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REGISTERED NUMBER: 05124236 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHARING GARDENS LIMITED

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 5

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Statement of Financial Position 11

Notes to the Financial Statements 12


CHARING GARDENS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C Osman
C E Osman
S Osman



REGISTERED OFFICE: 368 Forest Road
London
E17 5JF



REGISTERED NUMBER: 05124236 (England and Wales)



SENIOR STATUTORY AUDITOR: Nicholas Jeffrey Klein



AUDITORS: Klein Evangelou
Chartered Certified Accountants
368 Forest Road
London
E17 5JF

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the company during the year was to own and manage a residential care home for the elderly.

The company operated in line with expectations. Sales, gross profit and profit before tax increased/ (decreased) by £1,152,901, £558,884 and £223,559 respectively in 2023 reflecting the continued demand for the company's services.

Both the level of business and the year end financial position were satisfactory and the director expects that the general level of activity will be sustained for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces a number of risks and uncertainties and the director believes that the key business risks are summarised below. In view of these risks and uncertainties, the director is aware that the development of the company may be affected by factors outside their control.

Competitive risks
The senior living sector is a growing market and competition from both national and local care home providers is forever prevalent. If a competitor develops a home in the location of the company this may have an impact on occupancy and the potential revenue generation at that home. The director is confident that the positioning of the brand and offering, the quality of buildings, market leading care provision plus the demographics of the ageing population will protect future income streams for the company.

Legislative risks
The care home from which the company earns revenue is subject to licensing and inspection from the Care Quality Commission (CQC). The director recognises that as regulations continue to change and evolve this may have the potential to impact the revenue of the home if an inspection leads to a negative report. However, the director is confident that the strength of the internal care governance procedures and quality of management put in place by the company will have a positive impact on overall CQC compliance over the long term such that the regulatory landscape will not have a material impact on the company's revenue.

Financial risk management
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling. The company does not enter into any formally designated hedging arrangements.

The company continues to be financed from the sources shown within the financial statements including third party lenders and continues to be required to meet their ongoing lending requirements, in the normal way. The company does not use financial instruments to hedge against interest rate risks.

FUTURE DEVELOPMENTS
The director anticipates the business environment will remain competitive and believes that the company is in a good financial position and that the risks that have been identified are being well managed, including any ongoing risks associated with Covid-19.

The company continues to benefit from good levels of activity in the market. The focus of the business will be on maintaining and developing the existing care home.

EMPLOYEE INVOLVEMENT
The skill and support from its employees is extremely important to the company. The director acknowledges the importance of good communications and employee relations and the company devotes time and effort ensuring that all employees are well informed about those aspects of its business which may affect them. Employees are briefed on all matters relevant to their areas of operation and their views are sought and taken into account. The company remains committed to employee involvement and equal opportunity.


CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The Group's key financial and other performance indicators during the year were as follows:

Unit 2023 2022
Turnover £ 7,056,866 5,903,965
Gross profit margin % 39 37
Profit before tax £ 1,483,375 1,259,816

Other performance indicator such as occupancy rate is monitored closely by the Director.

ON BEHALF OF THE BOARD:





C Osman - Director


24 September 2024

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the Company for the year ended 31 December 2023.

DIVIDENDS
No dividends were distributed for the year ended 31 December 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
C Osman held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

C E Osman and S Osman were appointed as directors after 31 December 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling. The company does not enter into any formally designated hedging arrangements.

DISABLED EMPLOYEES
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

DISCLOSURE IN THE STRATEGIC REPORT
The principal activity of the company, a business review, likely future developments, description of employee involvement policies, financial instruments and the principal risks and uncertainties facing the company have not been included in this report as they are disclosed in the strategic report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, Klein Evangelou, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Osman - Director


24 September 2024

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING GARDENS LIMITED


Opinion
We have audited the financial statements of Charing Gardens Limited (the 'Company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING GARDENS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING GARDENS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the care services sector, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, pensions legislation, employment and health and safety regulation, anti-bribery, corruption and fraud, regulation regarding professional responsibilities and, money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
- Considering the risk of acts by the company which were contrary to the applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:
- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
- Gaining an understanding of the internal controls established to mitigate risks related to fraud;
- Discussing amongst the engagement team the risks of fraud; and
- Addressing the risks of fraud through management override of controls by performing journal entry testing.

The primary responsibility for the prevention and detection of irregularities including fraud rests with management.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING GARDENS LIMITED


Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicholas Jeffrey Klein (Senior Statutory Auditor)
for and on behalf of Klein Evangelou
Chartered Certified Accountants
368 Forest Road
London
E17 5JF

24 September 2024

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 7,056,866 5,903,965

Cost of sales (4,312,450 ) (3,718,433 )
GROSS PROFIT 2,744,416 2,185,532

Administrative expenses (1,088,278 ) (947,952 )
1,656,138 1,237,580

Other operating income 3 298,213 299,823
OPERATING PROFIT 5 1,954,351 1,537,403

Interest receivable and similar income 783 1,018
1,955,134 1,538,421

Interest payable and similar expenses 7 (471,759 ) (278,605 )
PROFIT BEFORE TAXATION 1,483,375 1,259,816

Tax on profit 8 (328,320 ) (299,612 )
PROFIT FOR THE FINANCIAL YEAR 1,155,055 960,204

Retained earnings at beginning of year 111,217 (848,987 )

RETAINED EARNINGS AT END OF YEAR 1,266,272 111,217

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 4,768,214 4,841,386

CURRENT ASSETS
Debtors 10 983,036 246,352
Cash at bank and in hand 2,810,534 2,380,273
3,793,570 2,626,625
CREDITORS
Amounts falling due within one year 11 1,622,430 1,333,399
NET CURRENT ASSETS 2,171,140 1,293,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,939,354

6,134,612

CREDITORS
Amounts falling due after more than one
year

12

(5,401,664

)

(5,776,131

)

PROVISIONS FOR LIABILITIES 15 (271,318 ) (247,164 )
NET ASSETS 1,266,372 111,317

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 1,266,272 111,217
SHAREHOLDERS' FUNDS 1,266,372 111,317

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





C Osman - Director


CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Charing Gardens Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.

