Registered number:
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
COMPANY INFORMATION
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ST MATTHEWS (WEST) LIMITED
CONTENTS
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ST MATTHEWS (WEST) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The directors present the strategic report and financial statements for the year ended 31 August 2023.
The principal activity of the Company continued to be that of owning and operating nursing homes and mental health care facilities.
Following the challenges of the Covid 19 pandemic, Performance through the year has remained relatively stable. The Dallingtons has continued to support on average of 34 patients, reflecting a 86% utilization of capacity.
Commissioners
The principal risks and uncertainties for the business relate to the large proportion of revenue derived from public bodies such as Local Authorities, ICB's (Integrated Care Boards) and other NHS (National Health Service) Trusts. The directors are aware that pressure on fees and volume of placements could cause such publicly funded bodies to allocate less money to the types of services provided by the Company. Also, in common with the majority of government-funded service providers, most of the Company's price changes take effect annually on 1 April and are linked to general inflation indices such as the Retail Price Index ("RPI"). Such changes could have material impact on the Company's revenue. These factors are to a great extent, beyond the control of the Company although it manages its risk by spreading its customer base and maintaining good relationships with the commissioners. Regulators The Company's services are subject to a high level of regulation by various regulatory bodies. New regulations may be introduced that could impose increased costs on the company's operations. The Company is unable to predict the content of new legislation and regulations and their effect on its business. Inspections are carried out by regulators on both an announced and unannounced basis. The failure to comply with Government Regulations, the receipt of a negative report that leads to a finding of non-compliance, or the failure of the Company to cure any defect noted in an inspection, could result in the revocation of the Company's registration. The Company conducts regular internal audits of safety and compliance with regulatory requirements. Finance The Company’s main financial composition of cash, trade debtors and trade creditors as well as its debt are well managed. These financial instruments provide the company with the necessary funding to undertake its activities. Their risks are managed through robust policies and procedures as well as key performance indicators that are monitored monthly. In the current high inflationary environment, strong cost control and strategies to deal with price risks are mitigated to manage some of the impact. As a specialist niche provider, the directors believe that the company’s position is stable and that the demand for their care pathways will not diminish. However, the directors are in constant communication with the company’s stakeholders to ensure that actions are taken in pre-emption of any possible unwillingness by funders to adjust fees in line with inflation. The majority of the Company's debt is in relation to fixed term loans with High Street lenders with pre-agreed terms and specified loan interest margins. The Company monitors interest rate movements and would review its gearing levels should rates rise significantly.
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ST MATTHEWS (WEST) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
The directors monitor progress on the overall strategy and the individual elements by reference to the following key performance indicators:
Turnover for the year is £4,392,818 (2022 - £4,173,429). The increase is as a result of increased rates. Operating profit for the year is £1,283,536 (2022 - £1,382,267). The bed occupancy rate percentage for the year is 86% (2022 - 91%).
The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation and consider that the Group has sufficient resources to continue in operations for the foreseeable future. The directors do, however, acknowledge that uncertainty around the timing of re-admissions due to the delayed rating report of The Broomhill Hospital (caused by internal IT technical issues within CQC) and the maturity of the loan liabilities falling due within one year, may be perceived as material uncertainties that may cast some doubt on the ability of the group to continue as a going concern. Further details of this assessment can be found in note 2.3 of the financial statements.
The Dallingtons remains an integral part of the Group’s circular pathway provision. The Directors will continue to seek opportunities to ensure the correct environment for rehabilitation of our service users. The medium-term strategy remains to ensure the relevance of any services being provided to the needs of the local market and the requirement to ensure that the facility is set up to provide these needs. Should any directional change be required to support the local market, the Directors will seek to review and change accordingly.
The directors always consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 31 August 2023.
The overall Group strategy, which was delivered by the directors and senior managers to the Company in the autumn of 2022, is designed to have a long term beneficial impact and to contribute to its success in delivering a high quality of service across the Company. The strategy, built around the 6 main pillars of People Development, Care and Clinical Excellence, Innovation and Digitalisation, Social Values, Financial Stability, Growth and Development, which are underpinned by our shared values of People First, Passion for Care, Pursue Diversity, Positivity, Partnershop and Progressive. This strategy has been widely acknowledged as a positive step throughout the company, reflecting in tangible improvements in retention of staff and recruitment both externally and from placed temporary (Agency) staff.
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ST MATTHEWS (WEST) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
This report was approved by the board and signed on its behalf.
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ST MATTHEWS (WEST) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The directors present their report and the financial statements for the year ended 31 August 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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;
∙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 to 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.
The profit for the year, after taxation, amounted to £979,054 (2022 - £1,289,707).
Dividends of £Nil (2022 - £Nil) were paid in the year.
The directors who served during the year were:
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ST MATTHEWS (WEST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
The Company has various financial assets and liabilities such as trade receivables and trade payables arising directly from its operations. In addition the Company has other financial instruments including loans and overdrafts.
i) Liquidity risk The Company manages its cash and borrowing requirements to optimise interest income and minimise expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of its business. ii) Interest rate risk The Company is exposed to interest rate risk on various credit facilities. iii) Credit risk Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
In accordance with Section 414c (ii) of the Companies Act 2006, the Directors have chosen to include the following items in the Company Strategic report:
- Future Developments
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ST MATTHEWS (WEST) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MATTHEWS (WEST) LIMITED
We have audited the financial statements of St Matthews (West) Limited (the 'Company') for the year ended 31 August 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including 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).
