Registered number
06487824
Simply Carehome Limited
Filleted Accounts
31 March 2023
Simply Carehome Limited
Registered number: 06487824
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 87,081 98,956
Tangible assets 4 1,305,580 1,320,388
1,392,661 1,419,344
Current assets
Debtors 5 31,985 19,424
Cash at bank and in hand 284,452 130,721
316,437 150,145
Creditors: amounts falling due within one year 6 (143,910) (81,665)
Net current assets 172,527 68,480
Total assets less current liabilities 1,565,188 1,487,824
Creditors: amounts falling due after more than one year 7 (972,657) (948,118)
Net assets 592,531 539,706
Capital and reserves
Called up share capital 100 100
Profit and loss account 592,431 539,606
Shareholders' funds 592,531 539,706
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Ketan Vinodray Shah
Director
Approved by the board on 29 November 2023
Simply Carehome Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes net invoiced carehome fees. Turnover relating to care home fees is recognised per night that a room is occupied.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 28 29
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 237,495
At 31 March 2023 237,495
Amortisation
At 1 April 2022 138,539
Provided during the year 11,875
At 31 March 2023 150,414
Net book value
At 31 March 2023 87,081
At 31 March 2022 98,956
Goodwill is being written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Freehold buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 1,456,543 209,596 1,666,139
Additions - 1,432 1,432
At 31 March 2023 1,456,543 211,028 1,667,571
Depreciation
At 1 April 2022 144,364 201,387 345,751
Charge for the year 12,322 3,918 16,240
At 31 March 2023 156,686 205,305 361,991
Net book value
At 31 March 2023 1,299,857 5,723 1,305,580
At 31 March 2022 1,312,179 8,209 1,320,388
The land and buildings are included in accounts at cost of £1,456,543. Included in land and buildings is a land which is valued at £840,425 by the directors. No depreciation has been provided on this.
5 Debtors 2023 2022
£ £
Trade debtors 25,737 13,273
Other debtors 6,248 6,151
31,985 19,424
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 40,600
Trade creditors 2,860 2,860
Director's account 301 301
Taxation and social security costs 49,631 32,292
Other creditors 91,118 5,612
143,910 81,665
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 475,815
Other creditors 500,354 -
Associated company 472,303 472,303
972,657 948,118
Associated company:
Spemple Limited 472,303 472,303
472,303 472,303
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans - 516,415
Bank loan was secured by a fixed and floating charge and a debenture on all assets of the company.
9 Related party transactions
Included in other creditors is £ 500,354 owed to Hiltan Investments Limited a related company where Mr Hilen Shah & Mr Ketan Shah are directors and hold a material interest.
10 Controlling party
The company is a subsidiary of Jensen investor Inc. a company registered in British Virgin Islands.
11 Other information
Simply Carehome Limited is a private company limited by shares and incorporated in England. Its registered office is:
36 Woodberry Avenue
Harrow
Middlesex
HA2 6AX
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