Company registration number 03650681 (England and Wales)
FORGE HOUSE CARE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FORGE HOUSE CARE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FORGE HOUSE CARE LTD (REGISTERED NUMBER: 03650681)
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,711
9,421
Tangible assets
4
5,092,819
2,182,109
5,099,530
2,191,530
Current assets
Stocks
34,118
26,406
Debtors
5
689,018
594,565
Cash at bank and in hand
33,977
355,869
757,113
976,840
Creditors: amounts falling due within one year
6
(914,638)
(711,517)
Net current (liabilities)/assets
(157,525)
265,323
Total assets less current liabilities
4,942,005
2,456,853
Creditors: amounts falling due after more than one year
7
(2,789,674)
(982,667)
Provisions for liabilities
(293,966)
(55,227)
Net assets
1,858,365
1,418,959
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
364,182
163,656
Distributable profit and loss reserves
1,494,083
1,255,203
Total equity
1,858,365
1,418,959
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FORGE HOUSE CARE LTD (REGISTERED NUMBER: 03650681)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 March 2024 and are signed on its behalf by:
Mr N Fineman
Director
FORGE HOUSE CARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Forge House Care Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Victory House, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QU.
1.1
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 £1.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business, and is shown net of VAT.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% Straight Line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
No depreciation provided
Land and buildings Leasehold
10% Straight Line
Plant and machinery
15% Reducing Balance
Office equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
FORGE HOUSE CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
FORGE HOUSE CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
248
281
3
Intangible fixed assets
Website
£
Cost
At 1 October 2022 and 30 September 2023
13,549
Amortisation and impairment
At 1 October 2022
4,128
Amortisation charged for the year
2,710
At 30 September 2023
6,838
Carrying amount
At 30 September 2023
6,711
At 30 September 2022
9,421
FORGE HOUSE CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Land and buildings Leasehold
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
1,968,277
155,203
213,994
228,053
2,565,527
Additions
2,494,346
26,579
56,173
26,053
116,119
2,719,270
Disposals
(9,975)
(9,975)
Revaluation
267,368
267,368
At 30 September 2023
4,729,991
26,579
211,376
240,047
334,197
5,542,190
Depreciation and impairment
At 1 October 2022
87,742
149,126
146,550
383,418
Depreciation charged in the year
676
14,810
20,595
35,989
72,070
Eliminated in respect of disposals
(6,117)
(6,117)
At 30 September 2023
676
102,552
169,721
176,422
449,371
Carrying amount
At 30 September 2023
4,729,991
25,903
108,824
70,326
157,775
5,092,819
At 30 September 2022
1,968,277
67,461
64,868
81,503
2,182,109
Included within tangible assets is a balance of £79,276 held under hire purchase.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
616,511
531,805
Other debtors
72,507
62,760
689,018
594,565
FORGE HOUSE CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
239,929
179,280
Trade creditors
316,919
15,509
Taxation and social security
301,091
319,979
Other creditors
56,699
196,749
914,638
711,517
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,705,602
930,869
Other creditors
84,072
51,798
2,789,674
982,667
The bank loans are secured against the properties by way of fixed charge and contain a negative pledge.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
1,998,804
436,851
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100