Registration number:
Prepared for the registrar
for the
Year Ended 31 December 2023
Hastings Court Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Hastings Court Ltd
Company Information
Directors |
J L Balmer R Dooley J H Sage |
Registered office |
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Auditors |
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Hastings Court Ltd
(Registration number: 05980520)
Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Deferred tax liabilities |
(34) |
(29) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £1,000.
Name of parent of group
These financial statements are consolidated in the financial statements of Gibson Topco Limited.
The financial statements of Gibson Topco Limited may be obtained from Companies House.
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The Company is part of the Gibson Topco Limited group (the “Group”). The Company is an operator of a care home. The entity made a profit for the year ending 31 December 2023 of £840,000 (2022 as restated - £777,000).
The Group have multiyear cash flow forecasts including a downside scenario reflecting a possible disruption to operations as result of the Coronavirus pandemic. Under all scenarios considered, the Group would be able to operate within its borrowing facilities. The plan shows that the company and the Group are a going concern when considering the trading of the Group and continuation of the Group financing facility.
The Directors are confident having secured the businesses ongoing financing facility that the Going Concern status of the Group will remain strong for the foreseeable future.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from the provision of care home services is recognised in the period in which services are provided, in accordance with the individual residents contract, and if it is probable that the company will receive the consideration under the contract.
Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
Over the term of the lease |
Plant and machinery |
20% straight line |
Fixtures and fittings |
20% straight line |
Computer equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Financial instruments (continued)
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Prior period errors
The directors have identified that an element of prior period staff costs relating to care home employees were not included in the period to which they related. The effect of correcting the accruals for these staff costs is shown below.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
(Decrease) / Increase in cost of sales | (2) | 39 | 116 |
Increase in accruals | 153 | 155 | 116 |
Decrease in profit and loss reserve | (153) | (155) | (116) |
Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2023 |
2022 |
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Average number of employees |
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Auditors' remuneration |
Fees payable to the company's auditors for the auditing of the company's annual accounts are borne by a related undertaking.
Taxation |
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Difference between accumulated depreciation and capital allowances |
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Short term timing differences |
( |
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2022 |
Liability |
Difference between accumulated depreciation and capital allowances |
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Short term timing differences |
( |
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Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Leasehold improvements |
Plant and machinery |
Fixtures and fittings |
Computer equipment |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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Amounts owed by group undertakings bear interest at 5% (2022 - 1.0525%) and are repayable on demand.
Creditors |
2023 |
(As restated) |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Deferred income |
- |
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Amounts due to group undertakings bear interest at 5% (2022 - 1.0525%) and are repayable on demand.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
Gibson Topco Limited is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 December 2023. A copy of the consolidated financial statements can be obtained from Companies House.
Hastings Court Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Audit report |
As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company's Profit and Loss account or a copy of the Directors' Report. Accordingly, the Independent Auditors Report has also been omitted.