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REGISTERED NUMBER: 03092958 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

The Weir Nursing Home Ltd

The Weir Nursing Home Ltd (Registered number: 03092958)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Weir Nursing Home Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D A Kingham
J D H Kingham





REGISTERED OFFICE: Swainshill
Hereford
Herefordshire
HR4 7QF





REGISTERED NUMBER: 03092958 (England and Wales)





ACCOUNTANTS: R J Francis & Co
Suites 1 & 2
Marshall Business Centre
Faraday Road
Hereford
Herefordshire
HR4 9NS

The Weir Nursing Home Ltd (Registered number: 03092958)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 612,008 645,138

CURRENT ASSETS
Debtors 5 1,307,604 1,150,285
Cash at bank and in hand 155,064 248,175
1,462,668 1,398,460
CREDITORS
Amounts falling due within one year 6 513,781 587,062
NET CURRENT ASSETS 948,887 811,398
TOTAL ASSETS LESS CURRENT LIABILITIES 1,560,895 1,456,536

CREDITORS
Amounts falling due after more than one
year

7

293,337

336,958
NET ASSETS 1,267,558 1,119,578

CAPITAL AND RESERVES
Called up share capital 4,145 4,145
Capital redemption reserve 1,445 1,445
Retained earnings 1,261,968 1,113,988
1,267,558 1,119,578

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.

The Weir Nursing Home Ltd (Registered number: 03092958)

Balance Sheet - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





D A Kingham - Director


The Weir Nursing Home Ltd (Registered number: 03092958)

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

1. STATUTORY INFORMATION

The Weir Nursing Home 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.

Turnover
Turnover comprises revenue recognised by the Company in respect of services supplied during the year. Revenue is recognised monthly on the usage of rooms making necessary adjustments for accrued and deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line on buildings
Long leasehold - 2.5% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. The company recognises all research and development expenditure as an expense when it is incurred.

The Weir Nursing Home Ltd (Registered number: 03092958)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 44 ) .

The Weir Nursing Home Ltd (Registered number: 03092958)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 226,811 834,431 428,284 52,252 1,541,778
Disposals - - (21,692 ) (860 ) (22,552 )
At 31 March 2024 226,811 834,431 406,592 51,392 1,519,226
DEPRECIATION
At 1 April 2023 48,384 390,787 420,469 37,000 896,640
Charge for year 3,024 21,127 1,158 3,710 29,019
Eliminated on disposal - - (17,994 ) (447 ) (18,441 )
At 31 March 2024 51,408 411,914 403,633 40,263 907,218
NET BOOK VALUE
At 31 March 2024 175,403 422,517 2,959 11,129 612,008
At 31 March 2023 178,427 443,644 7,815 15,252 645,138

Included in freehold property is a property in which the company has beneficial ownership under a Declaration of Trust with the legal owner who is a director. The Declaration of Trust also makes provision for an obligation to the legal owner for all costs pertaining to the property.

Included within the property cost is freehold land at a cost of £75,604 (2023 £75,604) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 110,919 152,934
Amounts owed by group undertakings 1,015,413 933,377
Other debtors 181,272 63,974
1,307,604 1,150,285

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,332 30,657
Trade creditors 214,625 216,495
Amounts owed to group undertakings 13,378 -
Taxation and social security 33,603 63,355
Other creditors 211,843 276,555
513,781 587,062

The Weir Nursing Home Ltd (Registered number: 03092958)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 293,337 336,958

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 132,009 13,590

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 333,669 367,615

The Virgin Money bank loan is repayable in monthly instalments commencing July 2020, with the remaining balance being repayable in April 2031. The loan incurs interest at a floating rate of 2% over base rate per annum. The loan is secured by a fixed and floating charge over the assets of the company.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company has a loan due back from a director amounting to £128,961 (2023 - £55,428). Interest is charged at the official HMRC interest rate amounting to £2,072 (2023 - £Nil) and the loan is repayable on demand.

10. RELATED PARTY DISCLOSURES

At the year end the Company was owed £864,183 (2023: £769,525) from Staunton on Wye Nursing Home Ltd and £151,230 (2023: £161,230) from Kelsam Support Services Limited.

At the year end the Company owed to Cymbol Electronics Ltd £13,378 (2023: £12,378 owed from Cymbol Electronics Limited).

At the year end the company has a loan due back from a family member of the director amounting to £1,468 (2023: £1,668).

No interest is charged on the above loans, and these are considered repayable on demand.

During the year the Company paid management fees of £10,000 (2023: £10,000) to Cymbol Electronics Limited.

The company has also provided a cross guarantee to Staunton on Wye Nursing Home Limited, a related company, for it's bank loan.

Staunton on Wye Nursing Home Ltd and Cymbol Electronics Ltd are companies under common control, Kelsam Support Services Ltd has directors in common with the Company.