Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01false190false170truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06506137 2023-03-01 2024-02-29 06506137 2022-03-01 2023-02-28 06506137 2024-02-29 06506137 2023-02-28 06506137 c:Director1 2023-03-01 2024-02-29 06506137 d:Buildings 2023-03-01 2024-02-29 06506137 d:Buildings 2024-02-29 06506137 d:Buildings 2023-02-28 06506137 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06506137 d:MotorVehicles 2023-03-01 2024-02-29 06506137 d:MotorVehicles 2024-02-29 06506137 d:MotorVehicles 2023-02-28 06506137 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06506137 d:FurnitureFittings 2023-03-01 2024-02-29 06506137 d:FurnitureFittings 2024-02-29 06506137 d:FurnitureFittings 2023-02-28 06506137 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06506137 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06506137 d:CurrentFinancialInstruments 2024-02-29 06506137 d:CurrentFinancialInstruments 2023-02-28 06506137 d:Non-currentFinancialInstruments 2024-02-29 06506137 d:Non-currentFinancialInstruments 2023-02-28 06506137 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 06506137 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 06506137 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 06506137 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 06506137 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 06506137 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 06506137 d:ShareCapital 2024-02-29 06506137 d:ShareCapital 2023-02-28 06506137 d:RetainedEarningsAccumulatedLosses 2024-02-29 06506137 d:RetainedEarningsAccumulatedLosses 2023-02-28 06506137 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 06506137 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 06506137 d:RetirementBenefitObligationsDeferredTax 2024-02-29 06506137 d:RetirementBenefitObligationsDeferredTax 2023-02-28 06506137 c:OrdinaryShareClass1 2023-03-01 2024-02-29 06506137 c:OrdinaryShareClass1 2024-02-29 06506137 c:OrdinaryShareClass1 2023-02-28 06506137 c:OrdinaryShareClass2 2023-03-01 2024-02-29 06506137 c:OrdinaryShareClass2 2024-02-29 06506137 c:OrdinaryShareClass2 2023-02-28 06506137 c:OrdinaryShareClass3 2023-03-01 2024-02-29 06506137 c:OrdinaryShareClass3 2024-02-29 06506137 c:OrdinaryShareClass3 2023-02-28 06506137 c:FRS102 2023-03-01 2024-02-29 06506137 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 06506137 c:FullAccounts 2023-03-01 2024-02-29 06506137 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06506137 d:WithinOneYear 2024-02-29 06506137 d:WithinOneYear 2023-02-28 06506137 d:BetweenOneFiveYears 2024-02-29 06506137 d:BetweenOneFiveYears 2023-02-28 06506137 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 06506137 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 06506137 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 06506137 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 06506137 2 2023-03-01 2024-02-29 06506137 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-02-29 06506137 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-28 06506137 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 06506137









SURECARE RESIDENTIAL LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
SURECARE RESIDENTIAL LTD
REGISTERED NUMBER: 06506137

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,165,134
3,780,573

Current assets
  

Debtors: amounts falling due within one year
 5 
1,483,885
658,644

Cash at bank and in hand
  
773,853
343,139

  
2,257,738
1,001,783

Creditors: amounts falling due within one year
 6 
(1,922,871)
(1,389,813)

Net current assets/(liabilities)
  
 
 
334,867
 
 
(388,030)

Total assets less current liabilities
  
1,500,001
3,392,543

Creditors: amounts falling due after more than one year
 7 
(39,960)
(1,771,543)

Provisions for liabilities
  

Deferred tax
 10 
(5,528)
(21,235)

  
 
 
(5,528)
 
 
(21,235)

Net assets
  
1,454,513
1,599,765


Capital and reserves
  

Called up share capital 
 11 
302
302

Profit and loss account
  
1,454,211
1,599,463

  
1,454,513
1,599,765


Page 1

 
SURECARE RESIDENTIAL LTD
REGISTERED NUMBER: 06506137

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




E Barr
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

The Company is a private Company limited by shares and incorporated in England and Wales. The registered number is 06506137. The address of the registered office and trading address is The Old Snap Factory, Twyford Road, Bishops Stortford, Hertfordshire, United Kingdom, CM23 3LJ. This Company is not part of a group.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern. The financial statements do not contain any adjustments that would be required if the Company were not able to continue as a going concern.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
15%
Motor vehicles
-
25%
Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are
Page 6

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.15
FINANCIAL INSTRUMENTS (continued)

discharged or cancelled.

