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REGISTERED NUMBER: 05209947 (England and Wales)



Financial Statements for the Year Ended 31 August 2023

for

Avon Lodge UK Limited

Avon Lodge UK Limited (Registered number: 05209947)

Contents of the Financial Statements
for the Year Ended 31 August 2023










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 11


Avon Lodge UK Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr M Gunputh



SECRETARY: Mrs D Gunputh



REGISTERED OFFICE: 33 Bridgend Road
Enfield
London
EN1 4PD



REGISTERED NUMBER: 05209947 (England and Wales)



SENIOR STATUTORY AUDITOR: Suraj Shah BFP ACA FCCA



AUDITORS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Avon Lodge UK Limited (Registered number: 05209947)

Statement of Financial Position
31 August 2023

31.8.23 31.8.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 19,749 25,206
Tangible assets 5 5,079,951 5,085,793
Investment Properties 6 1,460,240 1,460,240
6,559,940 6,571,239

CURRENT ASSETS
Stocks 7 2,924 2,110
Debtors 8 1,818,674 1,772,287
Prepayments and accrued income 11,961 29,848
Cash at bank and in hand 686,244 688,821
2,519,803 2,493,066
CREDITORS
Amounts falling due within one year 9 (664,657 ) (693,060 )
NET CURRENT ASSETS 1,855,146 1,800,006
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,415,086

8,371,245

CREDITORS
Amounts falling due after more than one
year

10

(1,066,941

)

(1,308,551

)

PROVISIONS FOR LIABILITIES 13 (625,712 ) (627,574 )
NET ASSETS 6,722,433 6,435,120

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Retained earnings 15 6,721,433 6,434,120
SHAREHOLDERS' FUNDS 6,722,433 6,435,120

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

Avon Lodge UK Limited (Registered number: 05209947)

Statement of Financial Position - continued
31 August 2023



The financial statements were approved by the director and authorised for issue on 14 August 2024 and were signed by:





Mr M Gunputh - Director


Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements
for the Year Ended 31 August 2023


1. STATUTORY INFORMATION

Avon Lodge UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover represents the fee income relating to the provision of care services. Fee income comprises care home fees which are recognised when the delivery of the service is completed. Fees invoiced in advance are included in deferred income until the service is completed.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- Over 300 years
Fixtures and fittings- 25% on reducing balance
Motor vehicle- 25% on reducing balance
Computer equipment- 20% on cost

The company does not provide for depreciation on its freehold property and improvements to the property as the amounts considered to be immaterial and will not have any influence on the financial statements.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors and creditors receivable / payable within one year
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.

Hire purchase and leasing commitments
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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount.

Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Investment properties
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


2. ACCOUNTING POLICIES - continued
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 54 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 September 2022
and 31 August 2023 27,285
AMORTISATION
At 1 September 2022 2,079
Amortisation for year 5,457
At 31 August 2023 7,536
NET BOOK VALUE
At 31 August 2023 19,749
At 31 August 2022 25,206

Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property properties fittings
£    £    £   
COST OR VALUATION
At 1 September 2022 5,000,000 24,300 341,967
Additions - - 12,709
At 31 August 2023 5,000,000 24,300 354,676
DEPRECIATION
At 1 September 2022 - - 300,896
Charge for year - - 13,445
At 31 August 2023 - - 314,341
NET BOOK VALUE
At 31 August 2023 5,000,000 24,300 40,335
At 31 August 2022 5,000,000 24,300 41,071

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 September 2022 52,459 1,233 5,419,959
Additions - - 12,709
At 31 August 2023 52,459 1,233 5,432,668
DEPRECIATION
At 1 September 2022 33,023 247 334,166
Charge for year 4,859 247 18,551
At 31 August 2023 37,882 494 352,717
NET BOOK VALUE
At 31 August 2023 14,577 739 5,079,951
At 31 August 2022 19,436 986 5,085,793

Cost or valuation at 31 August 2023 is represented by:

Improvements Fixtures
Freehold to and
property properties fittings
£    £    £   
Valuation in 2022 2,155,879 - -
Cost 2,844,121 24,300 354,676
5,000,000 24,300 354,676

Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2022 - - 2,155,879
Cost 52,459 1,233 3,276,789
52,459 1,233 5,432,668

6. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 1,460,240
NET BOOK VALUE
At 31 August 2023 1,460,240
At 31 August 2022 1,460,240

The Investment property was valued by the director who is a professionally qualified valuer and has recent experience in the location and class of investment property being revalued.

