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Registration number: 03382175

M & M Care Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

M & M Care Homes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

M & M Care Homes Limited

Company Information

Directors

MM Every

JM Every

J Carr

Company secretary

J Carr

Registered office

15/19 Alliance Avenue
Anlaby Road
Hull
East Yorkshire
HU13 6QU

 

M & M Care Homes Limited

(Registration number: 03382175)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,181,130

1,217,819

Current assets

 

Debtors

5

5,479

11,418

Cash at bank and in hand

 

13,987

66,210

 

19,466

77,628

Creditors: Amounts falling due within one year

6

(437,735)

(512,187)

Net current liabilities

 

(418,269)

(434,559)

Total assets less current liabilities

 

762,861

783,260

Creditors: Amounts falling due after more than one year

6

(283,188)

(316,119)

Provisions for liabilities

(3,781)

(6,058)

Net assets

 

475,892

461,083

Capital and reserves

 

Called up share capital

300

300

Revaluation reserve

441,299

441,299

Retained earnings

34,293

19,484

Shareholders' funds

 

475,892

461,083

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

Directors' 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 Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

 

M & M Care Homes Limited

(Registration number: 03382175)
Balance Sheet as at 30 June 2024

.........................................
MM Every
Director

.........................................
J Carr
Company secretary and director

 

M & M Care Homes Limited

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

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 03382175.

The address of its registered office is:
15/19 Alliance Avenue
Anlaby Road
Hull
East Yorkshire
HU13 6QU

These financial statements were authorised for issue by the Board on 9 October 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 have been prepared in sterling and are rounded to the nearest pound.

Going concern

The Directors are aware that there is doubt over the going concern of the entity due to the net current liabilities of £418,269. This is mainly due to large Director loan balances of £362,443. The Directors have confirmed that they will not seek repayment of the amount until the entity is in a position where it is able to repay it.

The Directors have confirmed that they will continue to support the entity in repaying debts and are satisfied that the going concern basis may be used.

Revenue recognition

Turnover arises from the provision of services. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the rendering of residential nursing services in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the provision of services is recognised when the service is performed.

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 of each of the companies activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

M & M Care Homes Limited

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

Tax

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 in the countries where the company operates and generates taxable income.

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 the 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 measure using the 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
 

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

Freehold property

50 years on cost

Fixtures and fittings

20% on cost

Office equipment

33% on cost

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.

 

M & M Care Homes Limited

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 57 (2023 - 58).

 

M & M Care Homes Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

1,235,349

138,527

1,373,876

Additions

-

698

698

At 30 June 2024

1,235,349

139,225

1,374,574

Depreciation

At 1 July 2023

49,414

106,643

156,057

Charge for the year

24,707

12,680

37,387

At 30 June 2024

74,121

119,323

193,444

Carrying amount

At 30 June 2024

1,161,228

19,902

1,181,130

At 30 June 2023

1,185,935

31,884

1,217,819

Included within the net book value of land and buildings above is £1,161,228 (2023 - £1,185,935) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Prepayments

346

170

Other debtors

5,133

11,248

5,479

11,418

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

393,504

456,092

Taxation and social security

 

21,914

30,788

Accruals and deferred income

 

5,036

4,920

Other creditors

 

17,281

20,387

 

437,735

512,187

 

M & M Care Homes Limited

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

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

283,188

316,119

2024
£

2023
£

Current loans and borrowings

Bank borrowings

31,061

20,629

Hire purchase contracts

-

5,822

Other borrowings

362,443

429,641

393,504

456,092

The bank loan is secured by fixed and floating charges over the property.

Hire purchase liabilities are secured on the related asset financed.

Other borrowings are in relation to the directors loan accounts, which are unsecured.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £2,100).

9

Related party transactions

Other transactions with Directors

At the year end, the company owed the directors £362,443 (2023: £429,641). This amount is unsecured, interest free and repayable on demand.