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Registered number: 02631480










CRISPIN HOMES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
CRISPIN HOMES LIMITED
REGISTERED NUMBER: 02631480

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,527,124
3,493,072

 
Current assets
  

Debtors: amounts falling due after more than one year
 5 
899,630
494,306

Debtors: amounts falling due within one year
 5 
24,139
30,047

Cash at bank and in hand
 6 
36,286
50,922

  
960,055
575,275

Creditors: amounts falling due within one year
 7 
(262,624)
(256,853)

Net current assets
  
 
 
697,431
 
 
318,422

Total assets less current liabilities
  
4,224,555
3,811,494

Creditors: amounts falling due after more than one year
 8 
(3,309)
(17,516)

 
Provisions for liabilities
  

Deferred tax
 9 
(376,028)
(367,796)

Net assets
  
3,845,218
3,426,182


Capital and reserves
  

Called up share capital 
 10 
2,366
2,366

Revaluation reserve
  
2,161,093
2,161,093

Capital redemption reserve
  
5,634
5,634

Profit and loss account
  
1,676,125
1,257,089

  
3,845,218
3,426,182


Page 1

 
CRISPIN HOMES LIMITED
REGISTERED NUMBER: 02631480

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 by: 



K A Shaw
Director

Date: 6 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CRISPIN HOMES LIMITED
 

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

1.


General information

Crispin Homes Limited is a private company limited by shares (registered number 02631480) and registered 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 principal activity of the company is that of operating a residential care home at Newland House, 50 Newland, Oxfordshire OX28 3JG.

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 judgement 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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.4

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 3

 
CRISPIN HOMES LIMITED
 

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

2.Accounting policies (continued)


2.4
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.

Depreciation is provided on the following basis:

Freehold property
-
Held at valuation
Property improvements
-
5% - 10%
Plant and machinery
-
5% - 10%
Fixtures and fittings
-
10% - 50%
Computer equipment
-
20% - 50%

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.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 4

 
CRISPIN HOMES LIMITED
 

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

2.Accounting policies (continued)

  
2.9

Pensions

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 thecontributions 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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.

 
2.11

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 during the year was 28 (2022 - 31).

Page 5

 


 
CRISPIN HOMES LIMITED


 

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


4.


Tangible fixed assets






Freehold property
Property improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
3,453,131
-
90,157
151,621
10,563
3,705,472


Additions
-
39,921
-
16,358
4,320
60,599



At 31 March 2023

3,453,131
39,921
90,157
167,979
14,883
3,766,071



Depreciation


At 1 April 2022
-
-
90,157
114,603
7,640
212,400


Charge for the year on owned assets
-
-
-
22,263
4,284
26,547



At 31 March 2023

-
-
90,157
136,866
11,924
238,947



Net book value



At 31 March 2023
3,453,131
39,921
-
31,113
2,959
3,527,124



At 31 March 2022
3,453,131
-
-
37,018
2,923
3,493,072

Page 6

 
CRISPIN HOMES 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
899,630
494,306


2023
2022
£
£

Due within one year

Trade debtors
8,042
12,862

Prepayments and accrued income
16,097
17,185

24,139
30,047


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
36,286
50,922



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
30,967
48,520

Corporation tax
114,611
98,796

Other taxation and social security
7,170
5,857

Other creditors
8,278
9,943

Accruals and deferred income
101,598
93,737

262,624
256,853


Page 7

 
CRISPIN HOMES 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
3,309
17,516


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


£






At beginning of year
(367,796)


Charged to profit or loss
(8,232)



At end of year
(376,028)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(10,316)
(2,084)

Capital gains
(365,712)
(365,712)

(376,028)
(367,796)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,366 (2022 - 2,366) Ordinary shares of £1.00 each
2,366
2,366



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 8

 
CRISPIN HOMES LIMITED
 

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

12.


Pension commitments

The Company operates a defined contribution 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 £33,556 (2022 - £7,767). The pension creditor at the year end totalled £Nil (2022 - £Nil).


13.


Related party transactions

The Company is exempt from disclosing related party transactions with other 100% owned members of the Group headed by Hartford Care Group Limited by virtue of FRS 102 section 33.1A. Balances due from and to members of the Group are disclosed in notes 5 and 8 respectively.


14.


Controlling party

The immediate parent Company is H.W. Group 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.


15.


Auditors' information

The auditors' 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 9