Company Registration No. 04417618 (England and Wales)
MACNEIL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
MACNEIL LIMITED
COMPANY INFORMATION
Directors
Mr N J Lukka
Mr B N Lukka
Secretary
Mrs A N Lukka
Company number
04417618
Registered office
1st Floor, Macneil House
407 Nether Street
Finchley Central
London
N3 1QG
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers
Royal Bank of Scotland
5-10 Great Tower Street
London
EC3P 3HX
Handelsbanken plc
2nd Floor Hathaway House
Popes Drive
Finchley Central
London
N3 1QF
MACNEIL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
MACNEIL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 1 -

The directors present the strategic report for the year ended 30 November 2021.

Fair review of the business

The group made a pre-tax profit of £3,009,591 (2020: £2,460,313) for the year on a turnover of £6,673,020 (2020: £6,394,228). At 30 November 2021 the group had net assets of £24,910,094 (2020: £23,059,551). Both the level of business and the year end financial position were as expected in the light of current trading conditions and the directors do not anticipate any material changes in the present level of activity.

Principal risks and uncertainties

The directors recognise that within the business there are a number of risks which may affect the performance of the group. These risks are subject to regular review and, where appropriate, processes are established to minimise the level of exposure.

 

Regulatory - the group's nursing home business is regulated by the Care Quality Commission and is exposed to adverse findings that the Commission may raise. The group ensures that the nursing home is run to a high standard and to-date no such adverse findings have been reported.

 

Financial risk - the company is exposed to financial risk through its assets and liabilities. The key financial risk is that, in the current climate, the proceeds from its assets may not be sufficient to fund the obligations from liabilities as they fall due. The most important components of financial risk are:

 

1) Credit risk - the group continues to minimise commercial credit risk and has not suffered unduly from bad debts.

 

2) Interest rate risk - the group's borrowings are on a variable rate basis and the group is exposed to potential increases in interest rates. The group continues to monitor its interest obligations and its investment portfolio to ensure that future increases in interest rates will not unduly affect the performance of the business.

Key performance indicators

1) Investment property

In the opinion of the directors, individual property rentals are considered the key performance indicator when assessing business performance, which are reviewed monthly by the management team and have remained in line with the directors' expectations, in the current climate.

 

2) Care home

In the opinion of the directors, occupancy percentage and average fee per resident are considered key performance indicators when assessing business performance and are reviewed monthly by the management team, with both having remained in line with the directors' expectations, in the current climate.

 

EBITDA is also considered a key performance indicator and is reviewed on a monthly basis, by the management team.

 

On behalf of the board

Mr N J Lukka
Director
13 September 2022
MACNEIL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2021.

Principal activities

The principal activity of the company continues to be that of property investment and development. In addition a significant activity of the group includes the provision of nursing home facilities for the elderly.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N J Lukka
Mr B N Lukka
Auditor
The auditor, HW Fisher LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr N J Lukka
Director
13 September 2022
MACNEIL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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. They are 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.
MACNEIL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACNEIL LIMITED
- 4 -
Opinion

We have audited the financial statements of Macneil Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2021 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MACNEIL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACNEIL LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

MACNEIL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACNEIL LIMITED
- 6 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Darshna Choudhury (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
13 September 2022
MACNEIL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
6,673,020
6,394,228
Cost of sales
(3,275,240)
(3,046,210)
Gross profit
3,397,780
3,348,018
Administrative expenses
(667,282)
(857,177)
Other operating income
274,442
168,274
Operating profit
4
3,004,940
2,659,115
Interest receivable and similar income
8
1,023
2,254
Interest payable and similar expenses
9
(183,802)
(201,056)
Fair value gains and losses on investment properties
10
187,430
-
0
Profit before taxation
3,009,591
2,460,313
Tax on profit
11
(754,047)
(520,978)
Profit for the financial year
23
2,255,544
1,939,335
Other comprehensive income
Revaluation of tangible fixed assets
-
0
6,786,178
Tax relating to other comprehensive income
(405,001)
(1,315,763)
Total comprehensive income for the year
1,850,543
7,409,750
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

