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REGISTERED NUMBER: 04940445 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

CHARING WAY LIMITED

CHARING WAY LIMITED (REGISTERED NUMBER: 04940445)

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 WAY LIMITED (REGISTERED NUMBER: 04940445)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 51,750 69,000
Tangible assets 6 1,858,883 1,733,979
1,910,633 1,802,979

CURRENT ASSETS
Debtors 7 21,840 5,337
Cash at bank and in hand 80,142 47,432
101,982 52,769
CREDITORS
Amounts falling due within one year 8 914,179 821,880
NET CURRENT LIABILITIES (812,197 ) (769,111 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,098,436

1,033,868

PROVISIONS FOR LIABILITIES 9 4,297 2,318
NET ASSETS 1,094,139 1,031,550

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 1,094,039 1,031,450
SHAREHOLDERS' FUNDS 1,094,139 1,031,550

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 August 2022 and were signed on its behalf by:





Y M Osman - Director


CHARING WAY LIMITED (REGISTERED NUMBER: 04940445)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Charing Way Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04940445

Registered office: 368 Forest Road
London
E17 5JF

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures, fittings and equipment - 25% on reducing balance

CHARING WAY LIMITED (REGISTERED NUMBER: 04940445)

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.

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 parent company Eleiko (UK) Limited and ultimate parent company Charing Holdings 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 27 (2020 - 38 ) .

CHARING WAY LIMITED (REGISTERED NUMBER: 04940445)

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

5,760

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 345,000
AMORTISATION
At 1 January 2021 276,000
Amortisation for year 17,250
At 31 December 2021 293,250
NET BOOK VALUE
At 31 December 2021 51,750
At 31 December 2020 69,000

6. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold and
property equipment Totals
£    £    £   
COST
At 1 January 2021 2,254,664 258,375 2,513,039
Additions 163,577 28,149 191,726
At 31 December 2021 2,418,241 286,524 2,704,765
DEPRECIATION
At 1 January 2021 584,308 194,752 779,060
Charge for year 43,879 22,943 66,822
At 31 December 2021 628,187 217,695 845,882
NET BOOK VALUE
At 31 December 2021 1,790,054 68,829 1,858,883
At 31 December 2020 1,670,356 63,623 1,733,979

Included in the cost of Freehold Property are qualifying Plant and Machinery of £269,925 professionally valued in accordance with the Capital Allowances Act 2001.

CHARING WAY LIMITED (REGISTERED NUMBER: 04940445)

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 21,364 4,770
Other debtors 476 567
21,840 5,337

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 19,704 28,629
Amounts owed to group undertakings 766,409 691,409
Taxation and social security 35,397 18,103
Other creditors 92,669 83,739
914,179 821,880

9. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 4,297 2,318

Deferred
tax
£   
Balance at 1 January 2021 2,318
Provided during year 1,979
Balance at 31 December 2021 4,297

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary £1 100 100

CHARING WAY LIMITED (REGISTERED NUMBER: 04940445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


11. RESERVES
Retained
earnings
£   

At 1 January 2021 1,031,450
Profit for the year 114,649
Dividends (52,060 )
At 31 December 2021 1,094,039

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Jeffrey Klein (Senior Statutory Auditor)
for and on behalf of Klein Evangelou

13. 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 (766,409 ) (691,409 )

Related Party Relationship:

Group Undertakings:
Charing Dale Limited
Charing Rose Limited

14. POST BALANCE SHEET EVENTS

COVID-19 and its effects on the business represent a non-adjusting post balance sheet event.

15. CONTROLLING PARTY

The ultimate parent undertaking was Charing Care Limited up to 5th September 2017 when the company's entire share capital was disposed of to Eleiko (UK) Limited.

The immediate parent undertaking is Eleiko (UK) Limited. The registered office of Eleiko (UK) Limited is 368
Forest Road, London, E17 5JF.

The ultimate parent undertaking is Charing Holdings Limited. The registered office of Charing Holdings Limited
is 368 Forest Road, London, E17 5JF.