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Registration number: 04833014

Regency Healthcare Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Regency Healthcare Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Income Statement

4

Statement of Comprehensive Income

5

Statement of Financial Position

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 17

 

Regency Healthcare Limited

Company Information

Directors

A I Alvi

M F Chauhdry

Company secretary

A I Alvi

Registered office

The Laurels Care Home
Bankside Lane
Bacup
Lancashire
OL13 8GT

Accountants

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

 

Regency Healthcare Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

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

A I Alvi - Company secretary and director

M F Chauhdry

Principal activity

The principal activity of the company is that of the provision of nursing homecare services.

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 15 January 2025 and signed on its behalf by:
 

.........................................
M F Chauhdry
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Regency Healthcare Limited
for the Year Ended 29 February 2024

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 Limited for the year ended 29 February 2024 as set out on pages 4 to 17 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 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 Limited and state those matters that we have agreed to state to the Board of Directors of Regency Healthcare 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 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 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 Limited. You consider that Regency Healthcare 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 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

15 January 2025

 

Regency Healthcare Limited

Income Statement for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

 

5,480,144

4,733,357

Cost of sales

 

(4,156,331)

(3,530,872)

Gross profit

 

1,323,813

1,202,485

Administrative expenses

 

(975,356)

(823,109)

Operating profit

 

348,457

379,376

Other interest receivable and similar income

 

7,094

2,046

Interest payable and similar expenses

 

(46,061)

(59,314)

   

(38,967)

(57,268)

Profit before tax

4

309,490

322,108

Tax on profit

 

(48,526)

(44,032)

Profit for the financial year

 

260,964

278,076

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 Limited

Statement of Comprehensive Income for the Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

260,964

278,076

Total comprehensive income for the year

260,964

278,076

 

Regency Healthcare Limited

(Registration number: 04833014)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1

1

Tangible assets

6

3,048,712

2,949,909

 

3,048,713

2,949,910

Current assets

 

Stocks

7

11,794

12,507

Debtors

8

635,645

640,619

Cash at bank and in hand

 

492,531

528,990

 

1,139,970

1,182,116

Creditors: Amounts falling due within one year

9

(1,497,215)

(1,470,112)

Net current liabilities

 

(357,245)

(287,996)

Total assets less current liabilities

 

2,691,468

2,661,914

Creditors: Amounts falling due after more than one year

9

(643,424)

(826,834)

Provisions for liabilities

(44,913)

(37,470)

Net assets

 

2,003,131

1,797,610

Capital and reserves

 

Called up share capital

10

1,002

1,002

Capital redemption reserve

1

1

Revaluation reserve

338,223

338,223

Retained earnings

1,663,905

1,458,384

Shareholders' funds

 

2,003,131

1,797,610

For the financial year ending 29 February 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.

 

Regency Healthcare Limited

(Registration number: 04833014)
Statement of Financial Position as at 29 February 2024

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
M F Chauhdry
Director

 

Regency Healthcare Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

At 1 March 2023

1,002

1

338,223

1,450,941

Profit for the year

-

-

-

260,964

Dividends

-

-

-

(48,000)

At 29 February 2024

1,002

1

338,223

1,663,905

Total
£

At 1 March 2023

1,790,167

Profit for the year

260,964

Dividends

(48,000)

At 29 February 2024

2,003,131

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

At 1 March 2022

1,002

1

338,223

1,228,308

Profit for the year

-

-

-

278,076

Dividends

-

-

-

(48,000)

At 28 February 2023

1,002

1

338,223

1,458,384

Total
£

At 1 March 2022

1,567,534

Profit for the year

278,076

Dividends

(48,000)

At 28 February 2023

1,797,610

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
The Laurels Care Home
Bankside Lane
Bacup
Lancashire
OL13 8GT
England

These financial statements were authorised for issue by the Board on 15 January 2025.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

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 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.

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 statement of financial position 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
Computer equipment - 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 Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 income statement 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.

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 165 (2023 - 156).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

216,348

148,338

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

468,043

468,043

At 29 February 2024

468,043

468,043

Amortisation

At 1 March 2023

468,042

468,042

At 29 February 2024

468,042

468,042

Carrying amount

At 29 February 2024

1

1

At 28 February 2023

1

1

6

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 March 2023

3,500,000

24,595

719,385

315,798

Additions

-

-

307,470

6,904

At 29 February 2024

3,500,000

24,595

1,026,855

322,702

Depreciation

At 1 March 2023

806,925

6,889

527,730

278,829

Charge for the year

70,000

492

126,371

16,359

At 29 February 2024

876,925

7,381

654,101

295,188

Carrying amount

At 29 February 2024

2,623,075

17,214

372,754

27,514

At 28 February 2023

2,693,075

17,706

191,655

36,969

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

35,696

1,600

4,597,074

Additions

777

-

315,151

At 29 February 2024

36,473

1,600

4,912,225

Depreciation

At 1 March 2023

25,192

1,600

1,647,165

Charge for the year

3,126

-

216,348

At 29 February 2024

28,318

1,600

1,863,513

Carrying amount

At 29 February 2024

8,155

-

3,048,712

At 28 February 2023

10,504

-

2,949,909

Included within the net book value of land and buildings above is £2,623,075 (2023 - £2,693,075) in respect of freehold land and buildings and £17,214 (2023 - £17,706) in respect of long leasehold land and buildings.
 

7

Stocks

2024
£

2023
£

Other inventories

11,794

12,507

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

128,546

158,819

Amounts owed by related parties

12

476,852

451,553

Prepayments

 

19,047

19,047

Other debtors

 

11,200

11,200

   

635,645

640,619

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

130,113

143,049

Trade creditors

 

332,106

415,348

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

124,598

134,598

Taxation and social security

 

153,594

117,676

Accruals and deferred income

 

153,731

192,824

Other creditors

 

603,073

466,617

 

1,497,215

1,470,112


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £130,113 (2023 - £143,049).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

643,424

826,834


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £643,424 (2023 - £826,834).

Creditors include convertible debt of £xx (2023 - £xx).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary class "A" of £1 each

1,000

1,000

1,000

1,000

Ordinary class "B" of £1 each

1

1

1

1

Ordinary class "C" of £1 each

1

1

1

1

1,002

1,002

1,002

1,002

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

643,424

826,834

Current loans and borrowings

2024
£

2023
£

Bank borrowings

127,263

127,263

Bank overdrafts

2,850

15,786

130,113

143,049

12

Related party transactions

 

Regency Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

57,364

39,107

Contributions paid to money purchase schemes

115,290

76,680

172,654

115,787

Summary of transactions with associates

Transactions with associates:
 
During the year the company charged staff costs £376,000 (2023: £334,000) to Regency Healthcare (NW)
Limited, a company in which both directors are shareholders and directors. At the year end the company owed
£124,598 (2023: £134,598) to Regency Healthcare (NW) Ltd. a company in which both directors are
shareholders and directors.The balance is unsecured and accrues no interest.
At the year end the company was owed £426,851 (2023: £401,553) by Regency Healthcare LLP, an LLP in
which both directors are partners.The balance is unsecured and accrues no interest.

13

Parent and ultimate parent undertaking

The ultimate controlling party is the directors.