IRIS Accounts Production v23.3.0.418 06708331 Board of Directors 1.9.22 31.8.23 31.8.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure067083312022-08-31067083312023-08-31067083312022-09-012023-08-31067083312021-09-05067083312021-09-062022-08-31067083312022-08-3106708331ns16:EnglandWales2022-09-012023-08-3106708331ns15:PoundSterling2022-09-012023-08-3106708331ns11:Director12022-09-012023-08-3106708331ns11:PrivateLimitedCompanyLtd2022-09-012023-08-3106708331ns11:SmallEntities2022-09-012023-08-3106708331ns11:AuditExempt-NoAccountantsReport2022-09-012023-08-3106708331ns11:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3106708331ns11:SmallCompaniesRegimeForAccounts2022-09-012023-08-3106708331ns11:FullAccounts2022-09-012023-08-3106708331ns11:OrdinaryShareClass12022-09-012023-08-3106708331ns11:Director22022-09-012023-08-3106708331ns11:RegisteredOffice2022-09-012023-08-3106708331ns6:CurrentFinancialInstruments2023-08-3106708331ns6:CurrentFinancialInstruments2022-08-3106708331ns6:Non-currentFinancialInstruments2023-08-3106708331ns6:Non-currentFinancialInstruments2022-08-3106708331ns6:ShareCapital2023-08-3106708331ns6:ShareCapital2022-08-3106708331ns6:RetainedEarningsAccumulatedLosses2023-08-3106708331ns6:RetainedEarningsAccumulatedLosses2022-08-310670833112022-09-012023-08-3106708331ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-09-012023-08-3106708331ns6:FurnitureFittings2022-09-012023-08-3106708331ns6:ComputerEquipment2022-09-012023-08-3106708331ns6:LandBuildings2022-08-3106708331ns6:FurnitureFittings2022-08-3106708331ns6:ComputerEquipment2022-08-3106708331ns6:LandBuildings2022-09-012023-08-3106708331ns6:LandBuildings2023-08-3106708331ns6:FurnitureFittings2023-08-3106708331ns6:ComputerEquipment2023-08-3106708331ns6:LandBuildings2022-08-3106708331ns6:FurnitureFittings2022-08-3106708331ns6:ComputerEquipment2022-08-3106708331ns6:WithinOneYearns6:CurrentFinancialInstruments2023-08-3106708331ns6:WithinOneYearns6:CurrentFinancialInstruments2022-08-3106708331ns11:OrdinaryShareClass12023-08-31
REGISTERED NUMBER: 06708331 (England and Wales)





















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Newgrange of Cheshunt Limited

Newgrange of Cheshunt Limited (Registered number: 06708331)

Contents of the Financial Statements
for the Year Ended 31 August 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Newgrange of Cheshunt Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: N S Meyer
Mrs A P MacFarlane





REGISTERED OFFICE: First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN





BUSINESS ADDRESS: The Newgrange Residential Home
Cadmore Lane
Cheshunt
Hertfordshire
EN8 9JX





REGISTERED NUMBER: 06708331 (England and Wales)





ACCOUNTANTS: Mark Ward Chartered Certified Accountants
First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN

Newgrange of Cheshunt Limited (Registered number: 06708331)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,656,237 3,680,443

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 5 28,079 94,407
Cash at bank 25,945 10,570
56,524 107,477
CREDITORS
Amounts falling due within one year 6 79,194 71,335
NET CURRENT (LIABILITIES)/ASSETS (22,670 ) 36,142
TOTAL ASSETS LESS CURRENT LIABILITIES 3,633,567 3,716,585

CREDITORS
Amounts falling due after more than one
year

7

(3,330,839

)

(3,381,187

)

PROVISIONS FOR LIABILITIES (73,941 ) (20,678 )
NET ASSETS 228,787 314,720

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 228,786 314,719
SHAREHOLDERS' FUNDS 228,787 314,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Newgrange of Cheshunt Limited (Registered number: 06708331)

Balance Sheet - continued
31 August 2023


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 Income Statement has not been delivered.

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





N S Meyer - Director


Newgrange of Cheshunt Limited (Registered number: 06708331)

Notes to the Financial Statements
for the Year Ended 31 August 2023


1. STATUTORY INFORMATION

Newgrange of Cheshunt Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 £1.

Critical accounting judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover represents amounts derived from the provision of residential care services falling within the company's principal activities. Revenue is recognised when the amount of revenue can be measured reliably, it is possible that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on cost

Government grants
Grants are accounted for under the accrual model.

Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Newgrange of Cheshunt Limited (Registered number: 06708331)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds the following financial instruments:

- Short term trade and other debtors and creditors;
- Short term intra group debtors and creditors; and
- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

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.

Basic financial assets comprise short term trade and other debtors, short term intra group debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors and short term intra group creditors. 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Newgrange of Cheshunt Limited (Registered number: 06708331)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 48 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 September 2022 3,553,832 324,621 11,699 3,890,152
Additions - 35,084 - 35,084
At 31 August 2023 3,553,832 359,705 11,699 3,925,236
DEPRECIATION
At 1 September 2022 74,181 131,800 3,728 209,709
Charge for year 12,115 45,581 1,594 59,290
At 31 August 2023 86,296 177,381 5,322 268,999
NET BOOK VALUE
At 31 August 2023 3,467,536 182,324 6,377 3,656,237
At 31 August 2022 3,479,651 192,821 7,971 3,680,443

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 13,051 65,782
Other debtors 15,028 28,625
28,079 94,407

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Payments on account 8,510 11,078
Trade creditors 19,321 12,777
Social security and other taxes 12,530 12,961
Other creditors 1,343 -
Accrued expenses 37,490 34,519
79,194 71,335

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.23 31.8.22
£    £   
Amounts owed to group undertakings 3,330,839 3,381,187

Newgrange of Cheshunt Limited (Registered number: 06708331)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
1 Ordinary £1 1 1

9. CONTINGENT LIABILITIES

The company has entered into a cross guarantee to guarantee the indebtedness of its parent company to group bankers. At the balance sheet date the indebtedness of the parent company to group bankers was £1,750,000 (2022 - £1,750,000). The guarantee is secured by a charge over company assets.

When the company purchased the care home as a going concern the total purchase price was apportioned between assets being acquired e.g. freehold land and buildings, fixtures, fittings and equipment and goodwill. Each asset will give rise to different accounting and tax treatment and the company is in continuing negotiations with HM Revenue and Customs regarding the apportionment. Should HM Revenue and Customs review be upheld then the company will have an additional corporation tax liability of £71,229, excluding interest, which has not been provided for in these financial statements.

10. ULTIMATE CONTROLLING PARTY

The company's parent company is Shervey Limited (company number: 06333002), the registered office address of the parent company is First Floor, CEF Building, Broomhill Way, Torquay, Devon, TQ2 7QN.

As at 31 August 2023, the company owed £3,330,839 (2022 - £3,381,187) to its parent company, Shervey Limited.