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Registration number: 05610595

Nightingale Residential Care Home Ltd

Report of the Directors and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Nightingale Residential Care Home Ltd

Contents of The Financial Statements
for the Year Ended 31 March 2024

 

Company Information

1

Accountants' Report

2 to 3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 16

 

Nightingale Residential Care Home Ltd

Company Information
for the Year Ended 31 March 2024

Directors

Mr Navneet Singh Johar

Mr Paul Anthony Coplestone

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Nightingale Residential Care Home Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nightingale Residential Care Home Ltd for the year ended 31 March 2024 as set out on pages 4 to 16 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
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of Nightingale Residential Care Home Ltd, 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 Nightingale Residential Care Home Ltd and state those matters that we have agreed to state to the Board of Directors of Nightingale Residential Care Home Ltd, 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 Nightingale Residential Care Home Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Nightingale Residential Care Home Ltd 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 Nightingale Residential Care Home Ltd. You consider that Nightingale Residential Care Home Ltd 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 Nightingale Residential Care Home Ltd. 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.

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Nightingale Residential Care Home Ltd
for the Year Ended 31 March 2024

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

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

2 December 2024

 

Nightingale Residential Care Home Ltd

(Registration number: 05610595 )
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,212,537

3,282,956

Current assets

 

Debtors

6

1,626,933

1,462,607

Investments

7

2

2

Cash at bank and in hand

 

87,047

100,836

 

1,713,982

1,563,445

Creditors: Amounts falling due within one year

8

(425,909)

(392,830)

Net current assets

 

1,288,073

1,170,615

Total assets less current liabilities

 

4,500,610

4,453,571

Creditors: Amounts falling due after more than one year

8

(2,510,886)

(2,648,168)

Provisions for liabilities

(21,307)

-

Net assets

 

1,968,417

1,805,403

Capital and reserves

 

Called up share capital

200

200

Retained earnings

1,968,217

1,805,203

Shareholders' funds

 

1,968,417

1,805,403

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its 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.

 

Nightingale Residential Care Home Ltd

(Registration number: 05610595 )
Balance Sheet as at 31 March 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 December 2024 and signed on its behalf by:
 

.........................................
Mr Paul Anthony Coplestone
Director

 

Nightingale Residential Care Home Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

200

1,805,203

1,805,403

Profit for the year

-

393,014

393,014

Dividends

-

(230,000)

(230,000)

At 31 March 2024

200

1,968,217

1,968,417

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

200

1,773,219

1,773,419

Profit for the year

-

167,984

167,984

Dividends

-

(136,000)

(136,000)

At 31 March 2023

200

1,805,203

1,805,403

 

Nightingale Residential Care Home Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
United Kingdom

These financial statements were authorised for issue by the Board on 2 December 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Nightingale Residential Care Home Ltd

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

2

Accounting policies (continued)

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Freehold property

Not provided

 

Nightingale Residential Care Home Ltd

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

2

Accounting policies (continued)

Improvements to property

4% on cost

Fixtures and fittings

25% on cost

Office Equipment

33% 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Nightingale Residential Care Home Ltd

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

2

Accounting policies (continued)

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.

 

Nightingale Residential Care Home Ltd

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

2

Accounting policies (continued)

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2023 - 46).

 

Nightingale Residential Care Home Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

770,000

770,000

At 31 March 2024

770,000

770,000

Amortisation

At 1 April 2023

770,000

770,000

At 31 March 2024

770,000

770,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

2,407,740

132,260

1,751,539

4,291,539

At 31 March 2024

2,407,740

132,260

1,751,539

4,291,539

Depreciation

At 1 April 2023

-

131,802

876,781

1,008,583

Charge for the year

70,062

357

-

70,419

At 31 March 2024

70,062

132,159

876,781

1,079,002

Carrying amount

At 31 March 2024

2,337,678

101

874,758

3,212,537

At 31 March 2023

2,407,740

458

874,758

3,282,956

Included within the net book value of land and buildings above is £2,337,678 (2023 - £2,407,740) in respect of freehold land and buildings.
 

 

Nightingale Residential Care Home Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

18,131

49,448

Other debtors

1,608,802

1,413,159

 

1,626,933

1,462,607

7

Current asset investments

2024
£

2023
£

Shares in group undertakings

2

2

 

Nightingale Residential Care Home Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

163,426

189,571

Trade creditors

 

13,077

40,963

Taxation and social security

 

90,184

70,433

Accruals and deferred income

 

125,970

89,883

Other creditors

 

33,252

1,980

 

425,909

392,830

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,510,886

2,648,168

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,510,886

2,648,168

Current loans and borrowings

2024
£

2023
£

Bank borrowings

163,426

189,571

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

 

Nightingale Residential Care Home Ltd

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

10

Financial commitments, guarantees and contingencies (continued)

Included in the balance sheet are financial commitments of £2,674,313 (2023 - £2,837,739). The bank loan is secured on the freehold property held in the company.

11

Related party transactions

At the year end the company was owed £1,608,802 (2023: £1,406,090) and owed £21,691 (2023: £Nil)) by companies under common control.

 

Nightingale Residential Care Home Ltd

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

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,568

9,567