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Registered number: 03465523










COURTDRIFT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023



 
COURTDRIFT LIMITED
REGISTERED NUMBER: 03465523

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
939,797
168,367

 
Current assets
  

Debtors: amounts falling due after more than one year
 5 
125,000
-

Debtors: amounts falling due within one year
 5 
43,807
66,067

Cash at bank and in hand
 6 
24,527
354,398

  
193,334
420,465

Creditors: amounts falling due within one year
 7 
(14,512)
(12,130)

Net current assets
  
 
 
178,822
 
 
408,335

Total assets less current liabilities
  
1,118,619
576,702

Creditors: amounts falling due after more than one year
 8 
(730,059)
(225,000)

  

Net assets
  
388,560
351,702


Capital and reserves
  

Called up share capital 
 10 
200
200

Profit and loss account
  
388,360
351,502

  
388,560
351,702


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 profit and loss account 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 2 to 8 form part of these financial statements.

Page 1

 
COURTDRIFT LIMITED
 

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

1.


General information

Courtdrift Limited is a private limited company, limited by share capital and incorporated in England and Wales. The registered office is 2nd Floor, Clifton House, Bunnian Place, Basingstoke, Hampshire, England, RG21 7JE.
The principal activity of Courtdrift Ltd is the provision of accomodation including assisted living cottages. 

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.

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

 
COURTDRIFT 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 and the residual balance method.

Depreciation is provided on the following basis:

Freehold land
-
Nil
Plant and machinery
-
5% - 10%
Motor vehicles
-
20%
Office 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.

 
2.4

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.

Page 3

 
COURTDRIFT LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.


3.


Employees

The Company does not have any employees.


Page 4

 
COURTDRIFT LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
168,367
3,563
8,400
8,219
188,549


Additions
758,799
-
-
17,902
776,701



At 31 March 2023

927,166
3,563
8,400
26,121
965,250



Depreciation


At 1 April 2022
-
3,563
8,400
8,219
20,182


Charge for the year on owned assets
-
-
-
5,271
5,271



At 31 March 2023

-
3,563
8,400
13,490
25,453



Net book value



At 31 March 2023
927,166
-
-
12,631
939,797



At 31 March 2022
168,367
-
-
-
168,367




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
927,166
168,367


Page 5

 
COURTDRIFT 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
125,000
-


2023
2022
£
£

Due within one year

Trade debtors
5,552
18,537

Prepayments and accrued income
32,545
6,603

Deferred taxation
5,710
40,927

43,807
66,067


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
24,527
354,398



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,575
2,181

Accruals and deferred income
9,937
9,949

14,512
12,130


Page 6

 
COURTDRIFT 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
730,059
225,000


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
40,927


Charged to profit or loss
(35,217)



At end of year
5,710

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
40,927
41,051

Charged to the profit and loss
(35,217)
(124)

5,710
40,927


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200



11.


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.

Page 7

 
COURTDRIFT LIMITED
 

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

12.


Controlling party

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.


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 8