REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
SPRINGCARE (MACCLESFIELD) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
SPRINGCARE (MACCLESFIELD) LTD |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 7 |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2021 |
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 director and authorised for issue on |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Springcare (Macclesfield) Ltd is a |
Registered number: |
Registered office: |
The principal activity of the company is that of the provision of residential and care services for the elderly. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Significant judgements and estimates |
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. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company is a connected company of the Springcare Limited Group because they are both under common control of the director Mr L D Cox and his close family. |
The Springcare Group has been affected by the Covid-19 pandemic, as it has the whole care sector. Sadly, despite our best efforts, a sharp increase in the loss on resident numbers was seen in April 2020 in our homes as the first wave of the virus spread across the country. |
Since then we have seen smaller waves of Covid-19 but significantly smaller than the one in April 2020. We have seen a significant reduction in Covid-19 infections amongst residents and staff and business is returning to some form of normality due to the success of the vaccination programme. |
Occupancy levels for the Springcare Limited group are increasing steadily which encourages us to believe that our forecasts are achievable. |
The company therefore continues to adopt the going concern basis in preparing the financial statements. |
Revenue recognition |
The turnover shown in the profit and loss account represents the fees due for the services provided during the year. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Tangible fixed assets |
Fixtures and fittings | - |
Assets are depreciatied from the month they are brought into use. |
Government grants |
Due to the Covid-19 pandemic, the company has claimed government backed grants. Grants are recognised as other income when received. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity 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. |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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. |
Defined contribution plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
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 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amount owed by connected companies | 14,146 | 14,869 |
Prepayments and accrued income |
Amounts owed by group and connected companies are unsecured, interest free and are repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
Social security and other taxes |
Amounts due to connected companies |
Other creditors | 4,496 | - |
Accruals and deferred income |
Amounts owed to connected undertakings are unsecured, interest free and are repayable on demand. |
SPRINGCARE (MACCLESFIELD) LTD (REGISTERED NUMBER: 10002403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
7. | OTHER FINANCIAL COMMITMENTS |
The amount of commitments, guarantees and contingencies is £559,570 (2020: £753,232). |
8. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no significant events up to the date of approval of the financial statements by the Board. |
9. | PARENT COMPANY |
The company is a wholly owned subsidiary of Springcare (Knutsford) Limited, a company incorporated in England and Wales. |
10. | GOING CONCERN |
The company is a connected company of the Springcare Limited Group because they are both under common control of the director Mr L D Cox and his close family. |
The Springcare Group has been affected by the Covid-19 pandemic, as it has the whole care sector. Sadly, despite our best efforts, a sharp increase in the loss on resident numbers was seen in April 2020 in our homes as the first wave of the virus spread across the country. |
Since then we have seen smaller waves of Covid-19 but significantly smaller than the one in April 2020. We have seen a significant reduction in Covid-19 infections amongst residents and staff and business is returning to some form of normality due to the success of the vaccination programme. |
Occupancy levels for the Springcare Limited group are increasing steadily which encourages us to believe that our forecasts are achievable. |
The company therefore continues to adopt the going concern basis in preparing the financial statements. |