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REGISTERED NUMBER: 13425592 (England and Wales)










Rochemont Care Limited

Financial Statements

for the Year Ended 31 December 2023






Rochemont Care Limited (Registered number: 13425592)






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


Rochemont Care Limited

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: 13425592 (England and Wales)





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

Rochemont Care Limited (Registered number: 13425592)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 3 106,380 112,290
Tangible assets 4 6,066,028 6,079,218
Investments 5 552,164 552,164
6,724,572 6,743,672

CURRENT ASSETS
Stocks 3,000 3,000
Debtors 6 2,545,057 2,345,065
Cash at bank and in hand 113,178 6,033
2,661,235 2,354,098
CREDITORS
Amounts falling due within one year 7 (1,316,364 ) (372,599 )
NET CURRENT ASSETS 1,344,871 1,981,499
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,069,443

8,725,171

CREDITORS
Amounts falling due after more than one
year

8

(7,267,533

)

(7,863,150

)

PROVISIONS FOR LIABILITIES 9 (58,852 ) (15,642 )
NET ASSETS 743,058 846,379

CAPITAL AND RESERVES
Called up share capital 10 400 400
Merger relief reserve 11 552,064 552,064
Retained earnings 11 190,594 293,915
SHAREHOLDERS' FUNDS 743,058 846,379

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


Rochemont Care Limited (Registered number: 13425592)

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

1. ACCOUNTING POLICIES

STATUTORY INFORMATION
Rochemont Care 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.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Rochemont Care Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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
Fixtures, fittings, tools and equipment 33% Straight line method

FIXED ASSET INVESTMENTS
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Rochemont Care Limited (Registered number: 13425592)

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

1. ACCOUNTING POLICIES - continued

IMPAIRMENT OF FIXED ASSETS
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.

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.




Rochemont Care Limited (Registered number: 13425592)

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

1. ACCOUNTING POLICIES - continued





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.

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.

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.

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.

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.

TAXATION
Currrent tax

Rochemont Care Limited (Registered number: 13425592)

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

1. ACCOUNTING POLICIES - continued
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
Provisions (i.e 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 65 (2022 - 48 ) .

Rochemont Care Limited (Registered number: 13425592)

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

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 118,200
AMORTISATION
At 1 January 2023 5,910
Charge for year 5,910
At 31 December 2023 11,820
NET BOOK VALUE
At 31 December 2023 106,380
At 31 December 2022 112,290

Goodwill represents the excess of cost paid over the fair value of the net assets acquired in respect of a care home business to expand its operations.

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and
building machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 6,063,460 131,502 24,404 6,219,366
Additions - 52,508 125,466 177,974
At 31 December 2023 6,063,460 184,010 149,870 6,397,340
DEPRECIATION
At 1 January 2023 116,949 21,002 2,197 140,148
Charge for year 121,270 32,121 37,773 191,164
At 31 December 2023 238,219 53,123 39,970 331,312
NET BOOK VALUE
At 31 December 2023 5,825,241 130,887 109,900 6,066,028
At 31 December 2022 5,946,511 110,500 22,207 6,079,218

Rochemont Care Limited (Registered number: 13425592)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 552,164
NET BOOK VALUE
At 31 December 2023 552,164
At 31 December 2022 552,164

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Cambridge Nursing Home Limited
Registered office: 61 Cambridge Park, Wanstead, London, England, E11 2PR.
Nature of business: Care Home Business
%
Class of shares: holding
Ordinary shares 100.00
2023 31/12/22
£    £   
Aggregate capital and reserves 1,106,818 1,349,340
Profit/(loss) for the year 457,478 (635,001 )

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 39,520 164,339
Amounts owed by group undertakings 700,000 -
Other debtors - 3,064
CT recoverable 73,123 -
Accrued income 15,566 2,208
Prepayments 3,818 1,143
832,027 170,754

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,713,030 2,174,311

Aggregate amounts 2,545,057 2,345,065

Rochemont Care Limited (Registered number: 13425592)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 33,819 21,929
Amounts owed to group undertakings 1,050,000 -
Corporation tax - 70,909
Social security and other tax 45,706 28,266
Other creditors 29,383 12,024
Accruals 135,178 150,220
Deferred income 22,278 89,251
1,316,364 372,599

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Trade creditors 67,200 13,440
Amounts owed to group undertakings 7,200,333 7,849,710
7,267,533 7,863,150

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 58,852 15,642

Deferred
tax
£   
Balance at 1 January 2023 15,642
Provided during year 43,210
Balance at 31 December 2023 58,852

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number:

Class:
Nominal
value:

2023


2022
£ £
400 Ordinary shares 1 400 400
400 400

Rochemont Care Limited (Registered number: 13425592)

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

11. RESERVES

The company reserves are as follows:

Merger relief reserve
Merger reserve arose as a part of business combination that is accounted for as a merger in accordance with UK GAAP as applied during the year.

Retained earnings
Retained earnings represents cumulative profits or losses net of dividends paid and other adjustments.

12. 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

13. FINANCIAL COMMITMENTS AND GUARANTEES

Rochemont Care 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.

14. RELATED PARTY TRANSACTIONS

KTN Group Limited
(Parent company)
At the balance sheet date, amounts owed to group undertakings includes amount of £7,200,333 (2022 - £ 7,849,710) due to parent company, payable in more than one year and £1,050,000 (2022 - nil) payable in less than one year.

At the balance sheet date, trade creditors includes amount of £67,200 (2022 - £13,440) due to parent company, payable in more than one year.

Cambridge Nursing Home Limited
(Subsidiary company)
At the balance sheet date, amounts owed by group undertakings is £1,713,030 (2022 - £2,174,311) due from subsidiary company, receivable in more than one year and £700,000 (2022 - nil) receivable in less than one year.

15. CONTROLLING PARTY

The company ultimate controlling party was the parent company KTN Group Limited, a company incorporated in United Kingdom.