Registered number
11021185
247 Care Properties Ltd
Filleted Accounts
31 October 2023
247 Care Properties Ltd
Registered number: 11021185
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,717 66,352
Investments 4 536,735 326,735
596,452 393,087
Current assets
Cash at bank and in hand 34,782 26,111
Creditors: amounts falling due within one year 5 (213,422) (211,517)
Net current liabilities (178,640) (185,406)
Total assets less current liabilities 417,812 207,681
Creditors: amounts falling due after more than one year 6 (210,091) (219,894)
Provisions for liabilities (52,500) -
Net assets/(liabilities) 155,221 (12,213)
Capital and reserves
Called up share capital 1 1
Non-distributable reserve 8 157,500 -
Profit and loss account (2,280) (12,214)
Shareholders' funds 155,221 (12,213)
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.
Z A Chaudhry
Director
Approved by the board on 13 February 2024
247 Care Properties Ltd
Notes to the Accounts
for the year ended 31 October 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 revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Fixtures, fittings, tools and equipment 10% reducing balance
Investment property
Investment properties are included at fair value. Gains are recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 112,369
At 31 October 2023 112,369
Depreciation
At 1 November 2022 46,017
Charge for the year 6,635
At 31 October 2023 52,652
Net book value
At 31 October 2023 59,717
At 31 October 2022 66,352
4 Investments
Other
investments
£
Cost
At 1 November 2022 326,735
Surplus on revaluation 210,000
At 31 October 2023 536,735
Historical cost
At 1 November 2022 326,735
At 31 October 2023 326,735
No depreciation is charged on the investment properties. The investment property valuation was reviewed during the year by the director based on the market value in the area. The director believes that the valuation stated as at the balance sheet date is their fair current valuation.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 9,803 8,594
Director's current account 198,809 198,809
Other creditors 4,810 4,114
213,422 211,517
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 210,091 219,894
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 103,119 113,431
Secured bank loans 219,894 228,488
Bank loan is secured over the investment property of the company.
8 Non-distributable reserve 2023 2022
£ £
Gain on revaluation of investment property 210,000 -
Deferred taxation arising on the revaluation of investment property (52,500) -
At 31 October 2023 157,500 -
Profit and loss accounts includes non-distributable profits arisen as a result of gains on the revaluation of investment property. These profits are not distributable and hence are stated separately in the Statement of Changes in Equity to differenciate from distributable profits.
9 Other information
247 Care Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8-10 Alpha orth
Slough
Berkshire
SL1 1RB
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