120 25 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 954,231 463,001 1,417,232 822,100 224,076 1,046,176 371,056 132,131 xbrli:pure xbrli:shares iso4217:GBP 10384991 2023-01-01 2023-12-31 10384991 2023-12-31 10384991 2022-12-31 10384991 2022-01-01 2022-12-31 10384991 2022-12-31 10384991 2021-12-31 10384991 core:FurnitureFittings 2023-01-01 2023-12-31 10384991 bus:Director2 2023-01-01 2023-12-31 10384991 core:FurnitureFittings 2022-12-31 10384991 core:FurnitureFittings 2023-12-31 10384991 core:WithinOneYear 2023-12-31 10384991 core:WithinOneYear 2022-12-31 10384991 core:ShareCapital 2023-12-31 10384991 core:ShareCapital 2022-12-31 10384991 core:RetainedEarningsAccumulatedLosses 2023-12-31 10384991 core:RetainedEarningsAccumulatedLosses 2022-12-31 10384991 core:BetweenOneFiveYears 2023-12-31 10384991 core:BetweenOneFiveYears 2022-12-31 10384991 core:MoreThanFiveYears 2023-12-31 10384991 core:MoreThanFiveYears 2022-12-31 10384991 core:FurnitureFittings 2022-12-31 10384991 bus:SmallEntities 2023-01-01 2023-12-31 10384991 bus:Audited 2023-01-01 2023-12-31 10384991 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10384991 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10384991 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 10384991
Abbey Healthcare (Hamilton) Limited
Filleted Financial Statements
For the year ended
31 December 2023
Abbey Healthcare (Hamilton) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
371,056
132,131
Current assets
Debtors
6
1,883,076
2,302,249
Cash at bank and in hand
261,133
572,579
------------
------------
2,144,209
2,874,828
Creditors: amounts falling due within one year
7
3,283,177
3,132,025
------------
------------
Net current liabilities
1,138,968
257,197
------------
---------
Total assets less current liabilities
( 767,912)
( 125,066)
---------
---------
Net liabilities
( 767,912)
( 125,066)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 767,913)
( 125,067)
---------
---------
Shareholders deficit
( 767,912)
( 125,066)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
A Taylor
Director
Company registration number: 10384991
Abbey Healthcare (Hamilton) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbey Healthcare, Sutherland House, 70-78 West Hendon Broadway, London, NW9 7BT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The company has made a loss for the year and has net liabilities. It has group support and accordingly the financial statements have been prepared on a going concern basis. The directors are satisfied that the company has group support and that group can provide that support such that it has the ability to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing these financial statements, the directors have made the following judgements:- 1 Determine whether there are indicators of impairment of the tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainty 2 Tangible fixed assets Tangible fixed assets 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 120 (2022: 120 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2023
954,231
Additions
463,001
------------
At 31 December 2023
1,417,232
------------
Depreciation
At 1 January 2023
822,100
Charge for the year
224,076
------------
At 31 December 2023
1,046,176
------------
Carrying amount
At 31 December 2023
371,056
------------
At 31 December 2022
132,131
------------
6. Debtors
2023
2022
£
£
Trade debtors
212,751
216,882
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,465,348
1,855,210
Other debtors
204,977
230,157
------------
------------
1,883,076
2,302,249
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
441,144
333,740
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,483,304
2,159,376
Social security and other taxes
83,101
32,802
Other creditors
275,628
606,107
------------
------------
3,283,177
3,132,025
------------
------------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
550,000
550,000
Later than 1 year and not later than 5 years
2,200,000
2,200,000
Later than 5 years
7,700,000
8,250,000
-------------
-------------
10,450,000
11,000,000
-------------
-------------
9. Summary audit opinion
The auditor's report dated 25 September 2024 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
10. Controlling party
The company was under the control of the Trustees of the Prabhdyal Sodhi Overseas Settlement throughout the year, an entity based in Gibraltar. The immediate parent company is Lansbury Limited, a company incorporated in Gibraltar.