REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
HEALTH & CARE SPACE NEWHAM LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
HEALTH & CARE SPACE NEWHAM LIMITED |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HEALTH & CARE SPACE NEWHAM LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditors) |
Bryant House |
Bryant Road |
Strood |
Rochester |
Kent |
ME2 3EW |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property under |
construction | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 4,000,200 | 4,000,200 |
Retained earnings | (23,154 | ) | 471,810 |
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 |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Health & Care Space Newham Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 as modified by the revaluation of investment properties. |
Going concern |
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes. Turnover is not recognised when goods or services are exchanged for goods or services that are of a similar nature and value or when the transaction lacks commercial substance. |
Rental income and service charge income |
The percentage of completion method is used to calculate the revenue recognised at the period end. |
Turnover from the rendering of services is recognised when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the entity; |
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and |
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Government grants |
In accordance with the performance-based model of government grant recognition, grants of a revenue nature are recognised in the Profit and loss once performance conditions are met. |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is carried at fair value determined annually be the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
Expenditure on the purchase of an asset, together with costs directly attributable to bringing the asset into working condition for its intended use, are classified as capital expenditure. |
Attributable costs included; labour costs of internal staff (e.g. in-house architects, surveyors and site workers) directly arising in the construction or acquisition of the tangible fixed asset. The incremental costs to the Company that would have been avoided only if the particular fixed asset had not been constructed or acquired. |
Investments under construction |
Investments under construction are carried at cost and will be transferred to Investment property upon completion of the works. No depreciation is provided. |
Expenditure on the purchase of an asset, together with costs directly attributable to bringing the asset into working condition for its intended use, are classified as capital expenditure. |
Attributable costs included; labour costs of internal staff (e.g. in-house architects, surveyors and site workers) directly arising in the construction or acquisition of the tangible fixed asset. The incremental costs to the Company that would have been avoided only if the particular fixed asset had not been constructed or acquired. |
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. |
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. |
Finance costs |
Finance costs are charged to profit and 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. |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
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 |
5. | INVESTMENT PROPERTY UNDER |
CONSTRUCTION |
2023 | 2022 |
£ | £ |
Hartley Avenue | 520,805 | 261,625 |
Custom House | 122,553 | 72,739 |
Appleby | 8,931 | 8,745 |
Shrewsbury | 15,364 | 15,131 |
Hallsville | 567,049 | 126,806 |
Balaam Street | 40,818 | 30,911 |
Forest Gate | 3,000 | - |
Queens Market | 138 | - |
1,278,658 | 515,957 |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The long leasehold interest in the Pontoon Dock Medical Centre, London E16 was valued as at 31 |
March 2022 by an external valuer, Gerald Eve LLP, a regulated firm of Chartered Surveyors. The |
valuation was prepared in accordance with the requirements of the RICS Valuation - Professional |
Standards, January 2022 amendment and Financial Reporting Standard 102. The valuation was |
undertaken on a Fair Value basis, with the property valued by reference to its investment value. |
Based on current market conditions and future rental yields, the directors are of the opinion that the carrying value of the property is a true reflection of the fair value as at 31 March 2023. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included within Other creditors is deferred income of £404,522 (2022: £498,859) which is broken down as follows: |
- Section 106 grant income of £49,500 (2022: £65,000) which will be released to the profit and loss account once the performance conditions are met |
- Rental paid in advance for the Hartley site of £263,000 (2022: £263,000). Construction of this site has not completed yet and the rental paid in advance will be released to the profit and loss account over the period of the tenancy on commencement of the lease agreement |
- Income of £50,000 for the Hartley Site (2022: £50,000) which will be released to the profit and loss account once a service has been provided |
- Rent and service charges paid in advance for Pontoon Dock of £42,022 (2022: £120,859) |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 339,140 | 396,688 |
Included within other creditors is a balance of £1,547,818 (2022: £1,560,680) which relates to rental income paid in advance for Pontoon Dock, the breakdown for this is as follows: |
2023 | 2022 |
£ | £ |
1 - 5 years | 168,089 | 168,089 |
More than 5 years | 1,379,729 | 1,392,591 |
Total | 1,547,818 | 1,560,680 |
This income will be released to the profit and loss account in equal annual installments of £42,022 over the period of the lease which expires February 2061. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as | restated |
£ | £ |
Other loans |
The loan is secured by way of a fixed and floating charge over the assets of the company. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CAPITAL COMMITMENTS |
The company has entered into a pre lease agreement for a new health centre at Hartley. The company will be entering a lease of 125 years and will be acquiring the shell and core of the centre. The company will be required to fit out the site in order to make the site usable. The company is committed to pay the sum of £2.7 million for the lease premium plus any additional costs relating to variations to the shell and core building works and the accumulated interest calculated from the date of each invoice upon the practical completion date. It is anticipated that this will be June 2024. |
HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | 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 amounts to £22,543 (2022: £16,511). |
Contributions totalling £2,564 (2022: £5,814) were payable to the fund at the balance sheet date. |