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REGISTERED NUMBER: 06708331 (England and Wales)





















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: N S Meyer
Mrs A P MacFarlane





REGISTERED OFFICE: First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN





REGISTERED NUMBER: 06708331 (England and Wales)





ACCOUNTANTS: Mark Ward Chartered Certified 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 3,618,246 3,656,237

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 5 145,859 28,079
Cash at bank 33,038 25,945
181,397 56,524
CREDITORS
Amounts falling due within one year 6 101,172 95,630
NET CURRENT ASSETS/(LIABILITIES) 80,225 (39,106 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,698,471 3,617,131

CREDITORS
Amounts falling due after more than one
year

7

(3,245,058

)

(3,330,839

)

PROVISIONS FOR LIABILITIES (77,897 ) (73,941 )
NET ASSETS 375,516 212,351

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 375,515 212,350
SHAREHOLDERS' FUNDS 375,516 212,351

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





N S Meyer - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on cost

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 46 (2023 - 43 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 September 2023 3,553,832 359,705 11,699 3,925,236
Additions - 15,812 2,374 18,186
At 31 August 2024 3,553,832 375,517 14,073 3,943,422
DEPRECIATION
At 1 September 2023 86,296 177,381 5,322 268,999
Charge for year 12,115 39,627 4,435 56,177
At 31 August 2024 98,411 217,008 9,757 325,176
NET BOOK VALUE
At 31 August 2024 3,455,421 158,509 4,316 3,618,246
At 31 August 2023 3,467,536 182,324 6,377 3,656,237

5. DEBTORS
31.8.24 31.8.23
as restated
£    £   
Amounts falling due within one year:
Trade debtors 13,698 13,051
Other debtors 12,925 15,028
26,623 28,079

Amounts falling due after more than one year:
Other debtors 119,236 -

Aggregate amounts 145,859 28,079

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 10,311 8,510
Trade creditors 14,616 19,321
Social security and other taxes 19,563 12,530
Other creditors - 1,343
Accrued expenses 56,682 53,926
101,172 95,630

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
as restated
£    £   
Amounts owed to group undertakings 3,245,058 3,330,839

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: as restated
£    £   
1 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.