Company registration number 04023447 (England and Wales)
NYNEHEAD CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
NYNEHEAD CARE LIMITED
COMPANY INFORMATION
Directors
Mr J Y Bailey
Mrs. A L Martin MBE
Secretary
Mr J Y Bailey
Company number
04023447
Registered office
Lime Court
Pathfields Business Park
South Molton
Devon
United Kingdom
EX36 3LH
Auditor
Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
NYNEHEAD CARE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Strategic report
3 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
NYNEHEAD CARE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2022
- 1 -

The directors present their annual report and financial statements for the period ended 30 June 2022.

Principal activities

The principal activity of the company continued to be that of the operation of a residential care home and the development and provision of residential care for the elderly

Results and dividends

The results for the period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr J Y Bailey
Mrs. A L Martin MBE
Financial instruments

The key financial instruments are shown in the notes to the financial statements. The main risks arising from these financial instruments are interest rate risk and liquidity risk, which are managed by the financial director, who agrees with the board policies for managing these risks, which have remained substantially unchanged during the period under review. It is considered there are no problems with meeting the repayments of the loans when they fall due.

 

Other financial instruments are debtors, bank and creditors. The risks on these are managed by the financial director who agrees policies with the board for managing these risks.

Future developments

Nynehead Care has continued to achieve a “Good Rating” from the Care Quality Commission and despite a drop in financial performance during 2023 has since seen further improvements in EBITDA following year end. The directors remain optimistic that following extensive planning and development consultations the company will be able to build additional Close Care homes at Nynehead Court which will provide further assisted living facilities to residents who can live more independently.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NYNEHEAD CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
Disclosure in the strategic report

The Review of Business and Principle Risks and Uncertainties, together with certain other disclosures normally given in this report are given within the Strategic Report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By order of the board
Mr J Y Bailey
Secretary
28 March 2024
NYNEHEAD CARE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2022
- 3 -

The directors present the strategic report for the period ended 30 June 2022.

Fair review of the business

The results for the period and the financial position of the company are shown in the annexed financial statements. The care home has 38 rooms with 36 occupied at the end of the period. Following the financial period 2022 occupancy fell in the following financial year but has recovered to be consistently around 90% in 2024. This was a common trend experienced by most of the Residential Care Sector in the period following the Covid pandemic.

 

As in recent years, expenditure was controlled during the period. The main areas that have increased were wages and salary costs (up £64,067), power, light, and heat costs (up £6,805). Other additional costs were necessary to maintain the quality and reputation of the home as well as deal with the effects of the COVID-19 pandemic. Turnover was maintained and increased to £2,462,655 (2021: £2,351,602) and the company received coronavirus support of £69,892 from the government which helped to offset some of the increased operating costs caused by the pandemic.

 

During the period the company continued to carry out stringent infection control measures to protect residents and staff from Covid-19 infection. Although this resulted in additional staff and other operational costs Nynehead Court did not experience some of the more adverse effects suffered by large parts of the Care sector. The Directors are extremely grateful to the dedicated staff at Nynehead Court for their support during this very difficult period.

 

The group intends to build further assisted living Close Care units on the property to expand and extend the range of care services provided by the company. The plans for new units at Nynehead Court were delayed due to planning issues but the directors anticipate that the Court Farm development will start later in 2024 for 6 new Close Care homes. This development will be carried out in conjunction with Nynehead Court Farm Limited which is a wholly owned subsidiary of Nynehead Care Limited.

 

The amount owed by the group companies as at the balance sheet date was £1,505,790 (2021: £1,109,142). The company's bank and cash-in-hand balances were £33,204 (2021: £25,255) at the balance sheet date.

 

At the date of this report the company is in the process of agreeing terms from a new specialist development funder to replace its secured debt and assist with further Group funding arrangements. At the date of this report these arrangements were not complete but the directors expect the new funding to be in place within a few weeks. This longer term funding is essential for the ongoing support that the company continues to provide and for the further planned development by the The Stepping Stone Group and its subsidiary companies of high quality Retirement Housing with Care facilities.

 

The key performance indicators of the company are summarised as follows:

 

                                        2022                              2021

                                           £                                    £

     

Turnover                   2,462,655                      2,351,602

Gross profit                  987,803                        958,991

Profit before tax             617,231                         623,828                      

 

The company had net assets at the end of the financial period of £3,127,989 (2021: £2,628,079) and long-term borrowings of £3,519,760 (2021 - £3,772,262).

 

The directors have reviewed these results and consider them satisfactory.

