Company registration number 05993142 (England and Wales)
CHURCHVIEW CARE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
CHURCHVIEW CARE LTD
COMPANY INFORMATION
Directors
Mr Rohan Patel
(Appointed 23 January 2023)
Mr Clifford Grand-Scrutton
(Appointed 23 January 2023)
Company number
05993142
Registered office
45 Craven Road
Lancaster Gate
London
United Kingdom
W2 3BX
Auditor
Elliotts Shah
4th Floor
167 Fleet Street
London
EC4A 2EA
CHURCHVIEW CARE LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
CHURCHVIEW CARE LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the Period ended 31 March 2024.
Review of the business
The Directors consider that the results for the year were affected by the COVID-19 pandemic related aftershocks and limitation of approval by the Care Quality Commission ('CQC').
There was a change of control of the Company on 22 January 2023 and the Company was acquired by Wintercrest Ltd.
The Company received funding to assist through the COVID-19 pandemic to deal with prevention and control of the virus. There were a number of regulatory issues in the care home throughout the pandemic. This has led to the CQC conducting extensive inspections and they have imposed restrictions which would only be lifted once the conditions that they had stipulated were addressed leading to a substantial reduction in the occupancy rate.
The Company has extended its accounting period from 30 November 2023 to 31 March 2024. All profit and loss accounts figures are accounted for 16 months, dated from 1 December 2022 to 31 March 2024.
Principal risks and uncertainties
The key business risks and uncertainties affecting the Company are considered to be the level of local competitor homes, the results of the appeal against the Care Quality Commission ('CQC') inspection reports.
Key performance indicators
Turnover was £3.1m for a 16 months period (2022: £2.8m) as a result of regulatory issues and falling resident numbers due to the CQC imposed restrictions.
The new owners are addressing the conditions that were stipulated in the CQC's inspections since acquiring the Care Home in 2022. The objective of the new Board of Directors is to achieve full compliance with the regulations to return the care home to full occupancy. The new owners continue to work with local authorities and hospitals to accommodate new residents requiring care. Occupancy rates more recently have improved.
Mr Rohan Patel
Director
27 November 2024
CHURCHVIEW CARE LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the Period ended 31 March 2024.
Principal activities
The principal activity of the company in the year under review was that of providing residential care for the elderly.
Results and dividends
The results for the Period are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
Mr Rohan Patel
(Appointed 23 January 2023)
Mr Clifford Grand-Scrutton
(Appointed 23 January 2023)
Lakhan Kandola
(Resigned 23 January 2023)
Amandip Rai
(Resigned 23 January 2023)
Kirenjeet Kandola
(Resigned 23 January 2023)
Pamandip Kandola
(Resigned 23 January 2023)
Post reporting date events
Information relating to events since the end of the year is given in the notes to the financial statements.
Auditor
The auditors, Elliotts Shah, will be proposed for re-appointment to continue in office.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
CHURCHVIEW CARE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Rohan Patel
Director
27 November 2024
CHURCHVIEW CARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHURCHVIEW CARE LTD
- 4 -
Opinion
We have audited the financial statements of Churchview Care Ltd (the 'company') for the Period ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the Period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CHURCHVIEW CARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHURCHVIEW CARE LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These laws and regulations included but were not limited to compliance with the Companies Act 2006.
