Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30203600142718false2023-05-01No description of principal activity8768truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 3277099 2023-05-01 2024-04-30 3277099 2022-05-01 2023-04-30 3277099 2024-04-30 3277099 2023-04-30 3277099 c:Director2 2023-05-01 2024-04-30 3277099 d:Buildings 2023-05-01 2024-04-30 3277099 d:Buildings 2024-04-30 3277099 d:Buildings 2023-04-30 3277099 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 3277099 d:PlantMachinery 2023-05-01 2024-04-30 3277099 d:PlantMachinery 2024-04-30 3277099 d:PlantMachinery 2023-04-30 3277099 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 3277099 d:FurnitureFittings 2023-05-01 2024-04-30 3277099 d:FurnitureFittings 2024-04-30 3277099 d:FurnitureFittings 2023-04-30 3277099 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 3277099 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 3277099 d:Goodwill 2024-04-30 3277099 d:Goodwill 2023-04-30 3277099 d:CurrentFinancialInstruments 2024-04-30 3277099 d:CurrentFinancialInstruments 2023-04-30 3277099 d:Non-currentFinancialInstruments 2024-04-30 3277099 d:Non-currentFinancialInstruments 2023-04-30 3277099 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 3277099 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 3277099 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 3277099 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 3277099 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 3277099 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 3277099 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 3277099 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 3277099 d:ShareCapital 2024-04-30 3277099 d:ShareCapital 2023-04-30 3277099 d:RevaluationReserve 2023-05-01 2024-04-30 3277099 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 3277099 d:RetainedEarningsAccumulatedLosses 2024-04-30 3277099 d:RetainedEarningsAccumulatedLosses 2023-04-30 3277099 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-30 3277099 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 3277099 c:FRS102 2023-05-01 2024-04-30 3277099 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 3277099 c:FullAccounts 2023-05-01 2024-04-30 3277099 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 3277099 2 2023-05-01 2024-04-30 3277099 5 2023-05-01 2024-04-30 3277099 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 3277099 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 3277099 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 3277099 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 3277099 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 3277099










WATERFALL NURSING HOMES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
WATERFALL NURSING HOMES LIMITED
REGISTERED NUMBER: 3277099

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
209
2,709

Tangible assets
 5 
4,155,367
4,085,315

  
4,155,576
4,088,024

Current assets
  

Debtors: amounts falling due within one year
 6 
202,349
181,442

Cash at bank and in hand
 7 
121,576
209,124

  
323,925
390,566

Creditors: amounts falling due within one year
 8 
(634,250)
(406,606)

Net current liabilities
  
 
 
(310,325)
 
 
(16,040)

Total assets less current liabilities
  
3,845,251
4,071,984

Creditors: amounts falling due after more than one year
 9 
(2,021,467)
(2,225,358)

  

Net assets
  
1,823,784
1,846,626


Capital and reserves
  

Called up share capital 
  
152
152

Profit and loss account
 13 
1,823,632
1,846,474

  
1,823,784
1,846,626

Page 1

 
WATERFALL NURSING HOMES LIMITED
REGISTERED NUMBER: 3277099

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



R G Barden
Director

Date: 31 October 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.ACCOUNTING POLICIES

 
1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
1.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

 
1.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
1.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.7

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.8

CURRENT AND DEFERRED TAXATION

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.9

INTANGIBLE ASSETS

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over its useful economic life.
Page 4

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant & machinery
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.11

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
1.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.15

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
1.16

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing
Page 6

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.ACCOUNTING POLICIES (CONTINUED)


1.16
FINANCIAL INSTRUMENTS (continued)

transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
1.17

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


GENERAL INFORMATION

Waterfall Nursing Homes Limited is a limited company incorporated in England and Wales. The Company’s principal place of business is 45 Park Lane, Newport, Barnstaple, EX32 9AL.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 87 (2023 - 68).

Page 7

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


INTANGIBLE ASSETS




Goodwill

£



Cost


At 1 May 2023
48,542



At 30 April 2024

48,542



Amortisation


At 1 May 2023
45,833


Charge for the year on owned assets
2,500



At 30 April 2024

48,333



Net book value



At 30 April 2024
209



At 30 April 2023
2,709



Page 8

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery
Fixtures,  fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
3,603,366
1,742
1,146,097
4,751,205


Additions
16,379
273
219,777
236,429


Disposals
-
-
(10,504)
(10,504)



At 30 April 2024

3,619,745
2,015
1,355,370
4,977,130



Depreciation


At 1 May 2023
-
1,160
664,730
665,890


Charge for the year on owned assets
-
186
160,413
160,599


Disposals
-
-
(4,726)
(4,726)



At 30 April 2024

-
1,346
820,417
821,763



Net book value



At 30 April 2024
3,619,745
669
534,953
4,155,367



At 30 April 2023
3,603,366
582
481,367
4,085,315


6.


DEBTORS

2024
2023
£
£


Trade debtors
105,848
74,034

Other debtors
37,780
20,673

Deferred taxation
44,428
72,442

Corporation tax recoverable
14,293
14,293

202,349
181,442



7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
121,576
209,124


Page 9

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
108,910
76,200

Trade creditors
51,026
70,567

Amount due to Riva Ltd
-
95,780

Amount due to Waterfall Nursing Homes South Ltd
203,600
46,938

Taxation and social security
39,575
-

Other creditors
36,782
39,958

Accruals and deferred income
68,112
67,189

Directors' loan account
126,245
9,974

634,250
406,606



9.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,021,467
2,125,358

Other loans
-
100,000

2,021,467
2,225,358


Secured loans
Included within Bank loans are secured loans provided by Barclays Bank Plc. The total balance outstanding as at 30 April 2024 was £2,130,377 (2023 - £2,201,560). The loans are secured against the company's freehold investment properties. The loans are due for repayment by July 2027 and October 2026.

Page 10

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
108,910
76,200

Amounts falling due 1-2 years

Bank loans
1,011,239
76,200

Amounts falling due 2-5 years

Bank loans
1,010,229
2,049,159

Other loans
-
100,000


2,130,378
2,301,559



11.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
121,576
209,124




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 11

 
WATERFALL NURSING HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


DEFERRED TAXATION




2024


£






At beginning of year
72,442


Charged to profit or loss
(28,014)



At end of year
44,428

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(101,768)
(120,487)

Tax losses carried forward
146,196
192,929

44,428
72,442


13.


RESERVES

Revaluation reserve - freehold property

Includes all current and prior period adjustments to the fair value of freehold property.

Profit & loss account

Includes all current and prior period retained profits and losses.


Page 12