REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
Newgrange of Cheshunt Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
Newgrange of Cheshunt Limited |
Newgrange of Cheshunt Limited (Registered number: 06708331) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Newgrange of Cheshunt Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor Cef Building |
Broomhill Way |
Torquay |
Devon |
TQ2 7QN |
Newgrange of Cheshunt Limited (Registered number: 06708331) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 212,350 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Newgrange of Cheshunt Limited (Registered number: 06708331) |
Balance Sheet - continued |
31 August 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newgrange of Cheshunt Limited (Registered number: 06708331) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Newgrange of Cheshunt Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover represents amounts derived from the provision of residential care services falling within the company's principal activities. Revenue is recognised when the amount of revenue can be measured reliably, it is possible that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Newgrange of Cheshunt Limited (Registered number: 06708331) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company holds the following financial instruments: |
- Short term trade and other debtors and creditors; |
- Short term intra group debtors and creditors; and |
- Cash and bank balances. |
All financial instruments are classified as basic. |
The company has chosen to apply the recognition and measurement principles in FRS102. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. |
Basic financial assets comprise short term trade and other debtors, short term intra group debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors and short term intra group creditors. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Newgrange of Cheshunt Limited (Registered number: 06708331) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | DEBTORS |
31.8.24 | 31.8.23 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Newgrange of Cheshunt Limited (Registered number: 06708331) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
as restated |
£ | £ |
Payments on account |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
as restated |
£ | £ |
Amounts owed to group undertakings |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | as restated |
£ | £ |
Ordinary | £1 | 1 | 1 |
9. | CONTINGENT LIABILITIES |
The company has entered into a cross guarantee to guarantee the indebtedness of its parent company to group bankers. At the balance sheet date the indebtedness of the parent company to group bankers was £1,569,201 (2023 - £1,750,000). The guarantee is secured by a charge over company assets. |
When the company purchased the care home as a going concern the total purchase price was apportioned between assets being acquired e.g. freehold land and buildings, fixtures, fittings and equipment and goodwill. Each asset will give rise to different accounting and tax treatment and the company is in continuing negotiations with HM Revenue and Customs regarding the overall apportionment. In this financial period, the company made a without prejudice payment on account of £119,236 to HM Revenue and Customs towards the potential additional corporation tax liability. This sum included accrued interest of £48,007. Until such time as the tax treatment of purchased goodwill is agreed with HM Revenue and Customs, this payment on account is shown in other debtors in these financial statements. |
10. | ULTIMATE CONTROLLING PARTY |
The company's parent company is Shervey Limited (company number: 06333002), the registered office address of the parent company is First Floor, CEF Building, Broomhill Way, Torquay, Devon, TQ2 7QN. |
As at 31 August 2024, the company owed £3,245,058 (2023 - £3,330,839) to its parent company, Shervey Limited. |