NYNEHEAD CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 4 -
PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed the risks and uncertainties which could have an impact on the company's long term performance. The company has a risk management structure in place which is designed to highlight business risks at an early stage so that they may be managed within the business cycle. The principal risks facing the business are reviewed annually by the board. A risk register has been compiled to identify these risks. The register also identifies the key controls in place to mitigate the risks faced. The broad categories of risk identified are as follows:

 

Financial Risks

A price risk may arise if the company prices its fees too highly or if fee income is not sufficient to account for key expenses which may impact on the going concern of the company.

 

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. The company does not perform credit check procedures on potential residents, however if a resident falls into arrears legal assistance is sort to grant a charge on the resident's assets (such as property) although the potential credit risk is uncertain.

 

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company tries to mitigate risks by ensuring to keep its residency levels high throughout the year.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variability rate debt. Cash flow is monitoring by the company to ensure the company can continue to manage its liabilities effectively.

 

Regulatory Risks

Residential homes are governed by the Care Quality Commission 'CQC' who monitor, regulate and inspect services for quality and compliance with UK laws and regulations. Compliance imposes costs and failure to comply with these standards could materially affect the company's ability to operate. In March 2020, the company received a 'good' rating for its CQC review. This is an improvement to the rating that was given in the October 2018 CGC report where it received a 'requires improvement rating'. This indicates that standards have improved during the year and in the interim period.

 

There is also a risk that the company could fail to comply with employment law, health and safety regulations and other regulations which could also affect the company's ability to trade. The company reviews its systems regularly to ensure any increased risks are managed.

 

Commercial and Reputation Risks

The company is reliant on its advertising and reputation to attract new service users to the care home. There are various other residential homes in the area and as such it not possible to guarantee residential fee income. Every effort is made to ensure the home has a good reputation and is known for its services within the area it serves.

There is a risk that the reputation of the company could be damaged which could impact profitability such as operational problems, loss of key staff or if complaints are not handled effectively. To mitigate this, the board regularly review operational procedures, staff cover and complaints to ensure they are being dealt with appropriately.

 

General Risks

There is a risk of losses of assets from fire, flood or theft. The level of insurance cover is reviewed annually and, in the event of a significant change during the year to the asset values insured, the level of cover is updated accordingly. A variety of measures are in place to safeguard against theft including security systems and reviews of the financial records for trends, together with inspections of certain major costly assets.

 

Fraud risks could result in company assets being misappropriated resulting in a loss to the company. To mitigate the risk of fraud, an appropriate segregation of duties has been established, accounting records are reviewed regularly including reconciliations of control accounts and the financial performance is regularly reviewed.

 

There is a risk that an employee or resident could suffer a loss or injury whilst on the company premises. To mitigate this, public liability insurance is in place and is reviewed regularly by the board.

 

IT Risk

There is a risk that computer systems may fail and cause business disruption to trading and the effectiveness of records. This risk is mitigated as the production of management information is passed on to the auditors and regular backups of company data is performed.

NYNEHEAD CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 5 -
Other information and explanations

A person entitled to a full copy of the company's accounts can obtain them from the registered office address upon a written request.

By order of the board

Mr J Y Bailey
Secretary
28 March 2024
NYNEHEAD CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NYNEHEAD CARE LIMITED
- 6 -
Opinion

We have audited the financial statements of Nynehead Care Limited (the 'company') for the period ended 30 June 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NYNEHEAD CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NYNEHEAD CARE LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NYNEHEAD CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NYNEHEAD CARE LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Clift (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
29 March 2024
Chartered Accountants
Statutory Auditor
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
NYNEHEAD CARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2022
- 9 -
Period
Year
ended
ended
30 June
29 June
2022
2021
Notes
£
£
Turnover
3
2,462,655
2,351,602
Cost of sales
(1,474,852)
(1,392,611)
Gross profit
987,803
958,991
Administrative expenses
(372,610)
(365,466)
Other operating income
69,892
97,970
Operating profit
4
685,085
691,495
Interest receivable and similar income
6
59,666
38,129
Interest payable and similar expenses
7
(127,520)
(105,796)
Profit before taxation
617,231
623,828
Tax on profit
8
(117,321)
(219,742)
Profit for the financial period
499,910
404,086
Other comprehensive income
Tax relating to other comprehensive income
-
0
(226,747)
Total comprehensive income for the period
499,910
177,339

