Caseware UK (AP4) 2022.0.179 2022.0.179 44Other business support service activities not elsewhere classified2022-03-01false47falsetrue 06382873 2022-03-01 2023-02-28 06382873 2023-02-28 06382873 2022-02-28 06382873 2022-03-01 2023-02-28 06382873 2021-03-01 2022-02-28 06382873 2023-02-28 06382873 2022-02-28 06382873 2021-03-01 06382873 6 2022-03-01 2023-02-28 06382873 6 2021-03-01 2022-02-28 06382873 d:Director1 2022-03-01 2023-02-28 06382873 e:Buildings 2022-03-01 2023-02-28 06382873 e:Buildings 2023-02-28 06382873 e:Buildings 2022-02-28 06382873 e:Buildings e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06382873 e:LandBuildings 2023-02-28 06382873 e:LandBuildings 2022-02-28 06382873 e:PlantMachinery 2022-03-01 2023-02-28 06382873 e:PlantMachinery 2023-02-28 06382873 e:PlantMachinery 2022-02-28 06382873 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06382873 e:FurnitureFittings 2022-03-01 2023-02-28 06382873 e:FurnitureFittings 2023-02-28 06382873 e:FurnitureFittings 2022-02-28 06382873 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06382873 e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 06382873 e:CurrentFinancialInstruments 2023-02-28 06382873 e:CurrentFinancialInstruments 2022-02-28 06382873 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 06382873 e:CurrentFinancialInstruments e:WithinOneYear 2022-02-28 06382873 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 06382873 e:Non-currentFinancialInstruments e:AfterOneYear 2022-02-28 06382873 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-02-28 06382873 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-02-28 06382873 e:ShareCapital 2022-03-01 2023-02-28 06382873 e:ShareCapital 2023-02-28 06382873 e:ShareCapital 2021-03-01 2022-02-28 06382873 e:ShareCapital 2022-02-28 06382873 e:ShareCapital 2021-03-01 06382873 e:RevaluationReserve 2022-03-01 2023-02-28 06382873 e:RevaluationReserve 2023-02-28 06382873 e:RevaluationReserve 6 2022-03-01 2023-02-28 06382873 e:RevaluationReserve 2021-03-01 2022-02-28 06382873 e:RevaluationReserve 2022-02-28 06382873 e:RevaluationReserve 2021-03-01 06382873 e:RevaluationReserve 6 2021-03-01 2022-02-28 06382873 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 06382873 e:RetainedEarningsAccumulatedLosses 2023-02-28 06382873 e:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 06382873 e:RetainedEarningsAccumulatedLosses 2022-02-28 06382873 e:RetainedEarningsAccumulatedLosses 2021-03-01 06382873 d:FRS102 2022-03-01 2023-02-28 06382873 d:Audited 2022-03-01 2023-02-28 06382873 d:FullAccounts 2022-03-01 2023-02-28 06382873 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 06382873 d:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 06382873 4 2022-03-01 2023-02-28 06382873 5 2022-03-01 2023-02-28 06382873 7 2022-03-01 2023-02-28 06382873 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 06382873 e:AcceleratedTaxDepreciationDeferredTax 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 06382873









Finecare Homes (Stevenage) Limited









Financial statements

Information for filing with the registrar

For the Year Ended 28 February 2023

 
Finecare Homes (Stevenage) Limited
Registered number: 06382873

Statement of financial position
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,619,502
6,785,002

  
6,619,502
6,785,002

Current assets
  

Stocks
  
420
313

Debtors: amounts falling due within one year
 6 
5,517,302
5,128,780

Cash at bank and in hand
 7 
220,230
477,877

  
5,737,952
5,606,970

Creditors: amounts falling due within one year
 8 
(4,045,658)
(893,315)

Net current assets
  
 
 
1,692,294
 
 
4,713,655

Total assets less current liabilities
  
8,311,796
11,498,657

Creditors: amounts falling due after more than one year
  
-
(3,416,667)

Provisions for liabilities
  

Deferred tax
 10 
(997,675)
(997,675)

  
 
 
(997,675)
 
 
(997,675)

Net assets
  
7,314,121
7,084,315


Capital and reserves
  

Called up share capital 
  
1
1

Revaluation reserve
  
3,791,494
3,904,522

Profit and loss account
  
3,522,626
3,179,792

  
7,314,121
7,084,315


Page 1

 
Finecare Homes (Stevenage) Limited
Registered number: 06382873
    
Statement of financial position (continued)
As at 28 February 2023

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 31 October 2023.


