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REGISTERED NUMBER: SC177933 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

APPLECROSS NURSING HOME LIMITED

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


APPLECROSS NURSING HOME LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Kelly
L J Coyle


SECRETARY: P Kelly


REGISTERED OFFICE: Glasgow Road
The Hurlet
Glasgow
G53 7TG


REGISTERED NUMBER: SC177933 (Scotland)


SENIOR STATUTORY AUDITOR: Robert Pollock BA CA


AUDITORS: Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA


SOLICITORS: Brodies LLP
110 Queen Street
Glasgow
G1 3BX

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
In the opinion of the board of directors, the company has achieved good results of the year under review, despite the difficult market conditions affecting the sector generally. The results for the financial year reflect continued investment in the business. A summary of results is as follows:

31st March 2024 31st March 2023

Turnover £5,602,330 £4,581,596

Profit after taxation £566,884 £121,185

Gross Profit £2,103,640 £1,217,381

Gross profit percentage 37.50% 26.57%


Shareholders' funds amount to £1,649,354 (2023 - £1,352,453). The directors are confident that the company has sufficient reserves to finance the anticipated levels of activity in the future.

Turnover for the year ended 31 March 2025 is likely to improve, and the board is satisfied that, with tight control of margins generated, and careful monitoring of overheads, profitability will continue at satisfactory levels. The high agency cost during the year has been rectified with the result being much less use of agency. The directors therefore expect a much improved financial performance in the normal course going forward.

There have been no events since the balance sheet date that materially affect the financial position of the company.

GOING CONCERN
The directors have assessed the company as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in the nursing home industry and is therefore subject to the trading cycles that occur in that sector. The market is competitive although the company has a good reputation with local and regulatory authorities and therefore has repeat business and provides specialist care with barriers to entry. The board is confident that the excellent levels of service provided will ensure that the company continues to be competitive in its chosen market.

ON BEHALF OF THE BOARD:





P Kelly - Secretary


19 August 2024

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of nursing home.

DIVIDENDS
27th April 2023
- Ordinary shares interim dividend £31,667 per share
- A share interim dividend £90,000 per share
- B share interim dividend £91,000 per share

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M Kelly
L J Coyle

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sharles Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



P Kelly - Secretary


19 August 2024

Report of the Independent Auditors to the Members of
Applecross Nursing Home Limited

Opinion
We have audited the financial statements of Applecross Nursing Home Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Applecross Nursing Home Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Applecross Nursing Home Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The aims of our audit are to identify and assess the risks of material misstatement of the financial statements as a result of fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement as a result of fraud or error and to respond appropriately to those risks. As a result of the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector
in which they operate. We determined that the following laws and regulations were most significant: the
Companies Act 2006 and UK corporate tax laws, The Care Commission, Health & Safety at Work Act, GDPR
and Anti Money Laundering legislation. We confirmed with management that there were no actual, suspected, or
alleged issues instances of non-compliance with laws and regulations during the year.
- Assessment of the appropriateness of the collective competence and capabilities of the engagement team
included consideration of the engagement teams:
- knowledge of the industry in which the client operates- understanding of and practical enactments of a similar nature, and complexity through appropriate training and participation
- understanding of the legal and regulatory requirements specific to the entity
- We obtained an understanding of how the company complies with those legal and regulatory frameworks by
making inquiries of management. We undertook a review of legal fees for any evidence of non-compliance.
- We assessed the susceptibility of the company financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the audit team included:
- identifying and documenting the controls management has in place to prevent and detect fraud and error;
- understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;
- identifying and testing journal entries, in particular any journal entries posted for large or unusual amounts;
- assessing the extent of compliance with relevant laws and regulations; and
- Reviewing the latest Care Commission report available for any non compliance.
- sample testing of transactions and balances.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Applecross Nursing Home Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Pollock BA CA (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

19 August 2024

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 5,602,330 4,581,596

Cost of sales 3,498,690 3,364,215
GROSS PROFIT 2,103,640 1,217,381

Administrative expenses 974,721 869,058
1,128,919 348,323

Other operating income 1,612 1,217
OPERATING PROFIT 5 1,130,531 349,540


Interest payable and similar expenses 6 288,718 199,089
PROFIT BEFORE TAXATION 841,813 150,451

Tax on profit 7 274,929 29,266
PROFIT FOR THE FINANCIAL YEAR 566,884 121,185

OTHER COMPREHENSIVE INCOME
Deferred tax movement on revaluation
Income tax relating to other comprehensive
income

6,017

6,017
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

6,017

6,017
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

572,901

127,202

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 5,401,814 5,540,381
Investments 10 - -
5,401,814 5,540,381

CURRENT ASSETS
Debtors 11 635,313 418,230
Cash at bank and in hand 323,091 162,361
958,404 580,591
CREDITORS
Amounts falling due within one year 12 1,105,322 930,826
NET CURRENT LIABILITIES (146,918 ) (350,235 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,254,896

