Company registration number 00751259 (England and Wales)
HILL HOUSE NURSING HOME LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HILL HOUSE NURSING HOME LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HILL HOUSE NURSING HOME LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,919,748
1,965,514
Current assets
Debtors
4
731,440
157,996
Cash at bank and in hand
1,502,892
1,072,925
2,234,332
1,230,921
Creditors: amounts falling due within one year
5
(753,903)
(556,104)
Net current assets
1,480,429
674,817
Net assets
3,400,177
2,640,331
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
6
150,000
150,000
Profit and loss reserves
3,249,177
2,489,331
Total equity
3,400,177
2,640,331
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 1 February 2024 and are signed on its behalf by:
A Robshaw
Director
Company registration number 00751259 (England and Wales)
HILL HOUSE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Hill House Nursing Home Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48-50 Park Road, Kenley, Surrey, CR8 5AR.
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
Turnover
Turnover represents the net invoiced value of fees charged to residents for the period. The fees are allocated to the financial period that corresponds to the dates of residency.
1.3
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:
Freehold land and buildings
2% straight line
Plant and equipment
20% straight line
Motor vehicles
25% reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company 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.
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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HILL HOUSE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 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.
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, loans from fellow group companies and preference shares that are classified as debt, 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.
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 method.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable .
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.
1.9
Employee benefits
No liability is recognised in respect of holiday pay as employees are unable to carry forward holiday into future periods.
HILL HOUSE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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 leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
113
118
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
2,606,146
513,574
3,119,720
Depreciation and impairment
At 1 April 2022
659,846
494,360
1,154,206
Depreciation charged in the year
39,923
5,843
45,766
At 31 March 2023
699,769
500,203
1,199,972
Carrying amount
At 31 March 2023
1,906,377
13,371
1,919,748
At 31 March 2022
1,946,300
19,214
1,965,514
HILL HOUSE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
198,899
138,379
Amounts owed by group undertakings
510,513
Other debtors
22,028
19,617
731,440
157,996
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
299,273
171,178
Corporation tax
203,320
173,152
Other taxation and social security
53,469
56,280
Other creditors
197,841
155,494
753,903
556,104
6
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
150,000
150,000
7
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:
Graham Speck
Statutory Auditor:
Clarkson Hyde LLP
HILL HOUSE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Directors' transactions
Dividends totalling £217,000 (2022 - £400,000) were paid in the year. £20,000 of this was in respect of shares held by the company's directors.
At the year end, the directors owed the company a net amount of £275 (2022 - £21,240 creditor).
This is made up of the following balances owed to/from the individual directors:
- A Robshaw owed an amount of £1,307 (2022 - £nil) to the company.
- J. Albon was owed an amount of £1,032 (2022 - £nil) from the company.
- P Robshaw was owed an amount of £nil (2022 - £48,500) from the company.
- D Albon owed an amount of £nil (2022 - £1,469) to the company.
- G Albon owed an amount of £nil (2022 - £25,791) to the company.