29 false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 229,056 191,293 250,000 250,000 xbrli:pure xbrli:shares iso4217:GBP 05044507 2023-03-01 2024-02-29 05044507 2024-02-29 05044507 2023-02-28 05044507 2022-03-01 2023-02-28 05044507 2023-02-28 05044507 2022-02-28 05044507 core:NetGoodwill 2023-03-01 2024-02-29 05044507 core:LandBuildings 2023-03-01 2024-02-29 05044507 core:FurnitureFittings 2023-03-01 2024-02-29 05044507 core:MotorVehicles 2023-03-01 2024-02-29 05044507 bus:RegisteredOffice 2023-03-01 2024-02-29 05044507 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 05044507 bus:Director1 2023-03-01 2024-02-29 05044507 bus:Director2 2023-03-01 2024-02-29 05044507 bus:CompanySecretary1 2023-03-01 2024-02-29 05044507 core:NetGoodwill 2024-02-29 05044507 core:LandBuildings 2023-02-28 05044507 core:FurnitureFittings 2023-02-28 05044507 core:MotorVehicles 2023-02-28 05044507 core:LandBuildings 2024-02-29 05044507 core:FurnitureFittings 2024-02-29 05044507 core:MotorVehicles 2024-02-29 05044507 core:WithinOneYear 2024-02-29 05044507 core:WithinOneYear 2023-02-28 05044507 core:AfterOneYear 2024-02-29 05044507 core:AfterOneYear 2023-02-28 05044507 core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 05044507 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 05044507 core:RetainedEarningsAccumulatedLosses 2023-02-28 05044507 core:RetainedEarningsAccumulatedLosses 2022-02-28 05044507 core:RetainedEarningsAccumulatedLosses 2024-02-29 05044507 core:RetainedEarningsAccumulatedLosses 2023-02-28 05044507 core:ShareCapital 2024-02-29 05044507 core:ShareCapital 2023-02-28 05044507 core:LandBuildings 2023-02-28 05044507 core:FurnitureFittings 2023-02-28 05044507 core:MotorVehicles 2023-02-28 05044507 bus:Director1 2023-02-28 05044507 bus:Director1 2024-02-29 05044507 bus:Director2 2023-02-28 05044507 bus:Director2 2024-02-29 05044507 bus:Director1 2022-02-28 05044507 bus:Director1 2023-02-28 05044507 bus:Director2 2022-02-28 05044507 bus:Director2 2023-02-28 05044507 bus:Director1 2022-03-01 2023-02-28 05044507 bus:Director2 2022-03-01 2023-02-28 05044507 bus:SmallEntities 2023-03-01 2024-02-29 05044507 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05044507 bus:FullAccounts 2023-03-01 2024-02-29 05044507 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05044507 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05044507 core:ComputerEquipment 2023-03-01 2024-02-29 05044507 core:ComputerEquipment 2023-02-28 05044507 core:ComputerEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 05044507
Branksome Care Limited
Unaudited Financial Statements
29 February 2024
Branksome Care Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
13
Branksome Care Limited
Directors' Report
Year ended 29 February 2024
The directors present their report and the unaudited financial statements of the company for the year ended 29 February 2024 .
Directors
The directors who served the company during the year were as follows:
Mr J Vijayanathan
Mrs J Vijayanathan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Joseph Vijayanathan
Company Secretary
Registered office:
60 Lakewood Road
Chandlers Ford
Eastleigh
Hants
SO53 5AA
Branksome Care Limited
Statement of Income and Retained Earnings
Year ended 29 February 2024
2024
2023
Note
£
£
Turnover
1,245,371
1,140,432
Cost of sales
656,265
628,732
------------
------------
Gross profit
589,106
511,700
Administrative expenses
206,161
230,530
Other operating income
3,000
---------
---------
Operating profit
385,945
281,170
Other interest receivable and similar income
171
Interest payable and similar expenses
80,962
39,638
---------
---------
Profit before taxation
5
305,154
241,532
Tax on profit
76,098
50,239
---------
---------
Profit for the financial year and total comprehensive income
229,056
191,293
---------
---------
Dividends paid and payable
( 54,000)
( 108,000)
Retained earnings at the start of the year
604,787
521,494
---------
---------
Retained earnings at the end of the year
779,843
604,787
---------
---------
All the activities of the company are from continuing operations.
