Company registration number SC169680 (Scotland)
ABERCORN CARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ABERCORN CARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ABERCORN CARE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,221,576
2,158,688
Investment property
6
775,000
700,000
Investments
7
9,000
9,000
3,005,576
2,867,688
Current assets
Stocks
5,000
5,000
Debtors
8
179,397
170,926
Cash at bank and in hand
198,525
256,227
382,922
432,153
Creditors: amounts falling due within one year
9
(347,890)
(399,485)
Net current assets
35,032
32,668
Total assets less current liabilities
3,040,608
2,900,356
Creditors: amounts falling due after more than one year
10
(93,521)
(86,078)
Provisions for liabilities
(99,755)
(69,348)
Net assets
2,847,332
2,744,930
Capital and reserves
Called up share capital
11
17,003
17,003
Share premium account
12
435
435
Non-distributable profits reserve
13
357,170
314,249
Distributable profit and loss reserves
2,472,724
2,413,243
Total equity
2,847,332
2,744,930

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

ABERCORN CARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Ms S V Hill
Director
Company registration number SC169680 (Scotland)
ABERCORN CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Abercorn Care Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years, as assessed in the year ended 31 December 2017.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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 land and buildings
In accordance with the property
Leasehold improvements
10% straight line
Integral fixtures
15% straight line
Furniture and equipment
15% straight line
Computers
33.33% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price, less any further costs of realisation.

ABERCORN CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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

Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

 

All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

ABERCORN CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ABERCORN CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees

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

2023
2022
Number
Number
Total
75
73
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
433,998
Amortisation and impairment
At 1 January 2023 and 31 December 2023
433,998
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,086,815
1,229,215
3,316,030
Additions
-
0
109,938
109,938
At 31 December 2023
2,086,815
1,339,153
3,425,968
Depreciation and impairment
At 1 January 2023
14,623
1,142,719
1,157,342
Depreciation charged in the year
1,018
46,032
47,050
At 31 December 2023
15,641
1,188,751
1,204,392
Carrying amount
At 31 December 2023
2,071,174
150,402
2,221,576
At 31 December 2022
2,072,192
86,496
2,158,688
ABERCORN CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Investment property
2023
£
Fair value
At 1 January 2023
700,000
Additions
17,772
Revaluations
57,228
At 31 December 2023
775,000

Investment property comprises property held for future rental income. The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 31 December 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
351,367
333,595
Accumulated depreciation
-
-
Carrying amount
351,367
333,595
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
9,000
9,000
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
122,135
80,096
Other debtors
57,262
90,830
179,397
170,926
ABERCORN CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
19,059
17,420
Trade creditors
43,716
71,395
Corporation tax, other taxation and social security
86,387
103,682
Other creditors
198,728
206,988
347,890
399,485
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
45,401
61,778
Other creditors
48,120
24,300
93,521
86,078

The following secured debts are including within creditors: Bank loan £64,460 (2022: £79,198).

 

The bank holds securities over the following:

 

a. Bond and floating charge granted by Abercorn Care Limited over whole assets of the company.

 

b. Standard security/first legal charge over the following properties:

11 Abercorn Terrace, Edinburgh, EH15 2DE

13/15 Abercorn Terrace, Edinburgh, EH15 2DE

67 The Promenade, Portobello, EH15 2EA

14/10 Meggetland Square, Edinburgh, EH14 1XR

3A Chalmers Crescent, Edinburgh, EH9 1TW

11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
17,000
17,000
17,000
17,000
B Ordinary shares of £1 each
1
1
1
1
C Ordinary shares of £1 each
1
1
1
1
D Ordinary shares of £1 each
1
1
1
1
17,003
17,003
17,003
17,003
ABERCORN CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
12
Share premium account
2023
2022
£
£
At the beginning and end of the year
435
435
13
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
314,249
-
Non distributable profits in the year
42,921
314,249
At the end of the year
357,170
314,249

The non-distributable profit for the year represents the fair value unrecognised gain on the investment property net of deferred tax.

14
Related party transactions

The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

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