Company registration number 13665020 (England and Wales)
SOMERVIEW LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
SOMERVIEW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SOMERVIEW LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
Notes
£
£
Current assets
Debtors
3
263
Cash at bank and in hand
6,075
6,338
Creditors: amounts falling due within one year
4
(12,234)
Net current liabilities
(5,896)
Capital and reserves
Called up share capital
75
Profit and loss reserves
(5,971)
Total equity
(5,896)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 28 March 2024
Mr J Y Bailey
Director
Company Registration No. 13665020
SOMERVIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information

Somerview Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lime Court, Pathfields Business Park, South Molton, Devon, United Kingdom, EX36 3LH.

 

Somerview Limited is a wholly owned subsidiary of Close Care Homes (Somerton) Limited, which is a 100% subsidiary of The Stepping Stone Group Limited.

1.1
Reporting period

The company was incorporated on 6 October 2021 however to align the year end with the rest of the group, it was decided that the year end was to be shortened to 30 June 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

The financial statements of the company are consolidated in the financial statements of the ultimate parent company, The Stepping Stone Group Limited, which are publicly available. The Stepping Stone Group Limited is a company registered in England and Wales. The company's registered office is Lime Court, Pathfields Business Park, South Molton, Devon, EX36 3LH.

1.3
Going concern

At the balance sheet date the company had net liabilities of £true5,896. In accordance with his responsibilities as director, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. The financial statements have been prepared on the basis that the company is a going concern, and that it will be in a position to continue to trade and to meet its obligations for a period of at least twelve months from the date of the directors approval of these financial statements.

 

The director has reviewed the results of the company during the period since the balance sheet date and consider that there have been no additional material post balance sheet events that would have affected the results and financial position at the balance sheet date.

 

The director, being suitably knowledgeable and experienced, considers that the company will be able to continue in its operations for a period of at least twelve months from the date of the approval of these financial statements. In arriving at this opinion, the director has considered the current economic climate, specific conditions affecting the industry and the availability of future loan and bank funding facilities.

 

With the support of the director, group entities and the continued support of the parent company, The Stepping Stone Group Limited, the director considers that the going concern basis is appropriate for the preparation of the financial statements. The director has no reason to believe that this support will not continue and have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. The Stepping Stone Group Limited has confirmed that it will continue to support the company for at least the next twelve months and repayment of the inter-company loan is not required to be repaid until the company has available funds to do so.

SOMERVIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SOMERVIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Employees

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

2022
Number
Total
1
SOMERVIEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 5 -
3
Debtors
2022
Amounts falling due within one year:
£
Other debtors
263
4
Creditors: amounts falling due within one year
2022
£
Trade creditors
726
Amounts owed to group undertakings
7,488
Other creditors
4,020
12,234

Amounts owed to group undertakings are subject to an annual charge of interest at 4% over base per annum in accordance with inter- group loan agreements. All inter- group loans are repayable on demand and shown within creditors due within one year.

5
Financial commitments, guarantees and contingent liabilities

As at 30 June 2022, there were guarantees, contingent liabilities and capital commitments of £Nil.

6
Parent company

The company's ultimate parent company is The Stepping Stone Group Limited, whose directors are J Y Bailey and Mrs A L Martin MBE. The address of the registered office of the parent company and from which copies of the accounts can be obtained is Lime Court, Pathfields Business Park, South Molton, Devon EX36 3LH. The principle place of business of the parent company is Sunindale, Hilliers Lane, Worth, Wells, Somerset BA5 1LP.

 

The company's ultimate controlling party is Mr J Y Bailey.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Claire Clift and the auditor was Azets Audit Services.
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