Cream I Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06528178 (England and Wales)

CREAM I LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M L Reed

REGISTERED OFFICE:

Osborne House

Trull Road

Taunton

Somerset

TA1 4PX

REGISTERED NUMBER:

06528178 (England and Wales)

AUDITORS:

Mark Holt & Co Limited

Chartered Accountants

Statutory Auditors

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

121,872

115,553

121,872

115,553

CURRENT ASSETS

Stocks

4,561

8,701

Debtors

7

1,032,586

624,342

Cash at bank and in hand

142,417

262,970

1,179,564

896,013

CREDITORS

Amounts falling due within one year

8

745,590

491,839

NET CURRENT ASSETS

433,974

404,174

TOTAL ASSETS LESS CURRENT LIABILITIES

555,846

519,727

PROVISIONS FOR LIABILITIES

30,500

22,000

NET ASSETS

525,346

497,727

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

525,246

497,627

SHAREHOLDERS' FUNDS

525,346

497,727

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 director and authorised for issue on 13 December 2023 and were signed by:

M L Reed - Director

1.	STATUTORY INFORMATION

Cream I 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover represents net invoiced specialist care home fees and is recognised per night that a room is occupied.

Turnover is deferred where amounts have been invoiced, but these relate to services to be provided in future periods. Turnover is accrued where amounts have yet to be invoiced, but where the services have been provided in the period to date.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of eight years.

Goodwill has historically been subject to an annual impairment review undertaken by the directors, with any permanent diminution in value taken to the profit and loss account.

Goodwill has now been fully amortised in accordance with the above policy. However, no adjustment has been made to reflect the continuing value of goodwill inherent in the business.

Tangible fixed assets

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

Fixtures and fittings - 15% on reducing balance

Computer equipment - 15% on reducing balance

Tangible fixed assets are recognised initially at cost and subsequently at cost less accumulated depreciation and any impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Stocks

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

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under purchase contracts are depreciated over their estimated usual lives. Those held under finance leases are depreciated over their estimated useful lives or their 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

Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provision for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for the period of absence.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2022 - NIL ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

1,710,000

AMORTISATION

At 1 May 2022

and 30 April 2023

1,710,000

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 May 2022

390,552

22,637

413,189

Additions

27,263

-

27,263

Disposals

(1,727

)

-

(1,727

)

At 30 April 2023

416,088

22,637

438,725

DEPRECIATION

At 1 May 2022

279,665

17,971

297,636

Charge for year

19,215

700

19,915

Eliminated on disposal

(698

)

-

(698

)

At 30 April 2023

298,182

18,671

316,853

NET BOOK VALUE

At 30 April 2023

117,906

3,966

121,872

At 30 April 2022

110,887

4,666

115,553

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

240,067

160,908

Amounts owed by group undertakings

-

53,476

Other debtors

792,519

409,958

1,032,586

624,342

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

40,862

54,984

Amounts owed to group undertakings

458,897

204,304

Taxation and social security

85,078

54,141

Other creditors

160,753

178,410

745,590

491,839

9.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

389,744

92,000

Between one and five years

1,558,976

368,000

In more than five years

2,934,292

782,000

4,883,012

1,242,000

There is an operating lease in place with respect to the premises from which the care activities are provided.

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

The Report of the Auditors was unqualified.

Simon Law (Senior Statutory Auditor)

for and on behalf of Mark Holt & Co Limited

11.	RELATED PARTY DISCLOSURES

There are amounts owed from companies and partnerships under common control at the year end. These balances are unsecured and have no set terms of repayment and hence have been shown as due in less than one year. The total amount due from all non-group related parties at the year end is £778,390 (2022: £382,470) and this is included within other debtors.

12.	ULTIMATE PARENT COMPANY

The immediate parent company is deemed to be CCG Enterprises Limited at the year end. Their registered office is Osborne House, Trull Road, Taunton, Somerset TA1 4PX.

The ultimate parent company is deemed to be CCGE Parasol Limited at the year end. Their registered office is Osborne House, Trull Road, Taunton, Somerset TA1 4PX.

Consolidated accounts for the group can be found at Companies House, Crown Way, Cardiff CF14 3UZ.

Martin Reed is the ultimate controlling party.