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Company registration number: SC275295
Care Home (UK) Limited
Unaudited filleted financial statements
31 October 2024
Care Home (UK) Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Care Home (UK) Limited
Directors and other information
Directors P Baudet
T Robinson (Resigned 31 December 2023)
G R Machan
Maria Ann Lourenco Armstrong (Appointed 4 January 2024)
Secretary Verite Secretaries Limtied
Company number SC275295
Registered office 13 Queen's Road
Aberdeen
AB15 4YL
Accountants Nagle James Associates Limited
Amba House, 4th Floor,
15 College Road
Harrow
Middlesex
HA1 1BA
Care Home (UK) Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 329,008 387,068
Investments 6 16,650,000 16,650,000
_______ _______
16,979,008 17,037,068
Current assets
Debtors 7 3,152 260
Cash at bank and in hand 429,204 1,008,114
_______ _______
432,356 1,008,374
Creditors: amounts falling due
within one year 8 ( 707,308) ( 1,873,585)
_______ _______
Net current liabilities ( 274,952) ( 865,211)
_______ _______
Total assets less current liabilities 16,704,056 16,171,857
Provisions for liabilities 9 ( 3,259,381) ( 2,528,975)
_______ _______
Net assets 13,444,675 13,642,882
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 9,660,406 10,383,007
Profit and loss account 3,784,169 3,259,775
_______ _______
Shareholders funds 13,444,675 13,642,882
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 November 2024 , and are signed on behalf of the board by:
Maria Ann Lourenco Armstrong
Director
Company registration number: SC275295
Care Home (UK) Limited
Statement of changes in equity
Year ended 31 October 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 November 2022 100 10,383,007 2,735,970 13,119,077
(Loss)/profit for the year 523,805 523,805
_______ _______ _______ _______
Total comprehensive income for the year - - 523,805 523,805
_______ _______ _______ _______
At 31 October 2023 and 1 November 2023 100 10,383,007 3,259,775 13,642,882
(Loss)/profit for the year ( 198,207) ( 198,207)
Other comprehensive income for the year:
Non Distributable Profit - ( 722,601) 722,601 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 722,601) 524,394 ( 198,207)
_______ _______ _______ _______
At 31 October 2024 100 9,660,406 3,784,169 13,444,675
_______ _______ _______ _______
Care Home (UK) Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Care Home (UK) Limited, 13 Queen's Road, Aberdeen, AB15 4YL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the amount of rental income recognised on holding investment properties.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 November 2023 and 31 October 2024 1,966,063 1,966,063
_______ _______
Depreciation
At 1 November 2023 1,578,995 1,578,995
Charge for the year 58,060 58,060
_______ _______
At 31 October 2024 1,637,055 1,637,055
_______ _______
Carrying amount
At 31 October 2024 329,008 329,008
_______ _______
At 31 October 2023 387,068 387,068
_______ _______
6. Investments
Investment property Total
£ £
Cost
At 1 November 2023 and 31 October 2024 16,650,000 16,650,000
_______ | _______ |
Impairment
At 1 November 2023 and 31 October 2024 - -
_______ | _______ |
Carrying amount
At 31 October 2024 16,650,000 16,650,000
_______ | _______ |
At 31 October 2023 16,650,000 16,650,000
_______ | _______ |
There is a standard charge on the Investment Property to secure the liability of Middlesbourough Investments Limited (the parent company) to their loan provider Shawbrook Bank Limited. The total liability of Middlesborough Investments Limited to its bankers amounts to £4,264,051 as at the balance sheet date. There is also a floating charge on the undertaking and all property and assets present and future, including uncalled capital of the Company. The valuation by Cushman & Wakefield on 17 March 2021 has been retained for the purpose of these accounts.
7. Debtors
2024 2023
£ £
Other debtors 3,152 260
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 351,063 1,568,715
Accruals and deferred income 172,787 167,864
Corporation tax 183,458 137,006
_______ _______
707,308 1,873,585
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 November 2023 2,528,975 2,528,975
Charges against provisions 730,406 730,406
_______ _______
At 31 October 2024 3,259,381 3,259,381
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 9) 3,259,381 2,528,975
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Fair value adjustment of investment property 3,220,135 2,497,534
Provisions 39,246 31,441
_______ _______
3,259,381 2,528,975
_______ _______
11. Related party transactions
Other debtors includes on account payment of £3,152 (2023 - £260) to Verite Trust Company Limited whose director, Ms M Armstrong is also a director in this company.
12. Controlling party
The company is controlled by its holding company, Middlesborough Investments Limited, a company incorporated in Jersey.