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 190 (2023 - 170).

Page 7

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


TANGIBLE FIXED ASSETS







Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2023
3,590,431
469,703
375,035
4,435,169


Additions
164,483
102,425
78,695
345,603


Disposals
(2,731,251)
(99,396)
(2,334)
(2,832,981)



At 29 February 2024

1,023,663
472,732
451,396
1,947,791



Depreciation


At 1 March 2023
262,783
244,116
147,697
654,596


Charge for the year on owned assets
142,734
65,998
43,900
252,632


Disposals
(62,337)
(61,600)
(634)
(124,571)



At 29 February 2024

343,180
248,514
190,963
782,657



Net book value



At 29 February 2024
680,483
224,218
260,433
1,165,134



At 28 February 2023
3,327,648
225,587
227,338
3,780,573

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Motor vehicles
68,807
176,830

Page 8

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


DEBTORS

29 February
28 February
2024
2023
£
£


Trade debtors
663,704
565,691

Amounts owed by joint ventures and associated undertakings
700,000
-

Other debtors
24,876
21,851

Prepayments and accrued income
95,305
71,102

1,483,885
658,644



6.


CREDITORS: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
-
209,235

Trade creditors
201,094
168,322

Corporation tax
702,257
266,645

Other taxation and social security
98,930
127,052

Obligations under finance lease and hire purchase contracts
19,798
45,617

Other creditors
62,042
56,325

Accruals and deferred income
838,750
516,617

1,922,871
1,389,813


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
-
132,012

Hire purchase agreements
19,798
45,617

19,798
177,629

Details of security provided:

The bank loans are secured on the properties to which they relate. The hire purchase agreements are secured on the assets to which they relate.

Page 9

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


CREDITORS: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
-
1,711,881

Net obligations under finance leases and hire purchase contracts
39,960
59,662

39,960
1,771,543


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
-
1,490,448

Hire purchase agreements
39,960
59,662

39,960
1,550,110

Details of security provided:

The bank loans are secured on the properties to which they relate. The hire purchase agreements are secured on the assets to which they relate.


8.


LOANS


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
-
209,235


Amounts falling due 2-5 years

Bank loans
-
1,711,881


-
1,921,116


Page 10

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
19,798
45,617

Between 1-5 years
39,960
59,662

59,758
105,279


10.


DEFERRED TAXATION






2024


£






At beginning of year
(21,235)


Charged to profit or loss
15,707



At end of year
(5,528)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(8,105)
(21,235)

Pension surplus
2,577
-


11.


SHARE CAPITAL

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
2 (2023 - 2) Ordinary B shares of £1.00 each
2
2
200 (2023 - 200) Ordinary C shares of £1.00 each
200
200

302

302


Page 11

 
SURECARE RESIDENTIAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £117,879 (2023 - £97,957). Contributions totalling £24,329 (2023 - £21,056) were payable to the fund at the balance sheet date and are included in creditors.


13.


COMMITMENTS UNDER OPERATING LEASES

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
949,136
551,075

Later than 1 year and not later than 5 years
5,733,409
3,180,322

6,682,545
3,731,397


14.


RELATED PARTY TRANSACTIONS

During the year the Company had a loan account with a director. The amount due to the director at the year end was £1,288 (2023 - £1,288). The loan is interest free and repayable on demand.


Page 12