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Company No: 07255926 (England and Wales)

QUMRAN CARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

QUMRAN CARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

QUMRAN CARE LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
QUMRAN CARE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTOR Naeem Ahmad
REGISTERED OFFICE 12 Clifton Terrace
Portscatho
Truro
TR2 5HR
England
United Kingdom
COMPANY NUMBER 07255926 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
QUMRAN CARE LIMITED

BALANCE SHEET

As at 31 October 2023
QUMRAN CARE LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,943,975 1,878,840
1,943,975 1,878,840
Current assets
Stocks 5 8,028 8,683
Debtors 6 2,043,061 1,711,166
Cash at bank and in hand 10,641 389,396
2,061,730 2,109,245
Creditors: amounts falling due within one year 7 ( 1,116,029) ( 1,041,458)
Net current assets 945,701 1,067,787
Total assets less current liabilities 2,889,676 2,946,627
Creditors: amounts falling due after more than one year 8 ( 1,760,766) ( 1,847,633)
Provision for liabilities ( 202,454) ( 213,817)
Net assets 926,456 885,177
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 625,419 625,419
Profit and loss account 300,937 259,658
Total shareholder's funds 926,456 885,177

For the financial year ending 31 October 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 Qumran Care Limited (registered number: 07255926) were approved and authorised for issue by the Director on 31 July 2024. They were signed on its behalf by:

Naeem Ahmad
Director
QUMRAN CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
QUMRAN CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Qumran Care Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 12 Clifton Terrace, Portscatho, Truro, TR2 5HR, England, 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of care services provided to residents in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Turnover is measured at the fair value of the consideration received or receivable including fees charged to residents for care services and any additional charges for extra services provided.

Turnover is recognised on an accruals basis meaning it is recorded when the services are provided, and not when the cash is received. This includes both monthly care fees and one time fees for specific services.

Any discounts and rebates are deducted from the turnover and these are recognised when it is probable that the discount will be granted and it can be reliably measured.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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 not depreciated
Vehicles 20 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at cost

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.

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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 48 46

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2022 130,003 130,003
At 31 October 2023 130,003 130,003
Accumulated amortisation
At 01 November 2022 130,003 130,003
At 31 October 2023 130,003 130,003
Net book value
At 31 October 2023 0 0
At 31 October 2022 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 November 2022 1,613,411 90,485 406,919 68,047 2,178,862
Additions 118,758 5,565 ( 16,659) 5,122 112,786
At 31 October 2023 1,732,169 96,050 390,260 73,169 2,291,648
Accumulated depreciation
At 01 November 2022 0 17,478 224,033 58,511 300,022
Charge for the financial year 0 15,065 24,933 7,653 47,651
At 31 October 2023 0 32,543 248,966 66,164 347,673
Net book value
At 31 October 2023 1,732,169 63,507 141,294 7,005 1,943,975
At 31 October 2022 1,613,411 73,007 182,886 9,536 1,878,840

Revaluation of tangible assets

Freehold land and buildings were professionally valued by Davis Coffer Lyons an independent valuer, to fair value at 13 February 2019, with subsequent additions at cost. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £987,307 (2022: £868,449).

There has been no further professional valuation of the property. The Director has assessed that the value has not materially altered from the above figure and the property continues to be carried at the valuation plus additional costs since the valuation date.

5. Stocks

2023 2022
£ £
Stocks 8,028 8,683

6. Debtors

2023 2022
£ £
Trade debtors 35,486 40,165
Other debtors 2,007,575 1,671,001
2,043,061 1,711,166

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 74,953 88,179
Trade creditors 31,587 28,502
Taxation and social security 634,842 334,390
Obligations under finance leases and hire purchase contracts 11,437 27,522
Other creditors 363,210 562,865
1,116,029 1,041,458

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

2023 2022
£ £
Bank loans 1,660,949 1,714,795
Obligations under finance leases and hire purchase contracts 33,605 26,620
Other creditors 66,212 106,218
1,760,766 1,847,633

The company bankers hold fixed and floating charges over assets of the company.

9. Called-up share capital

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

10. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 115,353 57,595

11. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Opening balance 1 November 1,254,353 1,004,559
Advances to Director 285,780 460,118
Repayments by Director (47,532) (210,324)
Closing balance at 31 October 1,492,601 1,254,353