................................................
Mr Hassanali  Somani
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
Finecare Homes (Stevenage) Limited
 

Statement of changes in equity
For the Year Ended 28 February 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2021
1
4,017,550
2,669,913
6,687,464


Comprehensive income for the year

Profit for the year

-
-
396,851
396,851

Transfer from revaluation reserve
-
-
113,028
113,028


Other comprehensive income for the year
-
-
113,028
113,028


Total comprehensive income for the year
-
-
509,879
509,879


Contributions by and distributions to owners

Transfer to profit and loss account
-
(113,028)
-
(113,028)


Total transactions with owners
-
(113,028)
-
(113,028)


At 1 March 2022
1
3,904,522
3,179,792
7,084,315


Comprehensive income for the year

Profit for the year

-
-
229,806
229,806

Transfer from revaluation reserve
-
-
113,028
113,028


Other comprehensive income for the year
-
-
113,028
113,028


Total comprehensive income for the year
-
-
342,834
342,834


Contributions by and distributions to owners

Transfer to profit and loss account
-
(113,028)
-
(113,028)


Total transactions with owners
-
(113,028)
-
(113,028)


At 28 February 2023
1
3,791,494
3,522,626
7,314,121


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

1.


General information

Finecare Homes (Stevenage) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's principal activity during the year under review continued to be that of  providing residential care to elderly people.

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 (see note 3).



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 relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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 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.

 
2.7

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 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.

Deferred tax assets are not recognised.

Page 5

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

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.



Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis..

Depreciation is provided on the following basis:

Freehold property
-
2% Straight Line
Plant and machinery
-
25% reducing balance method
Fixtures and fittings
-
25% reducing balance method

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.

 
2.10

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.

Page 6

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 7

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Employees

2023
2022
£
£

Wages and salaries
1,358,301
1,228,323

Pension contributions
268,711
39,721

1,627,012
1,268,044


Pension contributions includes contributions totaling £250,000 (2022: £24,000) which were paid in the directors' defined contribution pension scheme.  

The average monthly number of employees, including directors, during the year was 47 (2022 - 44).

Page 8

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2022
7,850,000
814,065
337,965
9,002,030



At 28 February 2023

7,850,000
814,065
337,965
9,002,030



Depreciation


At 1 March 2022
1,099,000
790,508
327,520
2,217,028


Charge for the year on owned assets
157,000
5,889
2,611
165,500



At 28 February 2023

1,256,000
796,397
330,131
2,382,528



Net book value



At 28 February 2023
6,594,000
17,668
7,834
6,619,502



At 28 February 2022
6,751,000
23,557
10,445
6,785,002




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


2023
2022
£
£

Freehold
6,594,000
6,751,000

6,594,000
6,751,000


Cost or valuation at 28 February 2023 is as follows:

Land and buildings
£


At cost
2,198,592
At valuation:

02 December 2014 on open market basis
5,651,408



7,850,000

Page 9

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

           5.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
2,198,592
2,198,592

Accumulated depreciation
(439,719)
(395,747)

Net book value
1,758,873
1,802,845

The freehold property was revalued at open market value by Colliers International Healthcare UK LLP on 2 December 2014. The Company has taken advantage of the transitional provisions available on the introduction of FRS102 to carry those assets at value less depreciation in subsequent years. Subsequent additions to the freehold property are included at cost.
There were no capital commitments at balance sheet date.

Page 10

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

6.


Debtors

2023
2022
£
£


Trade debtors
101,552
107,183

Amounts owed by group undertakings
4,528,458
4,437,693

Other debtors
672,733
524,531

Prepayments and accrued income
214,559
59,373

5,517,302
5,128,780



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
220,230
477,877

220,230
477,877



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
3,366,670
316,667

Trade creditors
73,369
45,294

Corporation tax
405,284
358,493

Other taxation and social security
18,630
15,203

Other creditors
122,375
122,375

Accruals and deferred income
59,330
35,283

4,045,658
893,315


Page 11

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
3,366,670
316,667


3,366,670
316,667

Amounts falling due 1-2 years

Bank loans
-
3,416,667


-
3,416,667



3,366,670
3,733,334


Bank loan is repayable by installments over the term of the loan and carries variable rate of interest.
Bank loan is secured by first legal charge on the Company's freehold property and debenture over all assets of the Company as per charge created  on 17 December 2018.

Page 12

 
Finecare Homes (Stevenage) Limited
 
 
 
Notes to the financial statements
For the Year Ended 28 February 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(997,675)
(997,675)



At end of year
(997,675)
(997,675)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation gain on freehold property
(997,675)
(997,675)

(997,675)
(997,675)


11.


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 amounted to £268,711 (2022: £39,721). No contributions were outstanding at year end. 


12.


Controlling party

The Company is controlled by the directors by virtue of their shareholding in ultimate parent company, Somani Holdings Limited. 


13.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 31 October 2023 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.

 
Page 13