Origin Care Homes (Developments) Limited 13338669 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the provision of care home services. Digita Accounts Production Advanced 6.30.9574.0 true true 13338669 2023-02-01 2024-01-31 13338669 2024-01-31 13338669 bus:Consolidated 2024-01-31 13338669 core:RetainedEarningsAccumulatedLosses 2024-01-31 13338669 core:ShareCapital 2024-01-31 13338669 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 13338669 bus:SmallEntities 2023-02-01 2024-01-31 13338669 bus:Audited 2023-02-01 2024-01-31 13338669 bus:FullAccounts 2023-02-01 2024-01-31 13338669 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13338669 bus:RegisteredOffice 2023-02-01 2024-01-31 13338669 bus:Director2 2023-02-01 2024-01-31 13338669 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13338669 countries:EnglandWales 2023-02-01 2024-01-31 13338669 2022-02-01 2023-01-31 13338669 2023-01-31 13338669 core:RetainedEarningsAccumulatedLosses 2023-01-31 13338669 core:ShareCapital 2023-01-31 13338669 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 13338669

Prepared for the registrar

Origin Care Homes (Developments) Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Origin Care Homes (Developments) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Origin Care Homes (Developments) Limited

Company Information

Director

M J Whitehead

Registered office

2 Endeavour Park
Boston
Lincolnshire
PE21 7TQ

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Origin Care Homes (Developments) Limited

(Registration number: 13338669)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Current assets

 

Stocks

4

-

95,000

Debtors

5

2,256,580

3,270,080

Cash at bank and in hand

 

597

702,715

 

2,257,177

4,067,795

Creditors: Amounts falling due within one year

6

(756,654)

(2,951,651)

Net assets

 

1,500,523

1,116,144

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,500,423

1,116,044

Total equity

 

1,500,523

1,116,144

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 director on 30 October 2024
 


M J Whitehead
Director

 

Origin Care Homes (Developments) Limited

Notes to the 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 Endeavour 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.

Name of parent of group

These financial statements are consolidated in the financial statements of Tanglewood Shared Services Limited.

The financial statements of Tanglewood Shared Services Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 sales/value added tax. 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.

 

Origin Care Homes (Developments) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

 

Origin Care Homes (Developments) Limited

Notes to the 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 the director) during the year, was as follows:

 

Origin Care Homes (Developments) Limited

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

 

5

Debtors

2024
 £

2023
 £

Amounts owed by group undertakings

1,468,481

-

Other debtors

230,814

221,323

Accrued income

557,285

3,048,757

 

2,256,580

3,270,080

 

6

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

25,724

184,445

Amounts due to group undertakings

-

1,682,790

Social security and other taxes

104,602

309,425

Accrued expenses

436,328

736,991

Corporation tax liability

190,000

-

Deferred income

-

38,000

756,654

2,951,651

 

7

Parent and ultimate parent undertaking

The company's immediate parent is Tanglewood Shared Services Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Tanglewood Shared Services Limited. These financial statements are available upon request from Companies House.

Up to 9 May 2024, Tanglewood Shared Services Limited was jointly controlled by G J Reid and M J Whitehead. Since this date, the ultimate controlling party is M J Whitehead.

 

8

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

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. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 October 2024 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.