REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
SALUS (TAMLAGHT) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
SALUS (TAMLAGHT) LTD |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
SALUS (TAMLAGHT) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BANKERS: |
Belfast Castle Place 2 |
Belfast |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
BALANCE SHEET |
31 JULY 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
BALANCE SHEET - continued |
31 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Salus (Tamlaght) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have confirmed the company is seeking to secure additional finance as a number of its funding facilities expire. Should the company be unsuccessful in securing alternative sources of finance it may be required to sell the investment property. |
After making enquiries and considering the uncertainties the directors have a reasonable expectation that the company will be successful in securing alternative finance. For this reason they continue to adopt the going concern basis of accounting. |
Significant judgements and estimates |
In preparing these financial statements the directors have made the following judgements: |
Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general. |
Consider the recoverability of intercompany debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period. |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
All financial instruments of the company are considered to meet the definition of basic financial instruments. |
- Short term debtors and creditors |
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account. |
- Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
- Loans and borrowings |
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date. |
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 balance sheet date. |
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. |
Borrowing costs |
Borrowing costs that are directly attributed to the acquisition or construction of a qualifying asset are capitalised as part of the cost of the asset. Other borrowing costs are expensed. |
During the reporting period total borrowing costs of £nil (2022: £nil) were capitalised. |
Investment property |
Investment properties are valued at fair value as determined by the directors or external valuers. |
No depreciation is provided on investment property. Changes in fair value will be recognised in the profit and loss account. |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Investment | machinery |
property | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2022 |
Additions |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Cost or valuation at 31 July 2023 is represented by: |
Plant and |
Investment | machinery |
property | etc | Totals |
£ | £ | £ |
Valuation in 2021 | 804,366 | - | 804,366 |
Cost | 895,634 | 142,038 | 1,037,672 |
1,700,000 | 142,038 | 1,842,038 |
If the investment property had not been revalued it would have been included at the following historical cost: |
31.7.23 | 31.7.22 |
£ | £ |
Cost | 895,634 | 895,634 |
The investment property was valued on an open market basis on 22 September 2021 by CBRE Ltd . |
The directors are satisfied that there has been no change in value since the 2021 valuation. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade debtors |
Other debtors |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Other creditors |
Included in other creditors is an amount of £170,000 due for payment on the redemption of a loan. |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.23 | 31.7.22 |
£ | £ |
Other loans | - | 921,797 |
At 31 July 2023 Ortus Secured Finance I Limited had legal charge NI67 0202 0004 over the company by way of a fixed charge over the property at 34 Larne Road, Carrickfergus, Co. Antrim BT38 7DY. Ortus Secured Finance I Limited also had charge NI67 0202 0002 registered against the company. A legal charge in relation to all properties acquired by the borrower in the future. |
Cambridge Capital Partners Ltd also have legal charge NI67 0202 0001 registered against the company containing a fixed and floating charge covering all the property or undertaking of the company. |
Cambridge Capital Partners Ltd have also registered legal charge NI67 0200 0003 over the company to include all that the land and buildings comprised in a conveyance and assignment dated 14 september 1987 and made between the said John Kennedy and Isobel Elizabeth Emily Kennedy (1) and Tamlaght private nursing home limited (2) being:. 1. all that and those that piece or parcel of ground in the north east division of carrickfergus containing one acre statute measure or thereabouts lining on the north side of the midland railway and also of the public road from Carrickfergus to Larne bounded on the north east and west by other property of the lessor and on the south partly by the said railway. |
SALUS (TAMLAGHT) LTD (REGISTERED NUMBER: NI670202) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
9. | RELATED PARTY DISCLOSURES |
The company rents the investment property to a related party. Rental income received in the year amounted to £60,000 (2022: £60,000). During the year the company also paid expenses on behalf of the related party of £1,209 (2022: £53,201) and made transfers to the related party amounting to £93,580 (2022: £74,000). The related party paid expenses on behalf of the company totalling £50,575 (2022: £358) and made repayments to the company totalling £233,668 (2022: £136,518). |
The amount due from the related party at 31 July 2023 was £540,387 (2022: £729,841), this loan is unsecured, interest free and repayable on demand. |
The company also received funds of £6,950 from another company in which the director has a controlling interest. The balance due from the company at the year end was £13,134 (2022: £20,084). This loan is unsecured, interest free and repayable on demand. |
During the year the company received funds of £7,000 (2022: £44,500) from another company in which the director is a controlling party. At the year end the amount owed to the related party was £51,500 (2022: £94,500). This loan is unsecured, interest free and is repayable on securing alternative commercial finance. |
At the year end the company owed £100,000 (2022: £50,000) to one of the directors. This loan is unsecured, interest free and repayable on the earlier of eighteen months or the receipt of alternative commercial finance. |
There are no further related party transactions that are required to be disclosed under section 1A. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is C&G (London) Limited. |