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Registration number: 04913521

Foxglove Care Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 March 2024

 

Foxglove Care Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Foxglove Care Limited

(Registration number: 04913521)
Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,398,587

1,881,745

Investment property

5

1,467,000

710,000

 

2,865,587

2,591,745

Current assets

 

Debtors

6

34,970

55,390

Cash at bank and in hand

 

15,978

36,699

 

50,948

92,089

Creditors: Amounts falling due within one year

7

(404,055)

(290,078)

Net current liabilities

 

(353,107)

(197,989)

Total assets less current liabilities

 

2,512,480

2,393,756

Creditors: Amounts falling due after more than one year

7

(1,264,279)

(1,394,346)

Provisions for liabilities

(77,602)

(31,136)

Net assets

 

1,170,599

968,274

Capital and reserves

 

Called up share capital

8

60

60

Capital redemption reserve

40

40

Revaluation reserve

171,087

92,955

Retained earnings

999,412

875,219

Shareholders' funds

 

1,170,599

968,274

For the financial year ending 30 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 August 2024
 

.........................................
J Leigh-Thompson
Director

 

Foxglove Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
96-98 Church Street
Hull
HU7 4TD

These financial statements were authorised for issue by the director on 14 August 2024.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These accounts cover the financial results of the individual entity and not that of a Group.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit and 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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Foxglove Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Freehold land and buildings are held using the revaluation model. Properties are assessed at each reporting date and held at fair value, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Increases in property valuations are recognised in other comprehensive income except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% Reducing balance

Motor vehicles

20% Reducing balance

Plant and machinery

33% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Foxglove Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 69 (2023 - 79).

 

Foxglove Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 31 March 2023

1,864,162

46,806

28,800

1,939,768

Revaluations

47,872

-

-

47,872

Additions

-

-

19,188

19,188

Disposals

(532,034)

-

(28,800)

(560,834)

At 30 March 2024

1,380,000

46,806

19,188

1,445,994

Depreciation

At 31 March 2023

-

45,505

12,518

58,023

Charge for the year

-

303

1,599

1,902

Eliminated on disposal

-

-

(12,518)

(12,518)

At 30 March 2024

-

45,808

1,599

47,407

Carrying amount

At 30 March 2024

1,380,000

998

17,589

1,398,587

At 30 March 2023

1,864,162

1,301

16,282

1,881,745

Included within the net book value of land and buildings above is £1,380,000 (2023 - £1,864,162) in respect of freehold land and buildings.
 

Revaluation

The fair value of the Company's land and buildings was revalued on 30 March 2024. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,269,580 (2023 - £1,754,770).

5

Investment properties

2024
£

At 31 March

710,000

Additions

168,663

Transfers to and from Tangible assets

532,034

Fair value adjustments

56,303

At 30 March

1,467,000

There has been no valuation of investment property by an independent valuer.

 

Foxglove Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

34,970

34,950

Other debtors

-

20,440

 

34,970

55,390

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

188,350

123,120

Trade creditors

 

8,535

5,100

Taxation and social security

 

41,893

19,935

Accruals and deferred income

 

7,900

7,200

Other creditors

 

157,377

134,723

 

404,055

290,078

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £182,350 (2023 - £123,120).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,264,279

1,394,346

 

Foxglove Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,264,279 (2023 - £1,394,346).

The bank loan and hire purchase contracts are secured against the assets they fund.

The aggregate amount of secured liabilities total £1,446,631 (2023 £ - £1,517,466).

Creditors include bank loans repayable by instalments of £468,000 (2023 - £472,000) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,255,715

1,386,667

Hire purchase contracts

8,564

7,679

1,264,279

1,394,346

Current loans and borrowings

2024
£

2023
£

Bank borrowings

179,027

118,000

Hire purchase contracts

3,323

5,120

Other borrowings

6,000

-

188,350

123,120

 

Foxglove Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

10

Related party transactions

Transactions with the Director

2023

At 31 March 2022
£

Repayments by Director
£

At 30 March 2023
£

J Leigh-Thompson

Directors loan account

52,834

(52,834)

-