Company registration number 13546304 (England and Wales)
ANAVO CARE (SURBITON) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ANAVO CARE (SURBITON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ANAVO CARE (SURBITON) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
456,284
567,577
Current assets
Stocks
1,697
1,672
Debtors
5
189,422
160,472
Cash at bank and in hand
421,239
34,583
612,358
196,727
Creditors: amounts falling due within one year
6
(3,766,599)
(1,912,841)
Net current liabilities
(3,154,241)
(1,716,114)
Total assets less current liabilities
(2,697,957)
(1,148,537)
Creditors: amounts falling due after more than one year
7
(197,053)
(257,684)
Provisions for liabilities
8
(88,552)
(108,875)
Net liabilities
(2,983,562)
(1,515,096)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
9
(2,983,563)
(1,515,097)
Total equity
(2,983,562)
(1,515,096)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 3 January 2025 and are signed on its behalf by:
Mr J O Braganza
Director
Company registration number 13546304 (England and Wales)
ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Anavo Care (Surbiton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Heston Court Business Centre, 19 Camp Road, Wimbeldon, SW19 4UW. Company information is given at the start of the financial Statement.

1.1
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 as applicable to companies subject to the small companies regime. 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 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have considered the appropriateness of the going concern basis in preparing the financial statements of the company for the year ending 31 March 2024. As at 31 March 2024 the company made a loss of £1,468,466 (2023: £1,208,780) and had net liabilities of £2,983,562 (2023: £1,515,096). The company's immediate parent undertaking, has agreed to provide continuing financial support to the company, for at least twelve months after the date of approval by the directors of the financial statements for the year ended 31 March 2024. To enable the company to meet its liabilities as they fall due and as such the directors believe that the company is well placed to manage its business risks successfully. Thus the directors continue to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

The turnover shown in the profit and loss account represents amounts earned during the year, inclusive of Value Added Tax.

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.

 

Revenue is recognised on a time-elapsed basis as the principal performance obligation is to provide bed capacity. Units of care under these contracts are typically provided on a daily basis for customers for the provision of care and support services and providing activities organised by the company.

 

ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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:

Fixtures and fittings
5 years
Computers
3 years

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Depreciation

Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company’s accounting policy. The selection of these estimated lives requires management judgement. Useful lives are regularly reviewed by management in assessing useful lives and depreciation charges in the financial statements, which are reviewed accordingly when considering any changes.

 

Accruals

The company has entered into a short-term arrangement to lease of a Care Home. The lease is a classified as an operating lease. Management has considered the requirements in FRS 102 for interest free period and the annual increase in lease rental costs. Management has estimated the rental increment based on estimates indicated within the lease agreement.

 

ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the Year was:

2024
2023
Number
Number
Total
60
51
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
662,863
Additions
25,788
At 31 March 2024
688,651
Depreciation and impairment
At 1 April 2023
95,286
Depreciation charged in the Year
137,081
At 31 March 2024
232,367
Carrying amount
At 31 March 2024
456,284
At 31 March 2023
567,577
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
165,526
138,596
Other debtors
23,896
21,876
189,422
160,472
ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
705,743
212,732
Amounts owed to group undertakings
688,013
390,013
Taxation and social security
58,472
37,511
Other creditors
2,314,371
1,272,585
3,766,599
1,912,841
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
197,053
257,684

The company obtained an unsecured loan of £288,000 with an interest rate of 6.39%. Included in other creditors less than one year is a total of £98,883 (2023: £34,284) and the balance of £197,053 (2023: £257,684) included in other creditors due more than a year.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
76,502
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
86,694
107,839
Retirement benefit obligations
1,858
1,036
88,552
108,875
ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Deferred taxation
(Continued)
- 8 -
2024
Movements in the Year:
£
Liability at 1 April 2023
108,875
Credit to profit or loss
(20,323)
Liability at 31 March 2024
88,552

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances and timing differences that are expected to mature within the same period.

9
Profit and loss reserves
2024
2023
£
£
At the beginning of the Year
(1,515,097)
(306,317)
Loss for the Year
(1,468,466)
(1,208,780)
At the end of the Year
(2,983,563)
(1,515,097)
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Bobby Gurdep Bhogal ACA ACCA ATT
Statutory Auditor:
Arnold Hill & Co LLP
Date of audit report:
6 January 2025
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
1,188,208
817,133
Between two and five years
5,120,150
4,971,019
In over five years
32,252,418
33,589,757
38,560,776
39,377,909
ANAVO CARE (SURBITON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
12
Related party transactions
2024
2023
Amounts due to related parties
£
£
Anavo Care Limited
20,000
99,999
Lancing Development Co Limited
290,013
Anavo Capital Limited
378,000
-
688,013
99,999
13
Parent company

The immediate parent company is Anavo Care Ltd, a company incorporated in England and Wales.

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