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Company registration number: 07487248
Regency Care Limited
Unaudited filleted financial statements
31 March 2023
Regency Care Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Regency Care Limited
Directors and other information
Directors Mr Michael Raven
Mrs Julia Raven
Company number 07487248
Registered office 71 Highlands Road
Fareham
Hampshire
PO15 6BY
Accountants J Humphry Associates Ltd
11A The Green
Stubbington
Fareham
Hants
PO14 2JG
Regency Care Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 334,184 353,118
________ ________
334,184 353,118
Current assets
Debtors 7 112,240 48,653
Cash at bank and in hand 18,326 43,603
________ ________
130,566 92,256
Creditors: amounts falling due
within one year 8 ( 52,558) ( 138,490)
________ ________
Net current assets/(liabilities) 78,008 ( 46,234)
________ ________
Total assets less current liabilities 412,192 306,884
________ ________
Net assets 412,192 306,884
________ ________
Capital and reserves
Called up share capital 100 100
Profit and loss account 412,096 306,786
________ ________
Shareholders funds 412,196 306,886
________ ________
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 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 financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 June 2023 , and are signed on behalf of the board by:
Mr Michael Raven
Director
Company registration number: 07487248
Regency Care Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 71 Highlands Road, Fareham, Hampshire, PO15 6BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 - 10 % straight line
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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
Fittings fixtures and equipment - 25 % straight line
Office equipment - 25 % straight line
Leasehold property improvements - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 50 (2022: 46 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023 36,000
________
Amortisation
At 1 April 2022 and 31 March 2023 36,000
________
Carrying amount
At 31 March 2023 -
________
At 31 March 2022 -
________
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Property
£ £ £ £ £
Cost
At 1 April 2022 - 19,463 85,767 5,856 459,839
Additions 5,100 5,736 4,278 262 23,970
________ ________ ________ ________ ________
At 31 March 2023 5,100 25,199 90,045 6,118 483,809
________ ________ ________ ________ ________
Depreciation
At 1 April 2022 - 17,767 69,756 5,856 124,428
Charge for the year 1,275 1,858 5,072 65 50,010
________ ________ ________ ________ ________
At 31 March 2023 1,275 19,625 74,828 5,921 174,438
________ ________ ________ ________ ________
Carrying amount
At 31 March 2023 3,825 5,574 15,217 197 309,371
________ ________ ________ ________ ________
At 31 March 2022 - 1,696 16,011 - 335,411
________ ________ ________ ________ ________
7. Debtors
2023 2022
£ £
Other debtors 112,240 48,653
________ ________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 25,611 9,299
Social security and other taxes 12,513 15,372
Other creditors 14,434 113,819
________ ________
52,558 138,490
________ ________
9. Financial instruments
10. Financial instruments at fair value
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Michael Raven ( 50,338) ( 30,000) 80,476 138
Mrs Julia Raven ( 50,338) ( 30,000) 80,476 138
________ ________ ________ ________
( 100,676) ( 60,000) 160,952 276
________ ________ ________ ________
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Michael Raven ( 71,798) ( 20,000) 41,460 ( 50,338)
Mrs Julia Raven ( 71,798) ( 20,000) 41,460 ( 50,338)
________ ________ ________ ________
( 143,596) ( 40,000) 82,920 ( 100,676)
________ ________ ________ ________
Regency Care Limited
The following pages do not form part of the statutory accounts.
Regency Care Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Regency Care Limited
Year ended 31 March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2023 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
J Humphry Associates Ltd
11A The Green
Stubbington
Fareham
Hants
PO14 2JG
15 June 2023