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Registration number: 03436843

Summerleaze Home Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Summerleaze Home Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Summerleaze Home Limited

(Registration number: 03436843)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

435,037

412,650

Current assets

 

Stocks

7

5,000

5,000

Debtors

8

62,127

55,708

Cash at bank and in hand

 

1,464,372

1,277,213

 

1,531,499

1,337,921

Creditors: Amounts falling due within one year

9

(172,524)

(167,827)

Net current assets

 

1,358,975

1,170,094

Total assets less current liabilities

 

1,794,012

1,582,744

Provisions for liabilities

(51,471)

(45,171)

Net assets

 

1,742,541

1,537,573

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,742,539

1,537,571

Shareholders' funds

 

1,742,541

1,537,573

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 19 April 2024 and signed on its behalf by:
 

 

Summerleaze Home Limited

(Registration number: 03436843)
Statement of Financial Position as at 31 December 2023 (continued)


Mr M P Covell
Director


Mrs L A Covell
Company secretary and director

 

Summerleaze 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:
79 Salterton Road
Exmouth
Devon
EX8 2EW
United Kingdom

Principal activity

The principal activity of the company is that of a care home.

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.

 

Summerleaze 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

 

Summerleaze Home Limited

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

2

Accounting policies (continued)

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.

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

No depreciation is provided

Short leasehold property

2% straight line

Plant and machinery

15% reducing balance

Fittings fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% 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.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

 

Summerleaze Home Limited

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

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. Under the Financial Reporting Standard for Smaller Entities (effective January 2015) the amortisation period for goodwill was changed to 5 years, prior to this the amortisation period had been 20 years.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

 

Summerleaze Home Limited

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

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 46 (2022 - 50).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

27,405

27,405

At 31 December 2023

27,405

27,405

Amortisation

At 1 January 2023

27,405

27,405

At 31 December 2023

27,405

27,405

Carrying amount

At 31 December 2023

-

-

 

Summerleaze Home Limited

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

5

Tangible assets

Long leasehold investment property
£

Property improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

130,000

149,891

397,787

136,649

37,135

45,545

897,007

Additions

-

-

54,021

1,612

5,082

-

60,715

At 31 December 2023

130,000

149,891

451,808

138,261

42,217

45,545

957,722

Depreciation

At 1 January 2023

-

21,081

328,949

99,627

23,313

11,386

484,356

Charge for the year

-

2,998

18,475

5,791

2,835

8,540

38,639

Eliminated on disposal

-

-

(310)

-

-

-

(310)

At 31 December 2023

-

24,079

347,114

105,418

26,148

19,926

522,685

Carrying amount

At 31 December 2023

130,000

125,812

104,694

32,843

16,069

25,619

435,037

At 31 December 2022

130,000

128,810

68,837

37,022

13,822

34,159

412,650

Included within the net book value of land and buildings above is £130,000 (2022 - £130,000) in respect of long leasehold investment property, held at fair value. Had this been held at historic cost the net book value would be £84,743 (2022 - £86,810).

 

Summerleaze Home Limited

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

6

Investment properties

The company's long leasehold property is an investment property as defined by FRS 102 1A. In accordance with this accounting standard the investment property is included at its fair value and no depreciation has been provided. This is a departure from the Companies Act 2006 which requires all assets to be depreciated over their useful economic lives. The directors consider that to depreciate the property would not give a true and fair view.

The value of the investment property has been assessed by the directors.

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

5,000

5,000

8

Debtors

2023
£

2022
£

Trade debtors

18,707

20,318

Other debtors

15,383

-

Prepayments

21,636

21,523

Accrued income

6,401

13,867

62,127

55,708

 

Summerleaze Home Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

24,079

22,717

Taxation and social security

79,593

71,124

Accruals and deferred income

10,774

10,607

Other creditors

58,078

63,379

172,524

167,827

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Included within this reserve are non-distributable reserves relating to the revaluation of investment properties totalling £22,110.

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director

(3,772)

78,964

(67,500)

7,692

Director

(3,772)

78,964

(67,500)

7,692

 

(7,544)

157,927

(135,000)

15,383

       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director

4,621

59,107

(67,500)

(3,772)

Director

4,621

59,107

(67,500)

(3,772)

 

9,242

118,214

(135,000)

(7,544)