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COMPANY REGISTRATION NUMBER: 10798501
Hampton (Burlington Court) Limited
Financial Statements
For the year ended
31 December 2022
Hampton (Burlington Court) Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the member
5
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12
Hampton (Burlington Court) Limited
Officers and Professional Advisers
The board of directors
K U S Sehmi
T P S Sehmi
J S Sehmi
Registered office
369 Wellingborough Road
Northampton
NN1 4EU
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Bankers
Yorkshire Bank
133-138 New Street
Birmingham
B2 4JQ
Hampton (Burlington Court) Limited
Strategic Report
Year ended 31 December 2022
These financial statements have been prepared for the year ending 31 December 2022. The performance of the Company is largely reliant on the performance of its wholly owned subsidiary, Hampton (Burlington Court Care) Ltd. The care home, Burlington Court Care Home continued to perform extremely well, and increased profitability before exceptional costs. The home remained fully compliant during the year, and retained its' status as an "outstanding" care home. The future risks affecting the Company are again a reflection of those that affect Hampton (Burlington Court Care) Ltd. There risks are the inherent risks in operating care homes. The needs of our residents will continue to grow and change. The Company will have to continue to increase resources, to deliver the exceptional person-centred care that our residents require, and this in turn carries an increased financial burden for the company, without any guarantee of additional revenue. The impact of Brexit continue to be a concern for not only the Company, but the industry as a whole. The Company continues to seek ways to best resolve the shortage in the labour market. Principal risks and uncertainties:- Risks The company uses financial instruments, other than derivatives, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the group's financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years. Interest rate risk The company finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through loans. Short term flexibility is achieved by overdraft facilities.
This report was approved by the board of directors on 29 September 2023 and signed on behalf of the board by:
K U S Sehmi
Director
Registered office:
369 Wellingborough Road
Northampton
NN1 4EU
Hampton (Burlington Court) Limited
Directors' Report
Year ended 31 December 2022
The directors present their report and the financial statements of the company for the year ended 31 December 2022 .
Directors
The directors who served the company during the year were as follows:
K U S Sehmi
T P S Sehmi
J S Sehmi
Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 29 September 2023 and signed on behalf of the board by:
K U S Sehmi
Director
Registered office:
369 Wellingborough Road
Northampton
NN1 4EU
Hampton (Burlington Court) Limited
Independent Auditor's Report to the Member of Hampton (Burlington Court) Limited
Year ended 31 December 2022
Opinion
We have audited the financial statements of Hampton (Burlington Court) Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of 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: - give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
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 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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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 member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
30 September 2023
Hampton (Burlington Court) Limited
Statement of Comprehensive Income
Year ended 31 December 2022
2022
2021
Note
£
£
Turnover
4
647,999
648,000
---------
---------
Gross profit
647,999
648,000
Administrative expenses
261,457
221,807
---------
---------
Operating profit
5
386,542
426,193
Inter-group loan write off
6
1,477,362
Amounts written off investments
3,137,256
566,232
Interest payable and similar expenses
7
208,041
182,297
------------
---------
Loss before taxation
( 1,481,393)
( 322,336)
Tax on loss
8
( 297,678)
------------
---------
Loss for the financial year
( 1,183,715)
( 322,336)
------------
---------
Revaluation of tangible assets
1,840,000
Tax relating to components of other comprehensive income
( 838,136)
----
------------
Other comprehensive income for the year
1,001,864
------------
------------
Total comprehensive income for the year
( 1,183,715)
679,528
------------
------------
All the activities of the company are from continuing operations.
Hampton (Burlington Court) Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
9
12,152,000
12,400,000
Investments
10
3,137,256
-------------
-------------
12,152,000
15,537,256
Current assets
Debtors
11
1,995,466
411,500
Cash at bank and in hand
29,700
3,333
------------
---------
2,025,166
414,833
Creditors: amounts falling due within one year
12
250,000
6,931,030
------------
------------
Net current assets/(liabilities)
1,775,166
( 6,516,197)
-------------
-------------
Total assets less current liabilities
13,927,166
9,021,059
Creditors: amounts falling due after more than one year
13
6,387,500
Provisions
14
1,912,054
2,209,732
-------------
------------
Net assets
5,627,612
6,811,327
-------------
------------
Capital and reserves
Called up share capital
16
100
100
Revaluation reserve
17
2,898,613
2,957,768
Profit and loss account
17
2,728,899
3,853,459
------------
------------
Shareholder funds
5,627,612
6,811,327
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
K U S Sehmi
Director
Company registration number: 10798501
Hampton (Burlington Court) Limited
Statement of Changes in Equity
Year ended 31 December 2022
Called up share capital
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 January 2021
100
2,395,904
3,735,795
6,131,799
Loss for the year
( 322,336)
( 322,336)
Other comprehensive income for the year:
Revaluation of tangible assets
9
1,840,000
1,840,000
Reclassification from revaluation reserve to profit and loss account
( 440,000)
440,000
Tax relating to components of other comprehensive income
8
( 838,136)
( 838,136)
----
------------
------------
------------
Total comprehensive income for the year
561,864
117,664
679,528
At 31 December 2021
100
2,957,768
3,853,459
6,811,327
Loss for the year
( 1,183,715)
( 1,183,715)
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
( 59,155)
59,155
----
------------
------------
------------
Total comprehensive income for the year
( 59,155)
( 1,124,560)
( 1,183,715)
----
------------
------------
------------
At 31 December 2022
100
2,898,613
2,728,899
5,627,612
----
------------
------------
------------
Hampton (Burlington Court) Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 369 Wellingborough Road, Northampton, NN1 4EU.
