REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 April 2023 |
for |
The Place Up Hanley Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 April 2023 |
for |
The Place Up Hanley Limited |
The Place Up Hanley Limited (Registered number: 08441958) |
Contents of the Financial Statements |
for the Year Ended 29 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
The Place Up Hanley Limited |
Company Information |
for the Year Ended 29 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
31 Sackville street |
Manchester |
M1 3LZ |
BANKERS: |
130 New Street |
Birmingham |
West Midlands |
B2 4JU |
The Place Up Hanley Limited (Registered number: 08441958) |
Balance Sheet |
29 April 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Place Up Hanley Limited (Registered number: 08441958) |
Notes to the Financial Statements |
for the Year Ended 29 April 2023 |
1. | STATUTORY INFORMATION |
The Place Up Hanley Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 at least twelve months from when the financial statements are authorised for issue. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Since this year end the directors are aware of increased occupancy levels and increased average fee rates which gives the directors confidence that the company has sufficient resources to continue trading profitably. |
The going concern basis assumes that the company will continue to receive the support of its parent company, fellow subsidiaries, and the Group bankers. |
The care home premises are owned by the parent company, Resimed Limited. The parent company is funded by bank lending of £2.9m at the year-end. |
The parent company also has material HMRC liabilities of £687,262 which are provisional and have been appealed against and not yet agreed with HMRC. The repayment period of these liabilities are unknown together with any final agreed liabilities which creates material uncertainty that may cast significant doubt on the parent company's ability to continue as a going concern. If the parent company were to cease, this company would be unable to trade and, as such, a material uncertainty relating to going concern exists within the company. |
The Directors having considered the assessment with the HMRC and are in the view that the HMRC has duplicated the assessment. |
We have examined the assumptions underlying the projections and are satisfied that those assumptions are reasonable.The financial statements have been prepared on a going concern basis which forecasts that the Company will be able to meet its financial obligations for a period of at least 12 months from the date of this financial report. |
TURNOVER |
The company provides residential and care services to the elderly. Turnover is represents the fees due for the services provided during the year. |
The Place Up Hanley Limited (Registered number: 08441958) |
Notes to the Financial Statements - continued |
for the Year Ended 29 April 2023 |
2. | ACCOUNTING POLICIES - continued |
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 residual values over the useful life on the following basis: |
Plant and machinery - 5% on cost |
Fixtures and fittings - 10% on 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. |
TAXATION |
Taxation for the year comprises current and deferred tax.Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The Place Up Hanley Limited (Registered number: 08441958) |
Notes to the Financial Statements - continued |
for the Year Ended 29 April 2023 |
2. | ACCOUNTING POLICIES - continued |
CASH AND CASH EQUIVALENTS |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks. |
EQUITY INSTRUMENTS |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks. |
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. |
The Place Up Hanley Limited (Registered number: 08441958) |
Notes to the Financial Statements - continued |
for the Year Ended 29 April 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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. |
PROVISION |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
EMPLOYEE BENEFITS |
The company provides a range of benefits to employees. Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred. The company operates a defined contribution plan for its employees. Amounts in respect of defined contribution plans are recognised as an expense in the profit and loss account when they are due. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as described below. |
As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting periods. |
The Place Up Hanley Limited (Registered number: 08441958) |
Notes to the Financial Statements - continued |
for the Year Ended 29 April 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
4,800 |
4,200 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 30 April 2022 |
Additions |
At 29 April 2023 |
DEPRECIATION |
At 30 April 2022 |
Charge for year |
At 29 April 2023 |
NET BOOK VALUE |
At 29 April 2023 |
At 29 April 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other tax |
Other creditors |
Accruals and deferred income |
The Place Up Hanley Limited (Registered number: 08441958) |
Notes to the Financial Statements - continued |
for the Year Ended 29 April 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Composite Company Unlimited Multilateral Guarantee in favour of HSBC Bank PLC dated 4th August 2023 given by Resimed Limited, Florence House (Staffordshire) Limited, Agnes and Arthur Limited and The Place Up Hanley Limited. |
Debenture dated 18 May 2015 in favour of HSBC Bank PLC incorporating a Fixed and Floating Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future of the company. |
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of payment and are payable on demand. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Share Capital | 1 | 1,000 | 1,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to Going Concern as per note 2 accounting policies which indicates events or conditions that indicate a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
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. | CONTROLLING PARTY |
The ultimate controlling company is Resimed Limited, a company registered in England and Wale. |
The consolidated financial statements can be obtained from Companies House. |