Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true382022-02-25falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13941525 2022-02-24 13941525 2022-02-25 2023-03-31 13941525 2021-04-01 2022-02-24 13941525 2023-03-31 13941525 c:Director1 2022-02-25 2023-03-31 13941525 d:Buildings 2022-02-25 2023-03-31 13941525 d:Buildings 2023-03-31 13941525 d:Buildings d:OwnedOrFreeholdAssets 2022-02-25 2023-03-31 13941525 d:LandBuildings 2023-03-31 13941525 d:PlantMachinery 2022-02-25 2023-03-31 13941525 d:PlantMachinery 2023-03-31 13941525 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-25 2023-03-31 13941525 d:OfficeEquipment 2022-02-25 2023-03-31 13941525 d:OfficeEquipment 2023-03-31 13941525 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-02-25 2023-03-31 13941525 d:ComputerEquipment 2022-02-25 2023-03-31 13941525 d:ComputerEquipment 2023-03-31 13941525 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-02-25 2023-03-31 13941525 d:OwnedOrFreeholdAssets 2022-02-25 2023-03-31 13941525 d:Goodwill 2022-02-25 2023-03-31 13941525 d:Goodwill 2023-03-31 13941525 d:CurrentFinancialInstruments 2023-03-31 13941525 d:Non-currentFinancialInstruments 2023-03-31 13941525 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13941525 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 13941525 d:ShareCapital 2023-03-31 13941525 d:RetainedEarningsAccumulatedLosses 2023-03-31 13941525 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 13941525 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 13941525 c:FRS102 2022-02-25 2023-03-31 13941525 c:AuditExempt-NoAccountantsReport 2022-02-25 2023-03-31 13941525 c:FullAccounts 2022-02-25 2023-03-31 13941525 c:PrivateLimitedCompanyLtd 2022-02-25 2023-03-31 13941525 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-02-25 2023-03-31 13941525 2 2022-02-25 2023-03-31 13941525 d:Goodwill d:OwnedIntangibleAssets 2022-02-25 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 13941525









GARRETT HOUSE RESIDENTIAL HOME LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
REGISTERED NUMBER: 13941525

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Intangible assets
 4 
2,012,500

Tangible assets
 5 
1,555,602

  
3,568,102

Current assets
  

Debtors: amounts falling due within one year
 6 
31,592

Cash at bank and in hand
 7 
333

  
31,925

Creditors: amounts falling due within one year
 8 
(559,493)

Net current (liabilities)/assets
  
 
 
(527,568)

Total assets less current liabilities
  
3,040,534

Creditors: amounts falling due after more than one year
 9 
(3,090,000)

Provisions for liabilities
  

Deferred tax
 10 
(8,189)

  
 
 
(8,189)

Net (liabilities)/assets
  
(57,655)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(57,755)

  
(57,655)


Page 1

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
REGISTERED NUMBER: 13941525
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A M Magee
Director

Date: 15 February 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Garrett House Residential Home Limited is a private company, limited by shares, registered in England and Wales. The address of the company’s registered office is 249 Silbury Boulevard, Milton Keynes,Bucks, MK9 1NA.
The address of the company's principal place of business is 43 Park Road, Aldeburgh, Suffolk, IP15 5EN. The company's principal activity is that of a residential care home.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company has net liabilities. The director is confident that, with his support, the company will continue in operation for the foreseeable future. Therefore, the company has adopted the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

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. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Land and buildings
-
2%
on buildings
Plant and machinery
-
20%
Office equipment
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


3.


Employees

The average monthly number of employees, including directors, during the period was 38.

Page 6

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


Intangible assets



Goodwill

£



Cost


Additions
2,100,000



At 31 March 2023

2,100,000



Amortisation


Charge for the period on owned assets
87,500



At 31 March 2023

87,500



Net book value



At 31 March 2023
2,012,500




5.


Tangible fixed assets





Land and buildings
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


Additions
1,465,500
98,000
2,831
1,000
1,567,331



At 31 March 2023

1,465,500
98,000
2,831
1,000
1,567,331



Depreciation


Charge for the period on owned assets
3,322
8,167
157
83
11,729



At 31 March 2023

3,322
8,167
157
83
11,729



Net book value



At 31 March 2023
1,462,178
89,833
2,674
917
1,555,602

Page 7

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

           5.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
£

Freehold
1,462,178

1,462,178



6.


Debtors

2023
£


Amounts owed by group undertakings
11,472

Prepayments and accrued income
20,120

31,592



7.


Cash and cash equivalents

2023
£

Cash at bank and in hand
333

333


Page 8

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
17,426

Amounts owed to group undertakings
229,592

Other taxation and social security
39,681

Other creditors
241,173

Accruals and deferred income
31,621

559,493


The following liabilities were secured:

2023
£

Other creditors


Deferred consideration loan
210,000

210,000

Details of security provided:

The deferred consideration loan is secured by a fixed and floating charge over the company's assets as detailed in a debenture dated 16 January 2024 and a legal mortgage dated 30 November 2022.

Page 9

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
£

Other creditors
3,090,000

3,090,000


The following liabilities were secured:

2023
£

Other creditors


Deferred consideration loan
3,090,000

3,090,000

Details of security provided:

The deferred consideration loan is secured by a fixed and floating charge over the company's assets as detailed in a debenture dated 16 January 2024 and a legal mortgage dated 30 November 2022.


10.


Deferred taxation



2023


£






Charged to profit or loss
(8,189)



At end of year
(8,189)

The deferred taxation balance is made up as follows:

2023
£


Accelerated capital allowances
(17,751)

Tax losses carried forward
9,562

(8,189)

Page 10

 
GARRETT HOUSE RESIDENTIAL HOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,841. Contributions totalling £1,841 were payable to the fund at the reporting date and are included in creditors.


12.


Related party transactions

At the balance sheet date there was a balance due from a fellow subsidiary of £11,372. Loan interest of £1,227 was received from the fellow susidiary during the year.
At the balance sheet date there was a balance due from the company's ultimate parent undertaking of £100.
At the balance sheet date there was a balance due to a fellow subsidiary of £229,592. Loan interest of £13.492 was paid to the fellow subsidiary during the year.


13.


Controlling party

The parent company is Octo Healthcare Limited, a company incorporated in England & Wales. The ultimate controlling party is Mr A M Magee.

 
Page 11