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Registration number: 08591331

Willbern Care Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Willbern Care Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Willbern Care Limited

Company Information

Director

Mr Daniel Jonathan Seale

Company secretary

Mrs Amanda Jane Seale

Registered office

Woodmanton Farm
Woodmanton
Woodbury
Devon
EX5 1HQ

 

Willbern Care Limited

(Registration number: 08591331)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

179,014

181,146

Current assets

 

Stocks

6

2,200

2,200

Debtors

7

7,964

18,103

Cash at bank and in hand

 

367,899

312,828

 

378,063

333,131

Creditors: Amounts falling due within one year

8

(336,345)

(299,118)

Net current assets

 

41,718

34,013

Total assets less current liabilities

 

220,732

215,159

Creditors: Amounts falling due after more than one year

8

-

(26,851)

Provisions for liabilities

(38,376)

(38,600)

Net assets

 

182,356

149,708

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

182,256

149,608

Shareholders' funds

 

182,356

149,708

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Willbern Care Limited

(Registration number: 08591331)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 14 March 2024
 

Mr Daniel Jonathan Seale

Director

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Woodmanton Farm
Woodmanton
Woodbury
Devon
EX5 1HQ
Great Britain

The principal place of business is:
Courtlands Residential Home
Rosudgeon
PENZANCE
Cornwall
TR20 9PN
United Kingdom

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

Straight line over 15 years

Vehicles, plant & machinery

20% Reducing balance

Office equipment

20% Straight line

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 subsequently measured at amortised cost using the effective interest method.

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.

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 52 (2022 - 52).

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

220,000

220,000

At 31 October 2023

220,000

220,000

Amortisation

At 1 November 2022

220,000

220,000

At 31 October 2023

220,000

220,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Freehold land
£

Leasehold property & improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

14,112

196,253

230,486

21,456

17,360

479,667

Additions

-

-

31,165

2,735

-

33,900

At 31 October 2023

14,112

196,253

261,651

24,191

17,360

513,567

Depreciation

At 1 November 2022

-

104,640

174,355

14,322

5,204

298,521

Charge for the year

-

14,731

15,761

3,108

2,432

36,032

At 31 October 2023

-

119,371

190,116

17,430

7,636

334,553

Carrying amount

At 31 October 2023

14,112

76,882

71,535

6,761

9,724

179,014

At 31 October 2022

14,112

91,613

56,131

7,134

12,156

181,146

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Other inventories

2,200

2,200

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,595

12,552

Prepayments

227

2,051

Other debtors

2,142

3,500

 

7,964

18,103

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

11,217

Trade creditors

 

25,871

12,629

Taxation and social security

 

53,266

45,737

Accruals and deferred income

 

131,730

102,050

Other creditors

 

125,478

127,485

 

336,345

299,118


Creditors due within one year include net obligations under finance lease and hire purchase contracts which are secured of £NIL (2022 - £1,217).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

26,851

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

51

51

51

51

B Ordinary shares of £1 each

49

49

49

49

 

100

100

100

100

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

26,851

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

10,000

Hire purchase contracts

-

1,217

-

11,217

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £550,000 (2022 - £660,000). These commitments are £110,000 per annum in relation to the remaining 5 years of a 15 year business premises lease.

12

Related party transactions

 

Willbern Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Other transactions with the director

Inlcuded within creditors is a loan from the director of £121,475 (2022: £121,681). The loan is unsecured and has no set repayment terms, interest has been charged on the loan during the year. Although the loan is technically repayable on demand, the director considers the loan to be part of the long term finance of the company.