Gratia (Abbey Care Home) Limited Filleted accounts for Companies House (small and micro)

GRATIA (ABBEY CARE HOME) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05226009

Gratia (Abbey Care Home) Limited

Filleted Financial Statements

31 March 2018

Gratia (Abbey Care Home) Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Officers and professional advisers	1

Director's responsibilities statement	2

Statement of financial position	3

Notes to the financial statements	4

Gratia (Abbey Care Home) Limited

Officers and Professional Advisers

Director	Mr Brijesh Patel

Registered office	Congress House
	14 Lyon Road
	Second Floor
	Suite 4-5
	Harrow
	Middlesex
	HA1 2EN

Auditor	King & King
	Chartered accountant & statutory auditor
	Roxburghe House
	273-287 Regent Street
	London
	W1B 2HA

Gratia (Abbey Care Home) Limited

Director's Responsibilities Statement

Year ended 31 March 2018

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Gratia (Abbey Care Home) Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		6,715,495	6,715,854

Current assets

Debtors	5	1,340	–
Cash at bank and in hand		691	–
		-------	----
		2,031	–

Creditors: amounts falling due within one year	6	6,699,736		6,743,023
		------------		------------
Net current liabilities			6,697,705	6,743,023
			------------	------------
Total assets less current liabilities			17,790	( 27,169)

Creditors: amounts falling due after more than one year	7	–	6,878
		--------	--------
Net assets/(liabilities)		17,790	( 34,047)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	17,690	( 34,147)
	--------	--------
Shareholders funds/(deficit)	17,790	( 34,047)
	--------	--------

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 11 January 2019 , and are signed on behalf of the board by:

Mr Brijesh Patel
Director

Company registration number: 05226009

Gratia (Abbey Care Home) Limited

Notes to the Financial Statements

Year ended 31 March 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 Congress House, 14 Lyon Road, Second Floor, Suite 4-5, Harrow, HA1 2EN, Middlesex.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Going concern

The Directors are of the opinion that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors continue to adopt the going concern basis in the preparation of the financial statements on the assumption there will also be financial support from the shareholders of the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Plant & Machinery	-	15% reducing balance

Land & Building Freehold buildings are not depreciated. This is a departure from FRS 15. Due to extensive and continuous program of maintenance of existing buildings to keep it fit for its use as a residential care home , the residual life of the building is expected to be infinite. Hence depreciation on buildings are not provided.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 April 2017 and 31 March 2018	6,713,459	16,839	6,730,298
	------------	--------	------------
Depreciation
At 1 April 2017	–	14,444	14,444
Charge for the year	–	359	359
	------------	--------	------------
At 31 March 2018	–	14,803	14,803
	------------	--------	------------
Carrying amount
At 31 March 2018	6,713,459	2,036	6,715,495
	------------	--------	------------
At 31 March 2017	6,713,459	2,395	6,715,854
	------------	--------	------------

5. Debtors

	2018	2017
	£	£
Trade debtors	1,340	–
	-------	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Other creditors	6,699,736	6,743,023
	------------	------------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	6,878
	----	-------

8. Summary audit opinion

The auditor's report for the year dated 11 January 2019 was unqualified.

The senior statutory auditor was Milan Patel , for and on behalf of King & King .

9. Director's advances, credits and guarantees

Included in other creditors is amount of £6,665,524 (2017: £6,710,524) payable to director of the company.

10. Related party transactions

The company was under the control of director Mr B Patel.

11. Going concern

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.