REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ARUNDEL CARE SERVICES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ARUNDEL CARE SERVICES LIMITED |
ARUNDEL CARE SERVICES LIMITED (REGISTERED NUMBER: 05302114) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 |
ARUNDEL CARE SERVICES LIMITED (REGISTERED NUMBER: 05302114) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ARUNDEL CARE SERVICES LIMITED (REGISTERED NUMBER: 05302114) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Arundel Care Services Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
All amounts in the financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the company's operating financial requirements for the forthcoming year and expect that the company will have sufficient cash reserves to meet those requirements and as a result they have prepared the accounts on the going concern basis. |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Other key sources of estimation uncertainty |
- Tangible fixed assets |
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Turnover |
Turnover represents amounts chargeable in respect of the provision of care services to service users. |
ARUNDEL CARE SERVICES LIMITED (REGISTERED NUMBER: 05302114) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life. |
It is company policy to maintain the freehold properties in a continual state of good repair such that the value is not diminished over time. Accordingly, the directors consider the freehold properties have a long useful economic life and their residual value is sufficiently high so that depreciation, if any, is insignificant. |
Fixtures and fittings | - 15% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Office equipment | - 15% on reducing balance |
Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. |
Financial instruments |
Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost. |
Basic financial liabilities, including trade creditors and other creditors, are initially recognised at transaction price and are subsequently recognised at amortised cost. |
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 entity after deducting all of its financial liabilities. |
The company has no financial assets or financial liabilities measured at fair value but it does have external borrowings. The company is not exposed to any material risk arising from the interest rate benchmark reform as LIBOR is replaced with alternative benchmark interest rates. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
ARUNDEL CARE SERVICES LIMITED (REGISTERED NUMBER: 05302114) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary costs of the future holiday entitlement accrued at the balance sheet date. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
ARUNDEL CARE SERVICES LIMITED (REGISTERED NUMBER: 05302114) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | LEASING AGREEMENTS |
Lease payments due under non-cancellable operating leases totalled £22,000 (2022: £224,000) at the balance sheet date. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
A cross guarantee is in place with Santander UK Plc to secure monies owed to it by Arundel Care Services Holdings Limited. The bank loan is secured by a debenture giving a fixed and floating charge over the assets and undertaking of the company and a first legal charge over each of the properties owned by Arundel Care Services Holdings Limited. As at 30 June 2023 the amounts due to the bank by Arundel Care Services Holdings Limited was £2,515,625. |
11. | RELATED PARTY DISCLOSURES |
During the year the company advanced £248,418 in total to directors and £60,000 in total was repaid by directors. The amounts advanced have interest of £3,223 charged on them and are repayable on demand. |
At the balance sheet date the company was owed £191,641 in total by directors. |
12. | ULTIMATE PARENT AND PARENT UNDERTAKING |
The company's ultimate parent and parent undertaking is Arundel Care Services Holdings Limited, the registered office and principal place of business of which is at Chancery House, 3 Hatchlands Road, Redhill, Surrey RH1 6AA. |