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REGISTERED NUMBER: 02824328 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

RESIDENTIAL CARE SERVICES LTD

RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


RESIDENTIAL CARE SERVICES LTD

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Dr F Eribo
Dr L Eribo





REGISTERED OFFICE: 9 Grand Avenue
Wembley
Middlesex
HA9 6LS





REGISTERED NUMBER: 02824328 (England and Wales)






RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 69,473 44,749
Investment property 5 4,735,000 4,735,000
4,804,473 4,779,749

CURRENT ASSETS
Debtors 6 807,608 708,262
Cash at bank 33,756 262,001
841,364 970,263
CREDITORS
Amounts falling due within one year 7 413,142 509,513
NET CURRENT ASSETS 428,222 460,750
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,232,695

5,240,499

CREDITORS
Amounts falling due after more than one year 8 (833,879 ) (919,405 )

PROVISIONS FOR LIABILITIES 10 (475,116 ) (475,116 )
NET ASSETS 3,923,700 3,845,978

CAPITAL AND RESERVES
Called up share capital 11 2 2
Fair value reserve 1,572,863 1,572,863
Retained earnings 2,350,835 2,273,113
SHAREHOLDERS' FUNDS 3,923,700 3,845,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Dr F Eribo - Director


RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

RESIDENTIAL CARE SERVICES LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents residential fees and charges receivable from care homes and day care centres.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Initial recognition of financial assets and liabilities.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Initial measurement
When a financial asset or liability is recognised initially, the company shall measure it at the transaction price including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financial transaction, the company shall measure the financial asset or financial liability at the present value of the future payments discounted at the market rate of interest for a similar debt instrument.

Subsequent measurement
At the end of each reporting period, the company shall measure financial instruments without any deduction for transaction costs the company may incur on sale or other disposal. Debt instruments shall be measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year shall be measured at the undiscounted amount of the cash or other consideration expected to be paid or received unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financing transaction, the company shall measure the debt instrument at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial instruments

Impairment of financial instruments measured at cost or amortised cost. At the end of each reporting period, the company shall assess whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost.If there is objective evidence of impairment, the company shall recognise an impairment loss in profit or loss immediately.

Derecognition of a financial asset

The company shall derecognise a financial asset only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company shall derecognise the asset and recognise separately any rights and obligations retained or created in the transfer

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 35 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 95,638 126,154 222,903 444,695
Additions - - 48,000 48,000
Disposals - - (24,213 ) (24,213 )
At 31 March 2024 95,638 126,154 246,690 468,482
DEPRECIATION
At 1 April 2023 73,195 117,178 209,573 399,946
Charge for year 3,366 1,346 14,255 18,967
Eliminated on disposal - - (19,904 ) (19,904 )
At 31 March 2024 76,561 118,524 203,924 399,009
NET BOOK VALUE
At 31 March 2024 19,077 7,630 42,766 69,473
At 31 March 2023 22,443 8,976 13,330 44,749

RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 4,735,000
NET BOOK VALUE
At 31 March 2024 4,735,000
At 31 March 2023 4,735,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 2,307,329
Cost 2,427,671
4,735,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 2,427,671 2,427,671

investment properties were valued on fair value basis on 31 March 2022 by directors .

6. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 315,708 150,684
Other debtors - 15,678
315,708 166,362

Amounts falling due after more than one year:
Other debtors 491,900 541,900

Aggregate amounts 807,608 708,262

RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 112,000 112,000
Trade creditors 83,160 100,266
Tax 24,710 56,178
Social security and other taxes 40,832 33,865
Other creditors 16,857 1,757
Directors' current accounts 7,276 4,914
Accrued expenses 128,307 200,533
413,142 509,513

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 808,879 810,236
Bank loans more 5 yr by instal - 109,169
Hire purchase contracts 25,000 -
833,879 919,405

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 109,169

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 920,879 1,031,405

Secured on investment properties owned by the company.

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 475,116 475,116

RESIDENTIAL CARE SERVICES LTD (Registered number: 02824328)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 475,116
Balance at 31 March 2024 475,116

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2 Ordinary £1 2 2

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Dr L Eribo and Dr F Eribo
Balance outstanding at start of year 541,900 541,900
Amounts repaid (50,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 491,900 541,900

Interest is charged at 3% per year on the loan to directors. The loan is repayable within five years from 31 March 2021. The loan was made in February 2021.