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NYNEHEAD CARE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
9
509,894
577,879
Tangible assets
10
6,161,155
6,158,984
Investments
11
100
100
6,671,149
6,736,963
Current assets
Debtors
13
1,528,269
1,127,068
Cash at bank and in hand
33,204
25,255
1,561,473
1,152,323
Creditors: amounts falling due within one year
14
(660,369)
(568,035)
Net current assets
901,104
584,288
Total assets less current liabilities
7,572,253
7,321,251
Creditors: amounts falling due after more than one year
15
(3,519,760)
(3,772,262)
Provisions for liabilities
Deferred tax liability
17
924,504
920,910
(924,504)
(920,910)
Net assets
3,127,989
2,628,079
Capital and reserves
Called up share capital
18
100
100
Revaluation reserve
19
314,329
314,329
Profit and loss reserves
20
2,813,560
2,313,650
Total equity
3,127,989
2,628,079
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr J Y Bailey
Director
Company Registration No. 04023447
NYNEHEAD CARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2022
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 30 June 2020
100
347,857
2,102,783
2,450,740
Year ended 29 June 2021:
Profit for the year
-
-
404,086
404,086
Other comprehensive income:
Tax relating to other comprehensive income
-
(226,747)
-
0
(226,747)
Total comprehensive income for the year
-
0
(226,747)
404,086
177,339
Other movements
-
193,219
(193,219)
-
Balance at 29 June 2021
100
314,329
2,313,650
2,628,079
Period ended 30 June 2022:
Profit and total comprehensive income for the period
-
-
499,910
499,910
Balance at 30 June 2022
100
314,329
2,813,560
3,127,989
NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 12 -
1
Accounting policies
Company information

Nynehead Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lime Court, Pathfields Business Park, South Molton, Devon, United Kingdom, EX36 3LH.

 

The business address of Nynehead Care Limited is Nynehead Court, Nynehead, Wellington, Somerset, TA21 0BW.

 

Nynehead Care Limited is a 100% owned subsidiary of The Stepping Stone Group Limited. The financial statements of the company are consolidated in the financial statements of The Stepping Stone Group Limited. The registered office address of The Stepping Stone Group Limited is Lime Court, Pathfields Business Park, South Molton, Devon EX36 3LH.

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.

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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of The Stepping Stone Group Limited. These consolidated financial statements are available from its registered office.

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The financial statements have been prepared on the basis that the company is a going concern, and that it will be in a position to continue to trade and to meet its obligations for a period of at least twelve months from the date of the directors approval of these financial statements.true

 

The directors have reviewed the results of the company during the period since the balance sheet date and consider that there have been no additional material post balance sheet events that would have affected the results and financial position at the balance sheet date.

 

The directors, being suitably knowledgeable and experienced, consider that the company will be able to continue in its operations for a period of at least twelve months from the date of the approval of these financial statements. In arriving at this opinion, the directors have considered the current economic climate, specific conditions affecting the industry, the availability of future loan and bank funding facilities and level of required support to group entities.

 

Bank loans of £3,604,086 in place at the balance sheet date have since been extended to July 2024.

 

The current bank loan facility is due to be repaid imminently as part of a consolidation of group finance facilities and the directors do not consider this to impair the company's ability to continue as a going concern. An experienced broker has been used as part of this refinance, with a strong expectation that the refinance shall shortly complete. However, alternative options are also available if the refinance does not proceed as expected.

 

With the support of the directors, all companies in the group, bankers and other finance providers, the directors consider that the going concern basis is appropriate for the preparation of the financial statements. The directors have no reason to believe that this support will not continue and have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.

1.3
Reporting period

The financial statements are presented for the period from 30 June 2021 to 30 June 2022.

1.4
Turnover

Turnover represents net invoiced sales of services, and is derived from the ordinary activities. All sales are exempt supplies and therefore do not carry value added tax.

 

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at fair value of the consideration received, excluding discounts, rebates, and other sales taxes or duty. The following criteria must also be met before revenue is recognised:

 

Rendering of services

Revenue is recognised in respect of the weekly provision of residential care and the receipt of service charges from developed close care units in the grounds of the residential care home. Income is adjusted for accrued/deferred income as appropriate.

 

Interest income

Revenue is recognised as interest accrues using the effective interest rate method.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

 

The goodwill was being amortised over forty years from 2004, but from 1 January 2010 has been amortised evenly over its estimated remaining useful life of twenty years. The directors have reviewed the policy of amortising purchased goodwill and believe that the revised life span accurately reflects the enduring value of the goodwill.

1.6
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
Straight line over 50 years
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
Furniture & equipment
15% 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation loss previously recognised in a profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

 

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to retained earnings where appropriate.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 15 -
1.8
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. 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
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.

1.10
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 18 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
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.

