Company registration number 02784155 (England and Wales)
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
97,531
Current assets
Debtors
5
18,760,126
7,733,735
Cash at bank and in hand
109,537
85,543
18,869,663
7,819,278
Creditors: amounts falling due within one year
6
(1,354,783)
(1,443,568)
Net current assets
17,514,880
6,375,710
Total assets less current liabilities
17,612,411
6,375,710
Creditors: amounts falling due after more than one year
7
(11,900,000)
Provisions for liabilities
(24,383)
Net assets
5,688,028
6,375,710
Capital and reserves
Called up share capital
8
750,000
750,000
Profit and loss reserves
4,938,028
5,625,710
Total equity
5,688,028
6,375,710
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2024 and are signed on its behalf by:
Paavan Popat
Director
Company registration number 02784155 (England and Wales)
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Kailash Manor Limited (Formerly Clavering Care Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 36 Railway Approach, Station Road, Harrow, Middlesex, HA3 5AA.
1.1
Accounting convention
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Going concern
In accordance with his responsibilities, the directortrues have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements.
On the basis of this, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements. These financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover represents amounts receivable during the year in respect of care services provided.
Turnover is recognised when the company's contractual obligation is fulfilled, that is typically when the resident has received the care services from the company.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% straight line
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 credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company 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 company's balance sheet 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 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 are assessed for indicators of impairment at each reporting end date.
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 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 payments 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
There were no changes in comparative figures during the year.
2
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 the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Impairment of debtors
The company reviews their portfolio of trade debtors on an annual basis. In determining whether trade debtors are impaired. the management makes judgement as to whether there is any evidence indicating that there is a measurable decrease in the estimated future cash flows expected.
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful lives, depreciation methods and residual values of tangible fixed assets
Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets on a regular basis. During the year, the directors determined no significant changes in the useful lives and residual values. The carrying amount of tangible fixed assets is disclosed in note 5.
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Care staff
18
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
Additions
100,139
At 30 April 2023
100,139
Depreciation and impairment
At 1 May 2022
Depreciation charged in the year
2,608
At 30 April 2023
2,608
Carrying amount
At 30 April 2023
97,531
At 30 April 2022
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
132,905
Amounts owed by group undertakings
18,004,025
7,233,735
Other debtors
612,346
500,000
Prepayments and accrued income
10,850
18,760,126
7,733,735
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,799
5,121
Amounts owed to group undertakings
1,014,530
1,294,314
Taxation and social security
35,889
Other creditors
177,663
140,200
Accruals and deferred income
98,902
3,933
1,354,783
1,443,568
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,900,000
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 5p each
15,000,000
15,000,000
750,000
750,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
KAILASH MANOR LIMITED (FORMERLY CLAVERING CARE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
10
Financial commitments, guarantees and contingent liabilities
The company forms part of a cross company guarantee securing bank borrowings: A cross guarantee between TLC Construction Ltd and Kailash Manor Ltd (the companies are under common control) supported by a Debenture creating a fixed and floating charge over the assets of TLC Construction and Kailash Manor Ltd and a legal first charge over Kailash Manor Ltd .
11
Related party transactions
The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertakings of the group.
Included in other debtors is an amount of £500,000 (2022: £500,000) owing from The Fellows House Limited, a company controlled by the director Paavan Popat . This amount is unsecured, interest free and repayable on demand.
12
Parent company
The immediate parent company is TLC Group Limited, a company incorporated in England and Wales, whose registered office is 36 Railway Approach, Harrow, Middlesex, HA3 5AA.
The ultimate parent company is TLC Care Group Limited, whose registered office is 36 Railway Approach, Harrow, Middlesex, HA3 5AA. The group financial statements can be obtained from Registered Office.
The ultimate controlling party is S D Popat.
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