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Registration number: 12094543

Osborne Care Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Osborne Care Holdings Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Osborne Care Holdings Ltd

(Registration number: 12094543)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

1,725,177

1,725,177

Current assets

 

Debtors

5

1,000

1,000

Creditors: Amounts falling due within one year

6

(376,421)

(289,001)

Net current liabilities

 

(375,421)

(288,001)

Total assets less current liabilities

 

1,349,756

1,437,176

Creditors: Amounts falling due after more than one year

6

(1,351,531)

(1,438,484)

Net liabilities

 

(1,775)

(1,308)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(2,775)

(2,308)

Shareholders' deficit

 

(1,775)

(1,308)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

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

   
     
 

Osborne Care Holdings Ltd

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 England and Wales.

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

These financial statements were authorised for issue by the Board 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 £.

Group accounts not prepared

The company has taken advantage of the exemption provided by Section 399(2A) of the Companies Act 2006 and has not prepared group accounts.

Going concern

At the end of the year the company had net liabilities of £1,775.
After making enquiries at the time of approving the financial statements, the directors have a reasonable expectations that the company has adequate resources to continue in operational existence for the forseeable future. Therefore, the directors have adopted the going concern basis of accounting in preparing the financial statements.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Osborne Care Holdings Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

4

Investments

2024
£

2023
£

Investments in subsidiaries

1,725,177

1,725,177

 

Osborne Care Holdings Ltd

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

Subsidiaries

£

Cost or valuation

At 1 April 2023

1,725,177

At 31 March 2024

1,725,177

Provision

At 31 March 2024

-

Carrying amount

At 31 March 2024

1,725,177

At 31 March 2023

1,725,177

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Worcester Garden (No.1) Limited

The Old Bakery 9 Church Road, Almondsbury, Bristol, England, BS32 4ED

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Worcester Garden (No.1) Limited

The principal activity of Worcester Garden (No.1) Limited is residential care activities for the elderly and disabled.

 

Osborne Care Holdings Ltd

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

5

Debtors

2024
£

2023
£

Other debtors

1,000

1,000

1,000

1,000

6

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

7

114,521

92,839

Amounts due to related parties

9

257,230

189,577

Accruals

 

4,670

6,585

 

376,421

289,001

Due after one year

 

Loans and borrowings

7

1,351,531

1,438,484

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,351,531

1,438,484

Current loans and borrowings

2024
£

2023
£

Bank borrowings

114,521

92,839

Included in loans and borrowings are bank loans totalling £1,466,052 (2023 - £1,531,323). This liability is secured by way of fixed and floating charge over all the property and undertakings of the Company.

 

Osborne Care Holdings Ltd

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

8

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 £31,875 (2023 - £39,606). An unlimited cross-company composite guarantee is in force with the company's subsidiary, Worcester Garden (No.1) Limited and a related company, Osborne Care Homes Limited, as security for bank borrowings.

9

Related party transactions

The company has taken advantage of the exemption within FRS 102 Section 1AC.35 in respect of Related Party Transactions not to disclose transactions or balances with the ultimate parent or any wholly owned subsiduary undertakings of the group.

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

80,165

80,165

At end of period

80,165

80,165

2023

Entities with joint control or significant influence
£

Total
£

At start of period

80,165

80,165

At end of period

80,165

80,165