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REGISTERED NUMBER: 06552561 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SEASIDE CARE HOMES LIMITED

SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 525,727 536,541

CURRENT ASSETS
Debtors 5 15,164 14,061
Cash at bank and in hand 100,266 61,047
115,430 75,108
CREDITORS
Amounts falling due within one year 6 142,099 69,999
NET CURRENT (LIABILITIES)/ASSETS (26,669 ) 5,109
TOTAL ASSETS LESS CURRENT
LIABILITIES

499,058

541,650

PROVISIONS FOR LIABILITIES 22,135 24,778
NET ASSETS 476,923 516,872

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 8 74,681 75,762
Capital redemption reserve 800 800
Retained earnings 401,242 440,110
476,923 516,872

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





P N Ledgard - Director


SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Seaside Care Homes Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06552561 and registered office address is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

Related party exemption
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.

Critical accounting 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions
A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Depreciation
Depreciation is provided over the estimated useful life of the asset. The directors make estimates as to the length of those useful lives.

Trade debtors recoverability
Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Carrying value of property
The company's property is revalued on a regular basis by independent valuers. In between those valuations the directors make estimates with regards the valuation of the property to ensure that the carrying value is not materially different to market value.

SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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 creditors, other creditors, amounts owed to group undertakings and directors loan accounts that are classified as debt, 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 payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Going concern
At 31 March 2023 the company had a profit for the financial year of £202,576 (2022: £193,568) and net assets of £476,923 (2022: £516,872).
The directors have reviewed the working capital requirements for the group of companies headed up by Tristone Capital Ltd for the next twelve months and consider that the group companies have sufficient working capital to enable this company to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2023.

Mobilisation assets
Mobilisation assets relate to the set up cost of individual income generating units (IGU) and reflect the investment required to bring these IGU to operational status, being when a first service user moves in to the home. These IGU are each residential accommodation capable of providing care for people with complex care needs. All are set up to be capable of long-term accommodation support for their respective service users of between 15 and 25 years.

A 7-year useful economic life for amortising the mobilisation asset into the P&L result is used to reflect the period of time over which that initial investment is expected to realise financial benefits until further expenditure is likely to be needed to maintain the IG asset at the high standard required.

Restatement of prior year profit and loss account
The company has restated its 2022 comparatives for cost of sales and administrative expenses, in order to realign the results with their business plan. The restatement moves costs of £334,830 from administrative expenses to cost of sales. The overall operating profit remains unchanged from the prior year reported financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 525,000 53,538 20,394 2,292 601,224
Additions - 1,157 - 1,567 2,724
At 31 March 2023 525,000 54,695 20,394 3,859 603,948
DEPRECIATION
At 1 April 2022 - 44,295 18,820 1,568 64,683
Charge for year 10,500 2,446 394 198 13,538
At 31 March 2023 10,500 46,741 19,214 1,766 78,221
NET BOOK VALUE
At 31 March 2023 514,500 7,954 1,180 2,093 525,727
At 31 March 2022 525,000 9,243 1,574 724 536,541

SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS - continued

Freehold property was revalued as at 31 March 2022 to its fair value of £525,000 by Harry Torrance MRICS and Russell Lane FRICS, of Aitchison Raffety, who are independent of the company and have experience of valuing similar properties. At 31 March 2023 the directors consider that the market value is not materially different to the carrying value of £514,500.

If the freehold property were included in the balance sheet on an historical cost basis, then the carrying amount would be £470,966 with aggregate depreciation of £56,401.

Fixtures and fittings, motor vehicles and computer equipment are all carried at cost at 31 March 2023.

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,249 -
Other debtors 7,271 14,061
8,520 14,061

Amounts falling due after more than one year:
Other debtors 6,644 -

Aggregate amounts 15,164 14,061

Other debtors relate to mobilisation assets as explained in note 2 to the financial statements.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,718 476
Amounts owed to group undertakings 121,141 -
Taxation and social security (1,943 ) 56,309
Other creditors 17,183 13,214
142,099 69,999

Amounts owed to group undertakings are repayable on demand.

SEASIDE CARE HOMES LIMITED (REGISTERED NUMBER: 06552561)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. SECURED DEBTS

On 1 March 2022 the company entered into guarantees in the form of a fixed and floating charges to secure the borrowings of their penultimate parent company, Tristone Healthcare Limited. At 31 March 2023 the amount outstanding in respect of these guarantees was £17,599,000 (2022: £12,099,000). The beneficiary of the securities are Duke Royalty UK Limited.

The company's immediate parent company, THL Investments Limited, and its fellow subsidiary companies, Tristone PW Holdings Ltd, Procare Wales Limited, Bangor Centre for Developmental Disabilities Limited, Tristone SSS Holdings Limited, Sportfit Support Services Limited, Tristone PCM Holdings Limited, Premier Care Management Limited, Tristone NS Holdings Ltd, K Bond Healthcare Ltd, Tristone BL Holdings Ltd, Beyond limits (Plymouth) Ltd, Tristone Healthcare Properties Ltd and Roundhouse Care Holdings Limited are also party to a guarantee in respect of the same borrowings of Tristone Healthcare Limited. At 31 March 2023 the company owed £nil to Tristone Healthcare Limited.

8. RESERVES
Revaluation
reserve
£   
At 1 April 2022 75,762
Revaluation (1,081 )

At 31 March 2023 74,681

Reserves include £74,681 (2022: 75,762) of undistributable reserves relating to the revaluation of freehold property.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited

10. RELATED PARTY DISCLOSURES

At 31 March 2023 the company owed £120,000 (2022: £nil) to THL Investments Limited, the immediate parent company. No interest has been charged in respect of this loan, which is repayable on demand.

At 31 March 2023 the company owed £2,107 to Dimensions Care Limited, a company connected to Yannis Loucopoulos, a director and shareholder of Tristone Capital Ltd.

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is THL Investments Limited and its ultimate parent company is Tristone Capital Ltd, whose registered office is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD. Consolidated financial statements can be obtained at Companies House, Crown Way, Cardiff, CF14 3UZ.