Hardwick Dene Ltd - Accounts to registrar (filleted) - small 23.2.5

Hardwick Dene Ltd - Accounts to registrar (filleted) - small 23.2.5


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REGISTERED NUMBER: 09166794 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

HARDWICK DENE LTD

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HARDWICK DENE LTD

Company Information
for the year ended 31 March 2023







Directors: Mr K P Sohal
Mrs H K Sohal
Mr K I S Sohal





Secretary: Mr K P Sohal





Registered office: 51 Parkstone Avenue
Emerson Park
Hornchurch
Essex
RM11 3LN





Registered number: 09166794 (England and Wales)





Accountants: Haines Watts Essex LLP
Chartered Accountants
Juniper House
Warley Hill Business Park
The Drive
Brentwood
Essex
CM13 3BE

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 222,500 267,000
Tangible assets 5 2,328,160 2,319,258
2,550,660 2,586,258

Current assets
Debtors 6 1,881,182 1,798,823
Cash at bank and in hand 60,994 53,040
1,942,176 1,851,863
Creditors
Amounts falling due within one year 7 365,050 347,316
Net current assets 1,577,126 1,504,547
Total assets less current liabilities 4,127,786 4,090,805

Creditors
Amounts falling due after more than one
year

8

(2,062,584

)

(2,142,825

)

Provisions for liabilities 11 (10,963 ) (9,235 )
Net assets 2,054,239 1,938,745

Capital and reserves
Called up share capital 12 3 3
Retained earnings 2,054,236 1,938,742
Shareholders' funds 2,054,239 1,938,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Statement of Financial Position - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





Mr K P Sohal - Director


HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

Hardwick Dene Ltd 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. Accounting policies

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

Turnover
Turnover represents the charges made to residents for care and related services. Such charges are exempt for VAT purposes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of thirteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - nil on land & buildings
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


2. Accounting policies - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. Employees and directors

The average number of employees during the year was 40 (2022 - 38 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2022
and 31 March 2023 585,917
Amortisation
At 1 April 2022 318,917
Amortisation for year 44,500
At 31 March 2023 363,417
Net book value
At 31 March 2023 222,500
At 31 March 2022 267,000

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


5. Tangible fixed assets
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2022 2,267,439 114,927 11,538 9,260 2,403,164
Additions - 24,081 - - 24,081
At 31 March 2023 2,267,439 139,008 11,538 9,260 2,427,245
Depreciation
At 1 April 2022 - 73,580 5,252 5,074 83,906
Charge for year - 13,085 1,257 837 15,179
At 31 March 2023 - 86,665 6,509 5,911 99,085
Net book value
At 31 March 2023 2,267,439 52,343 5,029 3,349 2,328,160
At 31 March 2022 2,267,439 41,347 6,286 4,186 2,319,258

The directors carried out their annual review of the company's assets. They considered whether there were any adverse market or legal changes which could materially reduce the likely recoverable value of the property, or whether there was any evidence of physical deterioration or damage advised by any appraisers or professional consultants.

Having considered the facts, the directors are of the opinion that the potential residual value of the property will not be less than the values as shown in the company's accounts and as such depreciation should not be charged against the company's freehold property.

6. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 53,556 123,478
Other debtors 74,862 156,242
128,418 279,720

Amounts falling due after more than one year:
Other debtors 1,752,764 1,519,103

Aggregate amounts 1,881,182 1,798,823

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 173,780 189,632
Trade creditors 28,968 28,532
Taxation and social security 116,291 82,184
Other creditors 46,011 46,968
365,050 347,316

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 1,804,028 1,970,769
Other creditors 258,556 172,056
2,062,584 2,142,825

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,239,116 1,279,949

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 9,475 9,475
Between one and five years 37,901 37,901
In more than five years 13,423 22,898
60,799 70,274

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,977,808 2,160,401

The company has provided security to its bankers, Barclays Bank PLC, by way of a negative pledge. This security is provided in respect of any monies due to the bank.

11. Provisions for liabilities
2023 2022
£    £   
Deferred tax 10,963 9,235

Deferred
tax
£   
Balance at 1 April 2022 9,235
Provided during year 1,728
Balance at 31 March 2023 10,963

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3 Ordinary £1 3 3

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


13. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr K P Sohal and Mrs H K Sohal
Balance outstanding at start of year 57,707 -
Amounts advanced - 57,707
Amounts repaid (57,707 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 57,707

Mrs H K Sohal
Balance outstanding at start of year 22,434 -
Amounts advanced 129,272 22,434
Amounts repaid (151,706 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 22,434

Mr K I S Sohal
Balance outstanding at start of year 58,939 -
Amounts advanced 67,792 58,939
Amounts repaid (126,731 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 58,939

14. Related party disclosures

The company has provided security to the bankers of the below companies under common control

Milton Lodge Limited
Chalkney House Limited
Sohal Healthcare Limited
Hazeldell Limited

The bankers are Barclays Bank PLC, and security has been provided by way of a negative pledge. This security is provided in respect of any monies due to the bank.

Milton Lodge Limited

A company under common control.


2023 2022
£    £   
Amount due from related party at the balance sheet date 206,957 206,957

The loan is interest free and is repayable in 53 weeks.

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


14. Related party disclosures - continued

Hazeldell Ltd

A company under common control.


2023 2022
£    £   
Amount due from related party at the balance sheet date 452,080 452,080

The loan is interest free and is repayable in 53 weeks.

Brook House Health Ltd

A company under common control.


2023 2022
£    £   
Amount due from related party at the balance sheet date 126,833 126,833

The loan is interest free and is repayable in 53 weeks.

JK Healthcare Ltd

A company under common control.


2023 2022
£    £   
Amount due from related party at the balance sheet date - 44,539

The loan is interest free and is repayable in 53 weeks.

Sohal Healthcare Limited

A company under common control.


2023 2022
£    £   
Amount due to related party at the balance sheet date 250,105 171,605

The loan is interest free and is repayable in 53 weeks.

Oak Health UK Ltd

Mrs Sohal is a 50% shareholder of the company.


2023 2022
£    £   
Amount due from related party at the balance sheet date 159,953 159,953

The loan is interest free and is repayable in 53 weeks.

HARDWICK DENE LTD (REGISTERED NUMBER: 09166794)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


14. Related party disclosures - continued

Maple Healthcare Limited

A company under common control.


2023 2022
£    £   
Amount due from related party at the balance sheet date 41,743 41,743

The loan is interest free and is repayable in 53 weeks.

The Willows Ipswich Limited

A company under common control.


2023 2022
£    £   
Amount due to related party at the balance sheet date 8,450 450

The loan is interest free and is repayable in 53 weeks.

JKS Developments Ltd

A company under common control.


2023 2022
£    £   
Amount due from related party at the balance sheet date 765,200 487,000

The loan is interest free and is repayable in 53 weeks.