REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
CHARING OAST LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
CHARING OAST LIMITED |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Charing Oast Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised. |
Care related services |
Turnover from a contract to provide care related services is recognised in the period in which services are provided on an accruals basis. Turnover recognised is dependent upon the type of care and funding that a resident receives. Any fees invoiced in advance are included within deferred income until the service is completed. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Fixtures, fittings and equipment | - |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
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 |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The company continues with the support of it's immediate and ultimate parent company Charing Care Limited which will not allow any of it's creditors to suffer as a result of the Directors decision to allow the company to continue to trade under the circumstances. |
Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
4. | AUDITORS' REMUNERATION |
2021 | 2020 |
£ | £ |
Fees payable to the Company's auditors for the audit of the Company's financial statements |
5,760 |
5,520 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
Amortisation for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Freehold | and |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by connected undertakings | 100,000 | 100,000 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 10) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 19,989 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
10. | LOANS - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 19,989 |
The Coronavirus Business Interruption Loan Scheme (CBILS) loan of £183,334 (2020: £200,000) is repayable over the period until 2026. Repayments began 12 months after drawdown of the facility. |
The rate of interest payable on the debt is 1.95% per annum over the Bank Base Rate. |
Under the Coronavirus Business Interruption Loan Scheme, interest due during the first 12 months after drawdown of the facility was payable by the UK Government. |
11. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 10,843 | 10,936 |
Deferred |
tax |
£ |
Balance at 1 January 2021 |
Provided during year | ( |
) |
Balance at 31 December 2021 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2021 |
Profit for the year |
At 31 December 2021 |
CHARING OAST LIMITED (REGISTERED NUMBER: 10207856) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | RELATED PARTY DISCLOSURES |
The Company's related parties, the nature of the relationship and the extent of the transactions with them are summarised below: |
2021 | 2020 |
£ | £ |
Amounts owed to Group Undertakings | (1,070,000 | ) | (1,070,000 | ) |
Amounts owed by Connected Undertakings | 100,000 | - |
2021 | 2020 |
£ | £ |
Amounts written off amounts owed by Group Undertakings | - | 3,530 |
Management services charged by Group Undertakings | 25,656 | 8,886 |
Contribution to Self Investment Personal Pension | 40,000 | - |
Related Party Relationship: |
Group Undertakings: |
Charing Care Limited |
Charing Healthcare Limited |
Charing Gardens Limited |
Connected Undertakings: |
CHC Assets Limited |
Connected Undertakings |
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company. |
Self Investment Personal Pension (SIPP) |
The company contributed £20,000 each (2020: £Nil) for the director, S Osman and C E Osman to a self invested personal pension scheme. The annual contributions payable are charged to the profit and loss account. |
16. | POST BALANCE SHEET EVENTS |
COVID-19 and its effects on the business represent a non-adjusting post balance sheet event. |
17. | CONTROLLING PARTY |
The immediate and ultimate parent undertaking is statements. The registered office of Charing Care Limited is 368 Forest Road, London, E17 5JF. |