Company registration number 02670773 (England and Wales)
WOODLANDS TOTAL CARE NURSING HOME LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WOODLANDS TOTAL CARE NURSING HOME LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WOODLANDS TOTAL CARE NURSING HOME LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,930,405
2,912,052
Current assets
Debtors
5
199,058
246,346
Cash at bank and in hand
21,703
86,211
220,761
332,557
Creditors: amounts falling due within one year
6
(1,493,581)
(1,522,689)
Net current liabilities
(1,272,820)
(1,190,132)
Total assets less current liabilities
1,657,585
1,721,920
Provisions for liabilities
(122,544)
(122,544)
Net assets
1,535,041
1,599,376
Capital and reserves
Called up share capital
7,182
7,182
Revaluation reserve
7
1,437,921
1,437,921
Capital redemption reserve
1,818
1,818
Profit and loss reserves
88,120
152,455
Total equity
1,535,041
1,599,376

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

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

The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Mr J Patel
Director
Company registration number 02670773 (England and Wales)
WOODLANDS TOTAL CARE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Woodlands Total Care Nursing Home Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Spareleaze Hill, Loughton, Essex, IG10 1BS.

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 whole pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Abbey Total Care Group Limited which has the same registered office as the company.

1.2
Turnover
Turnover represents amounts receivable for services provided.
1.3
Tangible fixed assets

Tangible fixed assets other than freehold land and buildings are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Freehold land and buildings are stated at valuation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Equipment (short life)
Over a period of 3 years
Fixtures, fittings & equipment
25% reducing balance
Integral features
10% reducing balance

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 recognised in the profit and loss account.

1.4
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.

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 through the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

WOODLANDS TOTAL CARE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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, amounts owed by group undertakings 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

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 and loans from fellow group companies, 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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WOODLANDS TOTAL CARE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation
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.

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WOODLANDS TOTAL CARE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
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.

Critical judgements and estimation uncertainty

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets (note 4)

Freehold land and buildings are reflected at fair value based upon a valuation from qualified surveyors. Calculation of the valuation requires judgements to be made and estimates based on information at the time of the valuation including the competitive and economic environment.

Trade debtors (note 5)

At each reporting date the company assesses whether there is any indication of the non recovery of trade debts. If any such indication exists a provision is recognised based on the director's estimate of amounts recoverable.

3
Employees

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

2024
2023
Number
Number
Total
39
38
WOODLANDS TOTAL CARE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Land and buildings - Freehold
Fixtures, fittings & equipment
Total
£
£
£
Cost or valuation
At 1 May 2023
2,885,959
372,991
3,258,950
Additions
-
0
32,049
32,049
At 30 April 2024
2,885,959
405,040
3,290,999
Depreciation and impairment
At 1 May 2023
-
0
346,898
346,898
Depreciation charged in the year
-
0
13,696
13,696
At 30 April 2024
-
0
360,594
360,594
Carrying amount
At 30 April 2024
2,885,959
44,446
2,930,405
At 30 April 2023
2,885,959
26,093
2,912,052

Land and buildings were revalued during the prior year based on a valuation concluded on 24 May 2023 by Knight Frank LLP, independent valuers not connected with the company, on the basis of market value as defined in the publication RICS Valuation - Global Standards, which incorporate the International Valuation Standards and the RICS UK National Supplement.

If freehold land and buildings were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
1,325,494
1,325,494
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
131,325
190,949
Amounts owed by group undertakings
35,218
27,334
Other debtors
32,515
28,063
199,058
246,346
WOODLANDS TOTAL CARE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
168,420
148,404
Amounts owed to group undertakings
1,167,935
1,132,144
Corporation tax
23,437
18,275
Other taxation and social security
35,991
22,470
Other creditors
97,798
201,396
1,493,581
1,522,689
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
1,437,921
564,925
Revaluation surplus arising in the year
-
0
995,540
Deferred tax on revaluation of tangible assets
-
(122,544)
At the end of the year
1,437,921
1,437,921
8
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:
David Stanley
Statutory Auditor:
Alwyns LLP
Date of audit report:
14 January 2025
9
Financial commitments, guarantees and contingent liabilities

At the balance sheet date there were contingent liabilities in respect of a debenture and unlimited intercompany guarantees to secure the group's bank loan and overdraft facilities of £38,981,408 by first legal charge over the assets of the company.

WOODLANDS TOTAL CARE NURSING HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Related party transactions

During the year the company entered into transactions with related parties as follows:

2024
2023
£
£
Company with common directors and under common control
Repairs and maintenance expenses
73,440
52,032
At the year end the following balances were outstanding:
2024
2023
£
£
Amounts due from company with common directors and under common control
23,393
-
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