IRIS Accounts Production v23.4.0.336 04833014 Board of Directors Board of Directors 1.3.22 28.2.23 28.2.23 false true false false false true false Ordinary Class "A" 1.00000 Ordinary Class "B" 1.00000 Ordinary Class "D" 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh048330142022-02-28048330142023-02-28048330142022-03-012023-02-28048330142021-02-28048330142021-03-012022-02-28048330142022-02-2804833014ns15:EnglandWales2022-03-012023-02-2804833014ns14:PoundSterling2022-03-012023-02-2804833014ns10:Director12022-03-012023-02-2804833014ns10:Director22022-03-012023-02-2804833014ns10:PrivateLimitedCompanyLtd2022-03-012023-02-2804833014ns10:SmallEntities2022-03-012023-02-2804833014ns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2804833014ns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2804833014ns10:SmallCompaniesRegimeForAccounts2022-03-012023-02-2804833014ns10:FullAccounts2022-03-012023-02-280483301412022-03-012023-02-2804833014ns10:OrdinaryShareClass12022-03-012023-02-2804833014ns10:OrdinaryShareClass22022-03-012023-02-2804833014ns10:OrdinaryShareClass42022-03-012023-02-2804833014ns10:CompanySecretary12022-03-012023-02-2804833014ns10:RegisteredOffice2022-03-012023-02-2804833014ns5:CurrentFinancialInstruments2023-02-2804833014ns5:CurrentFinancialInstruments2022-02-2804833014ns5:Non-currentFinancialInstruments2023-02-2804833014ns5:Non-currentFinancialInstruments2022-02-2804833014ns5:ShareCapital2023-02-2804833014ns5:ShareCapital2022-02-2804833014ns5:RevaluationReserve2023-02-2804833014ns5:RevaluationReserve2022-02-2804833014ns5:CapitalRedemptionReserve2023-02-2804833014ns5:CapitalRedemptionReserve2022-02-2804833014ns5:RetainedEarningsAccumulatedLosses2023-02-2804833014ns5:RetainedEarningsAccumulatedLosses2022-02-2804833014ns5:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2804833014ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-03-012023-02-2804833014ns5:PlantMachinery2022-03-012023-02-2804833014ns5:FurnitureFittings2022-03-012023-02-2804833014ns5:ComputerEquipment2022-03-012023-02-2804833014ns5:NetGoodwill2022-02-2804833014ns5:NetGoodwill2023-02-2804833014ns5:NetGoodwill2022-02-2804833014ns5:LandBuildings2022-02-2804833014ns5:LeaseholdImprovements2022-02-2804833014ns5:PlantMachinery2022-02-2804833014ns5:LandBuildings2022-03-012023-02-2804833014ns5:LeaseholdImprovements2022-03-012023-02-2804833014ns5:LandBuildings2023-02-2804833014ns5:LeaseholdImprovements2023-02-2804833014ns5:PlantMachinery2023-02-2804833014ns5:LandBuildings2022-02-2804833014ns5:LeaseholdImprovements2022-02-2804833014ns5:PlantMachinery2022-02-2804833014ns5:FurnitureFittings2022-02-2804833014ns5:MotorVehicles2022-02-2804833014ns5:ComputerEquipment2022-02-2804833014ns5:MotorVehicles2022-03-012023-02-2804833014ns5:FurnitureFittings2023-02-2804833014ns5:MotorVehicles2023-02-2804833014ns5:ComputerEquipment2023-02-2804833014ns5:FurnitureFittings2022-02-2804833014ns5:MotorVehicles2022-02-2804833014ns5:ComputerEquipment2022-02-2804833014ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2804833014ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-02-2804833014ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2023-02-2804833014ns5:LeasedAssetsHeldAsLessee2023-02-2804833014ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:LeasedAssetsHeldAsLessee2022-02-2804833014ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2804833014ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2804833014ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-02-2804833014ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-02-2804833014ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-2804833014ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-02-2804833014ns5:Secured2023-02-2804833014ns5:Secured2022-02-2804833014ns5:DeferredTaxation2022-02-2804833014ns5:DeferredTaxation2022-03-012023-02-2804833014ns5:DeferredTaxation2023-02-2804833014ns10:OrdinaryShareClass12023-02-2804833014ns10:OrdinaryShareClass22023-02-2804833014ns10:OrdinaryShareClass42023-02-2804833014ns5:RetainedEarningsAccumulatedLosses2022-02-2804833014ns5:RevaluationReserve2022-02-2804833014ns5:CapitalRedemptionReserve2022-02-2804833014ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-28
REGISTERED NUMBER: 04833014 (England and Wales)