5,190,146

CREDITORS
Amounts falling due after more than one
year

13

(3,211,614

)

(3,478,556

)

PROVISIONS FOR LIABILITIES 17 (393,928 ) (359,137 )
NET ASSETS 1,649,354 1,352,453

CAPITAL AND RESERVES
Called up share capital 18 5 5
Revaluation reserve 19 903,099 928,754
Retained earnings 19 746,250 423,694
SHAREHOLDERS' FUNDS 1,649,354 1,352,453

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





L J Coyle - Director


APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 5 473,837 954,409 1,428,251

Changes in equity
Dividends - (203,000 ) - (203,000 )
Total comprehensive income - 152,857 (25,655 ) 127,202
Balance at 31 March 2023 5 423,694 928,754 1,352,453

Changes in equity
Dividends - (276,000 ) - (276,000 )
Total comprehensive income - 598,556 (25,655 ) 572,901
Balance at 31 March 2024 5 746,250 903,099 1,649,354

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,091,151 388,595
Interest paid (284,207 ) (194,578 )
Interest element of hire purchase payments
paid

(4,511

)

(4,511

)
Tax paid (78,341 ) (60,000 )
Net cash from operating activities 724,092 129,506

Cash flows from investing activities
Purchase of tangible fixed assets (3,747 ) (52,669 )
Net cash from investing activities (3,747 ) (52,669 )

Cash flows from financing activities
Loan repayments in year (271,322 ) (258,417 )
Capital repayments in year (11,795 ) (11,795 )
Amount introduced by directors 26,998 13,084
Amount withdrawn by directors (27,496 ) (12,429 )
Equity dividends paid (276,000 ) (203,000 )
Net cash from financing activities (559,615 ) (472,557 )

Increase/(decrease) in cash and cash equivalents 160,730 (395,720 )
Cash and cash equivalents at beginning of
year

2

162,361

558,081

Cash and cash equivalents at end of year 2 323,091 162,361

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 841,813 150,451
Depreciation charges 142,313 151,500
Finance costs 288,718 199,089
1,272,844 501,040
(Increase)/decrease in trade and other debtors (217,083 ) 139,456
Increase/(decrease) in trade and other creditors 35,390 (251,901 )
Cash generated from operations 1,091,151 388,595

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 323,091 162,361
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 162,361 558,081


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 162,361 160,730 323,091
162,361 160,730 323,091
Debt
Finance leases (64,983 ) 11,795 (53,188 )
Debts falling due within 1 year (545,921 ) 16,176 (529,745 )
Debts falling due after 1 year (3,425,368 ) 255,147 (3,170,221 )
(4,036,272 ) 283,118 (3,753,154 )
Total (3,873,911 ) 443,848 (3,430,063 )

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Applecross Nursing Home Limited is a private company, limited by shares , registered in Scotland. 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" and the Companies Act 2006. There were no material departures from the standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover & revenue recognition
Turnover is derived from nursing and care services supplied by the company.

Turnover is measured at the fair value of nursing and care services supplied, net of discounts and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income account in the period it is incurred.

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Basic 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,829,173 2,414,389
Social security costs 224,605 190,267
Other pension costs 190,706 98,003
3,244,484 2,702,659

The average number of employees during the year was as follows:
2024 2023

Management and Administrative 6 6
Nursing and Care Staff 105 105
Kitchen, Domestic, & Maintenance 23 23
134 134

2024 2023
£    £   
Directors' remuneration 12,570 9,600

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 34,953 31,488
Depreciation - owned assets 131,150 140,337
Depreciation - assets on hire purchase contracts 11,164 11,164
Auditors' remuneration 7,800 7,800

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,763 -
Bank loan interest 279,226 189,797
Late payment interest 3,218 4,781
Hire purchase interest 4,511 4,511
288,718 199,089

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 234,121 44,696

Deferred tax 40,808 (15,430 )
Tax on profit 274,929 29,266

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 841,813 150,451
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

210,453

28,586

Effects of:
Expenses not deductible for tax purposes - 1,887
Income not taxable for tax purposes - (908 )
Adjustments to tax charge in respect of previous periods 42,057 (1,000 )
Depreciation on assets not ranking for capital allowances 22,419 2,478
Capital allowances super deduction - (1,777 )
Total tax charge 274,929 29,266

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Deferred tax movement on revaluation - 6,017 6,017

2023
Gross Tax Net
£    £    £   
Deferred tax movement on revaluation - 6,017 6,017

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 276,000 203,000

Interim dividends by class are as follows; Ordinary £95,000 (2023 - £95,000, A Ordinary £90,000 (2023 - £56,000), B Ordinary £91,000 (2023 - £52,000), C Ordinary £Nil (2023 - £Nil).

