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Company No: SC172503 (Scotland)

TEMPLE HOUSE CARE HOME LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

TEMPLE HOUSE CARE HOME LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

TEMPLE HOUSE CARE HOME LIMITED

BALANCE SHEET

AS AT 31 JULY 2023
TEMPLE HOUSE CARE HOME LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 754,203 793,087
754,203 793,087
Current assets
Stocks 13,123 15,873
Debtors 5 143,076 160,784
Cash at bank and in hand 283,430 202,840
439,629 379,497
Creditors: amounts falling due within one year 6 ( 184,473) ( 207,597)
Net current assets 255,156 171,900
Total assets less current liabilities 1,009,359 964,987
Creditors: amounts falling due after more than one year 7 ( 47,724) ( 56,496)
Provision for liabilities ( 4,834) ( 14,477)
Net assets 956,801 894,014
Capital and reserves
Called-up share capital 8 100,000 100,000
Profit and loss account 856,801 794,014
Total shareholder's funds 956,801 894,014

For the financial year ending 31 July 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 financial statements of Temple House Care Home Limited (registered number: SC172503) were approved and authorised for issue by the Director on 17 April 2024. They were signed on its behalf by:

Alistair Hope
Director
TEMPLE HOUSE CARE HOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
TEMPLE HOUSE CARE HOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Temple House Care Home Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 107 Mauchline Road, Mossblown, Ayr, KA6 5AR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

The accounts have been restated to incorporate the impact of a misclassification of a bank loan as all due within one year. The change has had no impact on the profits available for distribution at 31 July 2022 or 31 July 2023.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised on an accruals basis.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 10 - 25 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes materials which are consumed by the business, based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its net realisable value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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 at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

The accounts have been restated to incorporate the impact of a misclassification of a bank loan as all due within one year. The change has had no impact on the profits available for distribution at 31 July 2022 or 31 July 2023. The adjustment is as follows:

As previously reported Adjustment As restated
Year ended 31 July 2022 £ £ £
Bank loans due < 1 year (66,645) 56,496 (10,149)
Bank loans due > 1 year 0 (56,496) (56,496)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 58 56

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2022 1,023,555 413,803 1,437,358
Additions 0 9,631 9,631
Disposals 0 ( 57,524) ( 57,524)
At 31 July 2023 1,023,555 365,910 1,389,465
Accumulated depreciation
At 01 August 2022 372,860 271,411 644,271
Charge for the financial year 20,361 15,464 35,825
Disposals 0 ( 44,834) ( 44,834)
At 31 July 2023 393,221 242,041 635,262
Net book value
At 31 July 2023 630,334 123,869 754,203
At 31 July 2022 650,695 142,392 793,087

5. Debtors

2023 2022
£ £
Trade debtors 140,614 124,979
Other debtors 2,462 35,805
143,076 160,784

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 9,441 10,149
Trade creditors 7,727 10,504
Corporation tax 42,431 27,122
Other taxation and social security 23,992 24,339
Other creditors 100,882 135,483
184,473 207,597

The above bank loan is secured by a floating charge over all assets and by a fixed charge over the care home and cottage held by the company.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 47,724 56,496

The above bank loan is secured by a floating charge over all assets and by a fixed charge over the care home and cottage held by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 2,611 12,091

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100,000 A ordinary shares of £ 1.00 each 100,000 100,000

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due to directors 31,037 69,037

The above balance is interest free and has no fixed repayment terms.