IRIS Accounts Production v24.1.9.2 04526667 Board of Directors 1.1.23 31.12.23 31.12.23 4/9/2024 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045266672022-12-31045266672023-12-31045266672023-01-012023-12-31045266672021-12-31045266672022-01-012022-12-31045266672022-12-3104526667ns15:EnglandWales2023-01-012023-12-3104526667ns14:PoundSterling2023-01-012023-12-3104526667ns10:Director12023-01-012023-12-3104526667ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104526667ns10:SmallEntities2023-01-012023-12-3104526667ns10:Audited2023-01-012023-12-3104526667ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104526667ns10:FullAccounts2023-01-012023-12-310452666712023-01-012023-12-3104526667ns10:Director32023-01-012023-12-3104526667ns10:RegisteredOffice2023-01-012023-12-3104526667ns5:CurrentFinancialInstruments2023-12-3104526667ns5:CurrentFinancialInstruments2022-12-3104526667ns5:Non-currentFinancialInstruments2023-12-3104526667ns5:Non-currentFinancialInstruments2022-12-3104526667ns5:ShareCapital2023-12-3104526667ns5:ShareCapital2022-12-3104526667ns5:SharePremium2023-12-3104526667ns5:SharePremium2022-12-3104526667ns5:RetainedEarningsAccumulatedLosses2023-12-3104526667ns5:RetainedEarningsAccumulatedLosses2022-12-3104526667ns5:NetGoodwill2022-12-3104526667ns5:NetGoodwill2023-12-3104526667ns5:NetGoodwill2022-12-3104526667ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3104526667ns5:PlantMachinery2022-12-3104526667ns5:MotorVehicles2022-12-3104526667ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3104526667ns5:PlantMachinery2023-01-012023-12-3104526667ns5:MotorVehicles2023-01-012023-12-3104526667ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3104526667ns5:PlantMachinery2023-12-3104526667ns5:MotorVehicles2023-12-3104526667ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3104526667ns5:PlantMachinery2022-12-3104526667ns5:MotorVehicles2022-12-3104526667ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104526667ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104526667ns5:WithinOneYear2023-12-3104526667ns5:WithinOneYear2022-12-3104526667ns5:BetweenOneFiveYears2023-12-3104526667ns5:BetweenOneFiveYears2022-12-3104526667ns5:AllPeriods2023-12-3104526667ns5:AllPeriods2022-12-3104526667ns5:DeferredTaxation2022-12-3104526667ns5:DeferredTaxation2023-01-012023-12-3104526667ns5:DeferredTaxation2023-12-31
REGISTERED NUMBER: 04526667 (England and Wales)










Cambridge Nursing Home Ltd

Financial Statements

for the Year Ended 31 December 2023






Cambridge Nursing Home Ltd (Registered number: 04526667)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Cambridge Nursing Home Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T Nagendran
D Leonard





REGISTERED OFFICE: 61 Cambridge Park
Wanstead
London
E11 2PR





REGISTERED NUMBER: 04526667 (England and Wales)





AUDITORS: SKS Audit LLP
3 Sheen Road
Richmond Upon Thames
TW9 1AD

Cambridge Nursing Home Ltd (Registered number: 04526667)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 3,030,295 3,114,876
3,030,295 3,114,876

CURRENT ASSETS
Stocks 6,500 6,500
Debtors 5 572,232 412,941
Cash at bank and in hand 359,730 316,145
938,462 735,586
CREDITORS
Amounts falling due within one year 6 (1,064,853 ) (282,903 )
NET CURRENT (LIABILITIES)/ASSETS (126,391 ) 452,683
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,903,904

3,567,559

CREDITORS
Amounts falling due after more than one
year

7

(1,762,380

)

(2,184,181

)

PROVISIONS FOR LIABILITIES 9 (34,706 ) (34,038 )
NET ASSETS 1,106,818 1,349,340

CAPITAL AND RESERVES
Called up share capital 10 924 924
Share premium 551,240 551,240
Retained earnings 554,654 797,176
SHAREHOLDERS' FUNDS 1,106,818 1,349,340

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:




T Nagendran - Director


Cambridge Nursing Home Ltd (Registered number: 04526667)

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

1. ACCOUNTING POLICIES

STATUTORY INFORMATION
Cambridge Nursing Home Limited is private company limited by shares incorporated in England and Wales. The registered office is 61 Cambridge Park, Wanstead, London, England, E11 2PR.

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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”) including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, in the normal course of business.

Turnover includes revenue earned from rendering of nursing care services and is recognised when the services have been provided.

