Torwood Care Limited 14120701 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the provision of care services. Digita Accounts Production Advanced 6.30.9574.0 true true 14120701 2023-02-01 2024-01-31 14120701 2024-01-31 14120701 core:CurrentFinancialInstruments 2024-01-31 14120701 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 14120701 core:LandBuildings 2024-01-31 14120701 bus:SmallEntities 2023-02-01 2024-01-31 14120701 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 14120701 bus:FullAccounts 2023-02-01 2024-01-31 14120701 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 14120701 bus:RegisteredOffice 2023-02-01 2024-01-31 14120701 bus:Director1 2023-02-01 2024-01-31 14120701 bus:Director3 2023-02-01 2024-01-31 14120701 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 14120701 core:LandBuildings 2023-02-01 2024-01-31 14120701 core:LeaseholdImprovements 2023-02-01 2024-01-31 14120701 countries:EnglandWales 2023-02-01 2024-01-31 14120701 2022-05-20 2023-01-31 14120701 2023-01-31 14120701 core:CurrentFinancialInstruments 2023-01-31 14120701 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 14120701 core:LandBuildings 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 14120701

Prepared for the registrar

Torwood Care Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Torwood Care Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Torwood Care Limited

Company Information

Directors

M C Hutson

D T Spencer

Registered office

2 Endeavor Park
Boston
Lincolnshire
PE21 7TQ

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Torwood Care Limited

(Registration number: 14120701)
Balance Sheet as at 31 January 2024

Note

31 January 2024
£

31 January 2023
£

Fixed assets

 

Tangible assets

4

195,535

-

Current assets

 

Debtors

5

347,867

2

Cash at bank and in hand

 

50,000

-

 

397,867

2

Creditors: Amounts falling due within one year

6

(1,026,643)

-

Net current (liabilities)/assets

 

(628,776)

2

Net (liabilities)/assets

 

(433,241)

2

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(433,243)

-

Shareholders' (deficit)/funds

 

(433,241)

2

For the financial year ending 31 January 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 


M C Hutson
Director

 

Torwood Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Endeavor Park
Boston
Lincolnshire
PE21 7TQ

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

Notwithstanding the net liability position shown on the balance sheet, the financial statements have been prepared on the going concern basis. The directors have considered the forecast cash flows and the cash requirements of the business in their assessment of going concern. As a result of this assessment it was concluded that the cash requirements of the business for the 12 months from signing will be met through a combination of operational cash flows and intergroup loans and thus the business is deemed to operate as a going concern.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of discounts. 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 for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over the term of the lease

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.

 

Torwood Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Torwood Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Torwood Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

4

Tangible assets

Leasehold land and buildings
£

Cost

Additions and at 31 January 2024

196,471

Depreciation

Charge for the year and at 31 January 2024

936

Carrying amount

At 31 January 2024

195,535

At 31 January 2023

-

 

5

Debtors

31 January 2024
 £

31 January 2023
 £

Amounts owed by related parties

-

2

Other debtors

320,000

-

Prepayments

25,610

-

Accrued income

2,257

-

 

347,867

2

 

6

Creditors

31 January 2024
 £

31 January 2023
 £

Due within one year

Amounts due to related parties

851,381

-

Social security and other taxes

9,197

-

Outstanding defined contribution pension costs

1,624

-

Accrued expenses

164,213

-

Deferred income

228

-

1,026,643

-

 

7

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £1,624 (2023 - £Nil).

Contributions totalling £1,624 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

 

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 £22,793,750 (2023 - £Nil).

 

Torwood Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

9

Parent and ultimate parent undertaking

The company is jointly controlled by Tanglewood Shared Services Limited and Burghley Care Limited.

 

10

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.