The Abbeyfield Fareham Society Ltd 00780423 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is the provision of acommodation, care and companionship for lonely or frail elderly people in accordance with the aims and principles of The Abbeyfield Society Limited, as determined by its Memorandum of Association. This activity falls wholly within sheltered housing activities as defined in the Housing Act 1974. There has been no change in the activities of the society during the year. Digita Accounts Production Advanced 6.30.9574.0 true true 00780423 2022-10-01 2023-09-30 00780423 2023-09-30 00780423 core:CurrentFinancialInstruments 2023-09-30 00780423 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 00780423 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 00780423 core:FurnitureFittingsToolsEquipment 2023-09-30 00780423 core:LandBuildings 2023-09-30 00780423 bus:SmallEntities 2022-10-01 2023-09-30 00780423 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 00780423 bus:FilletedAccounts 2022-10-01 2023-09-30 00780423 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 00780423 bus:RegisteredOffice 2022-10-01 2023-09-30 00780423 bus:Chairman 2022-10-01 2023-09-30 00780423 bus:CompanySecretary1 2022-10-01 2023-09-30 00780423 bus:Director10 2022-10-01 2023-09-30 00780423 bus:Director11 2022-10-01 2023-09-30 00780423 bus:Director14 2022-10-01 2023-09-30 00780423 bus:Director17 2022-10-01 2023-09-30 00780423 bus:Director9 2022-10-01 2023-09-30 00780423 bus:CompanyLimitedByGuarantee 2022-10-01 2023-09-30 00780423 core:Buildings 2022-10-01 2023-09-30 00780423 core:ComputerEquipment 2022-10-01 2023-09-30 00780423 core:FurnitureFittings 2022-10-01 2023-09-30 00780423 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 00780423 core:LandBuildings 2022-10-01 2023-09-30 00780423 countries:EnglandWales 2022-10-01 2023-09-30 00780423 2022-09-30 00780423 core:FurnitureFittingsToolsEquipment 2022-09-30 00780423 core:LandBuildings 2022-09-30 00780423 2021-10-01 2022-09-30 00780423 2022-09-30 00780423 core:CurrentFinancialInstruments 2022-09-30 00780423 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 00780423 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 00780423 core:FurnitureFittingsToolsEquipment 2022-09-30 00780423 core:LandBuildings 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 00780423

The Abbeyfield Fareham Society Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2023

 

The Abbeyfield Fareham Society Ltd

Contents

Company Information

1

Abridged Statement of Financial Position

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

The Abbeyfield Fareham Society Ltd

Company Information

Chairman

Mr T. Ayles

Directors

Mrs F Ryan

Mrs A. Daneshvar

Mr B. Morris

Mr N. How - Treasurer

Mr P. Daneshvar

Company secretary

Ms J Steel

Registered office

24 East Street
Fareham
Hants
PO16 0BY

Accountants

Palmer Riley & Co Chartered Accountants
1st Floor Unit E
Fareham Heights
Standard Way
Fareham
Hants
PO16 8XT

 

The Abbeyfield Fareham Society Ltd

(Registration number: 00780423)
Abridged Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

686,552

657,077

Current assets

 

Debtors

427

3,994

Cash at bank and in hand

 

172,079

197,279

 

172,506

201,273

Prepayments and accrued income

 

4,296

3,870

Creditors: Amounts falling due within one year

(12,892)

(11,117)

Net current assets

 

163,910

194,026

Total assets less current liabilities

 

850,462

851,103

Creditors: Amounts falling due after more than one year

(83,840)

(89,113)

Accruals and deferred income

 

(1,411)

(1,261)

Net assets

 

765,211

760,729

Capital and reserves

 

Income and expenditure account

765,211

760,729

Total reserves

 

765,211

760,729

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

All of the company’s members have consented to the preparation of an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

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

Approved and authorised by the Board on 16 January 2024 and signed on its behalf by:
 

 

The Abbeyfield Fareham Society Ltd

(Registration number: 00780423)
Abridged Statement of Financial Position as at 30 September 2023

.........................................
Mr N. How - Treasurer
Director

.........................................
Mr T. Ayles
Chairman

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.

The address of its registered office is:
24 East Street
Fareham
Hants
PO16 0BY

These financial statements were authorised for issue by the Board on 16 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Revenue recognition

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

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Asset class

Depreciation method and rate

Fixtures & fittings

10% straight line

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Computer equipment

33.33% straight line

Buildings

2.5% straight line

Cash and cash equivalents

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

Trade debtors

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

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

Trade creditors

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

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the consolidated statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

667,042

57,453

724,495

Additions

36,153

6,491

42,644

Disposals

-

(919)

(919)

At 30 September 2023

703,195

63,025

766,220

Depreciation

At 1 October 2022

36,724

30,694

67,418

Charge for the year

7,556

5,613

13,169

Eliminated on disposal

-

(919)

(919)

At 30 September 2023

44,280

35,388

79,668

Carrying amount

At 30 September 2023

658,915

27,637

686,552

At 30 September 2022

630,318

26,759

657,077

Included within the net book value of land and buildings above is £658,914 (2022 - £630,318) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and Buildings was revalued on 19 January 2023 by an independent valuer (Bernards Estate Agents) to £2,000,000 (2022 - £2,000,000).