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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to Note 2.2 in the financial statements, which indicates that the group, this entity belongs to, received an Inadequate Care Quality Commission rating in February 2024, resulting in the inactivity of admissions for the largest care facility. This note also refers to the bank loan facility terms which extend to a period of fewer than twelve months.
As stated in Note 2.2, these events or conditions, along with other matters as set forth in Note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ST MATTHEWS (WEST) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MATTHEWS (WEST) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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ST MATTHEWS (WEST) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MATTHEWS (WEST) LIMITED (CONTINUED)
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 Auditors' 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:
-Enquiry of management around actual and potential litigation and claims;
- Enquiry of staff to identify any instances of non-compliance with laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and review of accounting estimates for bias; - Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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ST MATTHEWS (WEST) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MATTHEWS (WEST) LIMITED (CONTINUED)
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 Auditors' 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
Statutory Auditors
Northampton, United Kingdom
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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ST MATTHEWS (WEST) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
REGISTERED NUMBER: 07947886
BALANCE SHEET
AS AT 31 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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ST MATTHEWS (WEST) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
St Matthews (West) Limited is a private company limited by shares, incorporated in England and Wales, registered number 07947886. The registered office is Boughton House Broomhill, Holdenby Road, Spratton, Northampton, United Kingdom, NN6 8LD.
The principal place of business is The Dallingtons, 116 Harlestone Road, Northampton, NN5 6AB. The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Seebeck 122 Limited as at 31 August 2023 and these financial statements may be obtained from Companies House.
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation and consider that the Company has sufficient resources to continue in operations for the foreseeable future. To support this consideration, the Directors have prepared budgets for the coming 12 months as well as forecasts of future performance (which include future cash flows). These budgets and forecast have reflected not only the increased occupancy anticipated but also other regulatory and governmental challenges as well as staff investment needed to meet the expected growth of occupancy. The mitigating actions being undertaken in response to Care Quality Commission (CQC) and local Integrated Care Board (ICB) inspections, have been critical in the assumptions used in the evaluation of future occupancy and therefore performance. In particular, the Directors have assessed, conservatively, the growth in occupancy of its largest hospital facility, The Broomhill Hospital, following its re-rating by CQC to “Requires Improvement”.
Despite the current actions being taken and the comments below, the directors do, however, acknowledge that uncertainty around the timing of re-admissions due to the delayed rating report of The Broomhill Hospital (caused by internal IT technical issues within CQC) and the maturity of the loan liabilities falling due within one year, may be perceived as material uncertainties that may cast some doubt on the ability of the company to continue as a going concern. However, the Directors believe strongly that there is sufficient evidence to support their confidence that these challenges can be met. (i) The Directors have an expectation to see admissions commence following the circulation of an open letter from the Chief Nursing Officer of the local ICB to all stakeholders. They have confirmed the unexpected serious IT challenges being faced by CQC (who acknowledged this occurrence and impact) in publishing the new report on their portal. This communication intervention has not only seen an increase in discussions about referral of new cases for Broomhill but also paved a pathway for long term strategic collaborative partnerships. New placements are now being approved for admission by the respective funders. Furthermore, a clear timeline and phases of admissions was identified by them, confirming the importance of this hospital to the ICB and their continued support of Broomhill. (ii) With the backing from and relationship with their banks, the Directors strongly believe that these facilities will be renegotiated to beyond the current terms and point to a number of important key factors: (a) the support being provided by the banks in refinancing its facilities over the last few years and (b) the continued support being provided as evidenced in the latest agreed refinancing of the existing facility agreement, provided to align with the Group’s current needs. On this basis, and having given due regards to the main issues, the Directors continue to believe that the going concern basis of accounting in preparing the financial statements remains appropriate. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideraiton received or receivable, excluding discounts and rebates.
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following basis: Goodwill - 10 years straight line
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Key source of estimation uncertainty - Determining the residual values and useful economic lives of property, plant and equipment The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgment is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value, management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
The whole of the turnover is attributable to the pricipal activity of the Company.
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Profit and loss account
The Company is a party to a composite bank guarantee in respect of all borrowing of the Seebeck 122 Limited group (comprising St Matthew Holdings Limited, St Matthews Limited, St Matthews (West) Limited and St Matthews (North) Limited) advanced by the Santander bank At the balance sheet date these borrowings amounted to £18,611,653 (2022 - £22,700,000).
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ST MATTHEWS (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £13,137 (2022 - £4,757) were payable to the fund at the balance sheet date and are included in other creditors.
The parent undertaking is St Matthews Holdings Limited, a limited liability company registered in England and Wales.
The ultimate parent undertaking is Seebeck 122 Limited, a limited liability company registered in England and Wales. This ultimate parent company heads both the smallest and largest group for which consolidated financial statements containing the results and position of the company are prepared and copies of these can be obtained from Seebeck 122 Limited's registered office at Boughton House, Holdenby Road, Spratton, Northampton, NN6 8LD. In the opinion of the directors, there is no ultimate controlling parting of St Matthews (West) Limited.
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