Carefirst Homes Limited 28/02/2018 iXBRL

Carefirst Homes Limited 28/02/2018 iXBRL

CAREFIRST HOMES LIMITED - Company Information

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28/02/2018 2018-02-28 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-03-01 Sage Accounts Production 18.11 - FRS xbrli:pure xbrli:shares iso4217:GBP 05355316 2017-03-01 2018-02-28 05355316 2018-02-28 05355316 2017-02-28 05355316 2016-03-01 2017-02-28 05355316 2017-02-28 05355316 bus:RegisteredOffice 2017-03-01 2018-02-28 05355316 bus:LeadAgentIfApplicable 2017-03-01 2018-02-28 05355316 bus:Director1 2017-03-01 2018-02-28 05355316 bus:CompanySecretary1 2017-03-01 2018-02-28 05355316 core:NetGoodwill 2017-02-28 05355316 core:LandBuildings core:OwnedOrFreeholdAssets 2017-02-28 05355316 core:FurnitureFittingsToolsEquipment 2017-02-28 05355316 core:LandBuildings core:OwnedOrFreeholdAssets 2018-02-28 05355316 core:WithinOneYear 2018-02-28 05355316 core:WithinOneYear 2017-02-28 05355316 core:AfterOneYear 2018-02-28 05355316 core:AfterOneYear 2017-02-28 05355316 core:NetGoodwill 2017-03-01 2018-02-28 05355316 core:LandBuildings core:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 05355316 core:FurnitureFittingsToolsEquipment 2017-03-01 2018-02-28 05355316 core:ShareCapital 2018-02-28 05355316 core:ShareCapital 2017-02-28 05355316 core:RetainedEarningsAccumulatedLosses 2018-02-28 05355316 core:RetainedEarningsAccumulatedLosses 2017-02-28 05355316 core:CostValuation core:Non-currentFinancialInstruments 2018-02-28 05355316 core:Non-currentFinancialInstruments 2018-02-28 05355316 core:Non-currentFinancialInstruments 2017-02-28 05355316 core:AcceleratedTaxDepreciationDeferredTax 2018-02-28 05355316 core:AcceleratedTaxDepreciationDeferredTax 2017-02-28 05355316 core:LandBuildings core:OwnedOrFreeholdAssets 2017-02-28 05355316 bus:SmallEntities 2017-03-01 2018-02-28 05355316 bus:AuditExempt-NoAccountantsReport 2017-03-01 2018-02-28 05355316 bus:FullAccounts 2017-03-01 2018-02-28 05355316 bus:SmallCompaniesRegimeForAccounts 2017-03-01 2018-02-28 05355316 bus:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 05355316 core:ComputerEquipment 2017-02-28 05355316 core:ComputerEquipment 2017-03-01 2018-02-28 05355316 core:WithinOneYear 2017-03-01 2018-02-28 05355316 core:AfterOneYear 2017-03-01 2018-02-28 05355316 1 2017-03-01 2018-02-28
Company registration number: 05355316
Carefirst Homes Limited
Unaudited filleted financial statements
28 February 2018
Carefirst Homes Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Carefirst Homes Limited
Directors and other information
Director Mrs M Nawal
Secretary Mr A Nawal
Company number 05355316
Registered office 98 Lancaster Road
Newcastle under Lyme
Staffordshire
ST5 1DS
Accountants Jacksons
Chartered Accountants
Deansfield House
98 Lancaster Road
Newcastle under Lyme
Staffordshire
ST5 1DS
Carefirst Homes Limited
Statement of financial position
28 February 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,388,996 1,388,996
Investments 7 2 2
_______ _______
1,388,998 1,388,998
Current assets
Debtors 8 278 2,434
Cash at bank and in hand 554 -
_______ _______
832 2,434
Creditors: amounts falling due
within one year 9 ( 661,677) ( 652,353)
_______ _______
Net current liabilities ( 660,845) ( 649,919)
_______ _______
Total assets less current liabilities 728,153 739,079
Creditors: amounts falling due
after more than one year 10 ( 690,438) ( 732,470)
_______ _______
Net assets 37,715 6,609
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 37,615 6,509
_______ _______
Shareholders funds 37,715 6,609
_______ _______
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 April 2018 , and are signed on behalf of the board by:
Mrs M Nawal
Director
Company registration number: 05355316
Carefirst Homes Limited
Notes to the financial statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold land and buildings - Not depreciated