MACNEIL LIMITED
GROUP BALANCE SHEET
AS AT 30 NOVEMBER 2021
30 November 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
12
17,029,115
17,300,497
Investment properties
13
24,475,245
25,590,197
41,504,360
42,890,694
Current assets
Debtors
16
8,770,481
5,558,218
Cash at bank and in hand
2,198,483
1,403,952
10,968,964
6,962,170
Creditors: amounts falling due within one year
17
(1,903,552)
(3,079,171)
Net current assets
9,065,412
3,882,999
Total assets less current liabilities
50,569,772
46,773,693
Creditors: amounts falling due after more than one year
18
(23,073,885)
(21,726,794)
Provisions for liabilities
19
(2,585,793)
(1,987,348)
Net assets
24,910,094
23,059,551
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
10,376,992
10,945,426
Profit and loss reserves
23
14,533,002
12,114,025
Total equity
24,910,094
23,059,551
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
13 September 2022
Mr N J Lukka
Director
MACNEIL LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2021
30 November 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
12
238,793
281,660
Investment properties
13
24,475,245
25,590,197
Investments
14
200
200
24,714,238
25,872,057
Current assets
Debtors
16
7,033,458
6,484,986
Cash at bank and in hand
1,369,095
133,265
8,402,553
6,618,251
Creditors: amounts falling due within one year
17
(911,819)
(2,137,774)
Net current assets
7,490,734
4,480,477
Total assets less current liabilities
32,204,972
30,352,534
Creditors: amounts falling due after more than one year
18
(21,350,794)
(20,681,349)
Provisions for liabilities
19
(207,417)
(121,699)
Net assets
10,646,761
9,549,486
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
10,646,661
9,549,386
Total equity
10,646,761
9,549,486

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,097,275 (2020 - £535,234 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
13 September 2022
Mr N J Lukka
Director
Company Registration No. 04417618
MACNEIL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2019
100
5,522,427
10,127,274
15,649,801
Year ended 30 November 2020:
Profit for the year
-
-
1,939,335
1,939,335
Other comprehensive income:
Revaluation of tangible fixed assets
-
6,786,178
-
6,786,178
Tax relating to other comprehensive income
-
(1,315,763)
-
0
(1,315,763)
Total comprehensive income for the year
-
5,470,415
1,939,335
7,409,750
Transfers
-
(47,416)
47,416
-
Balance at 30 November 2020
100
10,945,426
12,114,025
23,059,551
Year ended 30 November 2021:
Profit for the year
-
-
2,255,544
2,255,544
Other comprehensive income:
Tax relating to other comprehensive income
-
(405,001)
-
0
(405,001)
Total comprehensive income for the year
-
(405,001)
2,255,544
1,850,543
Transfers
-
(163,433)
163,433
-
Balance at 30 November 2021
100
10,376,992
14,533,002
24,910,094
MACNEIL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2019
100
9,014,152
9,014,252
Year ended 30 November 2020:
Profit and total comprehensive income for the year
-
535,234
535,234
Balance at 30 November 2020
100
9,549,386
9,549,486
Year ended 30 November 2021:
Profit and total comprehensive income for the year
-
1,097,275
1,097,275
Balance at 30 November 2021
100
10,646,661
10,646,761
MACNEIL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 12 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
2,008,137
(1,018,100)
Interest paid
(183,802)
(201,056)
Income taxes paid
(499,319)
(469,529)
Net cash inflow/(outflow) from operating activities
1,325,016
(1,688,685)
Investing activities
Purchase of tangible fixed assets
(167,673)
(47,857)
Purchase of investment property
(26,058)
(1,502,767)
Proceeds on disposal of investment property
1,510,265
-
Interest received
1,023
2,254
Net cash generated from/(used in) investing activities
1,317,557
(1,548,370)
Financing activities
Proceeds of new bank loans
-
3,050,000
Repayment of bank loans
(1,848,042)
(744,705)
Net cash (used in)/generated from financing activities
(1,848,042)
2,305,295
Net increase/(decrease) in cash and cash equivalents
794,531
(931,760)
Cash and cash equivalents at beginning of year
1,403,952
2,335,712
Cash and cash equivalents at end of year
2,198,483
1,403,952
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 13 -
1
Accounting policies
Company information

