REGISTERED NUMBER: 06366199 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
SABRINA HEALTH CARE LIMITED |
REGISTERED NUMBER: 06366199 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
SABRINA HEALTH CARE LIMITED |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
SABRINA HEALTH CARE LIMITED |
COMPANY INFORMATION |
For The Year Ended 28 February 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
5&6 Manor Court |
Manor Garth |
Scarborough |
North Yorkshire |
YO11 3TU |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
GROUP STRATEGIC REPORT |
For The Year Ended 28 February 2023 |
The director presents his strategic report of the company and the group for the year ended 28 February 2023. |
REVIEW OF BUSINESS |
The group's profit for the year, before interest, tax and depreciation, amounted to £847,405 (2022 - £427,731). |
The director is committed to meeting the challenge of operating within the care industry and the regular changes in regulations that come with it. The business received Covid related funding during the year from local authorities to assist with infection control and rapid testing and this is reflected in the accounts with significant increased spending on agency staff and the continued investment in the properties. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group operates in a competitive industry with a wide choice of care options available to potential clients. The director makes full use of his extensive knowledge and experience of the sector to ensure that the group is well placed to attract new clients for its five care homes. |
The East Coast continues to be an attractive location for retirement and this along with an ageing population should ensure that demand will remain high for care in the area in the future. |
Changes in policies in respect of the standards of care required could have an impact on the business, but the director is committed to meeting and advancing the current standards required by the Care Quality Commission and keeping ahead of future developments. |
KEY PERFORMANCE INDICATORS |
The director considers that turnover, profit before interest, tax and depreciation and occupancy levels are the key performance indicators which are necessary to give an understanding of the development and performance of the business. |
Turnover and occupancy levels were pretty much maintained when compared to the previous years results with support coming in the form of funding via local authority infection control and rapid testing. Staff costs increased as the business continues to invest in a long term staffing programme, assisted by a bank of agency workers. The business also invested heavily in the homes by way of a continual repairs and maintenance programme which was also a requirement of the infection control funding. |
Summary of KPI's | 2023 | 2022 | 2021 |
Turnover | 4,810,676 | 4,147,214 | 4,167,538 |
Profit before interest, tax and depreciation |
847,405 |
427,731 |
511,824 |
ON BEHALF OF THE BOARD: |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
REPORT OF THE DIRECTOR |
For The Year Ended 28 February 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 28 February 2023. |
DIVIDENDS |
An interim dividend of 20 per share was paid on 31 January 2023. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 28 February 2023 will be £ 2,000 . |
DIRECTOR |
MATTERS COVERED IN THE STRATEGIC REPORT |
Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the company. This includes consideration of the future developments of the company. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
REPORT OF THE DIRECTOR |
For The Year Ended 28 February 2023 |
AUDITORS |
The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SABRINA HEALTH CARE LIMITED |
Qualified opinion |
We have audited the financial statements of Sabrina Health Care Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company's affairs as at 28 |
February 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting |
Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
The group was unable to provide us with supporting invoices for a representative sample of costs included in repairs and renewals. We were therefore unable to satisfy ourselves over the repairs and renewals costs figure included in the profit and loss account at a value of £333,547 and the fixed asset figure included in the parent balance sheet at £75,869 and the group balance sheet at £5,692,598. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SABRINA HEALTH CARE LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Arising solely from the limitation on the scope of our work relating to costs referred to above: |
- | We have not obtained all the information and explanations that we consider necessary for the |
