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Company No: 03444421 (England and Wales)

GABLES RESIDENTIAL HOME LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

GABLES RESIDENTIAL HOME LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

GABLES RESIDENTIAL HOME LIMITED

BALANCE SHEET

As at 29 February 2024
GABLES RESIDENTIAL HOME LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,084,411 1,100,061
1,084,411 1,100,061
Current assets
Stocks 800 350
Debtors 4 171,904 4,786
Cash at bank and in hand 206,545 253,765
379,249 258,901
Creditors: amounts falling due within one year 5 ( 73,833) ( 115,611)
Net current assets 305,416 143,290
Total assets less current liabilities 1,389,827 1,243,351
Provision for liabilities 6 ( 83,745) ( 87,645)
Net assets 1,306,082 1,155,706
Capital and reserves
Called-up share capital 150,000 150,000
Revaluation reserve 544,566 552,340
Profit and loss account 611,516 453,366
Total shareholder's funds 1,306,082 1,155,706

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gables Residential Home Limited (registered number: 03444421) were approved and authorised for issue by the Board of Directors on 11 October 2024. They were signed on its behalf by:

Dr P J Edwards
Director
J M Edwards
Director
GABLES RESIDENTIAL HOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
GABLES RESIDENTIAL HOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gables Residential Home Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is The Gables Residential Home, 1A Sydenham Way, Hanham, Bristol, BS15 3TG.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts received or receivable for the provision of services to the extent that there is a right to consideration and is recorded at the value of consideration due at the balance sheet date.

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 the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks consist of consumable goods and are stated at cost. Cost is determined using the first-in, first-out (FIFO) method.

Trade and other 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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 debtor.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 24

3. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 March 2023 1,120,000 184,672 2,359 1,307,031
Additions 0 15,450 0 15,450
At 29 February 2024 1,120,000 200,122 2,359 1,322,481
Accumulated depreciation
At 01 March 2023 67,199 138,830 941 206,970
Charge for the financial year 22,400 8,228 472 31,100
At 29 February 2024 89,599 147,058 1,413 238,070
Net book value
At 29 February 2024 1,030,401 53,064 946 1,084,411
At 28 February 2023 1,052,801 45,842 1,418 1,100,061

The fair value of the company's land and buildings was revalued on 31 October 2008. An independent valuer was not involved.

Had this class of asset been measured on a historical cost basis, the value would have been £451,280 (2023- £451,280).

4. Debtors

2024 2023
£ £
Trade debtors 15,968 0
Amounts owed by Parent undertakings 144,284 0
Other debtors 11,652 4,786
171,904 4,786

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 874 5,570
Amounts owed to Parent undertakings 0 55,716
Taxation and social security 40,395 35,422
Other creditors 32,564 18,903
73,833 115,611

6. Provision for liabilities

2024 2023
£ £
Deferred tax 83,745 87,645

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 20,332 5,756
between one and five years 30,498 0
50,830 5,756

Other financial commitments

2024 2023
£ £
Commitments in respect of parents and subsidiaries 1,705,749 1,753,116

The company, together with other group companies, is party to a cross guarantee against its parent's bank borrowing. The guarantee includes a fixed and floating charge over all assets of the company.

8. Ultimate controlling party

The company's immediate parent is Mortarbuy Limited, incorporated in England and Wales. Its registered office address is Albert Goodman, Lupin Way, Yeovil, Somerset, BA22 8WW.

These financial statements are available upon request from Companies House, Cardiff.