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COMPANY REGISTRATION NUMBER: 07180714
Spion Kop Care Home Limited
Filleted Unaudited Abridged Financial Statements
31 March 2023
Spion Kop Care Home Limited
Abridged Financial Statements
Year Ended 31 March 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 7
Spion Kop Care Home Limited
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
6
331,495
331,911
Current Assets
Stocks
280
200
Debtors
93,195
14,410
Cash at bank and in hand
209,933
242,885
---------
---------
303,408
257,495
Creditors: amounts falling due within one year
84,379
58,377
---------
---------
Net Current Assets
219,029
199,118
---------
---------
Total Assets Less Current Liabilities
550,524
531,029
Provisions
Taxation including deferred tax
674
591
---------
---------
Net Assets
549,850
530,438
---------
---------
Capital and Reserves
Called up share capital
7
2
2
Profit and loss account
549,848
530,436
---------
---------
Shareholders Funds
549,850
530,438
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Spion Kop Care Home Limited
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
Mrs P Simpson
Director
Company registration number: 07180714
Spion Kop Care Home Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 72 - 74 Park Lane, Pinxton, Nottingham, NG16 6PS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents residents fees earned during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
In determining the residual value of freehold property the directors have considered the amount they would currently obtain from disposal of the asset, if the asset were already of the age and condition expected at the end of its useful life. As a result, the directors estimate any depreciation charge to be immaterial and as such the depreciation charge is nil for the period.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Intangible assets
£
Cost
At 1 April 2022 and 31 March 2023
160,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
160,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
£
Cost
At 1 April 2022
342,533
Additions
445
Disposals
( 160)
---------
At 31 March 2023
342,818
---------
Depreciation
At 1 April 2022
10,622
Charge for the year
808
Disposals
( 107)
---------
At 31 March 2023
11,323
---------
Carrying amount
At 31 March 2023
331,495
---------
At 31 March 2022
331,911
---------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
200
2
200
2
----
----
----
----
8. Directors' advances, credits and guarantees
During the year the company had transactions with the directors as follows :
2022 Advanced during the year Repaid during the year 2023
£ £ £
Mr J & Mrs P Simpson (237) (7,264) 8,000 499
9. Related party transactions
Entities Under Common Control During the year the company provided and received short term loans from related parties. The balance outstanding due to related parties at the year end date is as follows :
2023 2022
£ £
Entities under common control 21,263 11,115
During the year the company provided a shareholder loan. The balance outstanding at the year end is as follows:
Advance during year Balance at 31 Mar 2023
£ £
Shareholder Loan 81,000 81,000