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Registered number: 09598613
Littlefair Care Home Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09598613
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,091,767 2,086,347
2,091,767 2,086,347
CURRENT ASSETS
Debtors 5 117,326 100,119
Cash at bank and in hand 40,112 25,067
157,438 125,186
Creditors: Amounts Falling Due Within One Year 6 (1,413,813 ) (887,008 )
NET CURRENT ASSETS (LIABILITIES) (1,256,375 ) (761,822 )
TOTAL ASSETS LESS CURRENT LIABILITIES 835,392 1,324,525
Creditors: Amounts Falling Due After More Than One Year 7 - (566,095 )
NET ASSETS 835,392 758,430
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 835,292 758,330
SHAREHOLDERS' FUNDS 835,392 758,430
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N A Sherard
Director
30/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Littlefair Care Home Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09598613 . The registered office is Routh, Charlwood Road, Horley, RH6 0AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The directors believe that the going concern basis of accounting is not appropriate due to advanced negotiations in regards to the sale of trade and assets of the entity which is likely to take place within 12 months of the date of signature. Therefore, the financial statements have been prepared on a basis of accounting other than that of a going concern and this includes moving all non-current liabilities to current.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.The fair value of consideration takes into account trade discounts, settlment discounts and volume rebates.
Rendering of services
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line on property improvements
Plant & Machinery 18% - 33% reducing balance
Fixtures & Fittings 15% straight line
Computer Equipment 25% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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2.6. Financial Instruments
The company has elected to apply the provisionf of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the  present value of the future receipts discounted at a market rate of interest.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
2.11. Employee benefits
The cost of short-term employee benefits are recognised as a liability and as an espense.
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2.12. Retirement benefits
Payments to defined contribution schemes are charged as an expense as they fall due.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 52 (2022: 45)
52 45
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 2,009,071 281,089 17,610 7,971 2,315,741
Additions 29,253 - 1,836 - 31,089
As at 31 October 2023 2,038,324 281,089 19,446 7,971 2,346,830
Depreciation
As at 1 November 2022 7,905 200,342 14,180 6,967 229,394
Provided during the period 3,942 19,567 1,722 438 25,669
As at 31 October 2023 11,847 219,909 15,902 7,405 255,063
Net Book Value
As at 31 October 2023 2,026,477 61,180 3,544 566 2,091,767
As at 1 November 2022 2,001,166 80,747 3,430 1,004 2,086,347
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 73,959 88,033
Other debtors 43,367 12,086
117,326 100,119
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 11,463
Trade creditors 94,999 56,828
Bank loans and overdrafts 612,888 68,576
Other creditors 655,796 683,674
Taxation and social security 50,130 66,467
1,413,813 887,008
Bank loans, included within creditors falling due within one year is secured by a fixed charged over the freehold land and buildings held by the company. The balance is held within current liabilities, due to the potential sale of trade and assets and hence the financial statements have been prepared on a basis other than that of going concern.
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 566,095
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 11,463
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Post Balance Sheet Events
As disclosed in note 2.2, the company is in advance negotiations for the sale of trade and assets to a third party and therefore the financial statements have been prepared on a basis other than that of going concern. Although the sale has not been confirmed, it is considered highly likely to occur within 12 months from the date of signature.
11. Related Party Transactions
At the balance sheet date, the company owed £556,622 (2022: £669,936) to the director and this is considered repayable on demand and accrues no interest.
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