Macneil Limited (“the company”) is a private limited company incorporated by shares in England and Wales. The registered office is 1st Floor, Macneil House, 407 Nether Street, Finchley Central, London, N3 1QG

 

The group consists of Macneil Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Macneil Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 November 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The directors have considered the effect of the Covid-19 pandemic. As the group operates in the care and investment property sectors, the pandemic has caused some disruption to the group's business. However with tighter operational controls, including rent holidays, accompanied by various government grants and financial assistance, the directors have been able to mitigate the Covid-19 impact on the business such that it has continued to trade and generate positive cash flows.

 

Accordingly, the directors have a reasonable expectation that the group has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

 

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes,where relevant.

 

Revenue for the provision of nursing home services is recognised by reference to the occupation and use of the facilities of the nursing home.

 

Revenue from rental receipts is recognised on an accruals basis and arises from the group's investment properties.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold
2% straight line (excluding freehold land)
Fixtures, fittings & equipment
15% reducing balance

The excess depreciation between revalued land and buildings and historical cost is transferred between the profit and loss reserve and revaluation reserve.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 16 -
1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the assets. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of land and buildings

The group carries its property used in the business at fair value, with changes in fair value being recognised through other comprehensive income. The group has consulted with external valuers to ascertain the fair value of the land and buildings. The valuation of the group’s land and buildings is inherently subjective due to, among other factors, the individual nature, location and condition of the nursing home premises. The land element of the land and buildings is also a subjective judgement. As a result the valuation is subject to a degree of uncertainty.

 

The most recent valuation took place in January 2021 and is reflected in the prior financial statements. At 30 November 2021 the directors believe that the carrying amount of land and buildings correctly reflect their fair value. As the directors believe that the care home valuation would be materially in line with the market value at the year-end date.

 

Deferred tax has been recognised on revalued property, based on the estimated fair value at the year end date.

Valuation of investment properties

The directors have assessed the fair value of investment properties at year end. In determining the fair value of the investment properties, the directors made use of historical and current market data, as well as existing lease agreements and third party valuations. The valuation of the company’s investment properties is inherently subjective due to, among other factors, the individual nature, location and condition of the properties. As a result the valuation is subject to a degree of uncertainty.

Related party debtors

Included in the accounts are amounts due from companies under the control of Mr N J Lukka and members of his close family. The directors have considered the quality and performance of the underlying assets and deemed these amounts to be recoverable and not impaired.

 

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2021
2020
£
£
Turnover analysed by class of business
Nursing home fees
5,306,446
5,156,031
Rental income
1,366,574
1,238,197
6,673,020
6,394,228
2021
2020
£
£
Other significant revenue
Interest income
1,023
2,254
Grants received
208,212
160,041
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 18 -
4
Operating profit
2021
2020
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(208,212)
(160,041)
Depreciation of owned tangible fixed assets
432,396
337,802
Profit on disposal of investment property
(175,166)
-
0
Operating lease charges
20,736
8,521
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,000
7,200
Audit of the financial statements of the company's subsidiaries
8,496
5,505
16,496
12,705
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2021
2020
Number
Number
Administration and care staff
125
126

Their aggregate remuneration comprised:

