Company registration number 02214976 (England and Wales)
YORKCARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
YORKCARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
YORKCARE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
5
3,725,000
3,800,000
Investments
6
3,750,000
3,750,000
7,475,000
7,550,000
Current assets
Debtors
7
13,255,865
11,072,865
Cash at bank and in hand
163,872
2,430,776
13,419,737
13,503,641
Creditors: amounts falling due within one year
8
(118,101)
(162,091)
Net current assets
13,301,636
13,341,550
Total assets less current liabilities
20,776,636
20,891,550
Creditors: amounts falling due after more than one year
9
(2,000,000)
(2,000,000)
Provisions for liabilities
(331,303)
(245,345)
Net assets
18,445,333
18,646,205
Capital and reserves
Called up share capital
1,000
1,000
Non-distributable profits reserve
10
1,749,072
1,805,322
Distributable profit and loss reserves
16,695,261
16,839,883
Total equity
18,445,333
18,646,205
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
YORKCARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
Mr R S Rowell
Director
Company registration number 02214976 (England and Wales)
YORKCARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’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.
2
Accounting policies
Company information
Yorkcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 44 Spinners Hollow, Ripponden, Sowerby Bridge, West Yorkshire, HX6 4HY.
2.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover represents rents receivable.
2.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% Straight line
2.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
2.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
YORKCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2
Accounting policies
(Continued)
- 4 -
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 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.
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 company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
2.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
YORKCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
2
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
115,741
Depreciation and impairment
At 1 February 2022 and 31 January 2023
115,741
Carrying amount
At 31 January 2023
At 31 January 2022
YORKCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 February 2022
3,800,000
Revaluations
(75,000)
At 31 January 2023
3,725,000
Investment property comprises Halcyon Court Nursing Home, Cliff Road, Headingley, Leeds. The fair value of the investment property has been arrived at on the basis of a desktop valuation carried out in February 2023 by Knight Frank. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,750,000
3,750,000
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,255,865
11,072,865
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
85,440
Taxation and social security
45,600
12,884
Other creditors
72,501
63,767
118,101
162,091
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,000,000
2,000,000
Bank loans are secured by a fixed charge over the freehold property known as or being Halcyon Court, Cliff Road, Headingly, Leeds, LS6 2EZ.
YORKCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
1,805,322
2,466,705
Non distributable profits in the year
(56,250)
(661,383)
At the end of the year
1,749,072
1,805,322
11
Related party transactions
The company has taken advantage of exemptions under FRS102 section 1a, not to disclose transactions with other group companies.