We considered compliance with laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:
- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management;
- Testing of journal postings made during the year to identify potential management override of controls.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and discussed how and where these might occur and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
CHURCHVIEW CARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHURCHVIEW CARE LTD (CONTINUED)
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Arvind Shah
Senior Statutory Auditor
For and on behalf of Elliotts Shah
28 November 2024
Chartered Accountants
Statutory Auditor
4th Floor
167 Fleet Street
London
EC4A 2EA
CHURCHVIEW CARE LTD
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
Period
Year
ended
ended
31 March
30 November
2024
2022
Notes
£
£
Turnover
2
3,099,577
2,788,488
Cost of sales
(3,073,233)
(2,766,590)
Gross profit
26,344
21,898
Administrative expenses
(783,101)
(550,322)
Other operating income
15,061
53,447
Operating loss
3
(741,696)
(474,977)
Interest receivable and similar income
6
358
5,863
Interest payable and similar expenses
7
(12,479)
(42,122)
Loss before taxation
(753,817)
(511,236)
Tax on loss
8
316,219
84,705
Loss for the financial Period
(437,598)
(426,531)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CHURCHVIEW CARE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
Period
Year
ended
ended
31 March
30 November
2024
2022
£
£
Loss for the Period
(437,598)
(426,531)
Other comprehensive income
Revaluation of tangible fixed assets
3,186,458
Total comprehensive income for the Period
2,748,860
(426,531)
CHURCHVIEW CARE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
31 March 2024
30 November 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,677,909
6,634,532
Current assets
Stocks
11
500
2,000
Debtors - deferred tax
15
83,553
Debtors - other
12
139,274
282,247
Cash at bank and in hand
170,545
86,263
393,872
370,510
Creditors: amounts falling due within one year
13
(2,813,837)
(2,264,958)
Net current liabilities
(2,419,965)
(1,894,448)
Total assets less current liabilities
7,257,944
4,740,084
Provisions for liabilities
Deferred tax liability
15
231,000
-
(231,000)
Net assets
7,257,944
4,509,084
Capital and reserves
Called up share capital
17
100
100
Revaluation reserve
3,186,458
Profit and loss reserves
4,071,386
4,508,984
Total equity
7,257,944
4,509,084
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr Rohan Patel
Director
Company registration number 05993142 (England and Wales)
CHURCHVIEW CARE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
100
4,939,515
4,939,615
Year ended 30 November 2022:
Loss and total comprehensive income
-
-
(426,531)
(426,531)
Dividends
9
-
-
(4,000)
(4,000)
Balance at 30 November 2022
100
4,508,984
4,509,084
Period ended 31 March 2024:
Loss
-
-
(437,598)
(437,598)
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,186,458
-
3,186,458
Total comprehensive income
-
3,186,458
(437,598)
2,748,860
Balance at 31 March 2024
100
3,186,458
4,071,386
7,257,944
CHURCHVIEW CARE LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
2024
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(1,048,965)
(838,582)
Interest paid
(12,479)
(42,122)
Income taxes refunded/(paid)
91,572
(108,722)
Net cash outflow from operating activities
(969,872)
(989,426)
Investing activities
Purchase of tangible fixed assets
(81,079)
(15,858)
Interest received
358
5,863
Net cash used in investing activities
(80,721)
(9,995)
Financing activities
Finance provided by parent company and related party
2,421,608
Repayment of bank loans
(1,286,733)
(483,291)
Dividends paid
(4,000)
Net cash generated from/(used in) financing activities
1,134,875
(487,291)
Net increase/(decrease) in cash and cash equivalents
84,282
(1,486,712)
Cash and cash equivalents at beginning of Period
86,263
1,572,975
Cash and cash equivalents at end of Period
170,545
86,263
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information
Churchview Care Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 45 Craven Road, Lancaster Gate, London, United Kingdom, W2 3BX.
1.1
Reporting period
The director has extended the current reporting period to realign its statutory reporting with its parent and fellow group undertaking to a March period end. Therefore, the periods are not comparable with a 16 month reporting period following an annual reporting period in 2022.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision accommodation and services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts. Income is recognised when services have been delivered to the customer.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
33% on cost
Fixtures and fittings
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Capitalised borrowing costs
The company capitalised borrowing costs during the construction period of freehold buildings, in accordance with FRS102. Depreciation is provided on the capitalised borrowing costs so as to write off the cost over the expected useful life of the freehold buildings.
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Stocks are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost is determined using the first-in, first-out (FIFO) method.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Government grants
Grants that relate to the financing of projects to expand the operations of the business are amortised over the expected useful economic lives of the assets or projects concerned. Grants relating to the revenue expenditure are credited to income where receivable.