2021
2020
£
£
Wages and salaries
2,715,755
2,531,290
Social security costs
239,923
221,526
Pension costs
51,434
49,608
3,007,112
2,802,424
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
26,000
26,000
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 19 -
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest receivable from companies under common control
-
0
752
Other interest income
1,023
1,502
Total income
1,023
2,254
9
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
182,791
199,433
Other interest
1,011
1,623
Total finance costs
183,802
201,056
10
Fair value gains and losses on investment properties
2021
2020
£
£
Changes in the fair value of investment properties
187,430
-
11
Taxation
2021
2020
£
£
UK corporation tax on profits for the current period
560,603
510,330
Deferred tax
Origination and reversal of timing differences
193,444
10,648
Total tax charge
754,047
520,978
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
11
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2021
2020
£
£
Profit before taxation
3,009,591
2,460,313
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
571,822
467,459
Tax effect of expenses that are not deductible in determining taxable profit
(624)
1,814
Effect of revaluations of investments
(35,612)
-
0
Other non-reversing timing differences
(1,530)
-
0
Deferred tax movements
193,444
10,648
Depreciation add back
42,963
57,314
Capital allowances
(18,145)
(16,257)
Qualifying donations
1,729
-
0
Tax expense for the year
754,047
520,978

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2021
2020
£
£
Deferred tax arising on:
Revaluation of property
405,001
1,315,763
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 21 -
12
Tangible fixed assets
Group
Land and buildings Freehold
Fixtures, fittings & equipment
Total
£
£
£
Cost or valuation
At 1 December 2020
16,459,893
2,221,081
18,680,974
Additions
117,051
50,622
167,673
Disposals
-
0
(28,752)
(28,752)
At 30 November 2021
16,576,944
2,242,951
18,819,895
Depreciation and impairment
At 1 December 2020
-
0
1,380,477
1,380,477
Depreciation charged in the year
307,825
124,571
432,396
Eliminated in respect of disposals
-
0
(22,093)
(22,093)
At 30 November 2021
307,825
1,482,955
1,790,780
Carrying amount
At 30 November 2021
16,269,119
759,996
17,029,115
At 30 November 2020
16,459,893
840,604
17,300,497
Company
Fixtures, fittings & equipment
£
Cost or valuation
At 1 December 2020
1,087,016
Additions
6,019
Disposals
(28,752)
At 30 November 2021
1,064,283
Depreciation and impairment
At 1 December 2020
805,356
Depreciation charged in the year
42,227
Eliminated in respect of disposals
(22,093)
At 30 November 2021
825,490
Carrying amount
At 30 November 2021
238,793
At 30 November 2020
281,660
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
12
Tangible fixed assets
(Continued)
- 22 -

The carrying value of land and buildings was revalued as at 30 November 2020. The revaluation is based on a valuation report prepared on 7 January 2021 by a third party RICS certified property consultant. Their valuation is based on the special assumption that the land and buildings are fully equipped as operational entities and valued having regard to trading potential, as at the date of valuation. As at 30 November 2021 the directors believe that the carrying amount of land and buildings correctly reflect their fair value.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been: £4,090,710 (2020: £4,069,325), being cost of £5,130,883 (2020: £5,013,832) and depreciation of £1,040,173 (2020: £944,507).

 

13
Investment property
Group
Company
2021
2021
£
£
Fair value
At 1 December 2020
25,590,197
25,590,197
Additions
26,058
26,058
Disposals
(1,328,440)
(1,328,440)
Net gains or losses through fair value adjustments
187,430
187,430
At 30 November 2021
24,475,245
24,475,245

At 30 November 2021, the comparable historic cost of investment properties included at valuation was £21,280,988 (2020: £22,574,429).

 

The directors have assessed the fair value of investment properties at year end. In determining the fair value of the investment properties, the directors made use of historical and current market data, as well as existing lease agreements and third party valuations by a third party RICS certified property consultant. .

