future growth. |
(c) Providing enhanced responsive services and seek new contracts through established contacts and marketing. |
IMPACT OF THE CORONAVIRUS PANDEMIC ON THE COMPANY |
The company has been very pro-active and taken the necessary measures to prevent cases of Covid-19 in all their care homes especially in providing personal protective equipment (PPE) to all their staff and ensuring the care homes are kept free of the virus as much as possible by the infection control measures undertaken and obtaining access to Covid-19 testing for all their staff and residents. |
Where possible, cohorted units have been created to isolate those with Covid-19 symptoms and to create a safe and sustainable admissions process. |
In our opinion there is no significant financial or other impact on the business due to the pandemic during the year ended 31 July 2022, although uncertainties exist post year end. |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
STRATEGIC REPORT |
for the year ended 31 July 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties of the company are summarised below. The board has reviewed and agreed policies for managing each of the risks. |
Financial risk exposure |
The company's financial instruments comprised of borrowing and cash that arise directly from its operation. The main purpose of these financial instruments was to fund the company's operations as well as to manage working capital, liquidity and invest surplus funds. |
Interest rate risk |
The company continues to finance its operations from bank loans. Accordingly, borrowings, up until repayment, are at variable interest rates which are subject to fluctuations in the base rates. |
Liquidity risk |
The company continuously monitors its liquid assets to ensure it has sufficient cash and cash equivalents to meet its operational requirements. |
Credit risk |
The company has no significant concertation of credit risk. The company has policies in place to ensure that sales are made to customers with an appropriate credit history. |
Management of risks |
The directors continue to assess the risks facing the company which are - The unforeseen economic and other conditions and the market in which the company operates. The risk of losing key customers is low due to continuous nurturing of relationships. The company has continued to develop and maintain contacts with the local authorities. |
ON BEHALF OF THE BOARD: |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
REPORT OF THE DIRECTORS |
for the year ended 31 July 2022 |
The directors present their report with the financial statements of the company for the year ended 31 July 2022. |
PRINCIPAL ACTIVITY |
The company obtained a certificate of registration to provide care home services from the Care Inspectorate in Wales. The company provided care home services with effect from 1st August 2019 at Swn-Y-Mor Care Centre, Scarlett Avenue, Port Talbot. SA12 7PH. The company terminated its rental agreement with Handsale Limited on the same date. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2021 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
REPORT OF THE DIRECTORS |
for the year ended 31 July 2022 |
AUDITORS |
The auditors, Accumen Business Consultancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPEED 9395 LIMITED |
Opinion |
We have audited the financial statements of Speed 9395 Limited (the 'company') for the year ended 31 July 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2022 and of its profit 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPEED 9395 LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPEED 9395 LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with management and directors, and from our knowledge and experience of this company; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, CQC inspections, safeguarding, health and safety, data protection and employment law; |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and directors; |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management and directors as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risks of fraud through management override controls, we: |
- Performed analytical procedures to identify any unusual or unexpected variances; |
- Tested journal entries to identify unusual transactions; |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Reading the minutes of meetings of those charged with governance; |
- Enquiring of management as to actual and potential litigation and claims. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPEED 9395 LIMITED |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
Coventry University |
Technology Park |
Puma Way |
Coventry |
CV1 2TT |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
INCOME STATEMENT |
for the year ended 31 July 2022 |
31.7.22 | 31.7.21 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 July 2022 |
31.7.22 | 31.7.21 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
BALANCE SHEET |
31 July 2022 |
31.7.22 | 31.7.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Revaluation reserve | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 July 2022 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 August 2020 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2022 |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 July 2022 |
1. | STATUTORY INFORMATION |
Speed 9395 Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment property measured at fair value through the statement of comprehensive income. |
The financial statements have been prepared for the year ended 31st July 2022. However, the accounting reference date is 28th July 2022. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
