REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BEDALE GRANGE (TFP) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BEDALE GRANGE (TFP) LIMITED |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BEDALE GRANGE (TFP) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 11 |
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 |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Bedale Grange (TFP) Limited is a |
The principal activity of the company during the year was the operation of a care home. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements - to update |
The financial statements are prepared in Sterling (GBP), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
Going concern |
During the year, the aftermath of the Covid pandemic saw new operational procedures put in place within the business to minimise the effects of the coronavirus pandemic and any new strains. The directors are continually assessing the continuing impact of this and other situations on the company, in line with guidance issued and following examples of best practice. |
Occupancy levels remained at near to full capacity throughout the year and remain so into the 2023/24 year; with demand for residential places remaining strong. Accordingly, since the year end the company has been profitable and is forecasting continued profitability through the next year. |
Trading was cash generative across the year and has been cash generative since the year end. The company utilises short term and long term working capital facilities from its bankers and reports monthly to them as part of the terms of those and wider group facilities, and has received an undertaking from its parent company that funds will be made available from the group as and when required. |
The Directors have taken a review of the home, and grounds, and launched into a capital investment programme, looking at investing in new facilities, to ensure the residents remain comfortable in their stay with us and the homes are of an expected standard. |
Accordingly, at the time of signing these accounts the directors are of the opinion that the company will remain viable for the foreseeable future and therefore these financial statements have been prepared on the going concern basis. |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the group'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. |
Fixed Assets |
Freehold property is depreciated over 100 years, whilst plant and furnishings and other assets are depreciated at 10%-33% per annum.. |
The Directors judge the policy in relation to freehold property to be acceptable as the property requires regular upkeep in order for the company to continue to trade. This therefore means that the property has a longer than usual life span, and hence the decision was not made to use a 25 - 50yr depreciation span. |
Plant, Furnishings and other assets are written off at differentiating values due to their use and replacement, for example a bath hoist would be expected to last 5 to 7 years, where as an oven or dishwasher (both high use items) would span of 3 years. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Acquired goodwill is written off in equal instalments over its estimated useful economic life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are initially recognised at historic cost, which includes expenditure incurred in bringing the asset to its present location and condition. |
They are assessed at each reporting date for evidence of impairment. Impairment losses are recognised for the amount by which the carrying amount exceeds recoverable amount. Assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that previously recognised impairment losses may no longer exist or be reduced, and any reversal recognised in the accounts. |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. |
Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amounts reported 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. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2023 | 699,001 | - | - | 699,001 |
Cost | 200,999 | 20,680 | 32,005 | 253,684 |
900,000 | 20,680 | 32,005 | 952,685 |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 years | 126,200 | - |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
The bank loan is secured by way of a fixed charge over the company's freehold property. |
10. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 141,450 | 108,869 |
BEDALE GRANGE (TFP) LIMITED (REGISTERED NUMBER: 05332576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Charge to Income Statement during year |
Balance at 31 March 2023 |
11. | RESERVES |
Included within retained earnings at 31 March 2023 is a non-distributable amount in the sum of £514,071 (2022: £552,061) in relation to unrealised gains net of taxation on revaluation of the company's property. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified |
Diccon Thornely (Senior Statutory Auditor) |
for and on behalf of Sedulo Audit Limited |
13. | RELATED PARTY DISCLOSURES |
Included in debtors is an amount due from The Fisher Partnership Limited, a fellow group company, of £22,052 (2022: £45,148). No interest is chargeable on this balance. |
Included in creditors is an amount due to The TFP Group Limited, the immediate parent company, of £8,424 (2022: £9,575 debtor). No interest is chargeable on this balance. |