REGISTERED NUMBER: 10650133 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
for |
The White House (Curdridge) Holdings |
Limited |
REGISTERED NUMBER: 10650133 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
for |
The White House (Curdridge) Holdings |
Limited |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
The White House (Curdridge) Holdings |
Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Beaumont House |
172 Southgate Street |
Gloucester |
Gloucestershire |
GL1 2EZ |
BANKERS: |
68 Above Bar Street |
Southampton |
Hampshire |
United Kingdom |
SO14 7DS |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
The director presents her strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The company generates revenue from residential and nursing care home facilities. |
Revenue has increased by 8.6% from the previous year. |
The group would like to thank the team for their continued hard work and commitment during the period. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The health care industry is highly regulated and strong relationships with the Quality Care Commission are important and quality care is core to the Group's business. |
Competition could also impact the occupancy and revenue of the Group. The Group undertakes regular reviews of its competitors and their pricing to ensure they remain a market leader in the area. |
The Group is exposed to a variety of financial risks which result from its operating activities. The board is responsible for coordinating the company's risk management and focuses on securing the Group's short to medium term cash flows. |
The Group seeks to manage risks to ensure sufficient liquidity is available to meet its foreseeable needs. Regular contact is maintained with the Group's bankers to ensure that sufficient funding is available for the Group's needs if required. |
KEY PERFORMANCE INDICATORS |
The Group's ley financial and other performance indicators during the current period and prior period are: |
2023 | 2022 |
Revenue | 3,076,009 | 2,833,070 |
Gross profit | 1,197,135 | 885,456 |
Operating profit | 391,147 | 335,306 |
Occupancy rate % | 96% | 94% |
FUTURE DEVELOPMENTS |
The Group remains committed to continue a high quality of care to Residents and excel in CQC compliance. |
ON BEHALF OF THE BOARD: |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Report of the Director |
for the Year Ended 31 March 2023 |
The director presents her report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a care home. |
DIVIDENDS |
Ordinary dividends were paid amounting to £14,000. The director does not recommend payment of a final dividend. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditor, Griffiths Marshall, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
The White House (Curdridge) Holdings |
Limited |
Opinion |
We have audited the financial statements of The White House (Curdridge) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
The White House (Curdridge) Holdings |
Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
The White House (Curdridge) Holdings |
Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which our procedures are capable of detecting irregularities including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. |
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
- | Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omissions, misrepresentations, or the override of internal control. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
The White House (Curdridge) Holdings |
Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Beaumont House |
172 Southgate Street |
Gloucester |
Gloucestershire |
GL1 2EZ |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 3 | 3,076,009 | 2,833,070 |
Cost of sales | 1,878,874 | 1,947,614 |
GROSS PROFIT | 1,197,135 | 885,456 |
Administrative expenses | 810,234 | 671,634 |
386,901 | 213,822 |
Other operating income | 4 | 4,246 | 121,484 |
OPERATING PROFIT | 6 | 391,147 | 335,306 |
Interest payable and similar expenses | 8 | 101,460 | 54,945 |
PROFIT BEFORE TAXATION | 289,687 | 280,361 |
Tax on profit | 9 | 74,524 | 78,568 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
215,163 |
201,793 |
Profit attributable to: |
Owners of the parent | 215,163 | 201,793 |
Total comprehensive income attributable to: |
Owners of the parent | 215,163 | 201,793 |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Consolidated Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | - | - |
Tangible assets | 13 | 6,063,124 | 5,938,940 |
Investments | 14 | - | - |
6,063,124 | 5,938,940 |
CURRENT ASSETS |
Stocks | 15 | 8,000 | 6,000 |
Debtors | 16 | 491,019 | 439,000 |
Cash at bank and in hand | 306,856 | 439,073 |
805,875 | 884,073 |
CREDITORS |
Amounts falling due within one year | 17 | 1,378,674 | 1,391,260 |
NET CURRENT LIABILITIES | (572,799 | ) | (507,187 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,490,325 |
5,431,753 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(2,177,567 |
) |
(2,332,649 |
) |
PROVISIONS FOR LIABILITIES | 21 | (46,087 | ) | (33,596 | ) |
NET ASSETS | 3,266,671 | 3,065,508 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 100 | 100 |
Retained earnings | 3,266,571 | 3,065,408 |
SHAREHOLDERS' FUNDS | 3,266,671 | 3,065,508 |
The financial statements were approved by the director and authorised for issue on 21 November 2023 and were signed by: |
J F Harrison - Director |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Company Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 256,694 | 255,655 |
The financial statements were approved by the director and authorised for issue on |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | 100 | 2,876,615 | 2,876,715 |
Changes in equity |
Dividends | - | (13,000 | ) | (13,000 | ) |
