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Registration number: 05678122

Stoneleigh Residential Care Home Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Stoneleigh Residential Care Home Limited

(Registration number: 05678122)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

816,392

846,616

Current assets

 

Stocks

3,000

2,000

Debtors

6

162,337

179,539

Cash at bank and in hand

 

85

20,748

 

165,422

202,287

Creditors: Amounts falling due within one year

7

(319,162)

(279,440)

Net current liabilities

 

(153,740)

(77,153)

Total assets less current liabilities

 

662,652

769,463

Creditors: Amounts falling due after more than one year

7

(323,902)

(428,221)

Provisions for liabilities

(11,848)

(18,506)

Net assets

 

326,902

322,736

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

326,900

322,734

Shareholders' funds

 

326,902

322,736

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.

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Stoneleigh Residential Care Home Limited

(Registration number: 05678122)
Statement of Financial Position as at 31 May 2024 (continued)

Approved and authorised by the director on 14 November 2024
 

.........................................
Mrs T J Troupe
Company secretary and director

Approved and authorised by the director on 14 November 2024
 


Mrs T J Troupe
Company secretary and director

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:Tallford House, 38 Walliscote Road, Weston-super-Mare, Somerset, BS23 1LP.

Principal activity
 

The principal activity of the company is running of a residential care home for the elderly.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty
 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Bad debt provision

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
 

Depreciation

Amortisation

Revenue recognition
 

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue for the rendering of services is recognised with reference to the stage of completion of the transaction. The account of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, the stage of completion of the transaction at the end of the reporting period can be measured reliably, and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Tax
 

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Amortisation
 

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Tangible assets
 

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

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:

Asset class

Depreciation method and rate

Fixtures and fittings

5 years straight line

Motor vehicles

25% reducing balance

Freehold property and property improvements

50 years straight line

Impairment of fixed assets

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.

For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks
 

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents
 

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Finance leases and hire purchase contracts
 

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants
 

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Financial instruments
 

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution pension obligation
 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 32 (2023 - 32).

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

85,000

85,000

At 31 May 2024

85,000

85,000

Amortisation

At 1 June 2023

85,000

85,000

At 31 May 2024

85,000

85,000

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

1,007,290

157,952

81,000

1,246,242

Additions

19,386

5,026

-

24,412

Disposals

-

(20,516)

-

(20,516)

At 31 May 2024

1,026,676

142,462

81,000

1,250,138

Depreciation

At 1 June 2023

239,326

120,572

39,728

399,626

Charge for the year

21,866

19,059

10,318

51,243

Eliminated on disposal

-

(17,123)

-

(17,123)

At 31 May 2024

261,192

122,508

50,046

433,746

Carrying amount

At 31 May 2024

765,484

19,954

30,954

816,392

At 31 May 2023

767,964

37,380

41,272

846,616

Included within the net book value of land and buildings above is £765,484 (2023 - £767,963) in respect of freehold land and buildings.
 

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Tangible assets (continued)

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
 

Fixtures, fittings and equipment

Motor vehicles

Total

£

£

£

31 May 2024

8,054

39,937

47,991

31 May 2023

9,128

53,250

62,378

6

Debtors

2024
£

2023
£

Trade debtors

3,444

7,168

Other debtors

153,082

166,668

Prepayments

5,811

5,703

162,337

179,539

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

132,244

118,201

Trade creditors

19,978

21,553

Taxation and social security

71,258

52,297

Accruals and deferred income

48,208

43,848

Other creditors

47,474

43,541

319,162

279,440

The bank loans are secured on the company property at 24 Clarence Road South and by a fixed and floating charge over the company's assets.

Included in other creditors is £11,155.62 (2023 £10,624.45) in respect of a hire purchase and finance lease which are secured on the assets to which they relates.

8

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank borrowings and overdrafts

283,051

376,215

Other creditors

40,851

52,006

323,902

428,221

The bank loans are secured on the company property at 24 Clarence Road South and by a fixed and floating charge over the company's assets.

Included in other creditors is £40,850.88 (2022 £52,006.48) in respect of a hire purchase and finance lease which are secured on the assets to which they relates.

Included within creditors: amounts falling due after more than one year is an amount of £29,442.60 (2022: £80,786.00) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

One loan is due to be repaid during August 2030 and the interest rate is 2.15% per annum over Base Rate. Another loan is due to be repaid during July 2028 and the interest rate is 2.74% per annum over Base Rate. The final loan is a Coronavirus Bounce Back Loan which is due to be repaid by May 2026. Interest is payable on this loan is fixed at 3.17% for the first 5 years, and at 2.71% per annum above bank base thereafter.

 

Stoneleigh Residential Care Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Government grants

The amounts recognised in the financial statements for government grants are as follows:

2023
£

Recognised in other operating income:

Government grants recognised directly in income

7,965

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

11

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Director's loan

166,668

174,624

(188,209)

153,082

         
       

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Director's loan

135,522

166,746

(135,600)

166,668

 

Director guarantees

During the year the company entered into the following guarantee on behalf of the director:

The Director has given a personal guarantee of £50,000 against the bank borrowings.

Interest is paid on the overdrawn Director's loan accounts balance at the prevailing HMRC beneficial loan rate.