85 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 256,554 18,643 275,197 84,572 53,211 137,783 137,414 171,982 xbrli:pure xbrli:shares iso4217:GBP 10385047 2023-01-01 2023-12-31 10385047 2023-12-31 10385047 2022-12-31 10385047 2022-01-01 2022-12-31 10385047 2022-12-31 10385047 2021-12-31 10385047 core:FurnitureFittings 2023-01-01 2023-12-31 10385047 bus:Director2 2023-01-01 2023-12-31 10385047 core:FurnitureFittings 2022-12-31 10385047 core:FurnitureFittings 2023-12-31 10385047 core:WithinOneYear 2023-12-31 10385047 core:WithinOneYear 2022-12-31 10385047 core:ShareCapital 2023-12-31 10385047 core:ShareCapital 2022-12-31 10385047 core:RetainedEarningsAccumulatedLosses 2023-12-31 10385047 core:RetainedEarningsAccumulatedLosses 2022-12-31 10385047 core:BetweenOneFiveYears 2023-12-31 10385047 core:BetweenOneFiveYears 2022-12-31 10385047 core:MoreThanFiveYears 2023-12-31 10385047 core:MoreThanFiveYears 2022-12-31 10385047 core:FurnitureFittings 2022-12-31 10385047 bus:SmallEntities 2023-01-01 2023-12-31 10385047 bus:Audited 2023-01-01 2023-12-31 10385047 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10385047 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10385047 bus:FullAccounts 2023-01-01 2023-12-31 10385047 1 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 10385047
Abbey Healthcare (Mill Hill) Limited
Filleted Financial Statements
For the year ended
31 December 2023
Abbey Healthcare (Mill Hill) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
137,414
171,982
Current assets
Debtors
6
6,260,086
5,046,524
Cash at bank and in hand
324,924
243,033
------------
------------
6,585,010
5,289,557
Creditors: amounts falling due within one year
7
7,952,488
6,459,986
------------
------------
Net current liabilities
1,367,478
1,170,429
------------
------------
Total assets less current liabilities
( 1,230,064)
( 998,447)
Provision for legal fees
692,740
------------
---------
Net liabilities
( 1,922,804)
( 998,447)
------------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,922,805)
( 998,448)
------------
---------
Shareholders deficit
( 1,922,804)
( 998,447)
------------
---------
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: 10385047
Abbey Healthcare (Mill Hill) 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 made a loss for the year, has net liabilities but 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. 2 The directors have taken the view to recognise and disclose a provision in the accounts that relates to the exceptional item in note 5. The directors have applied their judgement to estimate any possible future costs the company might incur in relation to this case. 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
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 85 (2022: 120 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2023
256,554
Additions
18,643
---------
At 31 December 2023
275,197
---------
Depreciation
At 1 January 2023
84,572
Charge for the year
53,211
---------
At 31 December 2023
137,783
---------
Carrying amount
At 31 December 2023
137,414
---------
At 31 December 2022
171,982
---------
6. Debtors
2023
2022
£
£
Trade debtors
338,640
355,195
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,008,286
3,379,866
Other debtors
1,913,160
1,311,463
------------
------------
6,260,086
5,046,524
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
208,260
207,782
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,125,736
5,606,941
Social security and other taxes
111,696
45,150
Other creditors
1,506,796
600,113
------------
------------
7,952,488
6,459,986
------------
------------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
900,000
900,000
Later than 1 year and not later than 5 years
3,600,000
3,600,000
Later than 5 years
9,600,000
10,500,000
-------------
-------------
14,100,000
15,000,000
-------------
-------------
9. Events after the end of the reporting period
The company continues to be in dispute with the builder of the care home. After the year end, the Supreme Court held that the company should repay the defendant the sum previously awarded and received in the prior period.
10. 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 .
11. 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.