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Registration number: 01665156

Elmwood Residential Home Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Elmwood Residential Home Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Elmwood Residential Home Limited

(Registration number: 01665156)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,433,215

1,371,132

Current assets

 

Stocks

5

1,200

1,200

Debtors

6

460,468

368,170

Cash at bank and in hand

 

245,637

516,971

 

707,305

886,341

Creditors: Amounts falling due within one year

7

(185,951)

(433,499)

Net current assets

 

521,354

452,842

Total assets less current liabilities

 

1,954,569

1,823,974

Provisions for liabilities

(39,645)

(20,868)

Net assets

 

1,914,924

1,803,106

Capital and reserves

 

Called up share capital

5,000

5,000

Share premium reserve

35,000

35,000

Revaluation reserve

495,752

495,752

Profit and loss account

1,379,172

1,267,354

Shareholders' funds

 

1,914,924

1,803,106

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 

 

Elmwood Residential Home Limited

(Registration number: 01665156)
Statement of Financial Position as at 31 December 2023 (continued)


Mr Jamshid Sadeghi
Company secretary and director


Mr Afsheen Philip Sadeghi
Director


Mr Soroosh Sadeghi
Director

 

Elmwood Residential Home Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Elmwood Residential Home
Colyford
Colyton
Devon
EX24 6QJ

Principal activity

The principal activity of the company is that of providing residential accommodation for elderly persons.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Elmwood Residential Home Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Elmwood Residential Home Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

None as revalued periodically

Fittings fixtures and equipment

20% reducing balance

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Elmwood Residential Home Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2022 - 27).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,254,646

640,963

21,134

1,916,743

Additions

14,080

89,121

-

103,201

At 31 December 2023

1,268,726

730,084

21,134

2,019,944

Depreciation

At 1 January 2023

-

529,889

15,722

545,611

Charge for the year

-

40,036

1,082

41,118

At 31 December 2023

-

569,925

16,804

586,729

Carrying amount

At 31 December 2023

1,268,726

160,159

4,330

1,433,215

At 31 December 2022

1,254,646

111,074

5,412

1,371,132

Included within the net book value of land and buildings above is £1,268,726 (2022 - £1,254,646) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

1,200

1,200

 

Elmwood Residential Home Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2023 (continued)

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

157,928

359,335

Other debtors

 

302,540

8,835

 

460,468

368,170

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

49,261

45,399

Accruals and deferred income

80,814

83,532

Other creditors

55,876

304,568

185,951

433,499

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

At 31 December 2023 the company was owed £236,103 by a company which has directors in common with Elmwood Residential Ltd (31 December 2022: £359,335).

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Jamshid Sadeghi

(252,909)

574,005

(40,500)

280,596

         
       

Mr Soroosh Sadeghi

2,983

48,180

(40,000)

11,163

         
       

 

 

Elmwood Residential Home Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2023 (continued)

9

Related party transactions (continued)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Jamshid Sadeghi

(482,871)

229,962

-

(252,909)

         
       

Mr Soroosh Sadeghi

23,516

32,467

(53,000)

2,983