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COMPANY REGISTRATION NUMBER: 5587145
LAURELS CARE LIMITED
FILLETED FINANCIAL STATEMENTS
31 October 2023
LAURELS CARE LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
5,365,000
6,164,550
Investments
6
2
2
-------------
-------------
5,365,002
6,164,552
Current assets
Debtors
7
367,516
207,516
Cash at bank and in hand
6,720
59
----------
----------
374,236
207,575
Creditors: amounts falling due within one year
8
1,647,014
1,314,175
-------------
-------------
Net current liabilities
1,272,778
1,106,600
-------------
-------------
Total assets less current liabilities
4,092,224
5,057,952
Creditors: amounts falling due after more than one year
9
2,551,384
2,722,384
Provisions
Taxation including deferred tax
364,967
363,679
-------------
-------------
Net assets
1,175,873
1,971,889
-------------
-------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
11
351,337
1,150,887
Profit and loss account
11
824,534
821,000
-------------
-------------
Shareholders funds
1,175,873
1,971,889
-------------
-------------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
LAURELS CARE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
A Sheikh
Director
Company registration number: 5587145
LAURELS CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Castle House, 69 -70 Victoria Street, Englefield Green, Surrey, TW20 0QX.
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 properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
Turnover and revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year in respect of property rental and is recognised as space is provided.
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.
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. The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
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:
Fixtures and fittings
-
25% reducing balance
4. Tax on profit/(loss)
Major components of tax expense
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
1,288
87,651
-------
---------
Tax on profit/(loss)
1,288
87,651
-------
---------
The deferred tax charge for the year includes a provision of £nil (2022: £87,283) in respect of the future change in the corporation tax rate from 19% to 25% .
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 November 2022
6,164,550
10,420
6,174,970
Revaluations
( 799,550)
( 799,550)
-------------
---------
-------------
At 31 October 2023
5,365,000
10,420
5,375,420
-------------
---------
-------------
Depreciation
At 1 November 2022 and 31 October 2023
10,420
10,420
-------------
---------
-------------
Carrying amount
At 31 October 2023
5,365,000
5,365,000
-------------
---------
-------------
At 31 October 2022
6,164,550
6,164,550
-------------
---------
-------------
Land and buildings represents a freehold property. In the opinion of the directors, the carrying value of the freehold property as at 31 October 2023 which is based on the directors' valuation, is not significantly different from the open market fair value of the property.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 October 2023
Aggregate cost
5,013,663
Aggregate depreciation
-------------
Carrying value
5,013,663
-------------
At 31 October 2022
Aggregate cost
5,013,663
Aggregate depreciation
-------------
Carrying value
5,013,663
-------------
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
2
----
Impairment
At 1 November 2022 and 31 October 2023
----
Carrying amount
At 31 October 2023
2
----
At 31 October 2022
2
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
The Laurels Care Centre Ltd
Ordinary
100
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
367,516
207,516
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
43,833
126,025
Amounts owed to related parties
1,596,813
1,182,834
Other creditors
6,368
5,316
-------------
-------------
1,647,014
1,314,175
-------------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,551,384
2,722,384
-------------
-------------
The bank loans and overdrafts are secured over the freehold property and by guarantees given by other related companies.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
364,967
363,679
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
422,558
413,142
Unused tax losses
( 57,591)
( 49,463)
----------
----------
364,967
363,679
----------
----------
11. Reserves
Other reserve (non-distributable) - This reserve is used to record increases in the fair value of properties, net of deferred tax. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Contingencies
As at 31 October 2023, the company had given inter-company guarantees in respect of the bank borrowings of other companies amounting to £18,160,538 (2022: £18,542,706).
13. Summary audit opinion
The auditor's report dated 31 October 2024 was unqualified .
The senior statutory auditor was Charles Homan , for and on behalf of UHY Hacker Young (S.E.) Limited .
14. Related party transactions
At 31 October 2023, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £1,596,813 (2022: £1,182,834), in respect of loans from related party companies. The companies are related parties by virtue of the significant common influence exerted by the directors and shareholders. The loans are interest free, unsecured and repayable on demand.