Abacus Quality Care Ltd |
Notes to the Accounts |
for the year ended 5 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the rendering of services to residents. Turnover from grants recieved is recognised in the year that the grant is agreed and paid. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
over 3 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Where material deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. |
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Leased assets |
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All leases held are classified as operating leases. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
25 |
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25 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 6 April 2023 |
259,537 |
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At 5 April 2024 |
259,537 |
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Depreciation |
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At 6 April 2023 |
213,095 |
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Charge for the year |
25,947 |
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At 5 April 2024 |
239,042 |
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Net book value |
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At 5 April 2024 |
20,495 |
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At 5 April 2023 |
46,442 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
29,549 |
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2,214 |
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Other debtors |
190,000 |
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- |
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219,549 |
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2,214 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
4,701 |
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722 |
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Taxation and social security costs |
43,113 |
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21,910 |
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Other creditors |
(82,564) |
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(10,844) |
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(34,750) |
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11,788 |
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6 |
Related party transactions |
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On 26 September 2023 the Company provided a loan of £190,000 to Parklands Healthcare Limited, a company controlled by Mr S. Sadhra. The loan is repayable over 10 years at a monthly interest rate of 2% on the outstanding balance. The first payment has been paid in May 2024. At 5 April 2024 the outstanding capital balance is £190,000 and is included in debtors. |
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7 |
Controlling party |
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The ultimate controlling party is D. Sadhra |
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8 |
Other information |
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Abacus Quality Care Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Abacus Care Home |
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42-44 Rolleston Road |
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Burton on Trent |
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Staffordshire |
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DE13 0JZ |