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

REGENCY HEALTHCARE LIMITED

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Contents of the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


REGENCY HEALTHCARE LIMITED

Company Information
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: A I Alvi
M F Chauhdry



SECRETARY: A I Alvi



REGISTERED OFFICE: The Laurels Care Home
Bankside Lane
Bacup
Lancashire
OL13 8GT



REGISTERED NUMBER: 04833014 (England and Wales)



ACCOUNTANTS: Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN



BANKERS: National Westminster Bank Plc
St Albans Branch
10 St Peters Street
St Albans
Hertfordshire
AL1 3LY

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Statement of Financial Position
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 2,949,909 2,926,508
2,949,910 2,926,509

CURRENT ASSETS
Stocks 6 12,507 11,935
Debtors 7 640,619 447,504
Cash at bank and in hand 528,989 818,494
1,182,115 1,277,933
CREDITORS
Amounts falling due within one year 8 1,470,111 1,606,499
NET CURRENT LIABILITIES (287,996 ) (328,566 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,661,914

2,597,943

CREDITORS
Amounts falling due after more than one
year

9

(826,834

)

(992,939

)

PROVISIONS FOR LIABILITIES 13 (44,913 ) (37,470 )
NET ASSETS 1,790,167 1,567,534

CAPITAL AND RESERVES
Called up share capital 14 1,002 1,002
Revaluation reserve 15 338,223 338,223
Capital redemption reserve 15 1 1
Retained earnings 15 1,450,941 1,228,308
SHAREHOLDERS' FUNDS 1,790,167 1,567,534

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Statement of Financial Position - continued
28 FEBRUARY 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:




A I Alvi - Director



M F Chauhdry - Director


REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Regency Healthcare 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 as modified by the revaluation of certain assets.

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

Rendering of services
Revenue for services rendered is recognised when the outcome of a transaction involving the rendering of services can be estimated reliably, the Company recognises revenue associated with the transaction by reference to the duration elapsed of the care agreement at the end of the reporting period.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

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 and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at amortised cost and 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 the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

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.

Significant judgements and estimates
The preparation of the financial statements require management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include fixed assets depreciation policies, stock provisions and management charges to related entities.

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.

Provision 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 the Consolidated Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position 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 Statement of Financial Position

Going concern
The company experienced an increase in turnover and the margins as compared to the previous year. Business continued to be derived from an increased demand for the care services.

Management accounts are reviewed quarterly by the Directors and senior management. Management information is analysed against comparative period and forecast to ensure growth continues in a stable manner.

Any fundamental changes in strategy or potential acquisition or disposal must be approved by the majority of shareholders.

The directors have undertaken a detailed Profit and Loss and Cash Flow forecasting exercise . As a result of this work and the continuing strong performance of the business the directors are comfortable that the company has the resources it requires to thrive for the foreseeable future.

It is the opinion of the directors that the continued arrangements will adequately support the business for future growth and therefore the company is a going concern for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 156 (2022 - 157 ) .

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 468,043
AMORTISATION
At 1 March 2022
and 28 February 2023 468,042
NET BOOK VALUE
At 28 February 2023 1
At 28 February 2022 1

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 March 2022 3,500,000 24,595 291,620
Additions - - 24,178
At 28 February 2023 3,500,000 24,595 315,798
DEPRECIATION
At 1 March 2022 736,925 6,398 268,097
Charge for year 70,000 491 10,732
At 28 February 2023 806,925 6,889 278,829
NET BOOK VALUE
At 28 February 2023 2,693,075 17,706 36,969
At 28 February 2022 2,763,075 18,197 23,523

