Cooksditch House Care Ltd - Period Ending 2018-04-30

Registration number: 10661382

Cooksditch House Care Ltd

Annual Report and Unaudited Financial Statements

for the Period from 9 March 2017 to 30 April 2018

Hazlewoods LLP
Windor House
Bayshill Road
Cheltenham
GL50 3AT

Cooksditch House Care Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Cooksditch House Care Ltd

Company Information

Directors

D Patel J Patel RM Patel

Registered office

Cooksditch House East Street Faversham Kent

Accountants

Hazlewoods LLP Windor House Bayshill Road Cheltenham GL50 3AT

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Cooksditch House Care Ltd

(Registration number: 10661382)
Balance Sheet as at 30 April 2018

	Note	30 April 2018  £
Fixed assets
Intangible assets	4	1,587,518
Tangible assets	5	2,429,122
		4,016,640
Current assets
Debtors	6	100,824
Cash at bank and in hand		188,167
		288,991
Creditors: Amounts falling due within one year	7	(329,527)
Net current liabilities		(40,536)
Total assets less current liabilities		3,976,104
Creditors: Amounts falling due after more than one year	7	(3,870,955)
Net assets		105,149
Capital and reserves
Called up share capital		150
Profit and loss account		104,999
Total equity		105,149

For the financial period ending 30 April 2018 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 December 2018 and signed on its behalf by:
 

.

J Patel
Director

The notes on pages 3 to 8 form an integral part of these financial statements.
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Cooksditch House Care Ltd

Notes to the Financial Statements for the Period from 9 March 2017 to 30 April 2018

1

General information

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

The address of its registered office is:
Cooksditch House
East Street
Faversham
Kent

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns,rebates and discounts and after eliminating sales within the company. The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

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

The current 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

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Cooksditch House Care Ltd

Notes to the Financial Statements for the Period from 9 March 2017 to 30 April 2018

Asset class	Depreciation method and rate
Freehold property	1 % straight line method
Fixtures, fittings and equipment	20% reducing balance method
Office equipment	20% reducing balance method

Land of £481,500 is not depreciated.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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.

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Cooksditch House Care Ltd

Notes to the Financial Statements for the Period from 9 March 2017 to 30 April 2018

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

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Cooksditch House Care Ltd

Notes to the Financial Statements for the Period from 9 March 2017 to 30 April 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

	9 March 2017 to 30 April 2018  No.
Average number of employees	53

4

Intangible assets

	Goodwill  £
Cost
Additions and at 30 April 2018	1,635,000
Amortisation
Amortisation charge and at 30 April 2018.	47,482
Carrying amount
At 30 April 2018	1,587,518

5

Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost
Additions and at 30 April 2018	2,424,924	17,346	2,442,270
Depreciation
Charge for the period and at 30 April 2018	11,288	1,860	13,148
Carrying amount
At 30 April 2018	2,413,636	15,486	2,429,122

6

Debtors

	30 April 2018  £
Trade debtors	100,774
Other debtors	50
	100,824

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Cooksditch House Care Ltd

Notes to the Financial Statements for the Period from 9 March 2017 to 30 April 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	30 April 2018  £
Due within one year
Loans and borrowings	8	150,404
Trade creditors		44,507
Social security and other taxes		21,306
Other creditors		1,534
Accrued expenses		70,976
Corporation tax liability		40,800
		329,527
Due after one year
Loans and borrowings	8	2,544,832
Amounts owed to related parties		1,326,123
		3,870,955

Creditors: amounts falling due after more than one year

	Note	2018 £
Due after one year
Loans and borrowings	8	2,544,832
Amounts owed to related parties		1,326,123
		3,870,955

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Cooksditch House Care Ltd

Notes to the Financial Statements for the Period from 9 March 2017 to 30 April 2018

8

Loans and borrowings

	2018 £
Current loans and borrowings
Bank borrowings	145,945
Other borrowings	4,459
	150,404

	2018 £
Non-current loans and borrowings
Bank borrowings	2,544,832

9

Audit report

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