Care related services

Turnover from a contract to provide care related services is recognised in the period in which services are provided on an accruals basis. Turnover recognised is dependent upon the type of care and funding that a resident receives. Any fees invoiced in advance are included within deferred income until the service is completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures, fittings and equipment - 15% on reducing balance

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.


CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company continues with the support of it's immediate and ultimate parent company Charing Care Limited which will not allow any of it's creditors to suffer as a result of the Directors decision to allow the company to continue to trade under the circumstances.

Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. OTHER OPERATING INCOME
2023 2022
£    £   
Management fees receivable 208,128 175,752
Donation received 10,000 -
Government grants 80,085 124,071
298,213 299,823

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,797,141 3,240,993
Social security costs 260,411 224,413
Other pension costs 65,678 47,597
4,123,230 3,513,003

The average number of employees during the year was as follows:
2023 2022

Care assistants 176 173
Administrative 8 8
Managers 3 2
187 183

2023 2022
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 794 1,446
Depreciation - owned assets 163,166 159,229

6. AUDITORS' REMUNERATION

2023 2022
£    £   

Fees payable to the Company’s auditor for the audit of the Company 13,440 12,360

Fees payable to the Company’s auditor for other services:
- All other non-audit services 1,125 1,392
Total amount payable to the Company's auditor 13,752 12,912

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 469,359 278,605
Other interest 2,400 -
471,759 278,605

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 304,166 226,347

Deferred tax 24,154 73,265
Tax on profit 328,320 299,612

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,483,375 1,259,816
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

348,890

239,365

Effects of:
Capital allowances in excess of depreciation (13,416 ) (9,314 )
Utilisation of tax losses (31,308 ) (3,704 )
Deferred tax 24,154 73,265
Total tax charge 328,320 299,612

Factors that may affect future tax charges

The main UK Corporation Tax rate of 25% has been used throughout and the deferred tax balances have been calculated using the same rate.

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold and
property equipment Totals
£    £    £   
COST
At 1 January 2023 4,774,635 1,380,544 6,155,179
Additions - 89,994 89,994
At 31 December 2023 4,774,635 1,470,538 6,245,173
DEPRECIATION
At 1 January 2023 294,418 1,019,375 1,313,793
Charge for year 95,492 67,674 163,166
At 31 December 2023 389,910 1,087,049 1,476,959
NET BOOK VALUE
At 31 December 2023 4,384,725 383,489 4,768,214
At 31 December 2022 4,480,217 361,169 4,841,386

Included in the cost attributed to the Freehold property are qualifying Plant and Machinery of £3,682,162 professionally valued in accordance with the Capital Allowances Act 2001.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 233,427 236,014
Amounts owed by group undertakings 178,771 -
Amounts owed by connected undertakings 559,200 -
Prepayments 11,638 10,338
983,036 246,352

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 728,812 562,932
Trade creditors 58,646 57,652
Amounts owed to group undertakings 29,564 -
Tax 188,620 131,866
Social security and other taxes 89,564 72,569
Other creditors 444,207 418,398
Accruals 48,909 43,442
Fees received in advance 34,108 46,540
1,622,430 1,333,399

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 13) 5,401,664 5,776,131

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 728,812 562,932

Amounts falling due between one and two years:
Bank loans - 1-2 years 728,812 562,932

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,186,436 1,688,795

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,486,416 3,524,404

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 6,130,476 6,339,063

The bank loan is secured by way of a fixed charge over its freehold property shown in tangible fixed assets note and a fixed and floating charge over all assets of the company.

The bank loans are repayable over the period until June 2026. The rate of interest payable on the debt is 2.85% per annum over the Bank Base Rate.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 271,318 247,164

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 247,164
Provided during year 24,154
Balance at 31 December 2023 271,318

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

17. RESERVES
Retained
earnings
£   

At 1 January 2023 111,217
Profit for the year 1,155,055
At 31 December 2023 1,266,272

18. ULTIMATE PARENT COMPANY

The immediate and ultimate parent undertaking is Charing Care Limited, which prepares group financial
statements.

The registered office of Charing Care Limited is 368 Forest Road, London, E17 5JF.

CHARING GARDENS LIMITED (REGISTERED NUMBER: 05124236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. RELATED PARTY DISCLOSURES

The Company's related parties, the nature of the relationship and the extent of the transactions with them, not otherwise disclosed in the notes to the accounts, are summarised below:

20232022
£   £   
Management services charged to Group Undertakings(103,506)(87,408)
Management services charged to Connected Undertakings(104,622)(88,344)

Related Party Relationship:

Group Undertakings:
Charing Oast Limited
Charing Park Investments Limited
Charing Vale Limited

Connected Undertakings
Charing Court Investments Limited
Charing Hill Limited
CHC Assets Limited

Connected Undertakings
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company.

20. POST BALANCE SHEET EVENTS

No significant events are noted after the period ended 31 December 2023 to the date of signing this report.