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2022 579,779 1,600 27,741 4,425,335
Additions 139,606 - 7,954 171,738
At 28 February 2023 719,385 1,600 35,695 4,597,073
DEPRECIATION
At 1 March 2022 463,587 1,600 22,220 1,498,827
Charge for year 64,143 - 2,971 148,337
At 28 February 2023 527,730 1,600 25,191 1,647,164
NET BOOK VALUE
At 28 February 2023 191,655 - 10,504 2,949,909
At 28 February 2022 116,192 - 5,521 2,926,508

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 28 February 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2019 338,223 - -
Cost 3,161,777 24,595 315,798
3,500,000 24,595 315,798

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 338,223
Cost 719,385 1,600 35,695 4,258,850
719,385 1,600 35,695 4,597,073

Directors are of the view that freehold property is valued at 3,500,000 as at 28 February 2023.

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2022
and 28 February 2023 18,743 2,730 4,810 26,283
DEPRECIATION
At 1 March 2022
and 28 February 2023 18,742 2,729 4,809 26,280
NET BOOK VALUE
At 28 February 2023 1 1 1 3
At 28 February 2022 1 1 1 3

6. STOCKS
2023 2022
£    £   
Stocks 12,507 11,935

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 158,819 161,276
Amounts owed by group undertakings 50,000 -
Other debtors 11,200 -
Regency Healthcare LLP 401,553 264,460
Prepayments 19,047 21,768
640,619 447,504

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 143,048 129,216
Payments on account 304,128 304,128
Trade creditors 415,348 339,728
Tax 79,811 102,279
Social security and other taxes 37,865 35,872
Other creditors 149,213 133,390
Regency Healthcare (NW) Ltd 134,598 134,598
Directors' current accounts 13,276 203,396
Accrued expenses 192,824 223,892
1,470,111 1,606,499

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 826,834 992,939

Amounts falling due in more than five years:

Repayable by instalments
Bank Loans - Due over 5 Years 301,118 467,223

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 15,786 1,954
Bank loans 127,262 127,262
143,048 129,216

Amounts falling due between one and two years:
Bank loans - 1-2 years 131,429 131,429

Amounts falling due between two and five years:
Bank loans - 2-5 years 394,287 394,287

Amounts falling due in more than five years:

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


10. LOANS - continued
2023 2022
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank Loans - Due over 5 Years 301,118 467,223

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 15,786 1,954
Bank loans 954,096 1,120,201
969,882 1,122,155

The Bank Loan is secured by a legal charge over the company's property and interest is charged between 1.40% to 1.625% above the prevailing base rate.

12. FINANCIAL INSTRUMENTS

2023 2022
£ £
Financial assets
Financial assets measured at amortised costs 1,150,562 1,244,231

Financial liabilities
Financial liabilities measured at amortised cost 1,660,968 1,731,939

Financial assets that measured at amortised cost comprise cash at bank and in hand, trade debtors, other debtors and amounts owed by the related undertakings.

Financial liabilities that measured at amortised cost comprise bank overdraft, trade creditors, other creditors and loans.

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 44,913 37,470

Deferred
tax
£   
Balance at 1 March 2022 37,470
Provided during year 7,443
Balance at 28 February 2023 44,913

REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary Class "A" £1 1,000 1,000
1 Ordinary Class "B" £1 1 1
1 Ordinary Class "D" £1 1 1
1,002 1,002

15. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 March 2022 1,228,308 338,223 1 1,566,532
Profit for the year 270,633 270,633
Dividends (48,000 ) (48,000 )
At 28 February 2023 1,450,941 338,223 1 1,789,165

16. RELATED PARTY DISCLOSURES

During the year the company charged staff costs £334,000 (2022: £361,200) to Regency Healthcare (NW) Limited, a company in which both directors are shareholders and directors. At the year end the company owed £134,598 (2022: £134,598) to Regency Healthcare (NW) Ltd. a company in which both directors are shareholders and directors.The balance is unsecured and accrues no interest.

At the year end the company was owed £401,553 (2022: £264,460) by Regency Healthcare LLP, an LLP in which both directors are partners.The balance is unsecured and accrues no interest.

17. ULTIMATE CONTROLLING PARTY

The directors are jointly the ultimate controlling party.