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Registered number: 10887988










ASHMERE NOTTINGHAMSHIRE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

COMPANY INFORMATION


Director
Claire Sharpe 




Company secretary
Dr Michael Poxton



Registered number
10887988



Registered office
Priestsic Road
Sutton-In-Ashfield

Nottingham

Nottinghamshire

NG17 2AH




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

Prospect House

1 Prospect Place

Millennium Way

DE24 8HG





 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 25


 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The director presents the Company Strategic Report for the year ended 31 March 2023.

Business review
 
Ashmere Nottinghamshire Limited has achieved turnover of £5,533,000 for the period ended 31 March 2023. The Company generated a profit before tax of £1,757,675 and continues to maintain a strong workforce employing 137 staff incurring minimal expenditure on agency staff. 
The Company has net assets of £5,976,725 and net current assets of £1,953,345 highlighting the financial performance in the year and the strong brand of the Company overall. 
The Company has existing variable finance costs arising from bank loans which are sufficiently covered by the Company's cash balances and the cash it generates from its operations.
The Company has continued to maintain the high standards of care within the three separate care homes all located on one site in Sutton in Ashfield. Each of the homes has a minimum rating of 'good' by the CQC.

Principal risks and uncertainties
 
The Company has considered the principal risks and uncertainties to which it is exposed, and this is taken into account when making key strategic decisions. The main risks to the Company include the loss of significant care contracts, uncertainty regarding social services placements, rising employment costs as well as increased new build competitors moving into the area. 

Financial key performance indicators
 
Key performance indicator for the Company is turnover which is discussed above. Turnover is directly correlated to the occupancy levels in each care home.

Other key performance indicators
 
Non-financial key performance indicators are care quality levels determined from CQC inspection.


This report was approved by the board on 19 October 2023 and signed on its behalf.



Claire Sharpe
Director

Page 1

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents her report and the financial statements for the year ended 31 March 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,425,471 (2022 - £1,777,945).

A dividend of £935,763 (2022: £425,388) was recommended and paid during the year. No further dividend is recommended.

Director

The director who served during the year was:

Claire Sharpe 

Future developments

The director does not consider that there are any future developments which require disclosure within the financial statements.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company's auditors are unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 19 October 2023 and signed on its behalf.
 





Claire Sharpe
Director

Page 3

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHMERE NOTTINGHAMSHIRE LIMITED
 

Opinion


We have audited the financial statements of Ashmere Nottinghamshire Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The director is responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHMERE NOTTINGHAMSHIRE LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHMERE NOTTINGHAMSHIRE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• Management bias in respect of accounting estimates and judgements made;
• Management override of control;
• Posting of unusual journals or transactions;
• Non-compliance with CQC regulations. 
We focused on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and claims,
  including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and
  fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
  applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and
  other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the
  normal course of business and reviewing accounting estimates for bias, including estimates that require
  judgement and are key sources of estimation uncertainty as detailed in note 3. 
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHMERE NOTTINGHAMSHIRE LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Delve (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
Prospect House
1 Prospect Place
Millennium Way
DE24 8HG

24 October 2023
Page 7

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,465,931
5,073,450

Cost of sales
  
(2,637,563)
(2,650,437)

Gross profit
  
2,828,368
2,423,013

Administrative expenses
  
(1,183,177)
(876,580)

Other operating income
 5 
150,642
695,972

Operating profit
  
1,795,833
2,242,405

Interest receivable and similar income
 9 
6,820
162

Interest payable and similar expenses
 10 
(51,815)
(40,863)

Profit before tax
  
1,750,838
2,201,704

Tax on profit
 11 
(325,367)
(423,759)

Profit for the financial year
  
1,425,471
1,777,945

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 8

 
ASHMERE NOTTINGHAMSHIRE LIMITED
REGISTERED NUMBER: 10887988

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
237,747
285,296

Tangible fixed assets
 14 
5,023,441
4,731,186

  
5,261,188
5,016,482

Current assets
  

Stocks
 15 
3,339
3,339

Debtors: amounts falling due after more than one year
 16 
326,805
326,105

Debtors: amounts falling due within one year
 16 
299,987
325,993

Cash at bank and in hand
 17 
1,730,339
2,094,904

  
2,360,470
2,750,341

Creditors: amounts falling due within one year
 18 
(413,962)
(2,238,444)

Net current assets
  
 
 
1,946,508
 
 
511,897

Total assets less current liabilities
  
7,207,696
5,528,379

Creditors: amounts falling due after more than one year
 19 
(1,161,163)
-

Provisions for liabilities
  

Deferred tax
 21 
(76,645)
(48,199)

Net assets
  
5,969,888
5,480,180


Capital and reserves
  

Called up share capital 
 22 
100
100

Share premium account
 23 
2,124,408
2,124,408

Profit and loss account
 23 
3,845,380
3,355,672

  
5,969,888
5,480,180


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.