1.18

Related party exemption

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.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 19 -
2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of freehold property

Freehold property is carried at fair value, with changes in fair value being recognised in the revaluation reserve. The company engaged independent valuation specialists to determine the property valuation, and this has been reflected fully in the accounts as at 30 June 2022. The valuer used a valuation technique based on an existing use value model. The determined fair value of freehold property is sensitive to the estimated yield as well as the group's EBITDA. Further independent valuations have been obtained since the Balance Sheet date each on a similar basis to prior valuations, with these supporting the value recognised. .

 

The directors have reviewed the valuation assumptions and variables as at 30 June 2022, consequently, a pre-tax gain of £Nil (2021: £Nil) was recognised in other comprehensive income. No impairment has been noted as a result of Covid-19.

Goodwill

The company establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of the business.

3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Fees
2,330,542
2,197,022
Close care properties
41,692
51,550
Close care services
90,421
103,030
2,462,655
2,351,602
2022
2021
£
£
Other significant revenue
Interest income
59,666
38,129
Grants received
69,892
96,370
NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
3
Turnover and other revenue
(Continued)
- 20 -
Grants received in the year relate to Infection Control Fund of £35,192 (2021: £87,654), Social Care retention grants of £34,700 (2021: Nil), and Job Retention Scheme of £Nil (2021: £8,715).
4
Operating profit
2022
2021
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
(69,892)
(96,370)
Fees payable to the company's auditor for the audit of the company's financial statements
13,940
16,400
Depreciation of owned tangible fixed assets
12,128
12,643
Amortisation of intangible assets
67,985
67,985
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Management and administration
3
3
Carers
49
49
Domestics and catering
24
23
Gardeners and maintenance
6
5
Total
82
80

Their aggregate remuneration comprised:

2022
2021
£
£
Wages and salaries
1,235,048
1,171,230
Social security costs
81,762
76,464
Pension costs
24,026
18,131
1,340,836
1,265,825
6
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest receivable from group companies
59,666
38,129
NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 21 -
7
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
127,520
105,796
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
23,758
32,410
Group tax relief
89,969
187,161
Total current tax
113,727
219,571
Deferred tax
Origination and reversal of timing differences
3,594
171
Total tax charge
117,321
219,742

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
617,231
623,828
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
117,274
118,527
Tax effect of expenses that are not deductible in determining taxable profit
-
0
72
Effect of change in corporation tax rate
863
-
0
Group relief
-
0
106,872
Permanent capital allowances in excess of depreciation
(816)
-
0
Change in deferred tax rate
-
0
(5,729)
Taxation charge for the period
117,321
219,742

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2022
2021
£
£
Deferred tax arising on:
Change of tax rate regarding revaluation of property
-
226,747
NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 22 -
9
Intangible fixed assets
Goodwill
£
Cost
At 30 June 2021 and 30 June 2022
1,599,652
Amortisation and impairment
At 30 June 2021
1,021,773
Amortisation charged for the period
67,985
At 30 June 2022
1,089,758
Carrying amount
At 30 June 2022
509,894
At 29 June 2021
577,879

The total carrying amount of intangible fixed assets are pledged as security for the bank borrowings of the company under fixed and floating charges.

10
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Furniture & equipment
Total
£
£
£
£
£
£
Cost or valuation
At 30 June 2021
6,090,425
58,883
11,327
6,800
230,277
6,397,712
Additions
-
0
7,023
269
-
0
7,007
14,299
At 30 June 2022
6,090,425
65,906
11,596
6,800
237,284
6,412,011
Depreciation and impairment
At 30 June 2021
-
0
48,834
8,368
5,949
175,577
238,728
Depreciation charged in the period
-
0
1,986
1,031
213
8,898
12,128
At 30 June 2022
-
0
50,820
9,399
6,162
184,475
250,856
Carrying amount
At 30 June 2022
6,090,425
15,086
2,197
638
52,809
6,161,155
At 29 June 2021
6,090,425
10,049
2,959
851
54,700
6,158,984

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses.

 

The total carrying amount of tangible fixed assets are pledged as security for the bank borrowings of the company under fixed and floating charges.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
10
Tangible fixed assets
(Continued)
- 23 -

Land and buildings were revalued in a prior year by Knight Frank LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors do not consider there to be any evidence with regards to the diminution in value of this amount, at the balance sheet date. The value recognised is consistent with subsequent valuations obtained since the Balance Sheet date and known wider conditions in the market.

 

If revalued assets were stated on a historical cost basis rather than fair value basis, the total amounts included would have been £1,984,334 (2021: £1,984,334). If depreciation was calculated on historical cost basis, depreciation would have been £422,506 (2021: £398,200) for the year at 2% .

 

Included in cost of freehold land and buildings is freehold land of £769,000, no depreciation is charged on freehold land.

