Hastings Court Ltd 05980520 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is operating a care home. Digita Accounts Production Advanced 6.30.9574.0 true true 05980520 2023-01-01 2023-12-31 05980520 2023-12-31 05980520 bus:Consolidated 2023-12-31 05980520 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05980520 core:OtherDeferredTax 2023-12-31 05980520 core:RetainedEarningsAccumulatedLosses 2023-12-31 05980520 core:ShareCapital 2023-12-31 05980520 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05980520 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 05980520 core:FurnitureFittingsToolsEquipment 2023-12-31 05980520 core:LandBuildings 2023-12-31 05980520 core:OtherPropertyPlantEquipment 2023-12-31 05980520 bus:SmallEntities 2023-01-01 2023-12-31 05980520 bus:Audited 2023-01-01 2023-12-31 05980520 bus:FullAccounts 2023-01-01 2023-12-31 05980520 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05980520 bus:RegisteredOffice 2023-01-01 2023-12-31 05980520 bus:Director1 2023-01-01 2023-12-31 05980520 bus:Director2 2023-01-01 2023-12-31 05980520 bus:Director3 2023-01-01 2023-12-31 05980520 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05980520 core:ComputerEquipment 2023-01-01 2023-12-31 05980520 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 05980520 core:FurnitureFittings 2023-01-01 2023-12-31 05980520 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05980520 core:LandBuildings 2023-01-01 2023-12-31 05980520 core:LeaseholdImprovements 2023-01-01 2023-12-31 05980520 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05980520 core:PlantMachinery 2023-01-01 2023-12-31 05980520 countries:EnglandWales 2023-01-01 2023-12-31 05980520 2022-12-31 05980520 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 05980520 core:FurnitureFittingsToolsEquipment 2022-12-31 05980520 core:LandBuildings 2022-12-31 05980520 core:OtherPropertyPlantEquipment 2022-12-31 05980520 2022-01-01 2022-12-31 05980520 2022-12-31 05980520 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05980520 core:OtherDeferredTax 2022-12-31 05980520 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-12-31 05980520 core:ShareCapital 2022-12-31 05980520 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05980520 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2022-12-31 05980520 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 05980520 core:FurnitureFittingsToolsEquipment 2022-12-31 05980520 core:LandBuildings 2022-12-31 05980520 core:OtherPropertyPlantEquipment 2022-12-31 05980520 core:RestatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05980520

Prepared for the registrar

Hastings Court Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Hastings Court Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Hastings Court Ltd

Company Information

Directors

J L Balmer

R Dooley

J H Sage

Registered office

Lambwood Heights
244 Lambourne Road
Chigwell
Essex
IG7 6HX

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Hastings Court Ltd

(Registration number: 05980520)
Balance Sheet as at 31 December 2023

Note

2023
 £ 000

(As restated)
2022
 £ 000

Fixed assets

 

Tangible assets

6

435

368

Current assets

 

Debtors

7

4,545

4,257

Cash at bank and in hand

 

360

72

 

4,905

4,329

Creditors: Amounts falling due within one year

8

(931)

(1,134)

Net current assets

 

3,973

3,195

Total assets less current liabilities

 

4,408

3,563

Deferred tax liabilities

(34)

(29)

Net assets

 

4,374

3,534

Capital and reserves

 

Called up share capital

270

270

Profit and loss account

4,104

3,264

Total equity

 

4,374

3,534

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 Board on 9 August 2024 and signed on its behalf by:
 


J H Sage
Director

 

Hastings Court Ltd

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lambwood Heights
244 Lambourne Road
Chigwell
Essex
IG7 6HX

 

2

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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
£ 000

Relating to the prior period disclosed in these financial statements
£ 000

Relating to periods before the prior period disclosed in these financial statements
£ 000

(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

 

3

Staff numbers

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

Fees payable to the company's auditors for the auditing of the company's annual accounts are borne by a related undertaking.

 

5

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£ 000

Difference between accumulated depreciation and capital allowances

39

Short term timing differences

(5)

34

2022

Liability
£ 000

Difference between accumulated depreciation and capital allowances

34

Short term timing differences

(5)

29

 

Hastings Court Ltd

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

 

6

Tangible assets

Leasehold improvements
£ 000

Plant and machinery
 £ 000

Fixtures and fittings
 £ 000

Computer equipment
 £ 000

Total
£ 000

Cost

At 1 January 2023

36

115

584

50

785

Additions

2

2

168

1

173

At 31 December 2023

38

117

751

51

958

Depreciation

At 1 January 2023

-

73

321

22

416

Charge for the year

-

10

88

9

107

At 31 December 2023

-

83

409

31

523

Carrying amount

At 31 December 2023

38

34

342

21

435

At 31 December 2022

36

42

263

28

368

 

Hastings Court Ltd

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

 

7

Debtors

2023
 £ 000

2022
 £ 000

Trade debtors

289

232

Amounts owed by group undertakings

3,634

3,412

Other debtors

420

421

Prepayments

202

191

 

4,545

4,257

Amounts owed by group undertakings bear interest at 5% (2022 - 1.0525%) and are repayable on demand.

 

8

Creditors

2023
 £ 000

(As restated)
2022
 £ 000

Due within one year

Trade creditors

23

107

Amounts due to group undertakings

2

256

Social security and other taxes

62

38

Outstanding defined contribution pension costs

18

14

Other creditors

632

501

Accrued expenses

193

198

Deferred income

-

20

931

1,134

Amounts due to group undertakings bear interest at 5% (2022 - 1.0525%) and are repayable on demand.

 

9

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 £20,847,853 (2022 - £18,705,000). There is a fixed and floating charge over the leasehold land and buildings of the company, in respect of these commitments.

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Gibson Bidco Limited, incorporated in England and Wales.

 The ultimate parent is Gibson Topco Limited, incorporated in England and Wales.

 The ultimate controlling party is Synova Capital GP III LLP, which is considered to be no single ultimate controlling party.

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

 

11

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. The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 August 2024 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.