Company registration number 07098712 (England and Wales)
NIGHTINGALE HOSPICE TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NIGHTINGALE HOSPICE TRADING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NIGHTINGALE HOSPICE TRADING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
9,223
4,379
Cash at bank and in hand
116,725
236,215
125,948
240,594
Creditors: amounts falling due within one year
6
(57,283)
(168,832)
Net current assets
68,665
71,762
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
68,664
71,761
Total equity
68,665
71,762
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
S C Seth
Director
Company registration number 07098712 (England and Wales)
NIGHTINGALE HOSPICE TRADING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
1
Change in accounting policy
Gift Aid payment to parent charity
The company pays all its taxable profits for the reporting period to its parent charity under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity within retained earnings.
The company does not have any legal obligation in place at the reporting date to make the gift aid payment in respect of the reporting period to the parent charity. Therefore gift aid payments are only recognised in the period that the payment is made. The gift aid payment is planned to be made within 9 months of the end of the reporting date.
The company previously recognised gift aid payments in the income statement in the year that the profits arose. The company has changed its accounting policy as a result of the Triennial Review of FRS 102. Therefore the prior year comparative figures have been restated to reflect this change as per Note 10.
The change in accounting policy for gift aid payments results in the company recognising a taxation charge on all its profits for the year. However, the application of the exception under paragraph 29.14A of FRS 102 effectively provides relief in respect of the accounting for the tax charge. This results in an overall nil charge for tax in the income statement. This exception is only applicable as it is probable that the gift aid payment will be made by the company to the parent charity within 9 months of the reporting date.
2
Accounting policies
Company information
Nightingale Hospice Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 187a Baker Street, Enfield, Middlesex, EN1 3JT.
2.1
Accounting convention
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”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NIGHTINGALE HOSPICE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 3 -
2.4
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.6
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.
2.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
NIGHTINGALE HOSPICE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2022 - 9).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
9,223
4,379
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,517
5,230
Amounts owed to group undertakings
37,184
160,617
Other creditors
5,582
2,985
57,283
168,832
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share capital of £1 each
1
1
NIGHTINGALE HOSPICE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases in respect to land and buildings, as follows:
2023
2022
£
£
Within one year
34,100
32,900
Between two and five years
15,845
48,041
49,945
80,941
9
Ultimate parent company and related party transactions
The company's ultimate parent undertaking and controlling party is The Nightingale Cancer Support Centre, a registered charity incorporated in England and Wales.
The company intends to donate its annual taxable profit to the Nightingale Cancer Support Centre by Gift Aid.
During the year the company paid £71,761 (2022: £85,702) as Gift Aid to the Nightingale Cancer Support Centre.
Creditors include £37,184 (2022: £160,617) in respect of money paid out and received by The Nightingale Cancer Support Centre on the company's behalf.