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Company registration number: 02141700

Camelot Care (Plymouth) Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Camelot Care (Plymouth) Limited

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 13

 

Camelot Care (Plymouth) Limited

Company Information

Director

P I Teasdale

Company secretary

P I Teasdale

Registered office

East Reach House
c/o Walpole Dunn
East Reach
Taunton
Somerset
TA1 3ES

Auditors

Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

 

Camelot Care (Plymouth) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2022

2022
£

2021
£

Profit for the year

416,806

309,167

Deficit on property, plant and equipment revaluation

(14,288)

-

Deferred tax relating to other comprehensive income

(108,996)

-

(123,284)

-

Total comprehensive income for the year

293,522

309,167

 

Camelot Care (Plymouth) Limited

(Registration number: 02141700)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,878,000

2,790,166

Current assets

 

Debtors

5

1,381,319

1,060,965

Cash at bank and in hand

 

107,121

96,188

 

1,488,440

1,157,153

Creditors: Amounts falling due within one year

6

(203,776)

(209,376)

Net current assets

 

1,284,664

947,777

Total assets less current liabilities

 

4,162,664

3,737,943

Creditors: Amounts falling due after more than one year

6

(477,143)

(514,366)

Provisions for liabilities

 

Deferred tax liabilities

 

(501,551)

(333,129)

Net assets

 

3,183,970

2,890,448

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

1,518,880

1,642,164

Profit and loss account

1,664,990

1,248,184

Total equity

 

3,183,970

2,890,448

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 26 September 2023 .
 


P I Teasdale
Company secretary and director

   
 

Camelot Care (Plymouth) Limited

Statement of Changes in Equity
for the Year Ended 31 December 2022

Ordinary share capital
£

Revaluation reserve
£

Profit and loss reserve
£

Total
£

At 1 January 2022

100

1,642,164

1,248,184

2,890,448

Movement in year :

Profit for the year

-

-

416,806

416,806

Loss on revaluation of property

-

-

(14,288)

(14,288)

Deferred tax on property revaluation

-

-

(108,996)

(108,996)

Total comprehensive income

-

-

293,522

293,522

Revaluation of freehold property

-

(14,288)

14,288

-

Transfer of deferred tax on property revaluation

-

(108,996)

108,996

-

Total movement for the year

-

(123,284)

416,806

293,522

At 31 December 2022

100

1,518,880

1,664,990

3,183,970

Ordinary share capital
£

Revaluation reserve
£

Profit and loss reserve
£

Total
£

At 1 January 2021

100

1,660,056

921,125

2,581,281

Movement in year :

Profit for the year

-

-

309,167

309,167

Total comprehensive income

-

-

309,167

309,167

Transfer of depreciation on revaluation

-

(17,892)

17,892

-

Total movement for the year

-

(17,892)

327,059

309,167

At 31 December 2021

100

1,642,164

1,248,184

2,890,448

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
East Reach House
c/o Walpole Dunn
East Reach
Taunton
Somerset
TA1 3ES

The principal place of business is:
Butterfly Lodge
Agaton Road
St Budeaux
Plymouth
Devon
PL5 2EW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Going concern

The director has made the assessment that the company is a going concern and these financial statements are prepared on that basis. The assessment took into account the forecasts and projections to assess that the company has adequate resources to continue in operational existence for the foreseeable future.

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

Judgements

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.

Valuation of properties
The Company carries its freehold property at fair value, with changes in fair value being recognised in other comprehensive income. The Company engaged independent valuations specialists to determine fair value at 31 October 2020. The valuer used the profits method of valuation as they consider the market norm is to assess this type of asset for sale purposes by reference to its trading characteristics and profitability. The Director having made appropriate enquiries has adopted a similar model to arrive at the current year-end valuation.

Turnover recognition

Revenue represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for services provided.

