The Abbeys (Rawmarsh) Limited Filleted accounts for Companies House (small and micro)

The Abbeys (Rawmarsh) Limited Filleted accounts for Companies House (small and micro)

THE ABBEYS (RAWMARSH) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09334269
The Abbeys (Rawmarsh) Limited
Filleted Financial Statements
30 April 2018
The Abbeys (Rawmarsh) Limited
Financial Statements
Year Ended 30 April 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
The Abbeys (Rawmarsh) Limited
Statement of Financial Position
30 April 2018
2018
2017
Note
£
£
Fixed Assets
Tangible assets
5
856,782
839,682
Current Assets
Debtors
6
88,144
104,954
Cash at bank and in hand
110,008
59,575
---------
---------
198,152
164,529
Creditors: amounts falling due within one year
7
590,418
465,951
---------
---------
Net Current Liabilities
392,266
301,422
---------
---------
Total Assets Less Current Liabilities
464,516
538,260
Creditors: amounts falling due after more than one year
8
876,642
790,109
---------
---------
Net Liabilities
( 412,126)
( 251,849)
---------
---------
Capital and Reserves
Called up share capital
12
1
1
Profit and loss account
( 412,127)
( 251,850)
---------
---------
Shareholders Deficit
( 412,126)
( 251,849)
---------
---------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2019 , and are signed on behalf of the board by:
Mr P C M Hansen
Director
Company registration number: 09334269
The Abbeys (Rawmarsh) Limited
Notes to the Financial Statements
Year Ended 30 April 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 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The business address is High Street, Rawmarsh, Rotherham, S62 6LT, England.
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 . The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Based on financial forecasts and loan facilities within the group, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Revenue recognition
The turnover shown in the profit and loss account represents residents fees earned during the year.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and 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 property
-
1% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
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.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 65 (2017: 58 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 May 2017
749,612
124,737
5,433
879,782
Additions
5,526
34,758
–
40,284
---------
---------
-------
---------
At 30 April 2018
755,138
159,495
5,433
920,066
---------
---------
-------
---------
Depreciation
At 1 May 2017
14,748
23,199
2,153
40,100
Charge for the year
7,511
14,315
1,358
23,184
---------
---------
-------
---------
At 30 April 2018
22,259
37,514
3,511
63,284
---------
---------
-------
---------
Carrying amount
At 30 April 2018
732,879
121,981
1,922
856,782
---------
---------
-------
---------
At 30 April 2017
734,864
101,538
3,280
839,682
---------
---------
-------
---------
6. Debtors
2018
2017
£
£
Trade debtors
85,167
88,893
Other debtors
2,977
16,061
--------
---------
88,144
104,954
--------
---------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
79,946
53,626
Amounts owed to group undertakings and undertakings in which the company has a participating interest
390,451
303,373
Social security and other taxes
21,600
22,805
Other creditors
98,421
86,147
---------
---------
590,418
465,951
---------
---------
8. 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
876,642
790,109
---------
---------
Interest is charged on these balances at 6.5 % plus LIBOR plus 4%, and there are no fixed repayment terms.
9. Guarantees and commitments
At the balance sheet date, there was an unlimited guarantee between the company and the fellow subsidiaries of Astonbrook Care Holdings Limited, listed below, in respect of the bank overdraft. The value of this at 30 April 2018 was £110,008 (2017: £59,575). On 5 January 2018 Castle Meadows (Dudley) Limited was removed from this guarantee.
Astonbrook Care Ltd
Byron Lodge (West Melton) Ltd
Birchlands (Haxby) Limited
Castle Meadows (Dudley) Ltd
Dunniwood Lodge (Doncaster) Ltd
Headingley Care Centre (Edlington) Ltd
Mahogany House (Newtown) Ltd
Moorlands (Strensall) Ltd
Nethercrest Care Centre (Dudley) Ltd
Sandhall Park (Goole) Ltd
The Abbeys (Rawmarsh) Ltd
The Poplars (Thornaby) Ltd
The Willows (Codsall) Ltd
Valley Park Care Centre (Wombwell) Ltd
Warren Park (Chapel Town) Ltd
White Ash Brook (Accrington) Ltd
At the balance sheet, the company's assets have been pledged as security under the following loan agreements with group companies:
Astonbrook Care Holdings facility from Octopus Administrative Services (£484,690 outstanding at the balance sheet date).
Astonbrook Care Limited facility from Fern Trading Limited (£23,801,674 outstanding at the balance sheet date).
All guarantees, commitments and security have been released following the sale of the company post year end. See Note 13.
10. Ultimate controlling interest
At the balance sheet date the company was a subsidiary undertaking of Astonbrook Care Limited, which is a subsidiary of Aston brook Care Holdings Limited. Astonbrook Care Holdings Limited prepares consolidated accounts which include the results of the company. There is no controlling interest in Astonbrook Care Holdings Limited.
Following the sale of the company, referred to in note 13, the company became a subsidiary of Each Other Care Holdings Limited. There is no controlling interest in Each Other Care Holdings Limited.
11. Post balance sheet event
On 14 January 2019 the company was acquired by Each Other Care Holdings Limited.
12. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
1
1.00
1
1.00
----
-----
----
-----
13. Summary audit opinion
The auditor's report for the year dated 31 January 2019 was unqualified.
The senior statutory auditor was Andrew McDaid BFP ACA FCCA , for and on behalf of MCABA Limited t/a Mitchells .