Registered number
10330550
Caring Retirement Homes Ltd
Report and Accounts
30 May 2023
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Caring Retirement Homes Ltd
Registered number: 10330550
Balance Sheet
as at 30 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,557,877 3,561,991
Investments 4 4,472,005 4,472,005
8,029,882 8,033,996
Current assets
Debtors 5 1,506 31,569
Cash at bank and in hand 29 2,517
1,535 34,086
Creditors: amounts falling due within one year 6 (5,887,108) (2,374,414)
Net current liabilities (5,885,573) (2,340,328)
Total assets less current liabilities 2,144,309 5,693,668
Creditors: amounts falling due after more than one year 7 (350,000) (3,939,420)
Net assets 1,794,309 1,754,248
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,794,209 1,754,148
Shareholders' funds 1,794,309 1,754,248
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Metcalfe
Director
Approved by the board on 8 August 2023
Caring Retirement Homes Ltd
Notes to the Accounts
for the year ended 30 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings NIL
Leasehold land and buildings over the lease term
Equipment 20% reducing balance
Motor vehicles 25% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 31 May 2022 3,524,105 1,828 58,900 3,584,833
At 30 May 2023 3,524,105 1,828 58,900 3,584,833
Depreciation
At 31 May 2022 - 1,223 21,619 22,842
Charge for the year - 132 3,982 4,114
At 30 May 2023 - 1,355 25,601 26,956
Net book value
At 30 May 2023 3,524,105 473 33,299 3,557,877
At 30 May 2022 3,524,105 605 37,281 3,561,991
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 31 May 2022 4,472,005
At 30 May 2023 4,472,005
The company holds 20% or more of the share capital of the following companies:
Company Shares held
Class %
Universal Enterprise Holdings Ltd Ordinary 100
Lytham Universal Property Company Limited Ordinary 100
Midland Property Investment Fund Ltd Ordinary 100
Resicare Limited Ordinary 100
Lancashire Property Investment Find Limited Ordinary 100
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,506 6,982
Other debtors - 24,587
1,506 31,569
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (secured) 3,877,536 180,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,547,997 1,792,563
Corporation tax 9,408 -
Other creditors (secured) 452,167 401,851
5,887,108 2,374,414
Arbuthnot Bank holds a fixed charge over the freehold property of the company and a floating charge over the other assets.The company is currently in the process of re-financing this loan.
There is a loan of £700,000 due to Straits Ltd which is secured by a second fixed charge over the freehold property of the company.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans (secured) - 3,589,420
Other creditors (secured) 350,000 350,000
350,000 3,939,420
8 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
9 Controlling party
The ultimate controlling company is UK Caring Retirement Homes Ltd, a company incorporated in the UK.
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