Lyngate Healthcare Ltd 04974937 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the operation of a residential care home. Digita Accounts Production Advanced 6.30.9574.0 true 04974937 2023-01-01 2023-12-31 04974937 2023-12-31 04974937 core:RetainedEarningsAccumulatedLosses 2023-12-31 04974937 core:ShareCapital 2023-12-31 04974937 core:CurrentFinancialInstruments 2023-12-31 04974937 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04974937 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04974937 core:FurnitureFittingsToolsEquipment 2023-12-31 04974937 core:LandBuildings 2023-12-31 04974937 bus:SmallEntities 2023-01-01 2023-12-31 04974937 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04974937 bus:FilletedAccounts 2023-01-01 2023-12-31 04974937 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04974937 bus:RegisteredOffice 2023-01-01 2023-12-31 04974937 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 04974937 bus:Director3 2023-01-01 2023-12-31 04974937 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04974937 core:ComputerEquipment 2023-01-01 2023-12-31 04974937 core:FurnitureFittings 2023-01-01 2023-12-31 04974937 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04974937 core:Land 2023-01-01 2023-12-31 04974937 core:LandBuildings 2023-01-01 2023-12-31 04974937 core:MotorVehicles 2023-01-01 2023-12-31 04974937 countries:EnglandWales 2023-01-01 2023-12-31 04974937 2022-12-31 04974937 core:FurnitureFittingsToolsEquipment 2022-12-31 04974937 core:LandBuildings 2022-12-31 04974937 2022-01-01 2022-12-31 04974937 2022-12-31 04974937 core:RetainedEarningsAccumulatedLosses 2022-12-31 04974937 core:ShareCapital 2022-12-31 04974937 core:CurrentFinancialInstruments 2022-12-31 04974937 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04974937 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04974937 core:FurnitureFittingsToolsEquipment 2022-12-31 04974937 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 04974937

Lyngate Healthcare Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Lyngate Healthcare Ltd

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Lyngate Healthcare Ltd

Company Information


 

Directors

Mrs CE McGailey

Mr J P McGailey

Company secretary

Mr J P McGailey

Registered office

Thomas House
Meadowcroft Business Park
Pope Lane, Whitestake
Preston
Lancashire
PR4 4AZ

 

Lyngate Healthcare Ltd

(Registration number: 04974937)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

666,154

681,977

Current assets

 

Stocks

450

450

Debtors

5

104,894

118,626

Cash at bank and in hand

 

15,734

12,897

 

121,078

131,973

Creditors: Amounts falling due within one year

6

(119,843)

(118,155)

Net current assets

 

1,235

13,818

Total assets less current liabilities

 

667,389

695,795

Creditors: Amounts falling due after more than one year

6

(442,905)

(464,725)

Provisions for liabilities

(5,677)

(4,792)

Net assets

 

218,807

226,278

Capital and reserves

 

Called up share capital

100

100

Retained earnings

218,707

226,178

Shareholders' funds

 

218,807

226,278

 

Lyngate Healthcare Ltd

(Registration number: 04974937)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

.........................................
Mr J P McGailey
Company secretary and director

 

Lyngate Healthcare 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:
Thomas House
Meadowcroft Business Park
Pope Lane, Whitestake
Preston
Lancashire
PR4 4AZ

The principal place of business is:
236 Wigan Road
Bolton
Lancashire
BL3 5QE

These financial statements were authorised for issue by the Board on 17 September 2024.

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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

 

Lyngate Healthcare Ltd

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

2

Accounting policies (continued)

Key sources of estimation uncertainty

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.. The carrying amount is £666,154 (2022 -£681,977).

Revenue recognition

Turnover represents net invoiced sales of residential fees, excluding value added tax.

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Lyngate Healthcare Ltd

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

2

Accounting policies (continued)

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

10% & 2% straight line

Land

Not depreciated

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% 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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Lyngate Healthcare Ltd

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

2

Accounting policies (continued)

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Lyngate Healthcare Ltd

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

2

Accounting policies (continued)

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

 

Lyngate Healthcare Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2022 - 45).

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

890,477

148,780

1,039,257

Additions

-

7,144

7,144

At 31 December 2023

890,477

155,924

1,046,401

Depreciation

At 1 January 2023

236,226

121,054

357,280

Charge for the year

16,408

6,559

22,967

At 31 December 2023

252,634

127,613

380,247

Carrying amount

At 31 December 2023

637,843

28,311

666,154

At 31 December 2022

654,251

27,726

681,977

Included within the net book value of land and buildings above is £637,842 (2022 - £654,250) in respect of freehold land and buildings.
Included in this is land valued at £215,000(2019 - £215,000). There has been no revaluation of land since its purchase as the directors consider this value to be accurate.
 

5

Debtors

2023
£

2022
£

Trade debtors

91,276

83,048

Prepayments

13,618

35,578

104,894

118,626

 

Lyngate Healthcare Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

22,379

27,459

Amounts owed to group undertakings and undertakings in which the company has a participating interest

25,000

25,000

Taxation and social security

 

16,560

10,651

Accruals and deferred income

 

51,182

50,937

Other creditors

 

4,722

4,108

 

119,843

118,155

There is a fixed charge against the property 236 Wigan Road, Bolton, Lancashire, BL3 5QE