REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Your Way Senior Care Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Your Way Senior Care Limited |
Your Way Senior Care Limited (Registered number: 10262413) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Your Way Senior Care Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Datum House |
Electra Way |
Crewe |
Cheshire |
CW1 6ZF |
Your Way Senior Care Limited (Registered number: 10262413) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors: amounts falling due within one year | 8 |
Debtors: amounts falling due after more than one year |
8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Your Way Senior Care Limited (Registered number: 10262413) |
Statement of Financial Position - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Your Way Senior Care Limited (Registered number: 10262413) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Your Way Senior Care Limited ('The Company') is a primarily engaged in the provision of care services for the elderly. |
The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is Old Penny Bank, 39 Welsh Row, Nantwich, Cheshire, CW5 5EW. The registered number can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
The principle accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented, unless otherwise stated. |
Basis of preparation |
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
Going concern |
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. |
On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of any discounts. |
Franchise fees |
Franchise fees capitalised in 2017 are being amortised in order to write off the assets over their estimated useful life of ten years. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). |
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 end of the financial year. |
Your Way Senior Care Limited (Registered number: 10262413) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year. |
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. |
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. |
Impairment of assets |
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Franchise |
fees |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Your Way Senior Care Limited (Registered number: 10262413) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Winnington Hall, Winnington Lane, Winnington, Northwich, England, CW8 4DU |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year/period |
7. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
Your Way Senior Care Limited (Registered number: 10262413) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Amounts owed by group undertakings and related parties are unsecured, interest free and repayable on demand. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Your Way Senior Care Limited (Registered number: 10262413) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by a debenture over the company's assets and have also been personally guaranteed by the director. |
14. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 5,438 | 4,510 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
15. | CALLED UP SHARE CAPITAL |
On 31 October 2023 the company repurchased 10 B Ordinary £1 shares for a total consideration including associated costs of £12,540. |
Your Way Senior Care Limited (Registered number: 10262413) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
16. | RELATED PARTY DISCLOSURES |
Transactions with related parties during the year and balances outstanding at the end of the reporting period were as follows: |
Subsidiary company: |
2023 | 2022 |
£ | £ |
Amounts due by entities | - | 10,705 |
Amounts due to entities | 3,237 | - |
Company controlled by the director: |
2023 |
£ |
Amounts due by entities | 22,974 |
17. | POST BALANCE SHEET EVENTS |
On 2 January 2024 the company transferred its investment in Bennett Homecare Limited to Chehsire Care Group Ltd by way of an in specie dividend at a value of £32,329. |
18. | ULTIMATE CONTROLLING PARTY |
Post year end, on 1 January 2024, Cheshire Care Group Ltd acquired a 100% shareholding in Your Way Senior Care Limited and as a result became the immediate and ultimate parent of Your Way Senior Care Limited from this date. |