Total comprehensive income | - | 201,793 | 201,793 |
Balance at 31 March 2022 | 100 | 3,065,408 | 3,065,508 |
Changes in equity |
Dividends | - | (14,000 | ) | (14,000 | ) |
Total comprehensive income | - | 215,163 | 215,163 |
Balance at 31 March 2023 | 100 | 3,266,571 | 3,266,671 |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 509,135 | 536,278 |
Interest paid | (102,011 | ) | (54,945 | ) |
Tax paid | (65,287 | ) | (132,552 | ) |
Net cash from operating activities | 341,837 | 348,781 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (315,777 | ) | (137,909 | ) |
Net cash from investing activities | (315,777 | ) | (137,909 | ) |
Cash flows from financing activities |
Loan repayments in year | (135,298 | ) | (131,437 | ) |
Capital repayments in year | (6,979 | ) | (9,305 | ) |
Amount withdrawn by directors | (2,000 | ) | (167,572 | ) |
Equity dividends paid | (14,000 | ) | - |
Net cash from financing activities | (158,277 | ) | (308,314 | ) |
Decrease in cash and cash equivalents | (132,217 | ) | (97,442 | ) |
Cash and cash equivalents at beginning of year |
2 |
439,073 |
536,515 |
Cash and cash equivalents at end of year |
2 |
306,856 |
439,073 |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation | 289,687 | 280,361 |
Depreciation charges | 191,592 | 178,256 |
Finance costs | 101,460 | 54,945 |
582,739 | 513,562 |
Increase in stocks | (4,000 | ) | - |
Increase in trade and other debtors | (62,089 | ) | (72 | ) |
(Decrease)/increase in trade and other creditors | (7,515 | ) | 22,788 |
Cash generated from operations | 509,135 | 536,278 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 306,856 | 439,073 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 439,073 | 536,515 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 439,073 | (132,217 | ) | 306,856 |
439,073 | (132,217 | ) | 306,856 |
Debt |
Finance leases | (6,979 | ) | 6,979 | - |
Debts falling due within 1 year | (490,216 | ) | 80,216 | (410,000 | ) |
Debts falling due after 1 year | (2,332,649 | ) | 155,082 | (2,177,567 | ) |
(2,829,844 | ) | 242,277 | (2,587,567 | ) |
Total | (2,390,771 | ) | 110,060 | (2,280,711 | ) |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
The White House (Curdridge) Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
The 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 company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: |
- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; |
- Section 33 'Related Party Disclosures': Compensation for key management personnel. |
Basis of consolidation |
The consolidated financial statements incorporate those of The White House (Curdridge) Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Their results are incorporated from the date that control passes. |
All financial statements are made up to 31 March 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Significant judgements and estimates |
In the application of the group's accounting policies, the director is 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 the revision and future periods where the revision affects both current and future periods. |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
The main accounting estimates are: |
- Useful economic life of tangible fixed assets |
- Residual value of the freehold property in 50 years' time |
- Accruals and prepayments |
Turnover |
Turnover from residents, day care, and respite fees are recognised in the period that the service is provided. |
Fixed asset investments |
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Tangible fixed assets |
Freehold property | - |
Freehold improvements | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Freehold land and buildings are not depreciated as the assets' residual value and useful life are reviewed annually. As at 31 March 2023 the market value of the buildings is in excess of cost. |
This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director non-compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
Stocks |
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the group's balance sheet when the group 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Residents fees | 3,057,909 | 2,830,347 |
Respite care | 18,100 | 2,723 |
3,076,009 | 2,833,070 |
4. | OTHER OPERATING INCOME |
Other operating income includes grants received of £4,246 (2022: £121,484). |
5. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries | 1,540,116 | 1,506,305 |
Social security costs | 147,390 | 142,844 |
Other pension costs | 28,582 | 27,665 |
1,716,088 | 1,676,814 |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Management | 6 | 6 |
Care staff | 59 | 59 |
31.3.23 | 31.3.22 |
£ | £ |
Director's remuneration | - | 16,890 |
6. | OPERATING PROFIT |
31.03.22 | 31.03.21 |
Operating profit for the year is stated after charging/(crediting) | £ | £ |
Government grants | (121,484 | ) | (195,824 | ) |
Depreciation of owned tangible fixed assets | 170,137 | 159,559 |
Depreciation of tangible fixed assets held under finance leases | 8,119 | 6,495 |
Operating lease charges | 12,299 | 11,820 |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | AUDITORS' REMUNERATION |
31.03.23 | 31.03.22 |
Fees payable to the company's auditor and associates: | £ | £ |
For audit services |
Audit of the financial statements of the group and company | 6,600 | 6,765 |
Audit of the financial statements of the company's subsidiaries | 6,120 | 5,720 |
12,720 | 11,350 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank interest | 101,460 | 54,945 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | 62,033 | 64,475 |
Deferred tax | 12,491 | 14,093 |
Tax on profit | 74,524 | 78,568 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax | 289,687 | 280,361 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