Claire Sharpe
Director

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
100
2,124,408
2,003,115
4,127,623


Comprehensive income for the year

Profit for the year
-
-
1,777,945
1,777,945
Total comprehensive income for the year
-
-
1,777,945
1,777,945


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(425,388)
(425,388)


Total transactions with owners
-
-
(425,388)
(425,388)



At 1 April 2022
100
2,124,408
3,355,672
5,480,180


Comprehensive income for the year

Profit for the year
-
-
1,425,471
1,425,471
Total comprehensive income for the year
-
-
1,425,471
1,425,471


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(935,763)
(935,763)


Total transactions with owners
-
-
(935,763)
(935,763)


At 31 March 2023
100
2,124,408
3,845,380
5,969,888


The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,425,471
1,777,945

Adjustments for:

Amortisation of intangible assets
47,549
47,549

Depreciation of tangible assets
189,102
73,980

Profit on disposal of tangible assets
(841)
-

Interest paid
51,815
40,863

Interest received
(6,820)
(162)

Taxation charge
325,367
423,759

Decrease/(increase) in debtors
25,306
(57,708)

(Decrease)/increase in creditors
(189,448)
110,814

Increase in amounts owed to connected companies
40,397
-

Corporation tax (paid)
(436,246)
(474,184)

Net cash generated from operating activities

1,471,652
1,942,856


Cash flows from investing activities

Purchase of tangible fixed assets
(481,357)
(186,761)

Sale of tangible fixed assets
841
-

Interest received
6,820
162

Net cash from investing activities

(473,696)
(186,599)

Cash flows from financing activities

Repayment of loans
(374,943)
(1,071,968)

Dividends paid
(935,763)
(425,388)

Interest paid
(51,815)
(40,863)

Net cash used in financing activities
(1,362,521)
(1,538,219)

Net (decrease)/increase in cash and cash equivalents
(364,565)
218,038

Cash and cash equivalents at beginning of year
2,094,904
1,876,866

Cash and cash equivalents at the end of year
1,730,339
2,094,904


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,730,339
2,094,904


The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

2,094,904

(364,565)

1,730,339

Debt due after 1 year

-

(1,161,163)

(1,161,163)

Debt due within 1 year

(1,570,723)

1,536,106

(34,617)


524,181
10,378
534,559

The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

1.


General information

Ashmere Nottinghamshire Limited is a private company limited by shares and incorporated in England. The registered office is Priestsic Road, Sutton-In-Ashfield, Nottinghamshire, NG17 2AH. The Company registration number is 10887988. The nature if the Company's operations and principal activities is the provision of care services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is GBP.
The financial statements are rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company's forecasts and projections, the director has concluded that the Company has adequate resources to continue in operational existence for the foreseeable future and at least 12 months from the date of approval of these financial statements. As such the Company continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Revenue

Turnover comprises revenue recognised by the Company in respect of its principle activity, being that of a residential care provider.  
Turnover is recognised when goods and services are provided. 

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Page 14

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation provided (See Note 3)
Motor vehicles
-
25% Straight Line
Fixtures and fittings
-
20% Straight Line
Office equipment
-
20% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 15

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors do not consider it appropriate to depreciate freehold property, since, in their opinion, any charge of depreciation would be immaterial as the estimated residual value of the buildings is not materiality different from the carrying value of the building. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Care services
5,465,931
5,073,450


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
150,642
695,972


Page 16

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
9,670
9,470

7.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,392,974
2,194,246

Social security costs
168,783
144,419

Cost of defined contribution scheme
40,528
37,525

2,602,285
2,376,190


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Care home staff
127
123



Head office staff
10
9

137
132


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
53,636
54,588

Company contributions to defined contribution pension schemes
3,000
3,000

56,636
57,588


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

Page 17

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

9.


Interest receivable

2023
2022
£
£


Other interest receivable
6,820
162


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
50,808
40,863

Other interest payable
1,007
-

51,815
40,863


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
296,921
407,047

Adjustments in respect of previous periods
-
700


Total current tax
296,921
407,747

Deferred tax


Origination and reversal of timing differences
40,014
16,875

Changes to tax rates
(11,568)
7,518

Adjustments in respect of prior periods
-
(8,381)

Total deferred tax
28,446
16,012


Taxation on profit on ordinary activities
325,367
423,759
Page 18

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,750,838
2,201,704


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
332,659
418,324

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
9,034

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,675
597

Capital allowances for year in excess of depreciation
1,601
(8,083)

Adjustments to tax charge in respect of prior periods - deferred tax
-
(8,381)

Remeasurement of deferred tax for changes in tax rates
(11,568)
11,568

Other differences leading to an increase (decrease) in the tax charge
-
700

Total tax charge for the year
325,367
423,759


Factors that may affect future tax charges

In April 2023, the rate of corporation tax increased from 19% to 25% for taxable profits over £250,000.


12.


