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Registration number: 04142598

Thurlestone Court Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2022 to 31 May 2023

 

Thurlestone Court Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Thurlestone Court Limited

Company Information

Directors

M P Shah

T L Shah

Registered office

Centrum House
Headley Road
Woodley
Reading
RG5 4JB

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Thurlestone Court Limited

(Registration number: 04142598)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

991,678

1,068,781

Current assets

 

Stocks

18,000

18,000

Debtors

5

4,576,335

274,024

Cash at bank and in hand

 

506,948

4,272,479

 

5,101,283

4,564,503

Creditors: Amounts falling due within one year

6

(473,685)

(721,252)

Net current assets

 

4,627,598

3,843,251

Total assets less current liabilities

 

5,619,276

4,912,032

Creditors: Amounts falling due after more than one year

6

(5,026)

(12,065)

Deferred tax liabilities

 

(22,159)

(28,977)

Net assets

 

5,592,091

4,870,990

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

5,591,991

4,870,890

Shareholders' funds

 

5,592,091

4,870,990

For the financial period ending 31 May 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 February 2024 and signed on its behalf by:
 


M P Shah
Director

 

Thurlestone Court Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 May 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:
Centrum House
Headley Road
Woodley
Reading
RG5 4JB

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption from the requirement to prepare consolidated financial statements on the basis that it is a wholly-owned subsidiary and is included in the consolidated accounts of its parent, as set out in section 400(1) of the Companies Act 2006.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

 

Thurlestone Court Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 May 2023

Tax

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

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Furniture, fixtures and fittings

20-25% reducing balance

Land and buildings

Nil

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Thurlestone Court Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Thurlestone Court Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 May 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

 

Thurlestone Court Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 May 2023

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 May 2022

917,009

670,320

146,575

1,733,904

Disposals

-

-

(76,075)

(76,075)

At 31 May 2023

917,009

670,320

70,500

1,657,829

Depreciation

At 1 May 2022

-

603,476

61,647

665,123

Charge for the year

-

14,816

23,002

37,818

Eliminated on disposal

-

-

(36,790)

(36,790)

At 31 May 2023

-

618,292

47,859

666,151

Carrying amount

At 31 May 2023

917,009

52,028

22,641

991,678

At 30 April 2022

917,009

66,844

84,928

1,068,781

Included within the net book value of land and buildings above is £901,803 (2022 - £901,803 in respect of freehold land and buildings and £15,206 (2022 - £15,206) in respect of leasehold improvements.

 

5

Debtors

Note

31 May 2023
 £

30 April 2022
 £

Trade debtors

 

213,483

195,833

Amounts owed by group undertakings

4,176,893

-

Other debtors

 

176,107

65,245

Prepayments

 

9,852

12,946

   

4,576,335

274,024

 

6

Creditors

Note

31 May 2023
 £

30 April 2022
 £

Due within one year

 

Loans and borrowings

7

6,536

29,768

Trade creditors

 

46,278

27,500

Social security and other taxes

 

40,147

32,102

Other creditors

 

165,210

462,931

Accrued expenses

 

40,095

23,676

Corporation tax liability

175,419

145,275

 

473,685

721,252

Due after one year

 

Loans and borrowings

7

5,026

12,065

 

Thurlestone Court Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 31 May 2023

 

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

6,536

6,033

Directors' loan account

-

23,735

6,536

29,768

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

5,026

12,065

 

8

Share capital

Allotted, called up and fully paid shares

 

31 May 2023

30 April 2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Centrum Care Group Limited, incorporated in England and Wales.

 The ultimate parent is Centrum Group Corporation Limited, incorporated in England and Wales.

 

10

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.