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REGISTERED NUMBER: 08853259 (England and Wales)









WISTERIA HOUSE DEMENTIA CARE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


WISTERIA HOUSE DEMENTIA CARE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Ms L R Collins





REGISTERED OFFICE: 4/5 Napier Street
Stoke
Plymouth
Devon
PL1 4QX





REGISTERED NUMBER: 08853259 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

ABRIDGED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 6,612
Tangible assets 6 420,245 498,600
420,245 505,212

CURRENT ASSETS
Debtors 1,014,438 95,698
Cash at bank and in hand 72,633 617,684
1,087,071 713,382
CREDITORS
Amounts falling due within one year 1,078,993 797,987
NET CURRENT ASSETS/(LIABILITIES) 8,078 (84,605 )
TOTAL ASSETS LESS CURRENT LIABILITIES 428,323 420,607

PROVISIONS FOR LIABILITIES 65,000 73,000
NET ASSETS 363,323 347,607

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 363,322 347,606
363,323 347,607

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 August 2024 and were signed by:




Ms L R Collins - Director


WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Wisteria House Dementia Care Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention.


Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.


Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced care home fees and is recognised per night that a room is occupied.

Turnover is deferred where amounts have been invoiced, but these relate to services to be provided in future periods. Turnover is accrued where amounts have yet to be invoiced, but where the services have been provided in the period to date.

Intangible assets
The intangible assets within the accounts are solely made up of goodwill.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisiation will be revised prospectively to reflect the new estimates.

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on cost
Plant and machinery - 50% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Tangible fixed assets are recognised initially at cost and subsequently at cost less accumulated depreciation and any impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Hire purchase
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 123 (2023 - 103 ) .

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023
and 29 February 2024 66,113
AMORTISATION
At 1 March 2023 59,501
Amortisation for year 6,612
At 29 February 2024 66,113
NET BOOK VALUE

At 29 February 2024 -
At 28 February 2023 6,612

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 908,543
Additions 32,524
At 29 February 2024 941,067
DEPRECIATION
At 1 March 2023 409,943
Charge for year 110,879
At 29 February 2024 520,822
NET BOOK VALUE
At 29 February 2024 420,245
At 28 February 2023 498,600

All assets held by the company have a fixed charge over them from Metro Bank PLC.

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 March 2023 12,074
Transfer to ownership (12,074 )
At 29 February 2024 -
DEPRECIATION
At 1 March 2023 5,892
Charge for year 1,236
Transfer to ownership (7,128 )
At 29 February 2024 -
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 6,182

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 2,683

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,817 7,645
Between one and five years 16,457 22,274
22,274 29,919

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Ms L R Collins
Balance outstanding at start of year (35,773 ) (166,331 )
Amounts advanced 1,145,416 557,217
Amounts repaid (190,670 ) (426,659 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 918,973 (35,773 )

At the year end the directors loan account was overdrawn by £918,973. This has been repaid within nine months of the year end by way of the introduction of property on 28/03/2024. Interest on the overdue amount has been charged at 2.25%.

WISTERIA HOUSE DEMENTIA CARE LTD (REGISTERED NUMBER: 08853259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. ULTIMATE CONTROLLING PARTY

Wisteria House Dementia Care Ltd is a wholly owned subsidiary of Wisteria House Holdings Limited, it's ultimate parent undertaking, which is incorporated in the UK.

Copies of the financial statements for Wisteria House Holdings Limited are available from Companies House and the registered office is 7 Sandy Court, Ashleigh Way, Langage Business Park, Plymouth, PL7 5JX.

The ultimate controlling party is Ms Louise Collins.