Fixtures, fittings and equipment - 25% straight line
Computer equipment - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Staff costs
The average number of persons employed by the company during the year amounted to - (2017: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2017 20,000 20,000
Disposals (20,000) (20,000)
_______ _______
At 28 February 2018 - -
_______ _______
Amortisation
At 1 March 2017 20,000 20,000
Disposals ( 20,000) ( 20,000)
_______ _______
At 28 February 2018 - -
_______ _______
Carrying amount
At 28 February 2018 - -
_______ _______
At 28 February 2017 - -
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 March 2017 1,388,996 32,644 4,092 1,425,732
Disposals - ( 32,644) ( 4,092) ( 36,736)
_______ _______ _______ _______
At 28 February 2018 1,388,996 - - 1,388,996
_______ _______ _______ _______
Depreciation
At 1 March 2017 - 32,644 4,092 36,736
Disposals - ( 32,644) ( 4,092) ( 36,736)
_______ _______ _______ _______
At 28 February 2018 - - - -
_______ _______ _______ _______
Carrying amount
At 28 February 2018 1,388,996 - - 1,388,996
_______ _______ _______ _______
At 28 February 2017 1,388,996 - - 1,388,996
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 March 2017 and 28 February 2018 2 2
_______ _______
Impairment
At 1 March 2017 and 28 February 2018 - -
_______ _______
Carrying amount
At 28 February 2018 2 2
_______ _______
At 28 February 2017 2 2
_______ _______
8. Debtors
2018 2017
£ £
Other debtors 278 2,434
_______ _______
9. Creditors: amounts falling due within one year
2018 2017
£ £
Mortgage and bank overdraft 42,098 45,062
Trade creditors - 5,768
Amounts owed to group undertakings and undertakings in which the company has a participating interest 186,592 154,647
Corporation tax 2,849 3,536
Social security and other taxes - 8
Other creditors 430,138 443,332
_______ _______
661,677 652,353
_______ _______
The mortgage and bank overdraft are secured.
10. Creditors: amounts falling due after more than one year
2018 2017
£ £
Mortgage 690,438 732,470
_______ _______
The mortgage is secured.
Included within creditors: amounts falling due after more than one year is an amount of £ 462,528 (2017 £ 514,608 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018 2017
£ £
Included in debtors (note 8) 278 340
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2018 2017
£ £
Accelerated capital allowances 278 340
_______ _______
12. Related party transactions
Mrs M Nawal is a related party by virtue of her directorship of and shareholding in the company.Priorcare Homes Limited is a related party by virtue of its common directorship in Mrs M Nawal and Mrs M Nawal 's interest in the share capital of both Carefirst Homes Limited and Priorcare Homes Limited.Priorcare Homes Limited has provided Carefirst Homes Limited with a loan, on which interest has been charged, such that at the year end Carefirst Homes Limited owed Priorcare Homes Limited the sum of £421,738 (2017: £434,932).Heaton Lodge Limited is a related party by virtue of Carefirst Homes Limited 's interest in the share capital of Heaton Lodge Limited and its common directorship in Mrs M Nawal.Heaton Lodge Limited has provided Carefirst Homes Limited with an interest free loan such that at the year end Carefirst Homes Limited owed Heaton Lodge Limited the sum of £100,412 (2017: £48,529).Clyde House Limited is a related party by virtue of Carefirst Homes Limited 's interest in the share capital of Clyde House Limited and its common directorship in Mrs M Nawal.Clyde House Limited has provided Carefirst Homes Limited with an interest free loan such that at the year end Carefirst Homes Limited owed Clyde House Limited the sum of £86,180 (2017: £106,118).
13. Controlling party
The company is under the control of Mrs M Nawal by virtue of her entire shareholding therein.