Dividends

2023
2022
£
£


Dividends paid on ordinary "A" Shares
207,823
198,897


Dividends paid on ordinary "B" Shares
171,505
171,658


Dividends paid on ordinary "C" Shares
556,435
54,833

935,763
425,388

Page 19

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

13.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
475,492



At 31 March 2023

475,492



Amortisation


At 1 April 2022
190,196


Charge for the year on owned assets
47,549



At 31 March 2023

237,745



Net book value



At 31 March 2023
237,747



At 31 March 2022
285,296



Page 20

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

14.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost 


At 1 April 2022
4,397,455
67,094
513,609
3,091
4,981,249


Additions
-
79,090
400,186
2,081
481,357


Disposals
-
(1,061)
-
-
(1,061)



At 31 March 2023

4,397,455
145,123
913,795
5,172
5,461,545



Depreciation


At 1 April 2022
-
17,910
232,153
-
250,063


Charge for the year on owned assets
-
28,268
159,834
1,000
189,102


Disposals
-
(1,061)
-
-
(1,061)



At 31 March 2023

-
45,117
391,987
1,000
438,104



Net book value



At 31 March 2023
4,397,455
100,006
521,808
4,172
5,023,441



At 31 March 2022
4,397,455
49,184
281,456
3,091
4,731,186


15.


Stocks

2023
2022
£
£

Food and cleaning stocks
3,339
3,339


Page 21

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

16.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
326,805
326,105


2023
2022
£
£

Due within one year

Trade debtors
78,282
101,245

Other debtors
197,000
198,480

Prepayments and accrued income
24,705
26,268

299,987
325,993



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,730,339
2,094,904



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans (see note 20)
34,617
1,570,723

Trade creditors
127,208
320,583

Amounts owed to connected companies
40,397
-

Corporation tax
109,894
249,219

Other taxation and social security
30,642
30,701

Other creditors
50,100
45,386

Accruals and deferred income
21,104
21,832

413,962
2,238,444



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (see note 20)
1,161,163
-


Page 22

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
34,617
1,570,723

Amounts falling due 1-2 years

Bank loans
37,291
-

Amounts falling due 2-5 years

Bank loans
130,065
-

Amounts falling due after more than 5 years

Bank loans
993,807
-

1,195,780
1,570,723


On 10 March 2023, the Company refinanced their existing bank loan. The loan is repayable in equal installments over 180 months with a final balancing payment due on the Final Repayment Date. Interest on the loan is charged at 2.15%pa over Base Rate. The loan is secured over the Freehold Property. 


21.


Deferred taxation




2023


£






At beginning of year
(48,199)


Charged to profit or loss
(28,446)



At end of year
(76,645)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(77,310)
(49,776)

Short term timing differences
665
1,577

(76,645)
(48,199)

The expected reversal of deferred tax is not considered to be material. 

Page 23

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



40 (2022 - 40) A Ordinary shares of £1.00 each
40
40
30 (2022 - 30) B Ordinary shares of £1.00 each
30
30
5 (2022 - 5) C Ordinary shares of £1.00 each
5
5
25 (2022 - 25) D Ordinary shares of £1.00 each
25
25

100

100

Ordinary "A", "B" & "C" shares entitle the holders to receive notice and attend general meetings of the Company, entitle holders to vote on shareholder resolutions, have no restriction on distribution of dividends and entitle the holders for return on capital to their respective shareholdings.
Ordinary "D" shares do not entitle the holders to receive notice and attend general meetings of the Company, do not entitle holders to vote on any shareholder resolutions, do not entitle holders to receive dividends but entitle the holders for return on capital to their respective shareholdings. The Ordinary "D" shares will rank parri passu with all other shares upon repayment of bank loans.



23.


Reserves

Share premium account

Includes premiums received on issue of share capital, less associated transaction costs arising from the share issue and is not distributable.

Profit and loss account

Includes all distributable current and prior period retained profits and losses.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £40,528 (2022 - £37,525). Contributions totalling £10,656 (2022 - £16,386) were payable to the fund at the balance sheet date and are included in creditors.

Page 24

 
ASHMERE NOTTINGHAMSHIRE LIMITED
 

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

25.


Related party transactions

Within other debtors is £327,429 (2022: £326,729) owed from connected companies. £326,805 (2022: £326,105) of the amounts repayable are due after one year. The amount is interest free. 
During the year, the Company loaned £200,000 to a connected company. This balance was fully repaid by the year end. 
At the year end, dividends totalling £40,397 were owed to Ashmere Nottinghamshire Holding Limited. 
Within other debtors is £136,444 (2022: £143,281) owed from shareholders. No interest is charged and there are no set repayment terms. Of this, £40,738 is owed from a director. 
Payments made to key management during the period totalled £125,143 (2022: £111,986). The director's remuneration is disclosed in note 8 of the financial statements.


26.


Controlling party

The ultimate controlling party is Claire Sharpe, by virtue of entitlement to the majority of voting rights.


Page 25