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Registration number: 03661313

West Country Care Limited

Annual Report and Financial Statements

for the Period from 28 November 2021 to 30 November 2022

 

West Country Care Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

West Country Care Limited

(Registration number: 03661313)
Balance Sheet as at 30 November 2022

Note

30/11/2022
£

27/11/2021
£

Fixed assets

 

Tangible assets

5

1,064,992

1,099,971

Current assets

 

Stocks

6

2,307

1,935

Debtors

7

99,294

47,307

Cash at bank and in hand

 

2,935,324

2,606,237

 

3,036,925

2,655,479

Creditors: Amounts falling due within one year

8

(1,326,710)

(1,180,823)

Net current assets

 

1,710,215

1,474,656

Total assets less current liabilities

 

2,775,207

2,574,627

Provisions for liabilities

(6,608)

(1,877)

Net assets

 

2,768,599

2,572,750

Capital and reserves

 

Called up share capital

400

400

Retained earnings

2,768,199

2,572,350

Shareholders' funds

 

2,768,599

2,572,750

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

D W Gillespie
Director

   
     
 

West Country Care Limited

Notes to the Financial Statements for the Period from 28 November 2021 to 30 November 2022

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Abbots Leigh Manor
Manor Road
Abbots Leigh
Bristol
BS8 3RP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial annual statements are prepared in sterling, which is the functional currency of the company, and are rounded to the nearest £.

These financial statements are for the period from 28 November 2021 to 30 November 2022; the comparative figures cover the period from 29 November 2020 to 27 November 2021 and so may not be entirely comparable.

Summary of disclosure exemptions

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The financial statements of the company are consolidated in the financial statements of Treasure Homes Limited. These consolidated financial statements are available from its registered office at Abbots Leigh Manor, Manor Road, Abbots Leigh, Bristol, North Somerset, BS8 3RP.

Going concern

The Company made a profit before tax of £199,062 (2021 - £291,944) and had cash at bank of £2,935,324 (2021 - £2,606,237) at the period end.

Based on the above and information available to the Directors at the date of approval, the company continues to adopt the going concern basis in preparing these financial statements and the Company has adequate resources to continue to trade for the foreseeable future being twelve months from approval of these financial statements.

 

West Country Care Limited

Notes to the Financial Statements for the Period from 28 November 2021 to 30 November 2022

Audit report
 

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 24 November 2023 was Mr D S Jacobs FCA, who signed for and on behalf of Milsted Langdon LLP.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover and other operating income comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably; and
- specific criteria have been met for each of the company's activities.

Other operating income

Other operating income is recognised on rental receipts on an accruals basis in line with the overall revenue recognition policy.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

West Country Care Limited

Notes to the Financial Statements for the Period from 28 November 2021 to 30 November 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% on cost

Freehold land

Nil

Furniture, fittings and equipment

20% on written down cost value

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

West Country Care Limited

Notes to the Financial Statements for the Period from 28 November 2021 to 30 November 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 36 (2021 - 32).

 

West Country Care Limited

Notes to the Financial Statements for the Period from 28 November 2021 to 30 November 2022

4

Auditors' remuneration

2022
£

2021
£

Audit of the financial statements

7,250

8,154

Other fees to auditors

All other non-audit services

1,900

1,800


 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 28 November 2021

1,573,889

297,529

1,871,418

Additions

1,000

2,575

3,575

At 30 November 2022

1,574,889

300,104

1,874,993

Depreciation

At 28 November 2021

506,622

264,825

771,447

Charge for the period

31,498

7,056

38,554

At 30 November 2022

538,120

271,881

810,001

Carrying amount

At 30 November 2022

1,036,769

28,223

1,064,992

At 27 November 2021

1,067,267

32,704

1,099,971

6

Stocks

2022
£

2021
£

Stocks

2,307

1,935

 

West Country Care Limited

Notes to the Financial Statements for the Period from 28 November 2021 to 30 November 2022

7

Debtors

2022
£

2021
£

Trade debtors

95,648

44,361

Other debtors

-

380

Prepayments

3,646

2,566

99,294

47,307

8

Creditors

2022
£

2021
£

Due within one year

Trade creditors

15,233

22,439

Amounts owed to related parties

1,041,432

985,048

Taxation and social security

13,297

17,046

Other creditors

107,233

116,117

Accruals and deferred income

149,515

40,173

1,326,710

1,180,823

Amounts owed by group undertakings relate to loans, which are interest free and repayable on demand.

9

Related party transactions

The company has taken advantage of the exemption within FRS 102 Section 33 in respect of Related Party Transactions not to disclose transactions or balances with group companies.

Loans from related parties

2022

Key management
£

Total
£

At start of period

(5,945)

(5,945)

Advanced

1,440

1,440

Repaid

(945)

(945)

At end of period

(5,450)

(5,450)

 

West Country Care Limited

Notes to the Financial Statements for the Period from 28 November 2021 to 30 November 2022

2021

Key management
£

Total
£

At start of period

(5,450)

(5,450)

Repaid

(495)

(495)

At end of period

(5,945)

(5,945)

Terms of loans with related parties

Loans from key management personnel are interest free and repayable on demand.
 

Summary of transactions with parent

The parent company provided management services to the company during the year, which were undertaken in the normal course of business.
 

10

Ultimate parent undertaking

The Company's immediate parent is Treasure Homes Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Treasure Homes Limited. These financial statements are available upon request from Abbots Leigh Manor, Manor Road, Abbots Leigh, Bristol, North Somerset, BS8 3RP.

 The ultimate controlling party is D W Gillespie by virtue of his equity shareholding in the parent company.