Company Registration No. 03289695 (England and Wales)
ANCHORSTONE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
ANCHORSTONE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ANCHORSTONE SERVICES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
70,000
Tangible assets
4
52,150
122,150
Current assets
Debtors
5
478,843
232,113
Cash at bank and in hand
12
478,855
232,113
Creditors: amounts falling due within one year
6
(1,073,174)
(1,138,212)
Net current liabilities
(594,319)
(906,099)
Total assets less current liabilities
(594,319)
(783,949)
Creditors: amounts falling due after more than one year
7
(34,015)
(42,901)
Provisions for liabilities
8
(13,586)
Net liabilities
(628,334)
(840,436)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(629,334)
(841,436)
Total equity
(628,334)
(840,436)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ANCHORSTONE SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 February 2024
A Badiani
Director
Company Registration No. 03289695
ANCHORSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
Anchorstone Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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
The care home operated by the company was sold in December 2021. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to meet any outstanding liabilities, on the basis it is financially supported by the director and other related parties. As the company ceased trading trueduring the year, the financial statements have been prepared on a basis other than going concern. Notwithstanding this, there are no material changes in the presentation or carrying values of the assets and liabilities, and no further liabilities need to be provided for as a result of the company ceasing to trade.
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
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
20 years straight line
Computer equipment
25% straight line
Fixtures, fittings & equipment
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
ANCHORSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with bank and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 includes 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, 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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
ANCHORSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
1.10
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.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants, which include the amounts received from the Coronavirus exceptional support and Bounce Back Loan Scheme that cover interest and fees payable to the lender, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
Government grants, which include amounts received from local authority grants, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income in the period in which the grant becomes receivable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
24
ANCHORSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2021
800,000
Disposals
(800,000)
At 31 October 2022
Amortisation and impairment
At 1 November 2021
730,000
Amortisation charged for the year
6,667
Disposals
(736,667)
At 31 October 2022
Carrying amount
At 31 October 2022
At 31 October 2021
70,000
4
Tangible fixed assets
Land and buildings leasehold
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 November 2021
8,610
700
240,771
250,081
Additions
1,693
1,693
Disposals
(8,610)
(700)
(242,464)
(251,774)
At 31 October 2022
Depreciation and impairment
At 1 November 2021
5,597
700
191,634
197,931
Depreciation charged in the year
71
2,118
2,189
Eliminated in respect of disposals
(5,668)
(700)
(193,752)
(200,120)
At 31 October 2022
Carrying amount
At 31 October 2022
At 31 October 2021
3,013
49,137
52,150
ANCHORSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
289,359
89,828
Other debtors
189,484
136,512
Prepayments and accrued income
5,773
478,843
232,113
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loan and overdrafts
9,560
25,207
Trade creditors
27,196
82,517
Amounts owed to group undertakings
264,963
259,251
Other taxation and social security
76,313
111,837
Other creditors
690,142
643,081
Accruals
5,000
16,319
1,073,174
1,138,212
The overdraft is secured by a fixed and floating charge over the assets of the parent company.
Included in other creditors is an amount of £269,094 (2021: £227,520) due to the director of the company and £416,348 (2021: £410,661) due to a company under common control.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
34,015
42,901
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
13,586
9
Financial commitments, guarantees and contingent liabilities
The company is party to a cross guarantee whereby the borrowings of its parent company, Fleur Invest Limited are secured by a charge over this company's assets. The borrowings of Fleur Invest Limited at 31 March 2023 were £nil (2022: £51,323) as per the latest available financial statements.