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REGISTERED NUMBER: 05344617 (England and Wales)















Unaudited Financial Statements

For The Year Ended 30 June 2023

for

Manage Care Homes Limited

Manage Care Homes Limited (Registered number: 05344617)






Contents of the Financial Statements
For The Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Manage Care Homes Limited

Company Information
For The Year Ended 30 June 2023







DIRECTORS: Mr S P Shah
Mr P N Shah
Mr M P Shah





SECRETARY: Mr S P Shah





REGISTERED OFFICE: Burleigh House
41 Letchworth Road
Baldock
Hertfordshire
SG7 6AA





REGISTERED NUMBER: 05344617 (England and Wales)





ACCOUNTANTS: RNS Business Solutions Limited
Chartered Accountants
276 Preston Road
Harrow
Middlesex
HA3 0QA

Manage Care Homes Limited (Registered number: 05344617)

Balance Sheet
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,500 23,250
Tangible assets 5 2,724,998 2,728,750
2,740,498 2,752,000

CURRENT ASSETS
Debtors 6 83,933 76,428
Cash at bank and in hand 297,080 280,054
381,013 356,482
CREDITORS
Amounts falling due within one year 7 637,664 444,827
NET CURRENT LIABILITIES (256,651 ) (88,345 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,483,847

2,663,655

CREDITORS
Amounts falling due after more than one year 8 1,350,249 1,532,297
NET ASSETS 1,133,598 1,131,358

CAPITAL AND RESERVES
Called up share capital 103 103
Profit and loss account 1,133,495 1,131,255
SHAREHOLDERS' FUNDS 1,133,598 1,131,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Manage Care Homes Limited (Registered number: 05344617)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by:




Mr S P Shah - Director



Mr M P Shah - Director


Manage Care Homes Limited (Registered number: 05344617)

Notes to the Financial Statements
For The Year Ended 30 June 2023

1. STATUTORY INFORMATION

Manage Care Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the rendering of care home services for the elderly, provision of ancillary care to patients and review of ancillary businesses is recognised by reference to the stage of completion of the contract.

Goodwill
Externally purchased goodwill is stated at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its estimated useful life of ten years on straight line basis from transition date of new UK GAAP FRS 102.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - nil rate
Fixtures and fittings - 25% on reducing balance

The freehold property is maintained to a high standard and any depreciation charge would be immaterial. Therefore depreciation was at nil rate. This is a departure from the requirement of Companies Act 2006 and UK GAAP. However in the opinion of the directors this approach is adopted to give a true and fair view.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


Manage Care Homes Limited (Registered number: 05344617)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 49 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 155,000
AMORTISATION
At 1 July 2022 131,750
Charge for year 7,750
At 30 June 2023 139,500
NET BOOK VALUE
At 30 June 2023 15,500
At 30 June 2022 23,250

Manage Care Homes Limited (Registered number: 05344617)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 July 2022 2,687,489 251,320 2,938,809
Additions - 8,752 8,752
At 30 June 2023 2,687,489 260,072 2,947,561
DEPRECIATION
At 1 July 2022 - 210,059 210,059
Charge for year - 12,504 12,504
At 30 June 2023 - 222,563 222,563
NET BOOK VALUE
At 30 June 2023 2,687,489 37,509 2,724,998
At 30 June 2022 2,687,489 41,261 2,728,750

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade debtors 70,767 66,428
Other debtors 13,166 10,000
83,933 76,428

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans and overdrafts 210,969 209,911
Trade creditors 20,119 31,720
Taxation and social security 75,989 56,653
Other creditors 330,587 146,543
637,664 444,827

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/23 30/6/22
£    £   
Bank loans 1,350,249 1,532,297

Manage Care Homes Limited (Registered number: 05344617)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30/6/23 30/6/22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 139,679

9. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£    £   
Bank loans 1,561,218 1,742,208

Bank loans are secured by way of a first legal charge over the company's freehold property.

10. RELATED PARTY DISCLOSURES

Included in creditors is an amount due to directors and shareholders of £101,162 (2022: £22,316). The outstanding loan due is interest free and payable on demand.