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Registered number: 06332460










HARTFORD CARE (SOUTH WEST) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023



 
HARTFORD CARE (SOUTH WEST) LIMITED
REGISTERED NUMBER: 06332460

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,625,383
2,596,910

 
Current assets
  

Debtors: amounts falling due after more than one year
 5 
663,572
220,000

Debtors: amounts falling due within one year
 5 
93,751
34,813

Cash at bank and in hand
 6 
12,705
57,079

  
770,028
311,892

Creditors: amounts falling due within one year
 7 
(248,328)
(218,449)

Net current assets
  
 
 
521,700
 
 
93,443

Total assets less current liabilities
  
3,147,083
2,690,353

Creditors: amounts falling due after more than one year
 8 
(1,799,360)
(1,794,763)

Provisions for liabilities
  

Deferred tax
 9 
(11,056)
(3,812)

  
 
 
(11,056)
 
 
(3,812)

Net assets
  
1,336,667
891,778


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
  
1,335,667
890,778

  
1,336,667
891,778


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2023.

K A Shaw
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
HARTFORD CARE (SOUTH WEST) LIMITED
 

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

1.


General information

Hartford Care (South West) Ltd is a Company limited by share capital (registered number 06332460) and incorporated in England and Wales. The address of the registered office and principal place of business is 2nd Floor, Clifton House, Bunnian Place, Basingstoke, Hampshire, RG21 7JE.
The Company's principal activity during the year under review was that of operating a residential care home.

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 Section 1A of 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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Page 2

 
HARTFORD CARE (SOUTH WEST) LIMITED
 

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

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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.

The estimated useful lives range as follows:

Freehold property
-
5% - 10% per annum on cost
Property improvements
-
5% - 10% per annum on cost
Fixtures and fittings
-
10% - 50% per annum on cost
Computer equipment
-
50% per annum on cost

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.

 
2.4

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.

 
2.5

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

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.

 
2.7

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 payments obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income 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.

Page 3

 
HARTFORD CARE (SOUTH WEST) LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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 reporting 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 reporting 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 reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 24).

Page 4

 
HARTFORD CARE (SOUTH WEST) LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Property improvements
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
2,465,000
153,370
191,195
11,051
2,820,616


Additions
-
4,304
49,815
5,568
59,687


Disposals
-
-
(24,016)
-
(24,016)



At 31 March 2023

2,465,000
157,674
216,994
16,619
2,856,287



Depreciation


At 1 April 2022
-
44,238
172,145
7,323
223,706


Charge for the year on owned assets
-
8,317
18,110
4,787
31,214


Disposals
-
-
(24,016)
-
(24,016)



At 31 March 2023

-
52,555
166,239
12,110
230,904



Net book value



At 31 March 2023
2,465,000
105,119
50,755
4,509
2,625,383



At 31 March 2022
2,465,000
109,132
19,050
3,728
2,596,910

Page 5

 
HARTFORD CARE (SOUTH WEST) LIMITED
 

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

5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
663,572
220,000


2023
2022
£
£

Due within one year

Trade debtors
30,793
18,521

Prepayments and accrued income
62,958
16,292

93,751
34,813


The intercompany receivable is unsecured and fully subordinated to any charges or rights accrued in connection with the Group loan facility. The intercompany receivable is repayable on a rolling 367 day basis and accrues no interest.
The bank loan held by Hartford Care Group Limited is secured by an intercompany guarantee over the Group's assets.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,705
57,079



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
36,792
14,561

Corporation tax
101,849
86,120

Other taxation and social security
9,054
12,711

Other creditors
445
337

Accruals and deferred income
100,188
104,720

248,328
218,449


Page 6

 
HARTFORD CARE (SOUTH WEST) LIMITED
 

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

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,799,360
1,794,763


The intercompany Payable is unsecured and fully subordinated to any charges or rights accrued in connection with the Group loan facility. The intercompany Payable is repayable on a rolling 367 day basis and accrues no interest.
The bank loan held by Hartford Care Group Limited is secured by an intercompany guarantee over the Group's assets.


9.


Deferred taxation




2023
2022


£

£






At beginning of year
(3,812)
(128)


(Charge)/credit to profit and loss
(7,244)
(3,684)



At end of year
(11,056)
(3,812)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,337)
(3,812)

Tax losses carried forward
281
-


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Contingent liabilities

Along with fellow subsidiaries, the Company is a guarantor in the Facilities Agreement, entered into by Hartford Care Group Limited with National Westminster Bank plc. Under this agreement the bank holds a charge over its assets.

Page 7

 
HARTFORD CARE (SOUTH WEST) LIMITED
 

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

12.


Controlling party

The immediate parent company is Hartford Care Limited, a company incorporated in England and Wales.
The ultimate parent Company and the smallest and largest group in which the company’s results are consolidated is Hartford Care Group Limited, a Company incorporated in England and Wales. The consolidated accounts of Hartford Care Group Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
There is no one ultimate controlling party.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 7 November 2023 by Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 8