11
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
12
100
100
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Nynehead Court Farm Ltd
Lime Court, Pathfields Business Park, South Molton, Devon EX36 3LH
Ordinary
100
13
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
13,381
10,635
Amounts owed by group undertakings
1,505,790
1,109,142
Other debtors
3,097
4,562
Prepayments and accrued income
6,001
2,729
1,528,269
1,127,068

Amounts due from group undertakings are repayable on demand and interest is charged at 4% over base per annum in accordance with inter-group loan arrangements. All inter-group loans are repayable on demand and shown within debtors due within one year.

 

The total carrying amount of debtors are pledged as security for the bank borrowings of the company under fixed and floating charges.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 24 -
14
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
16
281,068
236,099
Other borrowings
16
66,813
44,991
Payments received on account
118,218
8,458
Trade creditors
57,602
44,000
Corporation tax
58,194
33,824
Other taxation and social security
20,216
25,844
Other creditors
4,941
4,156
Accruals and deferred income
53,317
170,663
660,369
568,035
15
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans
16
3,362,709
3,586,605
Other borrowings
16
157,051
185,657
3,519,760
3,772,262
16
Loans and overdrafts
2022
2021
£
£
Bank loans
3,643,777
3,822,704
Other loans
223,864
230,648
3,867,641
4,053,352
Payable within one year
347,881
281,090
Payable after one year
3,519,760
3,772,262
NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
16
Loans and overdrafts
(Continued)
- 25 -

Bank loans of £3,604,086 (2021: £3,784,185) are secured by a debenture over all the company assets, a first legal charge over the freehold properties, and an unlimited inter-company guarantee granted by the company and The Stepping Stone Group Limited. The loan is subject to monthly repayments of £24,442 inclusive of interest, with the remaining balance all due by July 2023. The loan has since been extended to July 2024.

 

Bank loans includes an amount of £39,691 (2021: £49,167) in relation to a Business Bounce Back Loan, with monthly repayments due until April 2026 and interest charged at 2.5%. Bank loans includes the company bank loan that is repayable by monthly instalments, with the remaining balance due by May 2026, interest is charged at 2.28% over the Bank of England Base rate of interest.

 

Other loans of £185,657 (2021: £210,000) are unsecured and payable by monthly repayments all due by June 2027, with interest charged rate rates of 10.2%.

 

Other loans of £38,207 (2021: £10,000) are unsecured and payable by monthly repayments of at least 10%, with interest charged at rates ranging from Bank of England base rate plus 2.16% to Bank of England base rate plus 2.82%.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
(19,838)
(23,869)
Revaluations
944,779
944,779
Retirement benefit obligations
(437)
-
924,504
920,910
2022
Movements in the period:
£
Liability at 30 June 2021
920,910
Charge to profit or loss
3,594
Liability at 30 June 2022
924,504

An increase in the main rate of UK Corporation Tax from 19% to 25% from 1 April 2023 was subsequently enacted on 10 June 2021, when Finance Act 2021 received Royal Assent. Although this rate is not effective at 30 June 2022, a rate of 25% has been used for purposes of providing for the effects of deferred taxation, on the basis that this rate had been enacted at the Balance sheet date.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 26 -
18
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
19
Revaluation reserve
2022
2021
£
£
At the beginning of the period
314,329
347,857
Deferred tax on revaluation of tangible assets
-
(226,747)
Transfers
-
193,219
At the end of the period
314,329
314,329

Revaluation reserve includes all current and prior period revaluations of fixed assets, less amounts capitalised as part of a bonus share issue in 2015. Transfers are in relation to amounts transferred to retained earnings in the year movements in relation to amounts capitalised as part of the 2015 bonus share issue.

20
Profit and loss reserves
2022
2021
£
£
At the beginning of the period
2,313,650
1,909,564
Profit for the period
499,910
404,086
At the end of the period
2,813,560
2,313,650

Profit and loss reserves includes all current and prior period retained profits and losses. Transfers are in relation to amounts transferred from the revaluation reserve.

21
Financial commitments, guarantees and contingent liabilities

As at 30 June 2022, there were guarantees, contingent liabilities and capital commitments of £66,739 (2021; £38,166), Note 22 refers.

NYNEHEAD CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 27 -
22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2022
2021
£
£
Within one year
23,423
17,140
Between two and five years
44,316
20,760
In over five years
-
0
266
67,739
38,166
23
Ultimate controlling party

The company's ultimate parent company is The Stepping Stone Group Limited

 

The company's ultimate controlling party is Mr J Y Bailey, a director of this company, who holds the majority of the issued share capital of The Stepping Stone Group Limited, being this company's parent company.

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