Gracebridge Care Limited - Filleted accounts

GRACEBRIDGE CARE LIMITED - Company Information

Registered number

10475180

Gracebridge Care Limited

Filleted Accounts

30 September 2022

Gracebridge Care Limited
Registered number:		10475180
Balance Sheet
as at 30 September 2022

Notes			2022			2021
£				£
Fixed assets
Tangible assets	4		38,302			24,108

Current assets
Debtors	5	118,600			115,478
Cash at bank and in hand		161,406			43,096
		280,006			158,574

Creditors: amounts falling due within one year	6	(470,858)			(317,153)

Net current liabilities			(190,852)			(158,579)

Net liabilities			(152,550)			(134,471)

Capital and reserves
Called up share capital			100			100
Profit and loss account			(152,650)			(134,571)

Shareholders' funds			(152,550)			(134,471)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




L J Baillie
Director
Approved by the board on 13 June 2023

Gracebridge Care Limited
Notes to the Accounts
for the year ended 30 September 2022


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover,which excludes customer refunds and trade discounts,represents the invoiced value of services supplied,and is recognised as the relevant services are delivered.Revenue is deferred to the extent it is invoiced in advance of the associated services being delivered..

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	15% reducing balance
	Motor vehicles	25% reducing balance

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2	Going Concern

	The Director has considered the company's business activities, together with the factors likely to affect its future development,performance and position that are effected due to Covid19 restrictions. The company's activities are the provision of residential care for young people aged between 10 and 18 years that have emotional and social behaviour difficulties.The nature of the care is long term and the company has track record of maintaining high occupancy levels. Due to the nature of the company's business and it and its customers being able to remain open throughout the recent 'lockdown' period in the UK, there has been no significant impact on the financial performance of the company and the director expects this to continue. Therefore the cash flow forecasts show that the company will have sufficient cash facilities throughout the next 12 months and accordingly have prepared the financial statements on a going concern basis. The company meets its day-to-day working capital requirements through its overdraft and loans facility and through credit terms with suppliers. Also financial support from the associated company. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. The director has considered cash flow forecasts and funding requirements of the business for the foreseeable future in assessing the going concern assertion. The director considers that preparing the financial statements on the going' concern basis is appropriate based on their enquiries. Having taken account of the ongoing funding requirements of the business and the facilities available to the company, the director considers that the company has the ability to fulfil its commitments for at least 12 months from the date the financial statements are signed. Therefore the director considers that the company has reasonable expectation that it can meet all of its liabilities as they fall due for the foreseeable future from the date of approval of the financial statements



3	Employees			2022		2021
Number					Number

	Average number of persons employed by the company			20		15


4	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 October 2021	15,863		14,900		30,763
	Additions	-		21,000		21,000
	At 30 September 2022	15,863		35,900		51,763

	Depreciation
	At 1 October 2021	4,420		2,235		6,655
	Charge for the year	1,756		5,050		6,806
	At 30 September 2022	6,176		7,285		13,461

	Net book value
	At 30 September 2022	9,687		28,615		38,302
	At 30 September 2021	11,443		12,665		24,108


5	Debtors			2022		2021
£					£

	Trade debtors			105,150		111,086
	Other debtors			13,450		4,392
				118,600		115,478


6	Creditors: amounts falling due within one year			2022		2021
£					£

	Trade creditors			169,583		87,492
	Amounts due to associated company			251,000		196,000
	Taxation and social security costs			22,949		13,418
	Other creditors			27,326		20,243
				470,858		317,153
7	Covid 19 Impact
	As with many organisations, we have been following Government Guidance since March 16th 2020 to minimise the risk to the public, our staff, volunteers and members. The impact on revenue will not be significant due to the nature of company's activity is provision of residential care for young people aged between 10-18 years age that thve emotional and and social behaviour difficulties (EBD).


7	Other information

	Gracebridge Care Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Arden Lodge
	946 Warwick Road
	Birmingham
	B27 6QG

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