Company registration number 04294850 (England and Wales)
CROCUS CARE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CROCUS CARE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
CROCUS CARE LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,546,670
2,139,575
Investments
3
2,152,032
2,152,032
4,698,702
4,291,607
Current assets
Debtors
7
234,861
209,924
Cash at bank and in hand
632,667
418,090
867,528
628,014
Creditors: amounts falling due within one year
8
(2,821,763)
(2,896,949)
Net current liabilities
(1,954,235)
(2,268,935)
Total assets less current liabilities
2,744,467
2,022,672
Provisions for liabilities
(243,359)
(128,215)
Net assets
2,501,108
1,894,457
Capital and reserves
Called up share capital
9
95
95
Share premium account
14,900
14,900
Revaluation reserve
1,830,161
1,304,625
Capital redemption reserve
5
5
Profit and loss reserves
655,947
574,832
Total equity
2,501,108
1,894,457

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 8 August 2024
Mr P Ewer
Director
Company Registration No. 04294850
CROCUS CARE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 December 2021
100
14,900
1,332,156
-
0
552,037
1,899,193
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
-
-
47,339
47,339
Dividends
-
-
-
-
(27,075)
(27,075)
Redemption of shares
9
(5)
-
0
-
5
(25,000)
(25,000)
Transfers
-
-
(27,531)
-
27,531
-
Balance at 30 November 2022
95
14,900
1,304,625
5
574,832
1,894,457
Year ended 30 November 2023:
Profit
-
-
-
-
641,801
641,801
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
428,000
-
-
428,000
Total comprehensive income
-
-
428,000
-
641,801
1,069,801
Dividends
-
-
-
-
(35,150)
(35,150)
Transfers
-
-
97,536
-
(525,536)
(428,000)
Balance at 30 November 2023
95
14,900
1,830,161
5
655,947
2,501,108
CROCUS CARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Crocus Care Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Moors Park House, Moors Park Bishopsteignton, Teignmouth, Devon, England, TQ14 9RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.

 

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for services provided.

1.3
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 20 years. Provision is made for any impairment.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% on cost
Plant and machinery
20% on reducing balance
Fixtures, fittings & equipment
20% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Fixed asset investments

Interests in subsidiaries is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CROCUS CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

CROCUS CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
52
54
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,152,032
2,152,032
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
255,000
Amortisation and impairment
At 1 December 2022 and 30 November 2023
255,000
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
CROCUS CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 December 2022
2,225,000
219,509
188,097
41,586
2,674,192
Additions
-
0
38,718
-
0
-
0
38,718
Revaluation
250,000
-
0
-
0
-
0
250,000
At 30 November 2023
2,475,000
258,227
188,097
41,586
2,962,910
Depreciation and impairment
At 1 December 2022
133,500
185,171
177,773
38,173
534,617
Depreciation charged in the year
44,500
12,204
2,065
854
59,623
Revaluation
(178,000)
-
0
-
0
-
0
(178,000)
At 30 November 2023
-
0
197,375
179,838
39,027
416,240
Carrying amount
At 30 November 2023
2,475,000
60,852
8,259
2,559
2,546,670
At 30 November 2022
2,091,500
34,338
10,324
3,413
2,139,575

Freehold land and buildings with a carrying amount of £2,475,000 (2022: £2,091,500) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The freehold and leasehold land and buildings were valued on an open market basis on 24tg March 2023 by Pinders Professional and Consultancy Services Limited a firm of independent Chartered Surveyors.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2023
2022
£
£
Cost
848,470
1,103,470
Accumulated depreciation
(203,632)
(316,598)
Carrying value
644,838
786,872
6
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

CROCUS CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Moors Park (Bishopsteignton) Limited
1
Care home
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Moors Park House, Moors Park Bishopsteignton, Teignmouth, Devon, TQ14 9RH
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Moors Park (Bishopsteignton) Limited
1,469,531
319,339
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
78,233
80,954
Other debtors
140,374
114,070
Prepayments and accrued income
16,254
14,900
234,861
209,924
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,511,309
2,716,307
Trade creditors
76,068
45,840
Corporation tax
5,955
1,765
Other taxation and social security
91,343
20,062
Other creditors
137,088
112,975
2,821,763
2,896,949

The Santander UK plc overdraft facility is secured over the assets of the company and the assets of the subsidiary; Moors Park (Bishopsteignton) Limited.

 

The Santander UK plc loan was refinanced on 19/11/2016. Repayments will continue until October 2023. The loan carries an interest rate at 4.5% above LIBOR.

 

Crocus Care Ltd and Moors Park (Bishopsteignton) Limited entered into a cross guarantee with Santander UK plc; refer to 10. The loan is also secured by a personal guarantee of £300,000 from Mr Paul Ewer dated 8 July 2009. The loan is also secured over the group's assets.

CROCUS CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
95
95
95
95
10
Financial commitments, guarantees and contingent liabilities

On 9 May 2013 Crocus Care Ltd and Moors Park (Bishopsteignton) Limited entered into a cross guarantee with Santander UK plc.

 

The effect of this guarantee is that on demand by the bank, the companies will be solely or jointly liable to pay or discharge to the bank, all monies or liabilities which are due, owing or incurred by any company to the bank.

 

The Santander bank loan and overdraft facility is secured over the assets of the group.

 

At the year end Crocus Care Ltd had outstanding loans and overdrafts due to Santander UK plc of £2,511,309 (2022 - £2,716,307).

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
21,653
26,849
12
Related party transactions

The company has taken advantage of the exemption, under the terms of FRS 102 section 33.1.A, not to disclose related party transactions with wholly owned subsidiaries within the group.

 

During the year the company received dividends from Moors Park (Bishopsteignton) Limited totalling £316,070 (2022 -£112,497).

13
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing     balance
£
£
£
Mr P Ewer -
-
85,609
(6,332)
79,277
85,609
(6,332)
79,277
CROCUS CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
14
Ultimate controlling party

The ultimate controlling party is Paul Ewer by virtue of his shareholding.

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