REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
THE FISHER PARTNERSHIP LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
THE FISHER PARTNERSHIP LIMITED |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
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 |
THE FISHER PARTNERSHIP 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 |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
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 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
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 |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
The Fisher Partnership Limited is a |
The principal activity of the company during the year was the operation of care homes. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 the end the company has continued to be 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 and long term funding 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. |
Significant judgements and estimates |
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. |
The directors have exercised judgement in determining whether there are indications of impairment of the company's goodwill. |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents amounts receivable for goods and services. |
Goodwill |
Acquired goodwill, in relation to the purchase of care homes is being written off in equal annual instalments over its estimated useful economic life corresponding to the lease terms on the care homes. |
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 |
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. |
Stock |
Stock is valued at the lower of cost and net realisable value. |
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. |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease terms and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Pensions |
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 |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
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 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
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 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 32,396 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 31 March 2023 |
10. | 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 |
THE FISHER PARTNERSHIP LIMITED (REGISTERED NUMBER: 03411875) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | RELATED PARTY DISCLOSURES |
Included in debtors is a balance due from The TFP Group Limited, the immediate parent company, amounting to £880,389 (2022: £619,391). No interest is charged on the loan balance. |
Included in debtors are the following balances owed from group undertakings: |
TFP (Wycar) Limited £Nil (2022: £3,050) |
No interest is charged on the loan balances. |
Included in creditors are the following balances owed to group undertakings: |
TFP (Wycar) Limited £2,000 (2022: £Nil) |
Bedale Grange (TFP) Limited £22,052 (2022: £45,148) |
Esk Hall Limited £35,869 (2022: £54,700 due to the company) |
No interest is charged on the loan balances. |