 

14
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
200
200
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
14
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 December 2020 and 30 November 2021
200
Carrying amount
At 30 November 2021
200
At 30 November 2020
200
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2021 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Lukka Care Homes (2010) Ltd
1
Ordinary
100.00
Macneil Properties Ltd
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
1st Floor Macneil House, 407 Nether Street, Finchley Central, London, N3 1QG

The outstanding liabilities at the balance sheet date of Macneil Properties Ltd, one of the company's subsidiary undertakings, have been guaranteed by Macneil Limited pursuant to s479A to s479C of the Companies Act 2006.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 24 -
16
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
675,526
644,276
31,662
60,991
Other debtors
5,720,050
3,713,316
-
0
2,430
Prepayments and accrued income
80,511
77,986
38,071
37,204
6,476,087
4,435,578
69,733
100,625
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
5,532,473
5,462,473
Amount owed by companies under common control
1,374,306
202,552
511,164
1,800
Other debtors
920,088
920,088
920,088
920,088
2,294,394
1,122,640
6,963,725
6,384,361
Total debtors
8,770,481
5,558,218
7,033,458
6,484,986
17
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans
19
664,211
1,907,367
488,381
1,735,574
Trade creditors
109,605
75,072
19,512
7,387
Corporation tax payable
409,093
347,809
144,434
73,003
Other taxation and social security
120,664
149,088
56,575
92,194
Other creditors
417,877
383,473
81,288
84,104
Accruals and deferred income
182,102
216,362
121,629
145,512
1,903,552
3,079,171
911,819
2,137,774
18
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
19
6,325,066
6,929,952
3,765,784
4,196,339
Amounts due to group undertakings
-
0
-
0
41,151
41,151
Amounts due to companies under common control
16,748,819
14,796,842
17,543,859
16,443,859
23,073,885
21,726,794
21,350,794
20,681,349
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 25 -
19
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
6,989,277
8,837,319
4,254,165
5,931,913
Payable within one year
664,211
1,907,367
488,381
1,735,574
Payable after one year
6,325,066
6,929,952
3,765,784
4,196,339
6,989,277
8,837,319
4,254,165
5,931,913
Amounts included above which fall due after five years:
Payable by instalments
2,244,406
1,745,144
2,244,406
1,745,144

Included within bank loans is £842,546 repayable on a monthly basis and subject to interest of base rate + 3%; £193,339 repayable on a monthly basis and subject to interest of base rate + 2.75%; £38,203 repayable on a monthly basis and subject to interest of base rate + 1.25%; £216,079 repayable on a monthly basis and subject to interest of base rate + 1.4%; £2,918,154 repayable on a monthly basis and subject to interest of LIBOR rate + 1.87%; £2,735,112 repayable on a monthly basis and subject to interest of base rate + 2.25%; and £45,843 repayable on a monthly basis and subject to interest of 2.5%.

 

Bank loans are secured by a legal charge over the assets of the company, as well as by a cross-guarantee given by the other companies under common control of the shareholders amounting to £9,461,794 along with a guarantee of £600,000 from N J Lukka.

 

There is a second tier fixed and floating charge over the assets of the company.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2021
2020
Group
£
£
Accelerated capital allowances
31,776
26,763
Short term timing differences
(1,161)
(856)
Revaluations
2,036,413
1,631,412
Investment property
203,127
115,395
Deferred tax arising on held over gains from transfer of land and buildings
315,638
214,634
2,585,793
1,987,348
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
20
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
2021
2020
Company
£
£
Accelerated capital allowances
4,315
6,321
Tax losses
(25)
(17)
Investment property
203,127
115,395
207,417
121,699
Group
Company
2021
2021
Movements in the year:
£
£
Liability at 1 December 2020
1,987,348
121,699
Charge to profit or loss
193,444
85,718
Charge to other comprehensive income
405,001
-
Liability at 30 November 2021
2,585,793
207,417

Deferred tax is based on the future expected rate of corporation tax of 25% (2019: 19%)

21
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,434
49,608

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
23
Reserves
Profit and loss reserves

Profit and loss reserves include £2,991,130 (2020: £2,900,373) in respect of unrealised gains arising on investment properties.

