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REGISTERED NUMBER: 08853259 (England and Wales)









WISTERIA HOUSE DEMENTIA CARE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


WISTERIA HOUSE DEMENTIA CARE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: Ms L R Collins





REGISTERED OFFICE: 4/5 Napier Street
Stoke
Plymouth
Devon
PL1 4QX





REGISTERED NUMBER: 08853259 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

ABRIDGED BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 6,612 13,223
Tangible assets 6 498,600 556,970
505,212 570,193

CURRENT ASSETS
Debtors 95,698 95,465
Cash at bank and in hand 617,684 181,499
713,382 276,964
CREDITORS
Amounts falling due within one year 797,987 456,428
NET CURRENT LIABILITIES (84,605 ) (179,464 )
TOTAL ASSETS LESS CURRENT LIABILITIES 420,607 390,729

CREDITORS
Amounts falling due after more than one year - (2,683 )

PROVISIONS FOR LIABILITIES (73,000 ) (76,000 )
NET ASSETS 347,607 312,046

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 347,606 312,045
347,607 312,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

ABRIDGED BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2023 and were signed by:





Ms L R Collins - Director


WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Wisteria House Dementia Care Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention.


Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.


Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Related party exemption
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.

Turnover
Turnover represents net invoiced care home fees and is recognised per night that a room is occupied.

Turnover is deferred where amounts have been invoiced, but these relate to services to be provided in future periods. Turnover is accrued where amounts have yet to be invoiced, but where the services have been provided in the period to date.

Intangible assets
The intangible assets within the accounts are solely made up of goodwill.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisiation will be revised prospectively to reflect the new estimates.

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on cost
Plant and machinery - 50% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Tangible fixed assets are recognised initially at cost and subsequently at cost less accumulated depreciation and any impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the 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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

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.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Hire purchase
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Grant income
Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 103 (2022 - 62 ) .

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022
and 28 February 2023 66,113
AMORTISATION
At 1 March 2022 52,890
Amortisation for year 6,611
At 28 February 2023 59,501
NET BOOK VALUE

At 28 February 2023 6,612
At 28 February 2022 13,223

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022 850,273
Additions 58,270
At 28 February 2023 908,543
DEPRECIATION
At 1 March 2022 293,303
Charge for year 116,640
At 28 February 2023 409,943
NET BOOK VALUE
At 28 February 2023 498,600
At 28 February 2022 556,970

All assets in the held by the company have a fixed charge over them from Metro Bank PLC.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 March 2022
and 28 February 2023 12,074
DEPRECIATION
At 1 March 2022 4,347
Charge for year 1,545
At 28 February 2023 5,892
NET BOOK VALUE
At 28 February 2023 6,182
At 28 February 2022 7,727

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,683 4,025
Between one and five years - 2,683
2,683 6,708

Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,645 9,287
Between one and five years 22,274 26,770
In more than five years - 4,422
29,919 40,479

8. ULTIMATE CONTROLLING PARTY

Wisteria House Dementia Care Ltd is a wholly owned subsidiary of Wisteria House Holdings Limited, it's ultimate parent undertaking, which is incorporated in the UK.

Copies of the financial statements for Wisteria House Holdings Limited are available from Companies House and the registered office is 7 Sandy Court, Ashleigh Way, Langage Business Park, Plymouth, PL7 5JX.

The ultimate controlling party is Ms Louise Collins.