Origin Care Homes (Holbeach) Limited 13707050 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 13707050 2023-02-01 2024-01-31 13707050 2024-01-31 13707050 bus:Consolidated 2024-01-31 13707050 core:CurrentFinancialInstruments 2024-01-31 13707050 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 13707050 core:LandBuildings 2024-01-31 13707050 bus:SmallEntities 2023-02-01 2024-01-31 13707050 bus:Audited 2023-02-01 2024-01-31 13707050 bus:FullAccounts 2023-02-01 2024-01-31 13707050 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13707050 bus:RegisteredOffice 2023-02-01 2024-01-31 13707050 bus:Director2 2023-02-01 2024-01-31 13707050 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13707050 core:LandBuildings 2023-02-01 2024-01-31 13707050 countries:EnglandWales 2023-02-01 2024-01-31 13707050 core:LandBuildings 2023-01-31 13707050 2022-02-01 2023-01-31 13707050 2023-01-31 13707050 core:CurrentFinancialInstruments 2023-01-31 13707050 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 13707050 core:LandBuildings 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 13707050

Prepared for the registrar

Origin Care Homes (Holbeach) Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Origin Care Homes (Holbeach) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Origin Care Homes (Holbeach) 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 (Holbeach) Limited

(Registration number: 13707050)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

174,467

161,365

Current assets

 

Stocks

-

5,288

Debtors

5

254,970

77,879

Cash at bank and in hand

 

-

109

 

254,970

83,276

Creditors: Amounts falling due within one year

6

(1,993,735)

(1,110,256)

Net current liabilities

 

(1,738,765)

(1,026,980)

Net liabilities

 

(1,564,298)

(865,615)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(1,564,398)

(865,715)

Shareholders' deficit

 

(1,564,298)

(865,615)

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 (Holbeach) 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

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Origin Care Homes (Holbeach) Limited

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

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Land and buildings

Over the term of the lease

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.

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.
 

 

Origin Care Homes (Holbeach) 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 (Holbeach) Limited

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

 

4

Tangible assets

Leasehold land and buildings
£

Cost

At 1 February 2023

168,870

Additions

27,236

At 31 January 2024

196,106

Depreciation

At 1 February 2023

7,505

Charge for the year

14,134

At 31 January 2024

21,639

Carrying amount

At 31 January 2024

174,467

At 31 January 2023

161,365

 

5

Debtors

2024
 £

2023
 £

Other debtors

-

100

Prepayments

88,720

37,775

Accrued income

7,527

40,004

Deferred tax assets

158,723

-

 

254,970

77,879

 

Origin Care Homes (Holbeach) Limited

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

 

6

Creditors

2024
 £

2023
 £

Due within one year

Amounts due to group undertakings

1,361,585

728,266

Accrued expenses

628,012

381,840

Deferred income

4,138

150

1,993,735

1,110,256

 

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 £12,271 (2023 - £5,479).

 

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 £15,392,872 (2023 - £15,886,194).

 

9

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.

 

10

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.