purposes of our audit; and |
- | In our opinion, adequate accounting records have not been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
- | returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and |
returns; |
- | or certain disclosures of director's remuneration specified by law are not made. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SABRINA HEALTH CARE LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
5&6 Manor Court |
Manor Garth |
Scarborough |
North Yorkshire |
YO11 3TU |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
For The Year Ended 28 February 2023 |
2023 | 2022 |
as | restated |
Notes | £ | £ |
TURNOVER | 4,810,676 | 4,147,214 |
Cost of sales | 3,172,381 | 2,834,903 |
GROSS PROFIT | 1,638,295 | 1,312,311 |
Administrative expenses | 1,019,101 | 1,109,678 |
619,194 | 202,633 |
Other operating income | 16,610 | 7,316 |
OPERATING PROFIT | 4 | 635,804 | 209,949 |
Interest payable and similar expenses | 5 | 127,472 | 78,525 |
PROFIT BEFORE TAXATION | 508,332 | 131,424 |
Tax on profit | 6 | 192,102 | 33,924 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
316,230 |
97,500 |
Profit attributable to: |
Owners of the parent | 316,230 | 97,500 |
Total comprehensive income attributable to: |
Owners of the parent | 316,230 | 97,500 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED BALANCE SHEET |
28 February 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 294,995 | 353,993 |
Tangible assets | 11 | 5,692,598 | 5,837,040 |
Investments | 12 | - | - |
5,987,593 | 6,191,033 |
CURRENT ASSETS |
Stocks | 13 | 1,500 | 1,500 |
Debtors | 14 | 240,440 | 260,745 |
Cash at bank | 142,366 | 51,685 |
384,306 | 313,930 |
CREDITORS |
Amounts falling due within one year | 15 | 935,516 | 655,142 |
NET CURRENT LIABILITIES | (551,210 | ) | (341,212 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 5,436,383 | 5,849,821 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,264,793 |
) |
(3,051,619 |
) |
PROVISIONS FOR LIABILITIES | 19 | (359,181 | ) | (300,023 | ) |
NET ASSETS | 2,812,409 | 2,498,179 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 100 | 100 |
Revaluation reserve | 21 | 856,237 | 990,750 |
Retained earnings | 21 | 1,956,072 | 1,507,329 |
SHAREHOLDERS' FUNDS | 2,812,409 | 2,498,179 |
The financial statements were approved by the director and authorised for issue on 30 April 2024 and were signed by: |
Mr T Seeneevassen - Director |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
COMPANY BALANCE SHEET |
28 February 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 569,545 | 274,345 |
The financial statements were approved by the director and authorised for issue on |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 28 February 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2021 | 100 | 1,358,967 | 1,043,612 | 2,402,679 |
Changes in equity |
Dividends | - | (2,000 | ) | - | (2,000 | ) |
Total comprehensive income | - | 150,362 | (52,862 | ) | 97,500 |
Balance at 28 February 2022 | 100 | 1,507,329 | 990,750 | 2,498,179 |
Changes in equity |
Dividends | - | (2,000 | ) | - | (2,000 | ) |
Total comprehensive income | - | 450,743 | (134,513 | ) | 316,230 |
Balance at 28 February 2023 | 100 | 1,956,072 | 856,237 | 2,812,409 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 28 February 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2023 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 28 February 2023 |
2023 | 2022 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 906,884 | 405,242 |
Interest paid | (127,472 | ) | (78,525 | ) |
Tax paid | (91,581 | ) | (68,020 | ) |
Net cash from operating activities | 687,831 | 258,697 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (8,161 | ) | (29,635 | ) |
Net cash from investing activities | (8,161 | ) | (29,635 | ) |
Cash flows from financing activities |
Bank loan repayments in year | (672,219 | ) | (300,977 | ) |
Loans to related parties | (21,566 | ) | - |
Amount introduced by directors | 615,412 | 201,391 |
Amounts withdrawn by directors | (508,616 | ) | (305,249 | ) |
Equity dividends paid | (2,000 | ) | (2,000 | ) |
Net cash from financing activities | (588,989 | ) | (406,835 | ) |
Increase/(decrease) in cash and cash equivalents | 90,681 | (177,773 | ) |
Cash and cash equivalents at beginning of year |
2 |
51,685 |
229,458 |
Cash and cash equivalents at end of year |
2 |
142,366 |
51,685 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 28 February 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
as | restated |
£ | £ |
Profit before taxation | 508,332 | 131,424 |
Depreciation charges | 211,601 | 217,782 |
Finance costs | 127,472 | 78,525 |
847,405 | 427,731 |
Increase in trade and other debtors | (64,925 | ) | (12,327 | ) |
