New Care Lytham (Opco) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09963046 (England and Wales)

Financial Statements

for the Year Ended 31 March 2023

for

New Care Lytham (Opco) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D R Foran

Mr J M McGoff

Mr D T McGoff

Mr D J P McGoff

Mr C A McGoff

Mr D J Kay

Ms C Fairhurst

Ms D Collett

REGISTERED OFFICE:

1 St Georges Court

Altrincham Business Park

Altrincham

United Kingdom

WA14 5UA

REGISTERED NUMBER:

09963046 (England and Wales)

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

SOLICITORS:

Beyond Corporate Limited

2nd Floor

6 Commercial Street

Manchester

M15 4PZ

ASSETS

FIXED ASSETS

Tangible assets

4

48,721

38,692

48,721

38,692

CURRENT ASSETS

Stocks

3,103

3,103

Debtors

5

473,780

615,954

Cash at bank and in hand

23,117

6,133

500,000

625,190

548,721

663,882

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(920,900

)

(967,923

)

(920,899

)

(967,922

)

PROVISIONS FOR LIABILITIES

12,180

-

CREDITORS

Amounts falling due within one year

6

1,457,440

1,631,804

1,457,440

1,631,804

548,721

663,882

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:

Mr D R Foran - Director

1.	STATUTORY INFORMATION

New Care Lytham (Opco) Limited 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.

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.

The directors have opted to adopt option 2 under the Companies Act 2006 with regards to the presentation of its Statement of financial position. This is to more accurately represent the prevailing funding structure of the company to shareholders and key stakeholders.

The following principal accounting policies have been applied:

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability.

Tangible fixed assets

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Care home fee income is recognised in the period the resident has stayed at the care home and other income is recognised at the point the service has been provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Office and medical equipment

-

25% on cost

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the income statement in the same period as the related expenditure.

Going concern

The directors have prepared forecasts that have demonstrated that the Group has adequate resources and available credit facilities to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. As such, the directors are satisfied that the company has adequate resources and the support of the group to enable it to continue trading as a going concern. For this reason, they continue to adopt the going concern basis for preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 108 (2022 - 109 ) .

4.	TANGIBLE FIXED ASSETS

Office

Fixtures

and

Plant and

and

medical

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

2,035

73,804

49,399

125,238

Additions

-

10,188

22,862

33,050

At 31 March 2023

2,035

83,992

72,261

158,288

DEPRECIATION

At 1 April 2022

1,179

57,244

28,123

86,546

Charge for year

463

11,727

10,831

23,021

At 31 March 2023

1,642

68,971

38,954

109,567

NET BOOK VALUE

At 31 March 2023

393

15,021

33,307

48,721

At 31 March 2022

856

16,560

21,276

38,692

5.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

-

4,380

Other debtors

15,769

4,824

Deferred tax asset

-

154,000

Prepayments

271,373

259,781

287,142

422,985

2023

2022

£

£

Amounts falling due after more than one year:

Prepayments and accrued income

186,638

192,969

Aggregate amounts

473,780

615,954

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

112,705

119,830

Amounts owed to group undertakings

1,083,677

1,265,813

Amounts owed to participating interests

26,340

11,620

Social security and other taxes

61,633

64,852

Other creditors

157,895

139,380

Accrued expenses

15,190

30,309

1,457,440

1,631,804

The assets of the company have been provided as security as part of a first legal charge in respect of a lease agreement.

Amounts owed to group undertakings are repayable on demand and do not attract interest.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

994,439

947,193

Between one and five years

4,305,600

4,136,877

In more than five years

40,744,508

41,470,340

46,044,547

46,554,410

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Samuel Bacall BSc(Hons) BFP ACA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

9.	OTHER FINANCIAL COMMITMENTS

The company has provided a guarantee in respect of a bank overdraft facility of New Care Corporate Ltd. The balance of the overdraft at 31 March 2023 amounted to £981,328 (2022: £617,812 )

10.	RELATED PARTY DISCLOSURES

During the year the company was invoiced £12,179 (2022: £14,161) and at 31 March 2023 owed £26,340 (2022: £11,620) to a company related by common control.

11.	ULTIMATE CONTROLLING PARTY