CPM Care Limited 06665213 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 06665213 2023-01-01 2023-12-31 06665213 2023-12-31 06665213 core:RetainedEarningsAccumulatedLosses 2023-12-31 06665213 core:ShareCapital 2023-12-31 06665213 core:CurrentFinancialInstruments 2023-12-31 06665213 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06665213 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06665213 core:Goodwill 2023-12-31 06665213 core:FurnitureFittingsToolsEquipment 2023-12-31 06665213 core:LandBuildings 2023-12-31 06665213 bus:SmallEntities 2023-01-01 2023-12-31 06665213 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06665213 bus:FilletedAccounts 2023-01-01 2023-12-31 06665213 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06665213 bus:RegisteredOffice 2023-01-01 2023-12-31 06665213 bus:Director1 2023-01-01 2023-12-31 06665213 bus:Director2 2023-01-01 2023-12-31 06665213 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06665213 core:Goodwill 2023-01-01 2023-12-31 06665213 core:ComputerEquipment 2023-01-01 2023-12-31 06665213 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 06665213 core:LandBuildings 2023-01-01 2023-12-31 06665213 countries:EnglandWales 2023-01-01 2023-12-31 06665213 2022-12-31 06665213 core:Goodwill 2022-12-31 06665213 core:FurnitureFittingsToolsEquipment 2022-12-31 06665213 core:LandBuildings 2022-12-31 06665213 2022-01-01 2022-12-31 06665213 2022-12-31 06665213 core:RetainedEarningsAccumulatedLosses 2022-12-31 06665213 core:ShareCapital 2022-12-31 06665213 core:CurrentFinancialInstruments 2022-12-31 06665213 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06665213 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06665213 core:Goodwill 2022-12-31 06665213 core:FurnitureFittingsToolsEquipment 2022-12-31 06665213 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 06665213

CPM Care Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

CPM Care Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

CPM Care Limited

Company Information


 

Directors

Mrs CE McGailey

Mr J P McGailey

Registered office

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

 

CPM Care Limited

(Registration number: 06665213)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

19,250

41,250

Tangible assets

5

378,100

386,880

Investments

6

2,858,919

2,858,919

 

3,256,269

3,287,049

Current assets

 

Stocks

450

450

Debtors

7

1,157,074

1,158,850

Cash at bank and in hand

 

33,302

43,518

 

1,190,826

1,202,818

Creditors: Amounts falling due within one year

8

(244,965)

(261,600)

Net current assets

 

945,861

941,218

Total assets less current liabilities

 

4,202,130

4,228,267

Creditors: Amounts falling due after more than one year

8

(2,010,383)

(2,179,336)

Provisions for liabilities

(3,325)

(3,206)

Net assets

 

2,188,422

2,045,725

Capital and reserves

 

Called up share capital

2

2

Retained earnings

2,188,420

2,045,723

Shareholders' funds

 

2,188,422

2,045,725

 

CPM Care Limited

(Registration number: 06665213)
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
Director

 

CPM Care Limited

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
England

The principal place of business is:
78-80 Breck Road
Poulton-le-Fylde
Lancashire
FY6 7HT

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 £.

 

CPM Care Limited

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

2

Accounting policies (continued)

Group accounts not prepared

The financial statements contain information about CPM Care Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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 £378,100 (2022 -£386,880).

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.

 

CPM Care Limited

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

2% straight line

Fixtures, fittings, and equipment

15% reducing balance, 20% straight line, 33% straight line

Computer equipment

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

CPM Care Limited

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

2

Accounting policies (continued)

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 merchandise sold or 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.

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.

 

CPM Care Limited

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

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. The capital element of the future payments is treated as a liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

CPM Care Limited

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

2

Accounting policies (continued)

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
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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 19).

 

CPM Care Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

220,000

220,000

At 31 December 2023

220,000

220,000

Amortisation

At 1 January 2023

178,750

178,750

Amortisation charge

22,000

22,000

At 31 December 2023

200,750

200,750

Carrying amount

At 31 December 2023

19,250

19,250

At 31 December 2022

41,250

41,250

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

449,324

42,246

491,570

Additions

-

4,228

4,228

At 31 December 2023

449,324

46,474

495,798

Depreciation

At 1 January 2023

79,556

25,134

104,690

Charge for the year

8,987

4,021

13,008

At 31 December 2023

88,543

29,155

117,698

Carrying amount

At 31 December 2023

360,781

17,319

378,100

At 31 December 2022

369,768

17,112

386,880

 

CPM Care Limited

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

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £360,781 (2022 - £369,768) in respect of freehold land and buildings.
There has been no revaluation of property as the directors consider this value to be accurate.
 

6

Investments

2023
£

2022
£

Investment in subsidiaries cost or fair value

2,858,919

2,858,919

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

57,012

55,961

Amounts owed by related parties

870,790

932,243

Prepayments

 

51,877

36,231

Other debtors

 

177,395

134,415

   

1,157,074

1,158,850

Details of non-current trade and other debtors

£442,905 (2022 -£464,725) of Amounts owed by related parties is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

190,297

192,457

Trade creditors

 

5,001

8,516

Taxation and social security

 

11,287

29,108

Accruals and deferred income

 

26,198

22,318

Other creditors

 

12,182

9,201

 

244,965

261,600