INTANGIBLE FIXED ASSET
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

TANGIBLE FIXED ASSET
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Land and building 2% Straight line method
Plant and machinery 25% Reducing method
Motor Vehicle 25% Reducing method

IMPAIRMENT OF FIXED ASSET
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cambridge Nursing Home Ltd (Registered number: 04526667)

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

1. ACCOUNTING POLICIES - continued

STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TRADE AND OTHER DEBTORS
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

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.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Cambridge Nursing Home Ltd (Registered number: 04526667)

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

1. ACCOUNTING POLICIES - continued
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loan from group companies that are classified as debt, are initially recognised at a transaction price, unless the arrangement constitutes of financial transaction where the debt instrument is measured at the present value of the future payments, discount of market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

TRADE AND OTHER CREDITORS
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

TAXATION
Currrent 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.

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.

PROVISIONS

Cambridge Nursing Home Ltd (Registered number: 04526667)

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

1. ACCOUNTING POLICIES - continued
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

LEASES
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2022 - 49 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,400,000
AMORTISATION
At 1 January 2023
and 31 December 2023 1,400,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Cambridge Nursing Home Ltd (Registered number: 04526667)

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

4. TANGIBLE FIXED ASSETS
Land and Plant and Motor
building machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 2,979,500 757,025 14,986 3,751,511
Additions 18,000 14,131 - 32,131
Disposals - - (14,986 ) (14,986 )
At 31 December 2023 2,997,500 771,156 - 3,768,656
DEPRECIATION
At 1 January 2023 57,107 572,972 6,556 636,635
Charge for year 59,680 48,602 2,108 110,390
Eliminated on disposal - - (8,664 ) (8,664 )
At 31 December 2023 116,787 621,574 - 738,361
NET BOOK VALUE
At 31 December 2023 2,880,713 149,582 - 3,030,295
At 31 December 2022 2,922,393 184,053 8,430 3,114,876

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 161,972 12,719
Amounts owed by group undertakings 80,000 -
Amounts owed by associates 221,274 221,274
Other debtors 49,724 72,355
Accrued income 49,144 83,476
Prepayments 10,118 23,117
572,232 412,941

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 7,331 15,245
Amounts owed to group undertakings 700,000 -
Corporation tax 180,577 111,253
Social security and other tax 42,816 15,428
Other creditors 31,343 28,653
Accruals 102,786 112,324
1,064,853 282,903

Cambridge Nursing Home Ltd (Registered number: 04526667)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Trade creditors 49,350 9,870
Amounts owed to group undertakings 1,713,030 2,174,311
1,762,380 2,184,181

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 54,019 54,019
Between one and five years 162,057 216,075
216,076 270,094

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 34,706 34,038

Deferred
tax
£   
Balance at 1 January 2023 34,038
Charge to Profit and loss account during year 668
Balance at 31 December 2023 34,706

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal
value:
2023 2022
£ £
924 Ordinary shares 1 924 924
924 924

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

The Report of the Auditors was unqualified.

Paul Craggs (Senior Statutory Auditor)
for and on behalf of SKS Audit LLP

Cambridge Nursing Home Ltd (Registered number: 04526667)

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

12. FINANCIAL COMMITMENTS AND GUARANTEES

Cambridge Nursing Home Limited (the company) has given has given a debenture in respect of the bank borrowing of the parent company, KTN Group Limited, which is secured against the freehold property of the company. The balance of bank borrowing secured at 31 December 2023 was £6,933,333 (2022 - £7,466,666), and this is also secured on assets of other group companies.

13. RELATED PARTY TRANSACTIONS

Rochemont Care Limited
(Parent company)
At the balance sheet date, amounts owed to group undertakings includes amount of £1,713,030 (2022 - £2,174,311) due to parent company, payable in more than one year and £700,000 (2022- nil) payable in less than one year.

KTN Group Limited
(Ultimate parent company)
At the balance sheet date, trade creditors includes amount of £49,350 (2022 - £9,870) due to ultimate parent company, payable in more than one year.

At the balance sheet date, amounts owed by group undertakings includes £80,000 (2022 - nil) due from ultimate parent company, receivable in less than one year.

KTN Investments Limited
(Common control)
At the balance sheet date, amounts owed by associates includes amount of £221,274 (2022 - £221,274) due from related party, receivable in less than one year.

14. CONTROLLING PARTY

The company is a wholly owned subsidiary of Rochemont Care Limited and is the immediate parent company , incorporated in United Kingdom

The ultimate parent company is KTN Group Limited, a company incorporated in United Kingdom.