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2023 6,428,479 122,217 325,763
Additions - - -
At 31 March 2024 6,428,479 122,217 325,763
DEPRECIATION
At 1 April 2023 1,017,129 82,760 313,214
Charge for year 108,570 12,656 4,506
At 31 March 2024 1,125,699 95,416 317,720
NET BOOK VALUE
At 31 March 2024 5,302,780 26,801 8,043
At 31 March 2023 5,411,350 39,457 12,549

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 146,884 29,614 7,052,957
Additions - 3,747 3,747
At 31 March 2024 146,884 33,361 7,056,704
DEPRECIATION
At 1 April 2023 75,906 23,567 1,512,576
Charge for year 11,164 5,418 142,314
At 31 March 2024 87,070 28,985 1,654,890
NET BOOK VALUE
At 31 March 2024 59,814 4,376 5,401,814
At 31 March 2023 70,978 6,047 5,540,381

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2011 1,350,648 - -
Cost 5,077,831 122,217 325,763
6,428,479 122,217 325,763

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2011 - - 1,350,648
Cost 146,884 33,361 5,706,056
146,884 33,361 7,056,704

If freehold land & buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 5,091,331 5,091,331
Aggregate depreciation 364,854 364,854

Value of land in freehold land and buildings 1,000,000 1,000,000

Freehold land & buildings were valued on an open market basis on 31 March 2024 by the directors .

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS - continued

If Freehold Property was sold this would result in an additional corporation tax liability of approximately £200,000.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 104,470
DEPRECIATION
At 1 April 2023 33,492
Charge for year 11,164
At 31 March 2024 44,656
NET BOOK VALUE
At 31 March 2024 59,814
At 31 March 2023 70,978

10. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

ANH Services Ltd
Registered office: Applecross Nursing Home, Glasgow Road, Glasgow,Scotland, G53 7TG
Nature of business: Care Home Services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 510,290 305,554
Other debtors 3,579 3,579
Prepayments and accrued income 121,444 109,097
635,313 418,230

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 529,745 545,921
Hire purchase contracts (see note 15) 11,795 11,795
Trade creditors 70,079 67,144
Tax 242,952 87,172
Social security and other taxes 46,747 38,718
Other creditors 131,482 153,032
Directors' current accounts 292 790
Accrued expenses 72,230 26,254
1,105,322 930,826

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 3,170,221 3,425,368
Hire purchase contracts (see note 15) 41,393 53,188
3,211,614 3,478,556

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 529,745 545,921

Amounts falling due between two and five years:
Bank loans 1,955,649 1,437,016

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 years by ins talments 1,214,572 1,988,352

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 11,795 11,795
Between one and five years 41,393 53,188
53,188 64,983

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,699,966 3,971,289
Hire purchase contracts 53,188 64,983
3,753,154 4,036,272

Bank loans and overdraft are secured by a bond and floating charge together with standard security over the Freehold Property.

Hire purchase liabilities are secured over the assets concerned.

Included in bank loans is a Coronavirus Business Interruption Loan of £186,667. This is supported by a 100% guarantee from the UK Government.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 144,601 144,601
Accelerated capital allowances 249,327 214,536
393,928 359,137

Deferred
tax
£   
Balance at 1 April 2023 359,137
Provided during year 40,808
Deferred tax on revaluation (6,017 )
Balance at 31 March 2024 393,928

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2019 2018
value: £ £
2 Ordinary £1 2 2
1 A £1 1 1
1 B £1 1 1
1 C £1 1 1
5 5

Shares in all classes have rights and entitlements to dividends. Ordinary shares have voting rights. All other classes of share capital do not have voting rights attached.

In the event of liquidation the surplus assets of the Company remaining after the payments of it's liabilities shall be applied in distributing the balance of such assets as follows:

(i) first shareholders of A, B, C, D and E shares in amounts equal to the amounts paid up by them on such shares; and

(ii) second, the holders of the Ordinary shares in proportion to the numbers of the Ordinary shares held by them.

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 423,694 928,754 1,352,448
Profit for the year 566,884 566,884
Dividends (276,000 ) (276,000 )
Revaluation reserve release 31,672 (31,672 ) -
Deferred tax on revaluation reserve
release

-

6,017

6,017

At 31 March 2024 746,250 903,099 1,649,349

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
M Kelly
Balance outstanding at start of year (790 ) (134 )
Amounts advanced 304,286 207,844
Amounts repaid (25,038 ) (208,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 278,458 (790 )

APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

21. RELATED PARTY DISCLOSURES

Roddinghead Investments (No2) Ltd

A company in which L J Coyne is a director and shareholder

During the year the company paid rents of £Nil (2023 - £10,855) to Roddinghead Investments (No2) Ltd.

These transactions were conducted under normal commercial terms.