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Registration number: 07583669

Regency Healthcare (NW) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Regency Healthcare (NW) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 15

 

Regency Healthcare (NW) Limited

Company Information

Directors

Mr Muhammed Fayyaz Chauhdry

Mr Asif Iqbal Alvi

Registered office

The Laurels
Bankside Lane
Bacup
Lancashire
OL13 8GT

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Regency Healthcare (NW) Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the abridged financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Muhammed Fayyaz Chauhdry

Mr Asif Iqbal Alvi

Principal activity

The principal activity of the company is residential care home.

Going concern

At 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.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr Muhammed Fayyaz Chauhdry
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Regency Healthcare (NW) Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Regency Healthcare (NW) Limited for the year ended 31 December 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Regency Healthcare (NW) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Regency Healthcare (NW) Limited and state those matters that we have agreed to state to the Board of Directors of Regency Healthcare (NW) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Regency Healthcare (NW) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Regency Healthcare (NW) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Regency Healthcare (NW) Limited. You consider that Regency Healthcare (NW) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Regency Healthcare (NW) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

29 November 2024

 

Regency Healthcare (NW) Limited

Abridged Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Gross profit

 

176,295

183,243

Administrative expenses

 

(118,651)

(152,973)

Interest payable and similar expenses

 

(4,213)

(4,658)

Profit before tax

4

53,431

25,612

Tax on profit

 

(9,034)

(5,205)

Profit for the financial year

 

44,397

20,407

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Regency Healthcare (NW) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

44,397

20,407

Total comprehensive income for the year

44,397

20,407

 

Regency Healthcare (NW) Limited

(Registration number: 07583669)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

499

999

Tangible assets

6

332,685

321,118

 

333,184

322,117

Current assets

 

Stocks

7

1,088

1,782

Debtors

8

185,704

173,243

Cash at bank and in hand

 

31,364

268

 

218,156

175,293

Prepayments and accrued income

 

8,000

8,000

Creditors: Amounts falling due within one year

(116,317)

(102,005)

Net current assets

 

109,839

81,288

Total assets less current liabilities

 

443,023

403,405

Creditors: Amounts falling due after more than one year

(20,884)

(30,662)

Provisions for liabilities

(1,318)

(1,040)

Accruals and deferred income

 

(83,601)

(78,601)

Net assets

 

337,220

293,102

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

337,120

293,002

Shareholders' funds

 

337,220

293,102

For the financial year ending 31 December 2023 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 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.

 

Regency Healthcare (NW) Limited

(Registration number: 07583669)
Abridged Balance Sheet as at 31 December 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr Muhammed Fayyaz Chauhdry
Director

 

Regency Healthcare (NW) Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

292,723

292,823

Profit for the year

-

44,397

44,397

At 31 December 2023

100

337,120

337,220

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

272,595

272,695

Profit for the year

-

20,407

20,407

At 31 December 2022

100

293,002

293,102

 

Regency Healthcare (NW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
The Laurels
Bankside Lane
Bacup
Lancashire
OL13 8GT
United Kingdom

These financial statements were authorised for issue by the Board on 29 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 abridged 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 abridged 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 presentation currency of the financial statments is the Pound Sterling (£).

Going concern

At the time of approving the financial statments, 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.

Revenue recognition

Turnover 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. Turnover 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.

 

Regency Healthcare (NW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet 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.

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:
Freehold property - 2% on cost
Plant and machinery -20% on cost
Fixtures and fittings -20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

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.

 

Regency Healthcare (NW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

 

Regency Healthcare (NW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Depreciation expense

10,416

10,359

Amortisation expense

500

500

 

Regency Healthcare (NW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

4,999

At 31 December 2023

4,999

Amortisation

At 1 January 2023

4,000

Amortisation charge

500

At 31 December 2023

4,500

Carrying amount

At 31 December 2023

499

At 31 December 2022

999

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

374,022

153,183

14,315

541,520

Additions

-

15,097

6,886

21,983

At 31 December 2023

374,022

168,280

21,201

563,503

Depreciation

At 1 January 2023

59,843

150,444

10,115

220,402

Charge for the year

7,480

1,701

1,235

10,416

At 31 December 2023

67,323

152,145

11,350

230,818

Carrying amount

At 31 December 2023

306,699

16,135

9,851

332,685

At 31 December 2022

314,179

2,739

4,200

321,118

Included within the net book value of land and buildings above is £306,699 (2022 - £314,179) in respect of freehold land and buildings.
 

 

Regency Healthcare (NW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

7

Stocks

2023
£

2022
£

Other inventories

1,088

1,782

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

 

Regency Healthcare (NW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

24,000

Summary of transactions with associates

Regency Healthcare Limited, a related company in which the directors of this company are also the directors, employs staff for both itself and the company under an agreement whereby the company will contribute its share of the staffing cost to Regency Healthcare Limited.

The company contributed £346,000 (2022: £348,000) to Regency Healthcare Limited for the provision of staff and management services. The company was owed £135,249 (2022: £99,069) by Regency Healthcare Limited as at 31 December 223 which is included in the other debtors.

 

11

Parent and ultimate parent undertaking

The company's immediate parent is There is no single controlling party owing to the shareholding of the company, incorporated in .