Company registration number 04008334 (England and Wales)
MOORS PARK (BISHOPSTEIGNTON) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MOORS PARK (BISHOPSTEIGNTON) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MOORS PARK (BISHOPSTEIGNTON) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,879,517
1,738,708
Current assets
Debtors
6
99,846
68,493
Cash at bank and in hand
4,239
4,197
104,085
72,690
Creditors: amounts falling due within one year
5
(362,258)
(236,497)
Net current liabilities
(258,173)
(163,807)
Total assets less current liabilities
1,621,344
1,574,901
Provisions for liabilities
(151,813)
(108,639)
Net assets
1,469,531
1,466,262
Capital and reserves
Called up share capital
50
50
Revaluation reserve
1,349,835
1,183,739
Capital redemption reserve
50
50
Profit and loss reserves
119,596
282,423
Total equity
1,469,531
1,466,262

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 member has 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. 04008334
MOORS PARK (BISHOPSTEIGNTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2021
50
1,202,443
50
365,711
1,568,254
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
-
10,505
10,505
Dividends
-
-
-
(112,497)
(112,497)
Transfers
-
(18,704)
-
18,704
-
Balance at 30 November 2022
50
1,183,739
50
282,423
1,466,262
Year ended 30 November 2023:
Profit
-
-
-
319,339
319,339
Other comprehensive income:
Revaluation of tangible fixed assets
-
184,800
-
-
184,800
Total comprehensive income
-
184,800
-
319,339
504,139
Dividends
-
-
-
(316,070)
(316,070)
Transfers
-
(18,704)
-
(166,096)
(184,800)
Balance at 30 November 2023
50
1,349,835
50
119,596
1,469,531
MOORS PARK (BISHOPSTEIGNTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Moors Park (Bishopsteignton) Limited 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.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

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
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:

Freehold property
2% on cost
Fixtures & Fittings
25% reducing balance
Computer Equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.4
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.

MOORS PARK (BISHOPSTEIGNTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.6
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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
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.

1.9
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.

2
Employees

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

2023
2022
Number
Number
Total
36
33
MOORS PARK (BISHOPSTEIGNTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
26,000
Amortisation and impairment
At 1 December 2022 and 30 November 2023
26,000
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
4
Tangible fixed assets
Freehold property
Fixtures & Fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 December 2022
1,810,000
234,321
11,932
5,275
2,061,528
Additions
-
0
1,637
-
0
-
0
1,637
Revaluation
40,000
-
0
-
0
-
0
40,000
At 30 November 2023
1,850,000
235,958
11,932
5,275
2,103,165
Depreciation and impairment
At 1 December 2022
108,600
197,275
11,705
5,240
322,820
Depreciation charged in the year
36,200
9,363
56
9
45,628
Revaluation
(144,800)
-
0
-
0
-
0
(144,800)
At 30 November 2023
-
0
206,638
11,761
5,249
223,648
Carrying amount
At 30 November 2023
1,850,000
29,320
171
26
1,879,517
At 30 November 2022
1,701,400
37,046
227
35
1,738,708

Freehold land and buildings with a carrying amount of £1,813,001 (2022 - £1,701,400) 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 24th March 2023 by Pinder Professional & Consultancy Services Limited, a firm of independent Chartered Surveyors.

 

If these properties were sold for their revalued amounts it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

MOORS PARK (BISHOPSTEIGNTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
4
Tangible fixed assets
(Continued)
- 6 -
2023
2022
£
£
Cost
874,801
874,801
Accumulated depreciation
(374,636)
(357,140)
Carrying value
500,165
517,661
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,847
104,667
Corporation tax
65,670
13,932
Other taxation and social security
19,040
14,529
Other creditors
226,701
103,369
362,258
236,497
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90,538
60,137
Other debtors
250
-
0
Prepayments and accrued income
9,058
8,356
99,846
68,493
7
Financial commitments, guarantees and contingent liabilities

On 9 May 2013 Moors Park (Bishopsteignton) Limited and Crocus Care Ltd 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 company and the assets of the parent; Crocus Care Ltd.

 

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).

MOORS PARK (BISHOPSTEIGNTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Directors' transactions

At the year end, there was an unsecured loan of £400 (2022 - £400) owed to Mr P Ewer. The amount is non-interest bearing and has no fixed repayment date.

9
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
£
£
29,450
36,518
10
Related party transactions
Transactions with related parties

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 paid dividends to Crocus Care Ltd totalling £316,070 (2022 - £112,497).

11
Parent company and controlling party

The company's immediate parent undertaking is Crocus Care Ltd, a company incorporated in Great Britain and registered in England and Wales.

 

The company is ultimately controlled by Mr P Ewer, majority shareholder of the parent company Crocus Care Ltd.

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