REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Sharda Care Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Sharda Care Limited |
Sharda Care Limited (Registered number: 08621775) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Sharda Care Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Jade House |
67 Park Royal Road |
London |
NW10 7JJ |
Sharda Care Limited (Registered number: 08621775) |
Abridged Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 5 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sharda Care Limited (Registered number: 08621775) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Sharda Care Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in UK sterling, which is the functional currency of the entity. |
Monetary amounts in these financial statements are rounded to the nearest UK pound. |
Turnover |
Turnover represents income received from residents of the care home. Income from residents of the |
care home is recognised, as earned, through the provision of contracted services |
Tangible fixed assets |
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated |
depreciation and subsequent accumulated impairment losses. |
Depreciation |
Depreciation is charged so as to write off the cost of an asset, less its estimated residual value, over |
its estimated useful economic life as follows: |
Asset class | Depreciation method and rate |
- Fixtures and Fittings | - 20% straight line |
- Office Equipment | - 20% straight line |
Financial instruments |
Classification |
The company holds the following financial instruments: |
- Short-term trade and other debtors and creditors; |
- Loans; and |
- Cash and bank balances. |
All financial instruments are classified as basic. |
Recognition and measurement |
The company has chosen to apply the recognition and measurement principles in FRS 102. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. |
Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. |
Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method. |
Sharda Care Limited (Registered number: 08621775) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The parent company established a new care home in 2014 which is operated by Sharda Care Limited. |
Since this time the company has been building occupancy rates which have continued to improve during the year resulting in a reasonable profit before tax. The directors continue to forecast for growth and are budgeting further improvements to financial performance over the coming period. The total net assets at 31st December 2022 £1,535,617 were (2021 - £874,336). |
The financial statements have been prepared by management on a going concern basis. The directors believe the company has sufficient liquid resources to meet liabilities as they fall due based on current forecasts and the holding company has support from its shareholders to support the company for the foreseeable future in the event further financial support is required. |
For these reasons, the directors adopt a going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from any change in the company’s circumstances such that the going concern basis would no longer be appropriate. |
Leases |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are |
classified as operating leases. Payments made under operating leases are charged to profit or loss on |
a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Sharda Care Limited (Registered number: 08621775) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | PROVISIONS FOR LIABILITIES |
31.12.22 | 31.12.21 |
£ | £ |
Deferred taxation | 31,842 | 20,790 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Charge to Income Statement during year |
Balance at 31 December 2022 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Denver Dias, who signed for and on behalf of Williams Chartered Accountants on 24th October 2021. |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Sharda Care Limited (Registered number: 08621775) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | RELATED PARTY DISCLOSURES - continued |
Related party transactions |
Summary of transactions with other related parties |
Other related parties are related to the company by virtue of joint directorships |
Expenditure with and payables to related parties |
Other related parties |
2022 | £ |
Rendering of services | 144,000 |
Other related parties |
2021 | £ |
Rendering of services | 144,000 |