Company registration number 04307228 (England and Wales)
ALPHA CARE (CATERHAM) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ALPHA CARE (CATERHAM) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALPHA CARE (CATERHAM) LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
64,486
56,975
Current assets
Debtors
6
558,289
927,236
Cash at bank and in hand
1,068,239
439,702
1,626,528
1,366,938
Creditors: amounts falling due within one year
7
(148,344)
(152,222)
Net current assets
1,478,184
1,214,716
Total assets less current liabilities
1,542,670
1,271,691
Provisions for liabilities
Deferred tax liability
15,648
10,386
(15,648)
(10,386)
Net assets
1,527,022
1,261,305
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
1,527,018
1,261,301
Total equity
1,527,022
1,261,305
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 March 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.
ALPHA CARE (CATERHAM) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
Mr B Patel
Mr P Patel
Director
Director
Company registration number 04307228 (England and Wales)
ALPHA CARE (CATERHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Alpha Care (Caterham) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Windmill Rise, Warlingham, Surrey, CR6 9FB.
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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill of £ 110,000 was paid in connection with the acquisition of the business in 2002. The goodwill was initially amortised over its estimated useful life of 20 years which was later reviewed to be of 10 years.
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% On reducing balance
Fixtures and fittings
25% On reducing balance
Computers
25% On reducing balance
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 credited or charged to profit or loss.
ALPHA CARE (CATERHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
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.
ALPHA CARE (CATERHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
39
39
3
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
17,760
17,760
ALPHA CARE (CATERHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
110,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
110,000
Carrying amount
At 31 March 2023
At 31 March 2022
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2022
133,583
292,591
21,796
447,970
Additions
8,455
19,878
674
29,007
At 31 March 2023
142,038
312,469
22,470
476,977
Depreciation and impairment
At 1 April 2022
104,487
266,979
19,530
390,996
Depreciation charged in the year
9,388
11,372
735
21,495
At 31 March 2023
113,875
278,351
20,265
412,491
Carrying amount
At 31 March 2023
28,163
34,118
2,205
64,486
At 31 March 2022
29,096
25,613
2,266
56,975
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,244
10,044
Other debtors
544,045
917,192
558,289
927,236
ALPHA CARE (CATERHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,016
56,984
Corporation tax
62,642
32,149
Other taxation and social security
2,335
11,384
Other creditors
21,861
15,929
Accruals and deferred income
34,490
35,776
148,344
152,222
8
Related party disclosures
In 2008, the company loaned £810,000 to Alpha Care Castlemaine Limited. Both companies are under common control. The agreement was an interest free loan repayable as soon as the borrower had enough reserves to do so. A further loan of £ 85,000 was made to Alpha Care Castlemaine Limited in the year ended 31 March 2021. The closing balance of the loan is £560,828 as at 31st March 2023 (2022: £ 560,828) and is shown in the accounts under other debtors.
In 2017, the company loaned £197,065 to Quality Development Property Limited, a company under common control. The agreement is interest free and repayable as soon as the borrower has sufficient reserves to do so. Further loans of £114,300 and £45,000 were made to Quality Development Property Limited in the years ended 31 March 2021 and 2022. The loan was fully repaid in the year and the closing balance of the loan is £ Nil at 31st March 2023 (2022: £356,365).
The company rents its business premises from the two directors and their wives and an amount of £168,000 (2022: £162,000) was paid in rent to the directors and their wives during the year.
During the year, each director and their wives received dividends of £1,000 each, totalling £4,000 (2022: £4,000).
At the year-end balance due to the directors is £3,595 (2022: £ 3,595).
9
Ultimate controlling party
The company is under the control of the two directors and their wives.
10
Financial commitments, guarantees and contingent liabilities
On the 23 September 2020, the company guaranteed a loan drawdown facility agreement for £1,100,000 between the partnership of Coombe Dingle Nursing Home, of which the two directors and their wives are partners, and the National Westminster Bank Plc.