Registration number:
Normanton Lodge Limited
for the Year Ended 31 December 2023
Normanton Lodge Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Normanton Lodge Limited
Company Information
Director |
Mr Paul Hearn |
Registered office |
|
Accountants |
|
Auditors |
|
Normanton Lodge Limited
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is Residential homes for the elderly
Fair review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The company continues to operate two separate care homes for the elderly:
- Normanton Lodge, South Normanton, Alfreton.
- Manorfields - Derby.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being occupancy levels, turnover and direct wage costs of the business.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2023 |
2022 |
|||
Turnover |
£ |
3,256,125 |
2,943,065 |
||
Average number of residents |
90 |
87 |
|||
Average weekly fee |
£ |
696 |
650 |
||
Direct wages and national insurance |
£ |
1,887,724 |
1,521,073 |
||
Wages as a percentage of turnover |
% |
56 |
52 |
The above indicators show an 11% increase in turnover for the year to 31 December 2023, there was a 7% increase in average weekly fees and a 3% increase in average number of residents.
Both residential homes maintained a steady flow of residents throughout the year, and operation at an average of 75% occupancy. The new Care Village (The Glen), was built during the prior year for the purpose of assisted living. However, due to low uptake, it was decided in August 2023 that it should be treated as being care home accommodation within Normanton Lodge.
When analysing the profitability of the company we use the earnings before interest, taxation, depreciation and amortisation (EBITDA) as the key indicator and also ignore any management charges. Using this method, the profitability of the company was as follows:
Normanton Lodge Limited
Strategic Report for the Year Ended 31 December 2023
31 December |
31 December |
|
Profit before tax |
316,816 |
381,814 |
Depreciation |
275,771 |
281,825 |
Bank loan interest payable |
- |
3,010 |
EBITDA |
592,587 |
666,649 |
Management fees |
104,400 |
104,400 |
696,987 |
771,049 |
The balance sheet on page 10 of the financial statements shows that the net assets of the company have increased from £1,928,209 to £2,039,017.
Principal risks and uncertainties
Financial risk includes credit risk and cashflow management. The company closely monitors its debtors to ensure credit risk is mitigated; in addition, the company monitors its cash reserves closely to ensure it is able to meet its commitments.
The government announced the introduction of the National Living Wage during 2016, with the intention of increasing this to £9.00 per hour for anyone over the age of 25. In 2019 it was recommended that workers should become entitled to the National Living Wage at the age of 21 instead of 25. In April 2021, the age of entitlement was lowered to 23. The increase has been staggered over the last few years with the rate at the year end being £10.42 for employees over the age of 23, from 1 April 2024 the National Living Wage will increase to £11.44 for employees over the age of 21. To minimise the impact of this increase a full review of staffing is continuously carried out with the aim of removing duplication of duties whilst ensuring the efficient operation of the homes. It is believed that by implementing the recommendations of this review there will be little overall impact on the key performance indicators.
Following the UK's exit from the EU, there were changes to immigration rules, with a points based system being introduced. The company does not employ any EU resident care workers and, whilst some nursing staff are recruited from the EU, these are all qualified to the required level and their pay is above the general salary threshold.
In February 2022, Russia invaded Ukraine, this caused a shortage in imported gas supplies, resulting in the price of gas becoming considerably more volatile, and supplies limited. During 2022 the cost of gas rose by over 50%. Ofgem set a price cap for domestic customers but no price cap on business energy, this had a large financial impact on the costs during the prior year. Even though prices did fall during 2023, they remained above pre-crisis levels.
Fluctuating price inflation is a risk. The annual rate of inflation peaked at 11.1% in October 2022 and this had a knock-on effect on prices in 2023, however, the annual rate of inflation has since decreased to 7.3% for 2023.
The company has a normal level of exposure to price, credit and liquidity risk arising from its trading activities which are only conducted in sterling.
Normanton Lodge Limited
Strategic Report for the Year Ended 31 December 2023
Approved by the
.........................................
Director
Normanton Lodge Limited
Director's Report for the Year Ended 31 December 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
Director of the company
The director who held office during the year was as follows:
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Information included in the Strategic Report
The company has chosen, in accordance with Section 414C (11) of the Companies Act 2006 to include certain matters in its strategic report that would otherwise be required to be disclosed in this Director's Report. The Strategic Report can be found on page 2 of these accounts.
Disclosure of information to the auditors
The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved by the
.........................................
Director
Normanton Lodge Limited
Independent Auditor's Report to the Members of Normanton Lodge Limited
Opinion
We have audited the financial statements of Normanton Lodge Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
Normanton Lodge Limited
Independent Auditor's Report to the Members of Normanton Lodge Limited
Other Information
The director is responsible for the other information. The other information comprises the information included in the Strategic Report and the Director's Report, other than the financial statements and our auditor’s report 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 there is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities on page 5, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Normanton Lodge Limited
Independent Auditor's Report to the Members of Normanton Lodge Limited
Auditor’s 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and Care Quality Commission regulation, recognising the regulated nature of the company's activities. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above 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 would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
......................................