Increase/(decrease) in trade and other creditors | 124,404 | (10,162 | ) |
Cash generated from operations | 906,884 | 405,242 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 142,366 | 51,685 |
Year ended 28 February 2022 |
28.2.22 | 1.3.21 |
as restated |
£ | £ |
Cash and cash equivalents | 51,685 | 229,458 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank | 51,685 | 90,681 | 142,366 |
51,685 | 90,681 | 142,366 |
Debt |
Debts falling due within 1 year | (282,404 | ) | (114,607 | ) | (397,011 | ) |
Debts falling due after 1 year | (3,051,619 | ) | 786,826 | (2,264,793 | ) |
(3,334,023 | ) | 672,219 | (2,661,804 | ) |
Total | (3,282,338 | ) | 762,900 | (2,519,438 | ) |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Sabrina Health Care Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts incorporate the accounts of Sabrina Health Care Limited and its subsidiary and all figures used relate to the year ended 28 February 2023. |
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 is derived from care home fees and all arises from activities carried on in the United Kingdom. |
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. |
Goodwill arising on the acquisition of the subsidiary is being amortised over 20 years on a straight line basis. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks relate to food and medical provisions in the homes and are valued at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The director has considered the impact of rising energy costs and minimum wage increases in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the director considers the going concern assumption to still be appropriate. The director acknowledges that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the director to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time |
The director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements. |
Government grants |
Government grants are recognised 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 using the accrual model. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
as | restated |
£ | £ |
Wages and salaries | 2,536,406 | 2,302,015 |
Social security costs | 208,823 | 170,867 |
Other pension costs | 39,242 | 38,026 |
2,784,471 | 2,510,908 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
as | restated |
Directors | 1 | 1 |
Administration and management | 2 | 2 |
Nursing and kitchen | 128 | 125 |
2023 | 2022 |
as | restated |
£ | £ |
Director's remuneration | 24,000 | 24,000 |
Key management personnel is considered to be the director of the company. |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
as | restated |
£ | £ |
Hire of plant and machinery | 2,246 | 7,090 |
Depreciation - owned assets | 152,603 | 153,973 |
Goodwill amortisation | 58,998 | 63,809 |
Auditors' remuneration | 9,684 | 9,720 |
Auditors' remuneration for non audit work | 11,032 | 12,468 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
as | restated |
£ | £ |
Bank loan interest | 126,176 | 77,098 |
Other interest | 1,296 | 1,427 |
127,472 | 78,525 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
as | restated |
£ | £ |
Current tax: |
UK corporation tax | 132,944 | 57,078 |
Deferred tax | 59,158 | (23,154 | ) |
Tax on profit | 192,102 | 33,924 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
as | restated |
£ | £ |
Profit before tax | 508,332 | 131,424 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
96,583 |
24,971 |
Effects of: |
Capital allowances in excess of depreciation | (5,099 | ) | - |
Depreciation in excess of capital allowances | - | 8,953 |
Deferred tax due to increase in tax rate | 100,618 | - |
Total tax charge | 192,102 | 33,924 |
Factors that may affect future tax charges |
The Finance Act 2021 was substantively enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse. |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
as | restated |
£ | £ |
Ordinary shares of 1 each |
Interim | 2,000 | 2,000 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
9. | PRIOR YEAR ADJUSTMENT |
During the year it has come to the attention of the Director that loan payments made by a related entity and payments made to the Director were not appropriately recorded. The error is considered material and therefore the comparative figures have been restated. This has had the effect of reducing amounts due from related entities by £150,000, increasing amounts due from the Director by £77,615 and reducing bank loans due after more than one year by £72,385 in both the parent and group figures. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 | 1,273,882 |
AMORTISATION |
At 1 March 2022 | 919,889 |
Amortisation for year | 58,998 |
At 28 February 2023 | 978,887 |
NET BOOK VALUE |
At 28 February 2023 | 294,995 |
