Cliffe Vale Residential Home Limited - Period Ending 2023-05-31

Cliffe Vale Residential Home Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Cliffe Vale Residential Home Limited

(Registration number: 04223008)
Balance Sheet as at 31 May 2023

	Note	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	5		18,466		21,284
Current assets
Stocks		1,000		1,000
Debtors	6	31,617		16,547
Cash at bank and in hand		110,015		136,963
		142,632		154,510
Creditors: Amounts falling due within one year	7	(42,607)		(52,858)
Net current assets			100,025		101,652
Total assets less current liabilities			118,491		122,936
Provisions for liabilities			(3,000)		(5,000)
Net assets			115,491		117,936
Capital and reserves
Called up share capital	8	100		100
Profit and loss account		115,391		117,836
Total equity			115,491		117,936

Cliffe Vale Residential Home Limited

(Registration number: 04223008)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 2023 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 December 2023 and signed on its behalf by:
 

......................................... M G Williams Director

Cliffe Vale Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
228 Bradford Road
Shipley
West Yorkshire
BD18 3AN

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when (a) the amount of revenue can be measured reliably and (b) it is probable that future economic benefits will flow to the entity.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Cliffe Vale Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives.

If there is an indication that there has been a significant change in estimated useful life or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

Depreciation is charged as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance

Stocks

Stocks are stated at cost. Cost is determined using the first-in, first-out (FIFO) method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the
lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Cliffe Vale Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 37 (2022 - 34).

4	Government grants

During the year the company has received grant income of £Nil (2022: £20,479) in relation to the workforce recruitment and retention fund for adult social services, £Nil (2022: £2,000 in relation to apprenticeship training grants, £30,349 (2022: £38,882) in respect of the Infection Control Fund to tackle the spread of covid-19 in care homes and £Nil (2022: £35,000) in respect of the Occupancy Support Grant.

The amount of grants recognised in the financial statements was £30,349 (2022 - £96,361).

Cliffe Vale Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 June 2022	63,104	63,104
Additions	553	553
Disposals	(503)	(503)
At 31 May 2023	63,154	63,154
Depreciation
At 1 June 2022	41,820	41,820
Charge for the year	3,275	3,275
Eliminated on disposal	(407)	(407)
At 31 May 2023	44,688	44,688
Carrying amount
At 31 May 2023	18,466	18,466
At 31 May 2022	21,284	21,284

6

Debtors

Current	2023 £	2022 £
Trade debtors	29,513	16,075
Prepayments	2,104	472
	31,617	16,547

Cliffe Vale Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

	2023  £	2022  £
Due within one year
Loans and borrowings	15,060	13,907
Trade creditors	1,406	1,785
Other creditors	1,209	-
Social security and other taxes	4,188	4,749
Corporation tax	4,600	11,500
Accruals and deferred income	16,144	20,917
	42,607	52,858

8	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £49,630 (2022 - £44,859).

10	Related party transactions

Expenditure with and payables to related parties

2023	Key management £
Amounts payable to related party	15,060

2022	Key management £
Amounts payable to related party	13,907