Branksome Care Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
998,816
1,008,540
Current assets
Debtors
8
1,190,567
995,919
Cash at bank and in hand
4,875
126,181
------------
------------
1,195,442
1,122,100
Creditors: amounts falling due within one year
9
429,892
441,956
------------
------------
Net current assets
765,550
680,144
------------
------------
Total assets less current liabilities
1,764,366
1,688,684
Creditors: amounts falling due after more than one year
10
980,925
1,079,726
Provisions
Taxation including deferred tax
3,496
4,069
------------
------------
Net assets
779,945
604,889
------------
------------
Capital and reserves
Called up share capital
102
102
Profit and loss account
779,843
604,787
---------
---------
Shareholders funds
779,945
604,889
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Branksome Care Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr J Vijayanathan
Director
Company registration number: 05044507
Branksome Care Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Lakewood Road, Chandlers Ford, Eastleigh, Hants, SO53 5AA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
1% straight line
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer and office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 29 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
20,963
20,556
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
250,000
---------
Amortisation
At 1 March 2023 and 29 February 2024
250,000
---------
Carrying amount
At 29 February 2024
---------
At 28 February 2023
---------
7. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
1,094,815
185,335
18,864
31,641
1,330,655
Additions
8,341
2,898
11,239
------------
---------
--------
--------
------------
At 29 February 2024
1,094,815
193,676
18,864
34,539
1,341,894
------------
---------
--------
--------
------------
Depreciation
At 1 March 2023
115,098
168,518
15,507
22,992
322,115
Charge for the year
10,948
6,289
839
2,887
20,963
------------
---------
--------
--------
------------
At 29 February 2024
126,046
174,807
16,346
25,879
343,078
------------
---------
--------
--------
------------
Carrying amount
At 29 February 2024
968,769
18,869
2,518
8,660
998,816
------------
---------
--------
--------
------------
At 28 February 2023
979,717
16,817
3,357
8,649
1,008,540
------------
---------
--------
--------
------------
8. Debtors
2024
2023
£
£
Trade debtors
126,936
87,829
Other debtors
1,063,631
908,090
------------
---------
1,190,567
995,919
------------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
94,552
101,698
Trade creditors
4,904
5,549
Corporation tax
76,671
49,405
Social security and other taxes
9,151
Other creditors
244,614
285,304
---------
---------
429,892
441,956
---------
---------
The bank loans are also secured by a first legal mortgage over a freehold property owned by the Directors, and a personal guarantee provided by Mr J Vijayanathan .
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
980,925
1,079,726
---------
------------
The bank loans are also secured by a first legal mortgage over a freehold property owned by the Directors, and a personal guarantee provided by Mr J Vijayanathan .
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Vijayanathan
( 103,936)
59,762
( 24,000)
( 68,174)
Mrs J Vijayanathan
( 131,757)
56,293
( 24,000)
( 99,464)
---------
---------
--------
---------
( 235,693)
116,055
( 48,000)
( 167,638)
---------
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Vijayanathan
( 88,180)
34,244
( 50,000)
( 103,936)
Mrs J Vijayanathan
( 112,535)
30,778
( 50,000)
( 131,757)
---------
--------
---------
---------
( 200,715)
65,022
( 100,000)
( 235,693)
---------
--------
---------
---------
12. Related party transactions
The company was under the control of Mr and Mrs J Vijayanathan throughout the current and previous year, being equal shareholders in the company. Mr J Vijayanathan is the managing director. Dividends paid during the year were £54,000 (2023:£108,000)During the year the company made an interest free loan of £1,057,000 to a company in which the Directors are majority shareholders and directors.
Branksome Care Limited
Management Information
Year ended 29 February 2024
The following pages do not form part of the financial statements.
Branksome Care Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Branksome Care Limited
Year ended 29 February 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 29 February 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ATKINSONS Chartered accountants
32 Hiltingbury Road Chandlers Ford Hampshire SO53 5SS
17 September 2024