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Registration number: 06368309

Southport Rest Home

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Southport Rest Home

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Southport Rest Home

Company Information

Directors

Peter Gordon

Faith Avril Choueke

Eileen Lippa

June Bennett

Registered office

81 Albert Road
Southport
PR9 9LN

 

Southport Rest Home

(Registration number: 06368309)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,272,478

1,141,438

Other financial assets

5

-

11,899

 

1,272,478

1,153,337

Current assets

 

Stocks

6

500

500

Debtors

7

17,161

21,016

Cash at bank and in hand

 

2,887

48,062

 

20,548

69,578

Creditors: Amounts falling due within one year

8

(33,840)

(40,490)

Net current (liabilities)/assets

 

(13,292)

29,088

Net assets

 

1,259,186

1,182,425

Capital and reserves

 

Revaluation reserve

142,400

-

Retained earnings

1,116,786

1,182,425

Shareholders' funds

 

1,259,186

1,182,425

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Southport Rest Home

(Registration number: 06368309)
Statement of Financial Position as at 30 April 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

.........................................
Peter Gordon
Director

 

Southport Rest Home

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
81 Albert Road
Southport
PR9 9LN
England

These financial statements were authorised for issue by the Board on 12 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

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 each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Southport Rest Home

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Southport Rest Home

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2023 - 36).

 

Southport Rest Home

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

1,067,600

236,585

10,152

6,000

Revaluations

142,400

-

-

-

At 30 April 2024

1,210,000

236,585

10,152

6,000

Depreciation

At 1 May 2023

-

168,435

7,536

2,928

Charge for the year

-

10,223

523

614

At 30 April 2024

-

178,658

8,059

3,542

Carrying amount

At 30 April 2024

1,210,000

57,927

2,093

2,458

At 30 April 2023

1,067,600

68,150

2,616

3,072

Total
£

Cost or valuation

At 1 May 2023

1,320,337

Revaluations

142,400

At 30 April 2024

1,462,737

Depreciation

At 1 May 2023

178,899

Charge for the year

11,360

At 30 April 2024

190,259

Carrying amount

At 30 April 2024

1,272,478

At 30 April 2023

1,141,438

 

Southport Rest Home

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

11,899

11,899

Disposals

(11,899)

(11,899)

At 30 April 2024

-

-

Impairment

Carrying amount

At 30 April 2024

-

-

6

Stocks

2024
£

2023
£

Other inventories

500

500

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,036

3,610

Prepayments

14,189

17,406

Other debtors

936

-

 

17,161

21,016

 

Southport Rest Home

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

7,160

Trade creditors

 

12,597

20,720

Taxation and social security

 

10,299

4,340

Accruals and deferred income

 

8,581

6,280

Other creditors

 

2,363

1,990

 

33,840

40,490

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

142,400

142,400

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

7,160