For and on behalf of
Chartered Accountants & Statutory Auditors
Strelley Hall
Main Street
Nottinghamshire
NG8 6PE
Normanton Lodge Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
316,816 |
384,824 |
|
Interest payable and similar expenses |
- |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
Normanton Lodge Limited
(Registration number: 05410931)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Revaluation reserve |
1,272,698 |
1,272,698 |
|
Retained earnings |
766,318 |
655,510 |
|
Shareholders' funds |
2,039,017 |
1,928,209 |
Approved and authorised by the
......................................... |
Normanton Lodge Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
At 31 December 2023 |
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2022 |
|
|
|
|
The revaluation reserve, which is non distributable, represents the cumulative effect of the revaluation of the freehold land and buildings up to date of transition to FRS 102, after which the company has adopted a deemed cost accounting policy.
The Retained earnings account records retained earnings and accumulated losses.
Normanton Lodge Limited
Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance costs |
- |
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in debtors |
( |
|
|
(Decrease)/increase in creditors |
( |
|
|
Increase/(decrease) in deferred income |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Cash flows from financing activities |
|||
New loan from related party |
- |
4,721,248 |
|
Repayments by director |
310,000 |
108,350 |
|
Amounts paid to director |
(309,940) |
(108,809) |
|
Interest paid |
- |
( |
|
Repayments of bank borrowing |
- |
( |
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
|
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
193,353 |
248,797 |
Normanton Lodge Limited
Statement of Cash Flows for the Year Ended 31 December 2023
Analysis of changes in net debt
At 1 Jan 2023 |
Cash Flows |
At 31 Dec 2023 |
|
Cash and cash equivalents |
£ |
£ |
£ |
Cash at bank |
248,797 |
(55,444) |
193,353 |
248,797 |
(55,444) |
193,353 |
|
Borrowings |
|||
Related party loans |
(10,240,252) |
454,860 |
(9,785,392) |
(10,240,252) |
454,860 |
(9,785,392) |
|
Total |
(9,991,455) |
399,416 |
(9,592,039) |
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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 were 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in £ sterling, which is the functional currency of the company.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has continued to trade well and has the support of companies under common control. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Judgements
In preparing these financial statements, the director has made the following judgements: |
Determined whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision included the economic conditions and estimated market values of the assets. |
Key sources of estimation uncertainty
Freehold properties, included at deemed cost and other tangible fixed assets included at cost, are depreciated over their useful lives taking into account residual values, where appropriate. The land value, the estimated lives of the assets and their residual values are assessed annually and may vary depending on a number of factors. In addition, deferred tax is provided on the difference between the deemed cost and the indexed cost of the properties.
Revenue recognition
Turnover represents the amount chargeable during the period in respect of the provision of care services.
The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises current and deferred 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.
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
Freehold properties are measured at deemed cost less accumulated depreciation and any accumulated impairment losses. Other assets are measured at cost less accumulated depreciation and 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 less estimated residual value, other than land, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% on deemed cost |
Fixtures and fittings and equipment |
20% on reducing balance |
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Motor vehicles |
20% on reducing balance |
Other tangible assets |
20% on 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 amortised over its useful life.
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 |
15 years |
Borrowings
Interest-bearing borrowings are carried at amortised cost, with the interest 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.
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.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Rendering of services |
|
|
All of which arose in the United Kingdom
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Auditors' remuneration |
21,600 |
25,760 |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
- |
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Nurses, care and general staff |
|
|
|
|
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Director's remuneration |
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Director's Remuneration |
- |
- |
Director's pension contributions |
- |
- |
- |
- |
Taxation |
Tax charged in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax charge in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Deferred tax expense (credit) relating to changes in tax rates or laws |
|
( |
Tax increase (decrease) from effect of capital allowances and depreciation |
|
|
Total tax charge |
|
|
From 1 April 2023, the Corporation Tax main rate for non-ring fenced profits has been increased to 25% applying to profits over £250,000.
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Goodwill |
Total |
|
Cost |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
- |
- |
At 31 December 2022 |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
|
|
- |
|
|
At 31 December 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
Included within the net book value of land and buildings above is £11,517,846 (2022 - £11,734,157 in respect of freehold land and buildings.
Included in deemed cost of the land and buildings is the estimated cost of freehold land of £1,435,000 (31 December 2022 - £1,435,000) which is not depreciated.
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
- |
|
|
Prepayments |
|
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Deferred income |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 December 2023 |
|
|
|
Included in the above is a deferred tax liability of £307,963 (31 December 2022 - £239,094) in respect of freehold properties which the company is not currently intending to sell but for which provision has been made in compliance with FRS 102.
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
15 Loans and borrowings
The company's bank loans were repaid in full during the prior year as part of a bank refinancing deal with companies under common control, whereby companies under common control assumed additional bank loan liabilities in return for repayment of this company's bank loan.
During the prior year standard interest was charged between 2.1% and 2.85%, plus LIBOR.
Santander UK plc holds a legal charge and debenture over the properties and assets of Normanton Lodge Limited.
There are composite cross guarantees between companies under common control and bank loans in the accounts of these companies are secured by the legal charge and debenture from Normanton Lodge Limited. At 31 December 2023, these loans totalled £14,590,392 (2022 - £15,453,849).
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Transactions with director |
Dividends paid to the director |
2023 |
2022 |
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Mr Paul Hearn |
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Mr Paul Hearn |
- |
108,350 |
||
Summary of transactions with other related parties
The loans are interest free and repayable on demand.
Loans to related parties
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2022 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Loans from related parties
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Normanton Lodge Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
2022 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
During the year, Normanton Lodge Limited was charged a management fee by a company under common control of £104,400 (31 December 2022 - £104,400).
Controlling Party |
Mr Paul Hearn is the controlling party.