M and G Care Limited 10582310 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is provision of residential care facilities. Digita Accounts Production Advanced 6.30.9574.0 true true 10582310 2023-02-01 2024-01-31 10582310 2024-01-31 10582310 bus:Consolidated 2024-01-31 10582310 core:RetainedEarningsAccumulatedLosses 2024-01-31 10582310 core:ShareCapital 2024-01-31 10582310 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 10582310 core:FurnitureFittingsToolsEquipment 2024-01-31 10582310 bus:SmallEntities 2023-02-01 2024-01-31 10582310 bus:Audited 2023-02-01 2024-01-31 10582310 bus:FullAccounts 2023-02-01 2024-01-31 10582310 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 10582310 bus:RegisteredOffice 2023-02-01 2024-01-31 10582310 bus:Director2 2023-02-01 2024-01-31 10582310 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 10582310 core:ToolsEquipment 2023-02-01 2024-01-31 10582310 countries:EnglandWales 2023-02-01 2024-01-31 10582310 core:FurnitureFittingsToolsEquipment 2023-01-31 10582310 2022-02-01 2023-01-31 10582310 2023-01-31 10582310 core:RetainedEarningsAccumulatedLosses 2023-01-31 10582310 core:ShareCapital 2023-01-31 10582310 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 10582310

Prepared for the registrar

M and G Care Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

M and G Care Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

M and G Care 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

 

M and G Care Limited

(Registration number: 10582310)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

-

-

Current assets

 

Debtors

5

309,044

508,909

Cash at bank and in hand

 

928

33,644

 

309,972

542,553

Creditors: Amounts falling due within one year

6

(716,406)

(948,987)

Net current liabilities

 

(406,434)

(406,434)

Net liabilities

 

(406,434)

(406,434)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(406,436)

(406,436)

Total equity

 

(406,434)

(406,434)

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

 

M and G Care 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 and 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

Furniture, fittings and equipment

33% straight line

 

M and G Care Limited

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

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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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.

 

M and G Care 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:

 

M and G Care Limited

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

 

5

Debtors

2024
 £

2023
 £

Trade debtors

309,044

508,909

 

6

Creditors

2024
 £

2023
 £

Due within one year

Amounts due to group undertakings

257,455

501,007

Social security and other taxes

454,152

430,635

Other creditors

4,799

17,345

716,406

948,987

 

7

Parent and ultimate parent undertaking

The company's immediate parent is Tanglewood Holding Company Limited, incorporated in England and Wales. The ultimate 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.