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Company No: 07979285 (England and Wales)

CHEVERELLS CARE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

CHEVERELLS CARE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

CHEVERELLS CARE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
CHEVERELLS CARE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,002 4,002
Tangible assets 4 1,822,402 1,791,303
1,824,404 1,795,305
Current assets
Stocks 600 600
Debtors 5 333,822 225,988
Cash at bank and in hand 308,463 300,511
642,885 527,099
Creditors: amounts falling due within one year 6 ( 223,294) ( 137,982)
Net current assets 419,591 389,117
Total assets less current liabilities 2,243,995 2,184,422
Creditors: amounts falling due after more than one year 7 ( 153,046) ( 184,713)
Provision for liabilities ( 23,895) ( 14,691)
Net assets 2,067,054 1,985,018
Capital and reserves
Called-up share capital 8 500,100 500,100
Profit and loss account 1,566,954 1,484,918
Total shareholders' funds 2,067,054 1,985,018

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Cheverells Care Limited (registered number: 07979285) were approved and authorised for issue by the Board of Directors on 17 January 2025. They were signed on its behalf by:

Philip Woods
Director
CHEVERELLS CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
CHEVERELLS CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cheverells Care Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Cheverells Limers Lane, Northam, Bideford, EX39 2RG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 % reducing balance
Vehicles 25 years straight line
Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 51 53

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 20,002 20,002
At 30 April 2024 20,002 20,002
Accumulated amortisation
At 01 May 2023 16,000 16,000
Charge for the financial year 2,000 2,000
At 30 April 2024 18,000 18,000
Net book value
At 30 April 2024 2,002 2,002
At 30 April 2023 4,002 4,002

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 1,701,801 48,301 34,710 106,354 1,891,166
Additions 629 0 0 45,718 46,347
Disposals 0 0 0 ( 3,590) ( 3,590)
At 30 April 2024 1,702,430 48,301 34,710 148,482 1,933,923
Accumulated depreciation
At 01 May 2023 0 25,701 34,710 39,452 99,863
Charge for the financial year 0 2,212 0 9,446 11,658
At 30 April 2024 0 27,913 34,710 48,898 111,521
Net book value
At 30 April 2024 1,702,430 20,388 0 99,584 1,822,402
At 30 April 2023 1,701,801 22,600 0 66,902 1,791,303

5. Debtors

2024 2023
£ £
Amounts owed by directors 253,729 201,817
Other debtors 80,093 24,171
333,822 225,988

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 31,667 31,667
Trade creditors 7,199 1,474
Accruals 3,751 2,651
Taxation and social security 171,024 101,204
Other creditors 9,653 986
223,294 137,982

Bank loans shown above are secured by way of a fixed charge over the freehold property known as Cheverells Residential Home.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 153,046 184,713

Bank loans shown above are secured by way of a fixed charge over the freehold property known as Cheverells Residential Home.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
500,000 Preference shares of £ 1.00 each 500,000 500,000
500,100 500,100

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 620 986

The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,727 (2023: £9,917).

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Dividends 70,000 70,000
Owed by the directors 249,965 201,817

Advances

At the year-end, the directors owed the company £249,965 (2023: £201,817). Interest is charged at HMRC approved rates when overdrawn and there are no set repayment terms.