No significant judgements have been made by management in preparing these financial statements. |
The director has made the following key assumptions: |
- The fair value estimation of the investment property is based on the latest independent valuation obtained, the state of the property market in the location where the property is situated and rental potential of the property. |
- The carrying amount of balances receivable from a group undertaking is determined after giving consideration to past experience of collecting payments and the financial position of the relevant group undertaking. |
A different assessment of these considerations may result in different values being determined. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at an annual rate of 15% on a reducing balance basis in order to write off each asset over its estimated useful life. |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings. |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. |
Loans and receivables |
Loans and receivables are non-derivative financial assets with fixed or determinable payments. These include: |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value at their nominal amount less impairment losses if due in less than 12 months. Subsequent to initial recognition, trade and other receivables are valued at amortised cost less impairment losses. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. The cash and cash equivalents are stated at their nominal values, as this approximates to amortised cost. |
Other financial liabilities |
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. |
Loans and borrowings |
These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method. |
Trade and other payables |
Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. |
Impairment of financial assets |
For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows. |
Offsetting of financial instruments |
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. |
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 balance sheet date. |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2022 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
5. | EMPLOYEES AND DIRECTORS |
31.7.22 | 31.7.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.7.22 | 31.7.21 |
Employees |
31.7.22 | 31.7.21 |
£ | £ |
Directors' remuneration |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2022 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.7.22 | 31.7.21 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.22 | 31.7.21 |
£ | £ |
Loan interest |
Bank loan interest |
Interest payable |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.22 | 31.7.21 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.7.22 | 31.7.21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Group Relief | - | (11,594 | ) |
Total tax charge | 112,454 | 180,886 |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2022 |
9. | DIVIDENDS |
31.7.22 | 31.7.21 |
£ | £ |
Ordinary shares of £1 each share of 1 |
Interim |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 August 2021 |
Additions |
At 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2022 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
The company has provided security in the form of a fixed and floating legal charge over its investment land and property situated at Swn-Y-Mor, Scarlet Avenue, Aberavon, Port Talbot SA12 7PB to the bank in support of a bank loan to H & H Care Homes Limited, a fellow subsidiary company. |
13. | PROVISIONS FOR LIABILITIES |
31.7.22 | 31.7.21 |
£ | £ |
Deferred tax | 1,001,234 | 1,001,234 |
Deferred |
tax |
£ |
Balance at 1 August 2021 |
Balance at 31 July 2022 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.22 | 31.7.21 |
value: | £ | £ |
Ordinary shares of £1 each | 1 | 1 | 1 |
SPEED 9395 LIMITED (REGISTERED NUMBER: 04577816) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2022 |
15. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2021 | 7,105,080 |
Profit for the year |
At 31 July 2022 | 8,121,483 |
Where there is a cumulative increase in the fair value of investment property in excess of any previous impairment losses, this is included in the revaluation reserve and is non-distributable. |
16. | RELATED PARTY TRANSACTIONS |
The company is a wholly owned subsidiary undertaking of Starcare Homes Limited. On 20th December 2018, Starcare Homes Limited became a wholly owned subsidiary undertaking of Handsale Limited following the acquisition of the remaining 50% shareholding from the director, Mr Bhupendra Sodha. Handsale Limited is wholly owned by his brother, Mr Bharat Sodha and his family. |
The company has provided security in the form of a first fixed legal charge over its investment property situated at Swn-Y-Mor, Scarlet Avenue, Aberavon, Port Talbot SA12 7PB and by a fixed and floating charge on its other assets and undertakings to the bank in support of a bank loan to H & H Care Homes Limited, a fellow subsidiary company. |
17. | ULTIMATE CONTROLLING PARTY |
The controlling party is B C Sodha. |
The ultimate controlling party is the director, Bharat Sodha and his family. |
The immediate parent company is Starcare Homes Limited and the ultimate parent company is Handsale Limited, both incorporated in England and Wales. |
The entity's place of business is Scarlet Avenue, Aberavon, Port Talbot SA12 7PH. Group accounts are prepared by Handsale Limited and are available from the registered office at - |
3rd Floor Westbury House, 23-25 Bridge Street, Pinner, Middlesex, England, HA5 3HR |