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Registration number: 04558354

Worcester Garden (No.1) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Worcester Garden (No.1) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Worcester Garden (No.1) Limited

(Registration number: 04558354)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,400,179

1,309,029

Current assets

 

Stocks

6

2,474

2,134

Debtors

7

329,368

157,211

Cash at bank and in hand

 

165,748

45,061

 

497,590

204,406

Creditors: Amounts falling due within one year

8

(275,921)

(140,784)

Net current assets

 

221,669

63,622

Total assets less current liabilities

 

1,621,848

1,372,651

Creditors: Amounts falling due after more than one year

8

(22,472)

(30,746)

Provisions for liabilities

(70,344)

(44,385)

Net assets

 

1,529,032

1,297,520

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

292,808

292,808

Retained earnings

1,236,223

1,004,711

Shareholders' funds

 

1,529,032

1,297,520

 

Worcester Garden (No.1) Limited

(Registration number: 04558354)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 August 2024
 

.........................................
J A Slator
Director

   
     
 

Worcester Garden (No.1) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Old Bakery
9 Church Road
Almondsbury
Bristol
BS32 4ED
England

These financial statements were authorised for issue by the director on 8 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The Company made a profit before tax of £331,558 (2023 - Loss of £1,960) and held cash at bank of £165,748 (2023 - £45,061) at the year ended 31 March 2024.

Based on the above and information available to the Director at the date of approval, the Company continues to adopt the going concern basis in preparing these financial statements and the Company has adequate resources to continue to trade for the foreseeable future, being twelve months from approval of these financial statements.

 

Worcester Garden (No.1) Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity;
-specific criteria have been met for each of the company's activities;
-the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
-the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Government grants

Grants are credited to deferred revenue. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets to which they relate. Government grants have been recognised on an accruals basis and have been recognised in the same period in which the related expense has been incurred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

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

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Nil

Furniture, fittings and equipment

15% reducing balance

 

Worcester Garden (No.1) Limited

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

No depreciation is provided on freehold land and buildings which is a departure from the requirements of the Companies Act 2006. These properties are held solely for the trade of the company and in the opinion of the director their fair value significantly exceeds their book value, although the assets continue to be held at historic cost. Any measure of consumption to depreciate them is therefore not considered to be true and fair reflection of the asset held.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving inventory. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its cost if usage within the business; the impairment loss is recognised immediately within the profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Worcester Garden (No.1) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 46 (2023 - 39).

 

Worcester Garden (No.1) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

165,000

165,000

At 31 March 2024

165,000

165,000

Amortisation

At 1 April 2023

165,000

165,000

At 31 March 2024

165,000

165,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2023

1,079,330

523,017

1,602,347

Additions

65,816

71,182

136,998

Disposals

-

(351)

(351)

At 31 March 2024

1,145,146

593,848

1,738,994

Depreciation

At 1 April 2023

-

293,318

293,318

Charge for the year

-

45,554

45,554

Eliminated on disposal

-

(57)

(57)

At 31 March 2024

-

338,815

338,815

Carrying amount

At 31 March 2024

1,145,146

255,033

1,400,179

At 31 March 2023

1,079,330

229,699

1,309,029

 

Worcester Garden (No.1) Limited

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

6

Stocks

2024
£

2023
£

Other inventories

2,474

2,134

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

32,245

20,546

Amounts owed by related parties

11

177,065

109,412

Other debtors

 

104,811

12,742

Prepayments

 

7,247

7,442

Accrued income

 

8,000

-

Income tax asset

-

7,069

 

329,368

157,211

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

9,403

9,747

Trade creditors

 

23,030

24,076

Social security and other taxes

 

27,924

17,358

Other creditors

 

142,401

89,603

Corporation tax liability

73,163

-

 

275,921

140,784

Due after one year

 

Loans and borrowings

9

22,472

30,746

Creditors include a defined contribution pension scheme creditor of £3,402 (2023 - £2,138).

 

Worcester Garden (No.1) Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,472

30,746

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,403

9,747

Included in loans and borrowings are bank loans totalling £31,875 (2023 - £40,493). This liability is secured by way of a fixed and floating charge over all the property and undertakings of the Company.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £1,466,052 (2023 - £1,570,299). An unlimited cross-company composite guarantee is in force with the company's parent, Osborne Care Holdings Limited and a related company, Osborne Care Homes Limited, as security for bank borrowings.

11

Related party transactions

The company has taken advantage of the exemption within FRS 102 Section 33 in respect of Related Party Transactions not to disclose transactions or balances with the ultimate parent or any wholly owned subsidiary undertakings of the group.

 

Worcester Garden (No.1) Limited

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

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

8,662

(1,535)

7,127

Advanced

99,384

420,996

520,380

Repaid

(51,721)

(398,201)

(449,922)

Interest transactions

882

-

882

At end of period

57,207

21,260

78,467

2023

Key management
£

Other related parties
£

Total
£

At start of period

55

(28,348)

(28,293)

Advanced

25,244

250,509

275,753

Repaid

(16,637)

(223,696)

(240,333)

At end of period

8,662

(1,535)

7,127

Terms of loans from related parties

Loans from key management have been charged interest at the HMRC official rate of 2.25% and are repayable on demand.

 Loans from other related parties are interest free and repayable on demand.