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2017 138,894
Valuation in 2021 81,399
Valuation in 2022 81,000
Cost 1,158,947
1,460,240

7. STOCKS
31.8.23 31.8.22
£    £   
Food and Consumables 2,924 2,110

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 228,511 127,699
Other debtors 1,590,163 1,559,588
Directors' loan accounts - 85,000
1,818,674 1,772,287

Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts (see note 11) 280,989 275,377
Hire purchase contracts 3,730 3,730
Tax 141,349 133,648
Social security and other taxes 39,036 51,287
Other creditors 118,707 148,035
Accrued expenses 80,846 80,983
664,657 693,060

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans (see note 11) 1,065,387 1,303,267
Hire purchase contracts 1,554 5,284
1,066,941 1,308,551

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank Loan 51301466 287,977 305,438

Repayable by instalments
Bank Loan 45054312 188,751 307,736
Bank Loan 47112336 143,031 177,610
Bank Loan 51264404 102,088 123,104
433,870 608,450

11. LOANS

An analysis of the maturity of loans is given below:

31.8.23 31.8.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 280,989 275,377

Amounts falling due between two and five years:
Long Term Loan 343,540 389,379

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank Loan 51301466 287,977 305,438

Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


11. LOANS - continued
31.8.23 31.8.22
£    £   
Repayable by instalments
Bank Loan 45054312 188,751 307,736
Bank Loan 47112336 143,031 177,610
Bank Loan 51264404 102,088 123,104
433,870 608,450

12. SECURED DEBTS

The loans have been secured by National Westminster Bank Plc by registering legal charges over all of the property and undertakings of the company and also by registering a fixed and floating charges including negative pledges over the following properties;

33 Bridgend Road London EN1 4PD
403 Bowes Road London N11 1AB
129 Latymer Road London N9 9PN

13. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 625,712 627,574

Deferred
tax
£   
Balance at 1 September 2022 627,574
Provided during year (1,862 )
Balance at 31 August 2023 625,712

14. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
1,000 Share capital 1 £1 1,000 1,000

15. RESERVES

Includes within the retained earnings of £6,683,025 is £2,457,172 considered non-distributable due to the unrealised gains on the upliftment of the investment property.

16. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Suraj Shah BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of BBK Partnership

Avon Lodge UK Limited (Registered number: 05209947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


17. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
Mr M Gunputh
Balance outstanding at start of year 85,000 125,870
Amounts advanced - 37,400
Amounts repaid (85,000 ) -
Amounts written off - (78,270 )
Amounts waived - -
Balance outstanding at end of year - 85,000

18. RELATED PARTY DISCLOSURES

Included within other debtors is £884,320 (2022: £884,320) being amounts owed by Avon Lake Holdings Limited a company controlled by the director Mr M Gunputh.

Also included within other debtors is £466,429 (2022: £466,429) and £71,218 (2022: £71,218) being owed by A R Properties Ltd and A R Waterfalls Properties Ltd, respectively. Both the companies re under the control of the director Mr M Gunputh.

Included within other debtors is £13,500 (2022: £13,500) being amounts owed by Camden Lodge Residential Care Home, an entity controlled by the director Mr M Gunputh.

Included within other creditors is £85,179 (2022: £113,005) being amounts owed to St. Michaels Manor Ltd, a company controlled by the director Mr M Gunputh.

Company secretarial charges amounting to £4,500 (2022: £34,795) was paid to a connected person of the director Mr M Gunputh.

Rent amounting to £23,000 (2022: £23,000) is being paid on office premises owned directly by the director to Mr M Gunputh.

During the period, the company made a short-term loan to a director amounting to £nil (2022: £85,000).