55,041 |
53,269 |
Effects of: |
Expenses not deductible for tax purposes | - | (63 | ) |
Depreciation in excess of capital allowances | 19,483 | 25,362 |
respect of prior years |
Total tax charge | 74,524 | 78,568 |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary A shares of £0.1 each |
Interim | 9,000 | 12,272 |
Ordinary B shares of £0.1 each |
Interim | 5,000 | 728 |
14,000 | 13,000 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 98,462 |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 | 98,462 |
NET BOOK VALUE |
At 31 March 2023 | - |
At 31 March 2022 | - |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Freehold | and | Motor |
property | improvements | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 5,344,836 | 928,358 | 865,750 | 40,950 | 7,179,894 |
Additions | - | 196,518 | 119,259 | - | 315,777 |
At 31 March 2023 | 5,344,836 | 1,124,876 | 985,009 | 40,950 | 7,495,671 |
DEPRECIATION |
At 1 April 2022 | 14,996 | 509,312 | 694,899 | 21,747 | 1,240,954 |
Charge for year | 8,296 | 104,155 | 74,341 | 4,801 | 191,593 |
At 31 March 2023 | 23,292 | 613,467 | 769,240 | 26,548 | 1,432,547 |
NET BOOK VALUE |
At 31 March 2023 | 5,321,544 | 511,409 | 215,769 | 14,402 | 6,063,124 |
At 31 March 2022 | 5,329,840 | 419,046 | 170,851 | 19,203 | 5,938,940 |
The net carrying value of tangible fixed assets includes motor vehicles held under finance leases or hire purchase contracts of £17,862 (2021: £25,981). |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | Freehold | and |
property | improvements | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: The White House, Vicarage Lane, Curdridge, Hampshire, SO32 2DP |
Nature of business: |
% |
Class of shares: | holding |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | STOCKS |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Finished goods | 8,000 | 6,000 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Trade debtors | 370,268 | 360,198 |
Other debtors | 48,962 | 19,574 |
Tax | 4,615 | 4,615 |
Deferred tax asset | - | - | 6,485 | 5,043 |
Prepayments | 67,174 | 54,613 |
491,019 | 439,000 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 130,000 | 110,216 |
Preference shares (see note 19) | 280,000 | 380,000 |
Hire purchase contracts (see note 20) | - | 6,979 |
Trade creditors | 67,607 | 54,173 |
Amounts owed to group undertakings | - | - |
Tax | 62,033 | 64,475 |
Social security and other taxes | 61,849 | 60,284 |
Other creditors | 121,661 | 121,487 |
Directors' current accounts | 33,932 | 35,932 | 33,932 | 35,932 |
Accruals and deferred income | 535,670 | 492,759 |
Accrued expenses | 85,922 | 64,955 |
1,378,674 | 1,391,260 |
Other borrowings of £280,000 relate to 280,000 redeemable preference shares each with nominal value of £1. The preference shares are redeemable at par on demand of The White House (Curdridge) Holdings Limited or shareholder. |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans (see note 19) | 2,177,567 | 2,332,649 |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 130,000 | 110,216 |
Preference shares | 280,000 | 380,000 | 280,000 | 380,000 |
410,000 | 490,216 |
Amounts falling due between one and | two years: |
Bank loans > 1 year | 2,177,567 | 2,332,649 |
The interest charged on the bank loans is 2.03% per annum above Base Rate. The loan repayments are made by regular monthly instalments with the final repayment to be made 5 years after the loan is first drawn. |
The bank loans are secured by fixed and floating charges over The White House, Vicarage Lane, Curdridge, and associated assets. |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Within one year | - | 6,979 |
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
The HP liability is secured over the assets to which it relates. |
Group |
Non-cancellable | operating leases |
31.3.23 | 31.3.22 |
£ | £ |
Within one year | 27,104 | 19,921 |
Between one and five years | 75,436 | 26,236 |
102,540 | 46,157 |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
21. | PROVISIONS FOR LIABILITIES |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | (6,485 | ) | (5,043 | ) |
Deferred tax | 52,572 | 38,639 |
46,087 | 33,596 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 33,596 |
Charge to Statement of Comprehensive Income during year | 12,491 |
Balance at 31 March 2023 | 46,087 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 | ( |
) |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 March 2023 | ( |
) |
The deferred tax liability set out above is expected to reverse in future periods and relates to depreciation in excess of capital allowances that are expected to mature within the same period. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary A | £0.1 | 75 | 75 |
Ordinary B | £0.1 | 25 | 25 |
100 | 100 |
During the year a resolution was passed to sub-divide the previous £1 shares to £0.10 shares. |
23. | PENSION COMMITMENTS |
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. |
The charge to profit or loss in respect of defined contribution schemes was £28,582 (2022: £27,665). |
The White House (Curdridge) Holdings |
Limited (Registered number: 10650133) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
24. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Dividends totalling £14,000 (2022: £9,000) were paid in the year in respect of shares owed by the director to the Company. |
As at the year end the company owed the director £33,932 (2022: £35,932). |
25. | RELATED PARTY DISCLOSURES |
As at the year end the group owed £7,000 (2022: £20,532) to shareholders of The White House (Curdridge) Holdings Limited. |
The director is considered to be the only key management personnel. The remuneration of the director is given in note 5. |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Ms J F Harrison. |