Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Jayne Bastafield 01/10/2021 Barry Michael Privett 05/10/2017 Benjamin William Privett 01/10/2021 Jacqueline Ann Privett 05/10/2017 05 April 2024 The principal activity of the Company during the financial year was the operation of a residential care home. 10998696 2023-08-31 10998696 bus:Director1 2023-08-31 10998696 bus:Director2 2023-08-31 10998696 bus:Director3 2023-08-31 10998696 bus:Director4 2023-08-31 10998696 2022-08-31 10998696 core:CurrentFinancialInstruments 2023-08-31 10998696 core:CurrentFinancialInstruments 2022-08-31 10998696 core:Non-currentFinancialInstruments 2023-08-31 10998696 core:Non-currentFinancialInstruments 2022-08-31 10998696 core:ShareCapital 2023-08-31 10998696 core:ShareCapital 2022-08-31 10998696 core:RetainedEarningsAccumulatedLosses 2023-08-31 10998696 core:RetainedEarningsAccumulatedLosses 2022-08-31 10998696 core:Goodwill 2022-08-31 10998696 core:Goodwill 2023-08-31 10998696 core:LandBuildings 2022-08-31 10998696 core:Vehicles 2022-08-31 10998696 core:FurnitureFittings 2022-08-31 10998696 core:OtherPropertyPlantEquipment 2022-08-31 10998696 core:LandBuildings 2023-08-31 10998696 core:Vehicles 2023-08-31 10998696 core:FurnitureFittings 2023-08-31 10998696 core:OtherPropertyPlantEquipment 2023-08-31 10998696 2021-08-31 10998696 bus:OrdinaryShareClass1 2023-08-31 10998696 bus:OrdinaryShareClass2 2023-08-31 10998696 bus:OrdinaryShareClass3 2023-08-31 10998696 2022-09-01 2023-08-31 10998696 bus:FilletedAccounts 2022-09-01 2023-08-31 10998696 bus:SmallEntities 2022-09-01 2023-08-31 10998696 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10998696 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10998696 bus:Director1 2022-09-01 2023-08-31 10998696 bus:Director2 2022-09-01 2023-08-31 10998696 bus:Director3 2022-09-01 2023-08-31 10998696 bus:Director4 2022-09-01 2023-08-31 10998696 core:Goodwill 2022-09-01 2023-08-31 10998696 core:Vehicles 2022-09-01 2023-08-31 10998696 core:FurnitureFittings 2022-09-01 2023-08-31 10998696 2021-09-01 2022-08-31 10998696 core:LandBuildings 2022-09-01 2023-08-31 10998696 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 10998696 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 10998696 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 10998696 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 10998696 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 10998696 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 10998696 bus:OrdinaryShareClass2 2021-09-01 2022-08-31 10998696 bus:OrdinaryShareClass3 2022-09-01 2023-08-31 10998696 bus:OrdinaryShareClass3 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10998696 (England and Wales)

OLDWAY HEIGHTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

OLDWAY HEIGHTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

OLDWAY HEIGHTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
OLDWAY HEIGHTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 988,655 956,653
988,656 956,654
Current assets
Stocks 2,000 2,000
Debtors 5 79,780 10,614
Cash at bank and in hand 1,037,388 1,032,889
1,119,168 1,045,503
Creditors: amounts falling due within one year 6 ( 380,372) ( 302,330)
Net current assets 738,796 743,173
Total assets less current liabilities 1,727,452 1,699,827
Creditors: amounts falling due after more than one year 7 0 ( 367,222)
Provision for liabilities 8 ( 18,301) ( 9,397)
Net assets 1,709,151 1,323,208
Capital and reserves
Called-up share capital 9 300 300
Profit and loss account 1,708,851 1,322,908
Total shareholders' funds 1,709,151 1,323,208

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Oldway Heights Limited (registered number: 10998696) were approved and authorised for issue by the Board of Directors on 05 April 2024. They were signed on its behalf by:

Benjamin William Privett
Director
OLDWAY HEIGHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
OLDWAY HEIGHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oldway Heights Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 40 Headland Park Road, Paignton, TQ3 2EL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 20 % reducing balance
Fixtures and fittings 15 % reducing balance
Other property, plant and equipment not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 42

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2022 1 1
At 31 August 2023 1 1
Accumulated amortisation
At 01 September 2022 0 0
At 31 August 2023 0 0
Net book value
At 31 August 2023 1 1
At 31 August 2022 1 1

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 September 2022 889,737 32,655 75,880 2 998,274
Additions 0 37,660 16,174 0 53,834
Disposals 0 ( 3,700) 0 0 ( 3,700)
At 31 August 2023 889,737 66,615 92,054 2 1,048,408
Accumulated depreciation
At 01 September 2022 0 20,343 21,278 0 41,621
Charge for the financial year 0 10,707 9,347 0 20,054
Disposals 0 ( 1,922) 0 0 ( 1,922)
At 31 August 2023 0 29,128 30,625 0 59,753
Net book value
At 31 August 2023 889,737 37,487 61,429 2 988,655
At 31 August 2022 889,737 12,312 54,602 2 956,653

5. Debtors

2023 2022
£ £
Trade debtors 61,092 3,551
Amounts owed by directors 4,332 0
Prepayments 12,191 6,943
Other debtors 2,165 120
79,780 10,614

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 43,465 54,904
Trade creditors 41,678 14,263
Amounts owed to directors 76,329 107,273
Accruals 6,297 6,657
Taxation and social security 209,571 79,833
Other creditors 3,032 39,400
380,372 302,330

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 367,222

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 9,397) ( 6,636)
Charged to the Statement of Income and Retained Earnings ( 8,904) ( 2,761)
At the end of financial year ( 18,301) ( 9,397)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
270 A ordinary shares of £ 1.00 each 270 270
15 B ordinary shares of £ 1.00 each 15 15
15 C ordinary shares of £ 1.00 each 15 15
300 300

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,925 0

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by/(to) the directors by the company (71,997) (107,273)

Interest has not been charged on directors' loan accounts during the period. There are no fixed dates for repayment.

Dividends paid to directors during the year totalled £35,000 (2022: £39,620).