 

 

 

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 27 -
24
Operating lease commitments
Lessee

At the reporting end date the group and the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2021
2020
2021
2020
£
£
£
£
Within one year
17,280
17,280
17,280
17,280
Between two and five years
27,506
44,786
27,506
44,786
44,786
62,066
44,786
62,066
Lessor

The group's operating leasing arrangements as a lessor arise in respect of its investment properties which are held for rental purposes.

 

At the reporting end date the group and the company had contracted with tenants for the following minimum lease payments:

 

Group
Company
2021
2020
2021
2020
£
£
£
£
Within one year
1,234,001
919,317
1,220,089
1,167,317
Between two and five years
2,021,582
1,234,730
2,656,879
2,226,730
In over five years
3,412,138
1,139,014
6,411,382
5,318,159
6,667,721
3,293,061
10,288,350
8,712,206
25
Events after the reporting date

Post year end the company sold an investment property for £1,350,000.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 28 -
26
Related party transactions
Transactions with related parties

At 30 November 2021 the group was owed £1,374,306, by companies under common control (2020: £202,552). During the year, the group charged interest of £nil on this balance (2020: £752).

 

At 30 November 2021 the group owed £16,748,819 to companies under common control (2020: £14,796,842). During the year, the group was charged interest of £nil on this balance (2020: £nil).

 

All of the above companies are related parties by virtue of the significant interest in the share capital of each by Mr N J Lukka and members of his close family, and the balances arose from loans made to/received from the above companies.

 

The assets of the group are subject to a cross-guarantee given in relation to the borrowings of other companies under the control of the shareholders.

 

At 30 November 2021 the group was owed £nil (2020: £836) by a close family member of Mr N J Lukka. During the year, the group received interest of £798 (2020: £836) from the close family member.

 

During the year the company made payments of £6,416 (2020: £11,666) on behalf of Mr N J Lukka which was repaid from available credits on his loan account.

 

At the year end the group owed £10,974 to Mr N J Lukka (2020: £17,390).

 

At the year end the group was owed £2,910,050 (2020: £1,610,050) by BNJ Investments Limited, a company owned by Mr B N Lukka, a director of the company. The group charged no interest on this loan in the current period.

 

At the year end the group was owed £2,810,000 (2020: £2,100,000) by RZV Group Limited, a company jointly owned by Mrs S N Vithlani, daughter of Mr N J Lukka, and her spouse Mr J Vithlani. The group charged no interest on this loan in the current period. During the year, an investment property was sold to RZV Group Limited at market value of £725,000.

 

At the year end the group was owed £920,088 (2020: £920,088) by Radia Estates Limited, a company over which Mr N J Lukka is a director. No interest was charged on this balance.

 

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 29 -
27
Cash generated from group operations
2021
2020
£
£
Profit for the year after tax
2,255,544
1,939,335
Adjustments for:
Taxation charged
754,047
520,978
Finance costs
183,802
201,056
Investment income
(1,023)
(2,254)
Gain on disposal of tangible fixed assets
(175,166)
-
Depreciation and impairment of tangible fixed assets
432,396
337,802
Changes in the fair value of investment properties
(187,430)
-
Movements in working capital:
(Increase) in debtors
(3,212,263)
(3,345,493)
Increase/(decrease) in creditors
1,958,230
(669,524)
Cash generated from/(absorbed by) operations
2,008,137
(1,018,100)
28
Analysis of changes in net debt - group
1 December 2020
Cash flows
30 November 2021
£
£
£
Cash at bank and in hand
1,403,952
794,531
2,198,483
Borrowings excluding overdrafts
(8,837,319)
1,848,042
(6,989,277)
(7,433,367)
2,642,573
(4,790,794)
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