Revenue from residents of the care homes is recognised and apportioned on the basis of usage, and accrued or deferred as appropriate.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Other operating income

Other operating income is recognised on receipt.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

- 2% on cost, Land - Nil

Furniture and fittings

- 15% reducing balance

Computer equipment

- 25% reducing balance

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 70 (2021 - 54).

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

4

Tangible assets

Freehold property
£

Fixtures and fittings
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 January 2022

2,759,590

412,153

13,259

3,185,002

Revaluations

(14,288)

-

-

(14,288)

Additions

-

56,214

-

56,214

At 31 December 2022

2,745,302

468,367

13,259

3,226,928

Depreciation

At 1 January 2022

63,441

323,886

7,509

394,836

Charge for the year

49,492

16,095

1,438

67,025

Eliminated on revaluation

(112,933)

-

-

(112,933)

At 31 December 2022

-

339,981

8,947

348,928

Carrying amount

At 31 December 2022

2,745,302

128,386

4,312

2,878,000

At 31 December 2021

2,696,149

88,267

5,750

2,790,166

Included within the net book value of land and buildings above is £2,745,302 (2021 - £2,696,149) in respect of freehold land and buildings.
 

Cost or valuation at 31 December 2022 is represented by:
 

Freehold property

Fixtures and fittings

Computer equipment

Totals

£

£

£

£

Valuation in 2022

(14,288)

-

-

(14,288)

Valuation in 2020

609,590

-

-

609,590

Valuation in 2014

241,301

-

-

241,301

Valuation in 2005

1,098,594

-

-

1,098,594

Cost

810,105

468,367

13,259

1,291,731

2,745,302

468,367

13,259

3,226,928

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

 

31 December 2021

31 December 2020

Cost

810,105

810,105

Aggregate depreciation

518,464

502,262

The property was revalued at £2,825,000 on 30 October 2020 by L Prickett MRICS and C Saberton MRICS of Colliers International, professional valuers.

5

Debtors

Note

2022
 £

2021
 £

Trade debtors

 

54,455

56,771

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

1,292,912

963,393

Other debtors

 

8,319

4,678

Prepayments and accrued income

 

25,633

36,123

 

1,381,319

1,060,965

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Loans and borrowings

7

35,690

49,989

Trade creditors

 

30,284

37,393

Taxation and social security

 

19,287

16,746

Corporation tax

 

48,331

51,205

Other creditors

 

554

100

Accruals and deferred income

 

69,630

53,943

 

203,776

209,376

Due after one year

 

Loans and borrowings

7

477,143

514,366

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

35,690

49,989

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

477,143

514,366

Included in bank and borrowings is a bank loan which is denominated in sterling with a nominal interest rate of 3% above the Bank of England base rate, repayable over 6 years. The carrying amount at the year end is £512,833 (2021: £564,355).

The bank borrowings are secured on a fixed and floating charge across all assets including cross guarantees within the Group and a personal guarantee from the Director.
 

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,244 (2021 - £44,344).

 

Camelot Care (Plymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2022

9

Related party transactions

Summary of transactions with parent

The company has taken advantage of not disclosing transactions with its parent or other group companies on the grounds it is a wholly owned subsidiary.
 

Summary of transactions with other related parties

Able Angels Care Agency Limited
 A company owned by Mrs H J Teasdale and family.

During the year the company was supplied with services from Able Angels amounting to £54,043 (2021: £72,592). At the year end the amount owed to Able Angels was £5,928 (2021: £8,341).

 
Park Asset Management Limited
A company owned by Mr S Teasdale, a shareholder.

During the year the company was supplied with services from Park Asset Management Limited amounting to £23,136 (2021: £23,136) and provided services of £65 (2021: £nil). At the year end the amount owed to/by Park Asset Management Limited was £nil (2021: £nil).

10

Parent and ultimate parent undertaking

The company's immediate parent is Camelot Care Limited, incorporated in England and Wales.

 The ultimate controlling party is Mrs HJ Teasdale.

11

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 September 2023 was Christopher Walford BSc ACA, who signed for and on behalf of Albert Goodman LLP.