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Registration number: 05490990

Maesyfelin Care Home Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Maesyfelin Care Home Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Maesyfelin Care Home Ltd

Company Information

Directors

Miss N Parmar

Miss KA Bray

Company secretary

Miss N Parmar

Registered office

Maesyfelin
Drefach
Llanybydder
CEREDIGION

 

Maesyfelin Care Home Ltd

(Registration number: 05490990)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

48,000

54,000

Tangible assets

6

47,165

53,413

 

95,165

107,413

Current assets

 

Debtors

7

11,321

19,134

Cash at bank and in hand

 

63,781

13,883

 

75,102

33,017

Creditors: Amounts falling due within one year

8

(58,814)

(63,241)

Net current assets/(liabilities)

 

16,288

(30,224)

Net assets

 

111,453

77,189

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

111,253

76,989

Total equity

 

111,453

77,189

For the financial year ending 30 June 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Miss N Parmar
Company secretary and director

.........................................
Miss KA Bray
Director

 
     
 

Maesyfelin Care Home Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maesyfelin
Drefach
Llanybydder
CEREDIGION

These financial statements were authorised for issue by the Board on 7 March 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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Maesyfelin Care Home Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% reducing balance basis

Equipment

25% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Maesyfelin Care Home Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 27 (2022 - 27).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

10,362

11,460

Amortisation expense

6,000

6,000

 

Maesyfelin Care Home Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

120,000

120,000

At 30 June 2023

120,000

120,000

Amortisation

At 1 July 2022

66,000

66,000

Amortisation charge

6,000

6,000

At 30 June 2023

72,000

72,000

Carrying amount

At 30 June 2023

48,000

48,000

At 30 June 2022

54,000

54,000

Revalued assets for the year ended 30 June 2022

6

Tangible assets

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

10,598

34,860

61,099

106,557

Additions

-

-

4,114

4,114

At 30 June 2023

10,598

34,860

65,213

110,671

Depreciation

At 1 July 2022

-

19,966

33,178

53,144

Charge for the year

-

2,979

7,383

10,362

At 30 June 2023

-

22,945

40,561

63,506

Carrying amount

At 30 June 2023

10,598

11,915

24,652

47,165

At 30 June 2022

10,598

14,894

27,921

53,413

 

Maesyfelin Care Home Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Debtors

2023
£

2022
£

Trade debtors

6,976

15,145

Prepayments

4,345

-

Other debtors

-

3,989

11,321

19,134

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

6,133

16,277

Other related parties

 

27,672

29,166

Corporation tax liability

 

21,313

17,798

Other creditors

 

3,696

-

 

58,814

63,241

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

         

10

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Miss N Parmar

Interest free loan with no fixed repayment terms

(14,583)

22,177

(21,432)

(13,837)

         
       

Miss KA Bray

Interest free loan with no fixed repayment terms

(14,583)

22,177

(21,432)

(13,837)

         
       

 

 

Maesyfelin Care Home Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Miss N Parmar

Interest free loan with no fixed repayment terms

(10,795)

22,650

(26,439)

(14,583)

         
       

Miss KA Bray

Interest free loan with no fixed repayment terms

(10,794)

22,650

(26,439)

(14,583)