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 15 -
2
Turnover and other revenue
2024
2022
£
£
Other revenue
Interest income
358
5,863
Grants received
15,061
53,447
3
Operating loss
2024
2022
Operating loss for the period is stated after charging/(crediting):
£
£
Government grants
(15,061)
(53,447)
Fees payable to the company's auditor for the audit of the company's financial statements
6,000
12,000
Depreciation of owned tangible fixed assets
224,160
99,549
4
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2022
Number
Number
Care and administration
86
84
2024
2022
£
£
Wages and salaries
2,525,680
2,383,262
Social security costs
212,723
172,348
Pension costs
37,360
48,341
2,775,763
2,603,951
5
Directors' remuneration
2024
2022
£
£
Remuneration for qualifying services
4,171
25,028
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 16 -
6
Interest receivable and similar income
2024
2022
£
£
Interest income
Interest on bank deposits
358
5,863
2024
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
358
5,863
7
Interest payable and similar expenses
2024
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,048
-
Other interest on financial liabilities
11,431
42,122
12,479
42,122
8
Taxation
2024
2022
£
£
Current tax
Adjustments in respect of prior periods
(1,666)
(89,705)
Deferred tax
Origination and reversal of timing differences
(314,553)
5,000
Total tax credit
(316,219)
(84,705)
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
8
Taxation
(Continued)
- 17 -
The actual credit for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:
2024
2022
£
£
Loss before taxation
(753,817)
(511,236)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(188,454)
(97,135)
Unutilised tax losses carried forward
185,784
Adjustments in respect of prior years
(1,666)
200
Depreciation in exess of capital allowances
3,798
7,230
Deferred taxation
(315,681)
5,000
Taxation credit for the period
(316,219)
(84,705)
9
Dividends
2024
2022
£
£
Final paid
4,000
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022
7,662,098
23,310
240,060
7,925,468
Additions
6,464
74,615
81,079
Revaluation
3,186,458
3,186,458
At 31 March 2024
10,848,556
29,774
314,675
11,193,005
Depreciation and impairment
At 1 December 2022
1,043,771
17,070
230,095
1,290,936
Depreciation charged in the Period
204,785
4,910
14,465
224,160
At 31 March 2024
1,248,556
21,980
244,560
1,515,096
Carrying amount
At 31 March 2024
9,600,000
7,794
70,115
9,677,909
At 30 November 2022
6,618,327
6,240
9,965
6,634,532
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
10
Tangible fixed assets
(Continued)
- 18 -
Within freehold land and buildings are capitalised borrowing costs of £199,176 (2022 - £199,176). The amount recognised in the profit and loss account in the year amounted to £nil (2022 - £nil). The carrying value of the borrowing costs at the balance sheet date is £158,507 (2022 - £158,507).
11
Stocks
2024
2022
£
£
Work in progress
500
2,000
12
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
136,546
65,511
Corporation tax recoverable
89,906
Prepayments and accrued income
2,728
126,830
139,274
282,247
2024
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 15)
83,553
Total debtors
222,827
282,247
13
Creditors: amounts falling due within one year
2024
2022
Notes
£
£
Bank loans
14
1,286,733
Trade creditors
122,840
157,376
Amounts owed to parent undertakings
2,011,775
Taxation and social security
49,574
31,516
Other creditors
577,087
692,004
Accruals and deferred income
52,561
97,329
2,813,837
2,264,958
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 19 -
14
Loans and overdrafts
2024
2022
£
£
Bank loans
1,286,733
Payable within one year
1,286,733
The company's bank loan was repaid during the year in full following an injection of funds by Wintercrest Ltd, the parent company.
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2022
2024
2022
Balances:
£
£
£
£
Accelerated capital allowances
-
231,000
83,553
-
2024
Movements in the Period:
£
Liability at 1 December 2022
231,000
Credit to profit or loss
(314,553)
Asset at 31 March 2024
(83,553)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of accelerated capital allowances.
16
Retirement benefit schemes
2024
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,360
48,341
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £37,360 (2022 - £48,341).
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 20 -
17
Share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
18
Ultimate controlling party
From 22 January 2023, the immediate parent company and controlling party is Wintercrest Ltd by virtue of its ownership of the shares in the Company.
The ultimate controlling party is Jay Prakesh Patel by virtue of his beneficial ownership in the ultimate parent company, Jayamataji Limited.
19
Related party disclosures
The company has taken advantage of exemption, under the tenns of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Included within creditors is a balance of £409,833 (2022: nil) owed to H Plus Care Ltd, a company with family ties.
Also, included within profit and loss account are consultancy costs of £37,500 paid to one of the directors.
20
Cash absorbed by operations
2024
2022
£
£
Loss for the Period after tax
(437,598)
(426,531)
Adjustments for:
Taxation credited
(316,219)
(84,705)
Finance costs
12,479
42,122
Investment income
(358)
(5,863)
Depreciation and impairment of tangible fixed assets
224,160
99,549
Movements in working capital:
Decrease in stocks
1,500
Decrease in debtors
53,067
64,772
Decrease in creditors
(585,996)
(527,926)
Cash absorbed by operations
(1,048,965)
(838,582)
CHURCHVIEW CARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 21 -
21
Analysis of changes in net funds/(debt)
1 December 2022
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
86,263
84,282
170,545
Borrowings excluding overdrafts
(1,286,733)
1,286,733
-
(1,200,470)
1,371,015
170,545
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