Company registration number 04577994 (England and Wales)
ADR CARE HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ADR CARE HOMES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ADR CARE HOMES LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,498,581
3,575,105
Current assets
Debtors
5
3,209,606
2,405,045
Cash at bank and in hand
77,413
7,327
3,287,019
2,412,372
Creditors: amounts falling due within one year
6
(609,856)
(754,583)
Net current assets
2,677,163
1,657,789
Total assets less current liabilities
5,175,744
5,232,894
Creditors: amounts falling due after more than one year
7
(913,790)
(1,109,723)
Provisions for liabilities
(32,651)
(40,974)
Net assets
4,229,303
4,082,197
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
4,229,301
4,082,195
Total equity
4,229,303
4,082,197
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADR CARE HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Ms S Rudd
Director
Company registration number 04577994 (England and Wales)
ADR CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
ADR Care Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bethany Francis House, 106 Cambridge Street, St. Neots, Cambridgeshire, England, PE19 1PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on cost
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ADR CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
44
44
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
481,465
Amortisation and impairment
At 1 November 2022 and 31 October 2023
481,465
Carrying amount
At 31 October 2023
At 31 October 2022
ADR CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
4,820,286
73,609
30,831
150,092
5,074,818
Disposals
(1,312,586)
(45,673)
(18,621)
(1,376,880)
At 31 October 2023
3,507,700
27,936
12,210
150,092
3,697,938
Depreciation and impairment
At 1 November 2022
1,311,023
60,472
25,788
102,430
1,499,713
Depreciation charged in the year
80,492
5,144
2,229
12,710
100,575
Eliminated in respect of disposals
(343,736)
(39,237)
(17,958)
(400,931)
At 31 October 2023
1,047,779
26,379
10,059
115,140
1,199,357
Carrying amount
At 31 October 2023
2,459,921
1,557
2,151
34,952
2,498,581
At 31 October 2022
3,509,263
13,137
5,043
47,662
3,575,105
Freehold land and buildings with a carrying amount of £2,459,921 (2022: £3,509,263) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
100,851
136,270
Amounts owed by group undertakings
1,990,718
1,031,006
Other debtors
1,118,037
1,237,769
3,209,606
2,405,045
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
206,681
217,429
Trade creditors
195,059
198,652
Corporation tax
17,875
230,347
Other taxation and social security
108,915
30,416
Other creditors
81,326
77,739
609,856
754,583
ADR CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
913,790
1,109,723
8
Directors' advances, credits and guarantees
The company was under the control of the directors' throughout the current and previous year.
The directors' maintain a loan account with the company. At the beginning of the year the directors' owed the company £990,059. During the year there were advances to the directors' totalling £154,540 (2022: £152,310) and repayments of £154,710 (2022: £309,733). At the reporting date the directors' owed the company £989,890. The advances include interest charged of £21,912 (2022: £21,194) and no amounts have been written off.