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Registration number: 03686498

Arbour Lodge Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Arbour Lodge Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Arbour Lodge Limited

Company Information

Directors

Mr G Jakhu

Mr S Jakhu

Mrs K Jakhu

Registered office

98-100 Richmond Road
Compton
Wolverhampton
WV3 9JJ

Auditors

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Arbour Lodge Limited

(Registration number: 03686498)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

743,479

763,160

Current assets

 

Stocks

6

1,300

1,300

Debtors

7

52,257

66,547

Cash at bank and in hand

 

99,930

26,133

 

153,487

93,980

Creditors: Amounts falling due within one year

8

(97,863)

(137,787)

Net current assets/(liabilities)

 

55,624

(43,807)

Total assets less current liabilities

 

799,103

719,353

Provisions for liabilities

(2,515)

(2,626)

Net assets

 

796,588

716,727

Capital and reserves

 

Called up share capital

3

3

Revaluation reserve

370,127

376,300

Retained earnings

426,458

340,424

Shareholders' funds

 

796,588

716,727

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 January 2024 and signed on its behalf by:
 

.........................................
Mr S Jakhu
Director

   
 

Arbour Lodge Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
98-100 Richmond Road
Compton
Wolverhampton
WV3 9JJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 January 2024 was Benjamin Powell MSci ACA, who signed for and on behalf of Ballards LLP.

Judgements

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.

 

Arbour Lodge Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings Freehold

Over 50 years

Furniture, fittings, equipment

Between 3 and 10 years

Motor vehicles

Over 4 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Arbour Lodge Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Arbour Lodge Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 26).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

1

1

At 30 June 2023

1

1

Amortisation

At 1 July 2022

1

1

At 30 June 2023

1

1

Carrying amount

At 30 June 2023

-

-

 

Arbour Lodge Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

864,023

403,165

13,250

1,280,438

Additions

-

2,340

-

2,340

At 30 June 2023

864,023

405,505

13,250

1,282,778

Depreciation

At 1 July 2022

119,628

384,400

13,250

517,278

Charge for the year

17,307

4,714

-

22,021

At 30 June 2023

136,935

389,114

13,250

539,299

Carrying amount

At 30 June 2023

727,088

16,391

-

743,479

At 30 June 2022

744,395

18,765

-

763,160

Included within the net book value of land and buildings above is £727,088 (2022 - £744,395) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 9 January 2015 by an independent valuer. The name and qualification of the independent valuer are Knight Frank, RICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £356,961 (2022 - £369,170).

6

Stocks

2023
£

2022
£

Other inventories

1,300

1,300

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

19,509

58,185

Amounts owed by related parties

10

13,413

1,328

Prepayments

 

19,144

6,974

Other debtors

 

191

60

   

52,257

66,547

 

Arbour Lodge Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

16,378

15,873

Amounts owed to related parties

10

1,328

7,835

Taxation and social security

 

6,565

5,528

Other creditors

 

73,592

108,551

 

97,863

137,787

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,568 (2022 - £11,592). The financial commitments are all in respect of operating lease commitments.

10

Related party transactions

Summary of transactions with subsidiaries

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.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Caram Limited, incorporated in England and Wales.

  These financial statements are available upon request from the registered office.