At 28 February 2022 | 353,993 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2022 | 6,825,135 | 387,035 | 18,450 | 1,050 | 7,231,670 |
Additions | - | 6,702 | - | 1,459 | 8,161 |
At 28 February 2023 | 6,825,135 | 393,737 | 18,450 | 2,509 | 7,239,831 |
DEPRECIATION |
At 1 March 2022 | 1,083,792 | 297,679 | 12,483 | 676 | 1,394,630 |
Charge for year | 136,502 | 14,406 | 1,193 | 502 | 152,603 |
At 28 February 2023 | 1,220,294 | 312,085 | 13,676 | 1,178 | 1,547,233 |
NET BOOK VALUE |
At 28 February 2023 | 5,604,841 | 81,652 | 4,774 | 1,331 | 5,692,598 |
At 28 February 2022 | 5,741,343 | 89,356 | 5,967 | 374 | 5,837,040 |
All of the properties were last revalued on the 25th November 2014 by Edward Symmons LLP independent chartered surveyors. Upon transition to FRS102, this was taken to be deemed cost. |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 5&6 Manor Court, Manor Garth, Scarborough, YO11 3TU. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
13. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated |
as restated |
£ | £ | £ | £ |
Stocks | 1,500 | 1,500 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated |
as restated |
£ | £ | £ | £ |
Trade debtors | 188,875 | 123,950 |
Amounts owed by group undertakings | - | - |
Amounts owed by related parties | 21,566 | - | 21,566 | - |
Director' loan account | 29,999 | 136,795 | 29,999 | 136,795 |
240,440 | 260,745 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 397,011 | 282,404 |
Deferred income | 128,054 | 38,896 |
Trade creditors | 15,134 | 7,493 |
Corporation tax | 150,690 | 109,327 |
Social security and other taxes | 39,427 | 38,121 |
Other creditors | 185,711 | 163,284 |
Accrued expenses | 19,489 | 15,617 |
935,516 | 655,142 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans (see note 17) | 2,264,793 | 3,051,619 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated |
as restated |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 397,011 | 282,404 |
Amounts falling due between one and | two years: |
Bank loans | 382,454 | 250,062 |
Amounts falling due between two and | five years: |
Bank loans | 1,208,960 | 886,649 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans | 673,379 | 1,914,908 | 673,379 | 1,914,908 |
The loan repayment terms are monthly instalments and the interest rate is charged at 1.95% above base rate. |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
2023 | 2022 |
as | restated |
£ | £ |
Bank loans |
The company has given as security a first legal charge over the groups freehold land and buildings. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated |
as restated |
£ | £ | £ | £ |
Deferred tax | 359,181 | 300,023 | 18,967 | 15,525 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2022 | 300,023 |
Accelerated capital allowances | 59,158 |
Balance at 28 February 2023 | 359,181 |
Company |
Deferred |
tax |
£ |
Balance at 1 March 2022 |
Accelerated capital allowances | 3,442 |
Balance at 28 February 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | 1 | 100 | 100 |
21. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2022 | 1,507,329 | 990,750 | 2,498,079 |
Profit for the year | 316,230 | 316,230 |
Dividends | (2,000 | ) | (2,000 | ) |
Deferred tax adjustment | 55,716 | (55,716 | ) | - |
Depreciation movement | 78,797 | (78,797 | ) | - |
At 28 February 2023 | 1,956,072 | 856,237 | 2,812,309 |
Company |
Retained |
earnings |
£ |
At 1 March 2022 |
Profit for the year |
Dividends | ( |
) |
At 28 February 2023 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 28 February 2023 |
21. | RESERVES - continued |
22. | PENSION COMMITMENTS |
The group operates a work place defined contribution pension scheme for the benefit of employees who have opted in. The assets of the scheme are administered by trustees in a fund independent from those of the group. The total contributions paid in the year amounted to £39,242 (2022 - £38,026). |
23. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022: |
2023 | 2022 |
as | restated |
£ | £ |
Mr T Seeneevassen |
Balance outstanding at start of year | 136,795 | 32,937 |
Amounts advanced | 376,265 | 376,567 |
Amounts repaid | (483,061 | ) | (272,709 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 29,999 | 136,795 |
No interest is accruing on the directors loan account. |
24. | RELATED PARTY DISCLOSURES |
Hexon Limited has provided assets as security against the parent company's borrowing. |
Debtors includes a loan of £21,566 (2022 - nil) to a related company, Aalia Health Care Limited. |
During the year, the group paid rent of £24,000 (2022 - £24,000) to the director for the use of head office premises. |
25. | ULTIMATE CONTROLLING PARTY |
The group is controlled by its sole director, Mr T Seeneevassen, who owns 100% of the share capital. |