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Registration number: 06778942

Teignbridge House Care Home Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Teignbridge House Care Home Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Teignbridge House Care Home Limited

(Registration number: 06778942)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

21,810

23,783

Current assets

 

Stocks

6

1,000

1,000

Debtors

7

115,800

82,015

Cash at bank and in hand

 

881

74,455

 

117,681

157,470

Creditors: Amounts falling due within one year

8

(125,242)

(81,348)

Net current (liabilities)/assets

 

(7,561)

76,122

Total assets less current liabilities

 

14,249

99,905

Creditors: Amounts falling due after more than one year

8

(24,184)

(33,206)

Net (liabilities)/assets

 

(9,935)

66,699

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(9,936)

66,698

Total equity

 

(9,935)

66,699

 

Teignbridge House Care Home Limited

(Registration number: 06778942)
Balance Sheet as at 31 December 2023

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 September 2024
 

Mr M S Burnham
Director

   
     
 

Teignbridge House Care Home Limited

Notes to the Unaudited 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:
Teignbridge House
Care Home
Torquay Road
Shaldon
Devon
TQ14 0AX

These financial statements were authorised for issue by the director on 20 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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The company has suffered a loss during the year and has a deficit in funds, however, the director consideres the company is able to continue to trade as a going concern for the forseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Company's activities.

 

Teignbridge House Care Home Limited

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

Tax

The tax expense for the period comprises current 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.

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

Fixtures and fittings

25% reducing balance

Property improvements

2% straight line

Motor Vehicles

25% reducing balance

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

straight line over 10 years

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.

 

Teignbridge House Care Home Limited

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

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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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.

 

Teignbridge House Care Home Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 27 (2022 - 27).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 January 2023

230,000

230,000

At 31 December 2023

230,000

230,000

Amortisation

At 1 January 2023

230,000

230,000

At 31 December 2023

230,000

230,000

Carrying amount

At 31 December 2023

-

-

 

Teignbridge House Care Home Limited

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

5

Tangible assets

Property improvements
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

22,700

22,114

5,000

49,814

At 31 December 2023

22,700

22,114

5,000

49,814

Depreciation

At 1 January 2023

4,994

17,224

3,813

26,031

Charge for the year

454

1,222

297

1,973

At 31 December 2023

5,448

18,446

4,110

28,004

Carrying amount

At 31 December 2023

17,252

3,668

890

21,810

At 31 December 2022

17,706

4,890

1,187

23,783

6

Stocks

2023
£

2022
£

Raw materials and consumables

1,000

1,000

7

Debtors

2023
£

2022
£

Other debtors

76,954

72,587

Prepayments

1,875

1,744

Accrued income

11,464

7,684

Gross amount due from customers for contract work

25,507

-

115,800

82,015

 

Teignbridge House Care Home Limited

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

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

25,994

9,664

Social security and other taxes

 

14,673

7,326

Other creditors

 

2,975

5,680

Accruals

 

31,622

24,658

Corporation tax liability

40,628

16,637

Deferred income

 

9,350

17,383

 

125,242

81,348

Due after one year

 

Loans and borrowings

9

24,184

33,206

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

24,184

33,206

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,887

9,664

Bank overdrafts

16,107

-

25,994

9,664

10

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 £22,640 (2022 - £27,314).

 

Teignbridge House Care Home Limited

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

11

Related party transactions

Summary of transactions with key management

Key management is considered to be the director of the company. A loan has been made to key management during the year. Interest has been charged on the loan at 2.25%. The loan is repayable upon demand.
 

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr M S Burnham

During the year

70,846

80,729

(76,000)

75,575

70,846

80,729

(76,000)

75,575

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr M S Burnham

During the year

147,013

143,008

(219,175)

70,846

147,013

143,008

(219,175)

70,846