5

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

110

-

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

6 Value for Money Metrics

Metric 1 : Reinvestment %

2023
£


2022
£

Development of new properties

-

 

-

Newly built properties acquired

-

 

-

Works to existing

36,153

 

64,925

Capitalised interest

-

 

-

Schemes completed

-

 

-

 

36,153

 

64,925

.

Tangiable fixed assets housing properties at cost

703,195

 

667,042

Tangiable fixed assets housing properties at valuation

-

 

-

 

703,195

 

667,042

.

Metric %

5.14%

 

9.73%




 

Metric 2a : New Supply (Social Housing Units) %

2023

2022

Total social units developed or acquired in year

-

-

Social leasehold units

-

-

-

-

Total social housing units owned

16

15

Social leasehold units owned

-

-

16

15

Metric %

-

-



 

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Metric 2b : New Supply (Non-Social Housing Units) %

2023

2022

Total non-social rental housing units owned (acquired in year)

-

-

Non-social leaehold units owned (acquired in year)

-

-

New outright sale units (developed or acquired)

-

-

-

-

Total social housing units owned (period end)

16

15

Total non-social rental housing units owned (period end)

-

-

Social leasehold units owned (period end)

-

-

Non-social leasehold units owned (period end)

-

-

16

15

Metric %

-

-


 

Metric 3 : Gearing %

2023
£


2022
£

Short-term loans

5,589

 

5,941

Long-term loans

83,840

 

89,113

Cash and cash equivalents

(172,079)

 

(197,279)

Amounts owed to group undertakings

-

 

-

Finance lease obligations

-

 

-

 

(82,650)

 

(102,225)

.

Tangiable fixed assets housing properties at cost

703,195

 

667,042

Tangiable fixed assets housing properties at valuation

-

 

-

 

703,195

 

667,042

.

Metric %

(11.75)%

 

(15.33)%


 

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Metric 4 : EBITDA MRI Interest Cover %

2023
£


2022
£

Operating surplus/(deficit) overall

9,785

 

192,680

Gain/(loss) on disposal of fixed assets (housing properties)

-

 

-

Amortised government grants

-

 

-

Government grants taken to income

-

 

-

Interest receivable

(1,739)

 

(50)

Capitalised major repairs expenditure for period

-

 

-

Total depreciation charge for period

13,169

 

13,028

 

21,215

 

205,658

.

Interest capitalised

-

 

-

Interest payable and financing costs

7,160

 

6,281

 

7,160

 

6,281

.

Metric %

2.96%

 

32.74%

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Metric 5 : Headline Social Housing Cost £

2023

2022

£

£

Management costs

24,138

10,035

Service charge costs

105,157

100,484

Routine maintenance costs

10,869

10,523

Planned maintenance costs

6,539

2,572

Major repairs expenditure

11,108

3,241

Lease costs

-

-

Capitalised major repairs expenditure for period

22,941

-

Other (social housing letting) costs

70,432

36,667

Charges for support services

300

300

Development services

-

-

Community/neighbourhood services

-

-

Other social housing activities : Other

-

-

251,483

163,821

Total social housing units owned and/or managed at period end

16

15

16

15

Metric £

15,718

10,921


 

 

The Abbeyfield Fareham Society Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Metric 6a : Operating Margin (social housing lettings) %

2023
£


2022
£

Operating Surplus/(deficit) (social housing lettings)

9,785

 

192,680

.

Turnover from social housing lettings

247,177

 

226,770

.

Metric %

3.96%

 

84.97%


 

Metric 6b : Operating Margin (Overall) %

2023
£


2022
£

Operating surplus/(deficit) overall

9,785

 

192,680

Gain/(loss) on disposal of fixed assets (housing properties)

-

 

-

 

9,785

 

192,680

.

Turnover (overall)

247,177

 

226,770

.

Metric %

3.96%

 

84.97%


 

Metric 7 : Return on Capital Employed %

2023
£


2022
£

Operating surplus/(deficit) overall

9,785

 

192,680

Share of operating surplus/(deficit) in joint ventures or associates

-

 

-

 

9,785

 

192,680

.

Total assets less current liabilities

849,051

 

849,842

.

Metric %

1.15%

 

22.67%