LANTERN CARE HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Company Registration Number: 12100540
LANTERN CARE HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
LANTERN CARE HOMES LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTORS
T Hodgkins
resigned 20 June 2024
V Hodgkins
M Oakes
W J Hawketts
appointed 1 October 2023
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9, Glyme Court, Oxford Office Village
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ
COMPANY REGISTRATION NUMBER
12100540 England and Wales
LANTERN CARE HOMES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 58,038 -
Investments 6 46,506 46,506
104,544 46,506
CURRENT ASSETS
Debtors 7 38,966 8,220
Cash at bank and in hand 25,145 118,447
64,111 126,667
CREDITORS: Amounts falling due within one year 8 24,370 37,866
NET CURRENT ASSETS 39,741 88,801
TOTAL ASSETS LESS CURRENT LIABILITIES 144,285 135,307
Provisions for liabilities and charges 4,135 -
NET ASSETS 140,150 135,307
CAPITAL AND RESERVES
Called up share capital 8 8
Distributable profit and loss account 140,142 135,299
SHAREHOLDERS' FUNDS 140,150 135,307
LANTERN CARE HOMES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
M Oakes
Director
Date approved by the board: 12 August 2024
LANTERN CARE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 GENERAL INFORMATION
Lantern Care Homes Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9, Glyme Court, Oxford Office Village The Elms
Langford Lane Dale Road
Kidlington South Darley Dale
Oxfordshire Matlock
OX5 1LQ DE4 2EU
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Reducing balance basis at 25% per annum
Leasehold improvements Straight line basis at 14% per annum
Motor vehicles Reducing balance basis at 25% per annum
Furniture and fittings Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
LANTERN CARE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
LANTERN CARE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 7 4
LANTERN CARE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 TANGIBLE ASSETS
Office equipment Leasehold improvements Motor vehicles Furniture and fittings Total
£ £ £ £ £
Cost
Additions 390 42,498 15,454 6,143 64,485
At 31 December 2023 390 42,498 15,454 6,143 64,485
Accumulated depreciation and impairments
Charge for year 65 4,936 322 1,124 6,447
At 31 December 2023 65 4,936 322 1,124 6,447
Net book value
At 31 December 2023 325 37,562 15,132 5,019 58,038
At 1 January 2023 - - - - -
6 FIXED ASSET INVESTMENTS
Investment Property
£
Cost
At 1 January 2023 46,506
At 31 December 2023 46,506
Net book value
At 1 January 2023 46,506
At 31 December 2023 46,506
In the opinion of the director, all investment property has been stated at fair value.
7 DEBTORS
2023 2022
£ £
Prepayments and accrued income 4,190 8,182
Other debtors 34,776 38
38,966 8,220
LANTERN CARE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Taxation and social security 15,653 34,343
Accruals and deferred income 6,003 1,001
Other creditors 2,714 2,522
24,370 37,866
9 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023 2022
£ £
In less than one year 50,280 50,280
In more than one but less than five years 247,210 251,400
In more than five years - 46,090
297,490 347,770
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 January 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 December 2023
£ £ £ £ £
M Oakes 38 1,166 740 - 464
This advance is interest free and repayable on demand.
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Mr T and Mrs V Hodgkins
Directors and shareholders 2023 2022
£ £
Advances The directors have made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the directors the following amount: 430 1,262
Aztec Property Limited
Connected company 2023 2022
£ £
The following amount was due a connected company at the year end: 1,260 1,260
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