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COMPANY REGISTRATION NUMBER: 05093308
Hawthorn Residential Home Limited
Filleted Unaudited Financial Statements
30 April 2023
Hawthorn Residential Home Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Hawthorn Residential Home Limited
Statement of Financial Position
30 April 2023
2023
2022
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
650,933
486,322
Investments
6
100
100
---------
---------
651,033
486,422
Current assets
Debtors
7
519,060
538,760
Cash at bank and in hand
159,492
170,408
---------
---------
678,552
709,168
Creditors: amounts falling due within one year
8
82,292
62,108
---------
---------
Net current assets
596,260
647,060
------------
------------
Total assets less current liabilities
1,247,293
1,133,482
Provisions
Taxation including deferred tax
34,752
------------
------------
Net assets
1,212,541
1,133,482
------------
------------
Capital and reserves
Called up share capital
100
100
Non-distributable reserves
129,170
Profit and loss account
1,083,271
1,133,382
------------
------------
Shareholders funds
1,212,541
1,133,482
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hawthorn Residential Home Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mr R M Radzik
Mrs S J Radzik
Director
Director
Company registration number: 05093308
Hawthorn Residential Home Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tutt Hill House, Maidstone Road, Tutt Hill, Ashford, Kent, TN26 1AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
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.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property
Investment property is initially recorded 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.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
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.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost or valuation
At 1 May 2022 (as restated)
486,078
4,324
490,402
Additions
1,000
1,000
Revaluations
163,922
163,922
---------
-------
-------
---------
At 30 April 2023
650,000
4,324
1,000
655,324
---------
-------
-------
---------
Depreciation
At 1 May 2022
4,080
4,080
Charge for the year
61
250
311
---------
-------
-------
---------
At 30 April 2023
4,141
250
4,391
---------
-------
-------
---------
Carrying amount
At 30 April 2023
650,000
183
750
650,933
---------
-------
-------
---------
At 30 April 2022
486,078
244
486,322
---------
-------
-------
---------
Included in freehold property is Investment Property which is held at open market value as determined by the directors. The historical cost of the property is £486,078.
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2022 as restated and 30 April 2023
100
----
Impairment
At 1 May 2022 as restated and 30 April 2023
----
Carrying amount
At 30 April 2023
100
----
At 30 April 2022
100
----
During the whole year, the company held 100% of the share capital in R and S Equestrian Limited. As at the year end of R and S Equestrian Limited, on 31 December 2022, the company had net liabilities of £30,987.
7. Debtors
2023
2022
(restated)
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
515,461
503,761
Other debtors
3,599
34,999
---------
---------
519,060
538,760
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
2,750
150
Social security and other taxes
3,640
3,536
Other creditors
75,902
58,422
--------
--------
82,292
62,108
--------
--------
The bank loans are secured over the undertaking and all property and assets, present and future, including goodwill, bookdebts uncalled, capital buildings, fixtures, fixed plant, and machinery owned by the company by way of fixed and floating charge. The charges are held by the company's bank, HSBC.
9. Prior period errors
A prior year adjustment has been made in the year in respect to the 2022 accounts. Dividends voted during the 2022 financial year have now been presented correctly. As a result the profit and loss account brought forward from 2022 has decreased by £56,042 to £1,133,382, and directors loan account brought forward has increased by £56,042 to £56,060.
10. Related party transactions
At the year end, the company was owed £515,461 (2022: £503,761) from group undertakings. At the year end, the company was owed £Nil (2022: £30,000) from a close family member . At the year end, the company owed the directors £73,541 (2022: £56,060).