REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SEASIDE CARE HOMES LIMITED |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Capital redemption reserve |
Retained earnings |
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 |
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 |
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 |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Amounts owed to group undertakings |
Taxation and social security | ( |
) |
Other creditors |
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 |
Revaluation | (1,081 | ) |
At 31 March 2023 |
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. |
for and on behalf of |
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. |