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Registered number: 02700285
J.T. Care Homes Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02700285
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 3,245,638 3,320,021
Investment Properties 6 628,615 628,615
3,874,253 3,948,636
CURRENT ASSETS
Stocks 7 13,765 14,258
Debtors 8 276,281 117,327
Cash at bank and in hand 1,190,947 909,176
1,480,993 1,040,761
Creditors: Amounts Falling Due Within One Year 9 (642,908 ) (362,882 )
NET CURRENT ASSETS (LIABILITIES) 838,085 677,879
TOTAL ASSETS LESS CURRENT LIABILITIES 4,712,338 4,626,515
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,814 ) (5,824 )
NET ASSETS 4,705,524 4,620,691
CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Revaluation reserve 11 1,925,157 1,970,774
Profit and Loss Account 2,770,367 2,639,917
SHAREHOLDERS' FUNDS 4,705,524 4,620,691
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J K Titterington
Director
23 February 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
J.T. Care Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02700285 . The registered office is Oxford House, 258 Garstang Road, Fulwood, Preston, Lancashire, PR2 9QB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Land - Nil. Buildings 2% on cost
Motor Vehicles 25% on written down value
Fixtures & Fittings 20% on written down value
Computer Equipment 25%% on written down value and 33.3% on cost
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 68 (2022: 65)
68 65
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 385,000
As at 31 July 2023 385,000
Amortisation
As at 1 August 2022 385,000
As at 31 July 2023 385,000
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Page 5
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 4,220,362 78,525 565,401 19,450 4,883,738
Additions - - 5,909 405 6,314
As at 31 July 2023 4,220,362 78,525 571,310 19,855 4,890,052
Depreciation
As at 1 August 2022 943,747 66,601 540,137 13,232 1,563,717
Provided during the period 68,689 2,981 5,524 3,503 80,697
As at 31 July 2023 1,012,436 69,582 545,661 16,735 1,644,414
Net Book Value
As at 31 July 2023 3,207,926 8,943 25,649 3,120 3,245,638
As at 1 August 2022 3,276,615 11,924 25,264 6,218 3,320,021
6. Investment Property
2023
£
Fair Value
As at 1 August 2022 and 31 July 2023 628,615
7. Stocks
2023 2022
£ £
Stock 13,765 14,258
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 256,588 34,696
Other debtors 19,693 82,631
276,281 117,327
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 45,611 34,875
Other creditors 501,849 207,530
Taxation and social security 95,448 120,477
642,908 362,882
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Page 6
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10,000 10,000
11. Reserves
Revaluation Reserve
£
As at 1 August 2022 1,970,774
Transfer to profit and loss (45,617 )
As at 31 July 2023 1,925,157
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