2. Statement of compliance
These financial statements have been prepared in compliance with 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 as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Rochmills (Holdings) Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the financial statements. 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: Property revaluation The Properties owned have been revalued using the services of a professional valuer. Judgement is made in respect of the condition and longevity of the properties to determine this valuation.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
2% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Income from investments is included in the statement of comprehensive income in the accounting period to which it relates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Turnover
Turnover arises from:
2022
2021
£
£
Rental income
647,999
648,000
---------
---------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
248,000
220,000
---------
---------
6. Inter-group loan write off
2022
2021
£
£
Write off amounts owed from group companies
1,477,362
------------
----
7. Interest payable and similar expenses
2022
2021
£
£
Interest on banks loans and overdrafts
208,041
182,297
---------
---------
8. Tax on loss
Major components of tax income
2022
2021
£
£
Deferred tax:
Origination and reversal of timing differences
( 297,678)
---------
----
Tax on loss
( 297,678)
---------
----
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil (2021: £ 838,136 ).
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Loss on ordinary activities before taxation
( 1,481,393)
( 322,336)
------------
---------
Loss on ordinary activities by rate of tax
( 281,465)
46,340
Effect of capital allowances and depreciation
330,070
41,800
Effect of revenue exempt from tax
( 346,283)
Utilisation of tax losses
( 88,140)
------------
---------
Tax on loss
( 297,678)
------------
---------
9. Tangible assets
Freehold property
£
Cost
At 1 January 2022 and 31 December 2022
12,400,000
-------------
Depreciation
At 1 January 2022
Charge for the year
248,000
-------------
At 31 December 2022
248,000
-------------
Carrying amount
At 31 December 2022
12,152,000
-------------
At 31 December 2021
12,400,000
-------------
The freehold property was revalued by Messrs Colliers on 1 December 2021, to market value, and the Directors consider this to be the fair value of the property at the statement of financial position date.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2022
Aggregate cost
6,850,000
Aggregate depreciation
(650,000)
------------
Carrying value
6,200,000
------------
At 31 December 2021
Aggregate cost
6,850,000
Aggregate depreciation
(650,000)
------------
Carrying value
6,200,000
------------
10. Investments
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
8,792,778
------------
Impairment
At 1 January 2022
5,655,522
Revaluations
3,137,256
------------
At 31 December 2022
8,792,778
------------
Carrying amount
At 31 December 2022
------------
At 31 December 2021
3,137,256
------------
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Hampton (Burlington Court Care) Limited
369 Wellingborough Road
Ordinary
100
Northampton
NN1 4EU
11. Debtors
2022
2021
£
£
Amounts owed by group undertakings
1,845,991
357,500
Prepayments and accrued income
149,475
54,000
------------
---------
1,995,466
411,500
------------
---------
12. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
250,000
5,427,751
Amounts owed to group undertakings
1,503,279
---------
------------
250,000
6,931,030
---------
------------
Bank loans and overdrafts are secured against the assets to which they relate. There is also a debenture creating a fixed and floating charge over the assets of the company.
13. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
6,387,500
------------
----
Bank loans and overdrafts are secured against the assets to which they relate. There is also a debenture creating a fixed and floating charge over the assets of the company.
14. Provisions
Deferred tax (note 15)
£
At 1 January 2022
2,209,732
Charge against provision
( 297,678)
------------
At 31 December 2022
1,912,054
------------
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions (note 14)
1,912,054
2,209,732
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Revaluation of tangible assets
1,912,054
2,209,732
------------
------------
Included in deferred tax is a provision for unrealised gains on revalued freehold property.
16. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
17. Reserves
Revaluation reserve - this reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - this reserve records retained earnings and accumulated losses.
18. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
648,000
648,000
Later than 1 year and not later than 5 years
2,592,000
2,592,000
Later than 5 years
9,581,523
10,229,523
-------------
-------------
12,821,523
13,469,523
-------------
-------------
19. Contingencies
The company has provided cross guarantees for certain other group companies.
20. Related party transactions
Exemption is taken from disclosing group related party transactions as set out in FRS 102.
21. Controlling party
The company is a wholly owned subsidiary of Rochmills (Holdings) Limited, a company registered in England and Wales. Rochmills (Holdings) Limited prepares group consolidated financial statements. The address of the registered office is Burlington House, 369 Wellingborough Road, Northampton, England, NN1 4EU. The ultimate controlling party is J S Sehmi .