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REGISTERED NUMBER: 04018940 (England and Wales)













Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 30 April 2024

for

Chelston Park Nursing and Residential
Home Limited

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Chelston Park Nursing and Residential
Home Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: R P Allistone





SECRETARY: R P Allistone





REGISTERED OFFICE: West Buckland Road
WELLINGTON
Somerset
TA21 9PH





REGISTERED NUMBER: 04018940 (England and Wales)





AUDITORS: A C Mole LLP
Chartered Accountants
& Statutory Auditor
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Strategic Report
for the Year Ended 30 April 2024

The director presents his strategic report for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing nursing and residential care for the elderly.

REVIEW OF BUSINESS
The results of the year and financial position of the company are as shown in the annexed financial statements.

Increased occupancy levels and price rises during 2024 gave an increase in income of £315,374 compared to 2023. There has also been a corresponding increase in cost of sales of £307,463. This gives a gross profit for the year of £2,055,219 compared to £2,047,308.

Expenditure this year has increased and as a result this year's profit before tax is £594,002 compared to £677,385 in 2023.

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the company.

Since the year end, but prior to the finalisation of the financial statements, the company's entire share capital has been acquired by Chelston Holdings (SW) Limited.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors recognise the uncertainties arising as a result of the current economic climate and its impact on both personal and local government budgets. Their aim is to continue to provide a high standard of care whilst building a stronger financial base to enable continuing investment in the business. The latest Care Quality Commission inspection report published on 18 March 2021 rated the overall service "Outstanding".

Chelston Park has built on the safe infection, protection and control systems put in place during the pandemic to develop safe admission processes and procedures enabling safe admission. Enquiries are high from privately funded residents and Chelston is well positioned to take advantage of stronger demand. Successful overseas recruitment has enabled Chelston to meet enquiries, build occupancy and reduce agency staff costs. Increasing occupancy and fee levels are contributing to stronger financial performance. The addition of a new premium bedroom, day space, reception and outside terraces have added to quality of the facilities offered at Chelston Park. The Leadership Team has continued to develop consolidating HR, scheduling, accounts and reception functions.

ON BEHALF OF THE BOARD:





R P Allistone - Director


24 January 2025

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Report of the Director
for the Year Ended 30 April 2024

The director presents his report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
An interim dividend of £137,582 per share was paid on 30 April 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 275,164 .

FUTURE DEVELOPMENTS
The company will continue to provide high quality nursing and residential care for the elderly.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
R P Allistone has held office during the whole of the period from 1 May 2023 to the date of this report.

Other changes in directors holding office are as follows:

P C Allistone ceased to be a director after 30 April 2024 but prior to the date of this report.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks.

a) Price risk - The company is exposed to price risk as a result of its operations in respect of staff costs. The directors will monitor the situation carefully and take steps where necessary to mitigate this risk.

b) Credit risk - The directors are well aware of the importance of managing this risk. The company has implemented policies that require appropriate credit checks on potential customers before contracts are entered into. The credit given to customers is subject to limits which are determined and reassessed by the director.

c) Liquidity risk - The company has arranged an adequate bank overdraft for its day to day cash flow requirements. Budgets and cash flow projections are prepared and regularly monitored to ensure that the company operates within its overdraft limit.

d) Interest rate cash flow risk - The company has an overdraft facility which is repayable on demand. The interest charged on the overdraft is at a competitive rate of interest. The company has long term loans repayable in varying periods of upto 12 years, with interest being charged on a fixed rate or a fixed percentage above base rate. The directors have considered the risk of a rise in the base rate and do not think this will have a significant impact on the business.

e) Economic risk - The company's performance is impacted by the economic environment and the affordability to its patients. The company strives to deliver a very high level of care whilst being competitively priced.

GOING CONCERN
The balance sheet shows net current liabilities. The company meets its day-to-day working capital requirements through its bank facilities and borrowings and is reliant on the continued support of the bank. The company's forecasts and projections, taking account of reasonably possible changes in trading conditions, show the company should be able to operate within the level of its current bank facilities and borrowings.

The Directors therefore continue to adopt the going concern basis in preparing the financial statements.


Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Report of the Director
for the Year Ended 30 April 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R P Allistone - Director


24 January 2025

Report of the Independent Auditors to the Members of
Chelston Park Nursing and Residential
Home Limited

Opinion
We have audited the financial statements of Chelston Park Nursing and Residential Home Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Chelston Park Nursing and Residential
Home Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Identifying and assessing potential risks of material misstatement due to irregularities
We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations:

- the legal and regulatory framework in which the company operates
- the nature of the sector in which the company operates
- the control environment and controls established to mitigate such risks
- the results of our enquiries of management about their identification and assessment of risks of irregularities
- discussions with the audit engagement team about where fraud might occur
- the incentives for fraud.

Laws and regulations which are considered to be significant to the company include those relating to the requirements of financial reporting framework FRS102, the Companies Act 2006, UK tax legislation, Care Quality Standards, employment law and health and safety. In addition we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the company.

As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed.

Audit responses to risks identified

We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following:

- gaining an understanding of the company's procedures for ensuring compliance with laws and regulations
- testing the appropriateness of journal entries and other adjustments
- considering whether accounting estimates were indicative of potential bias
- considering whether any transactions arose outside the normal course of business
- making enquiries of management
- corroborating our enquiries through review of correspondence.

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Chelston Park Nursing and Residential
Home Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Cook BSc FCA (Senior Statutory Auditor)
for and on behalf of A C Mole LLP
Chartered Accountants
& Statutory Auditor
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

24 January 2025

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Income Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 5,758,793 5,443,419

Cost of sales 3,703,574 3,396,111
GROSS PROFIT 2,055,219 2,047,308

Administrative expenses 1,348,421 1,302,882
706,798 744,426

Other operating income (11,689 ) (267 )
OPERATING PROFIT 4 695,109 744,159

Interest receivable and similar income 8,193 221
703,302 744,380

Interest payable and similar expenses 5 109,300 66,995
PROFIT BEFORE TAXATION 594,002 677,385

Tax on profit 6 150,084 (22,158 )
PROFIT FOR THE FINANCIAL YEAR 443,918 699,543

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Other Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 443,918 699,543


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

443,918

699,543

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 7,150,051 7,196,892

CURRENT ASSETS
Debtors 9 1,094,804 1,192,093
Cash at bank and in hand 29,084 202
1,123,888 1,192,295
CREDITORS
Amounts falling due within one year 10 1,339,231 1,340,915
NET CURRENT LIABILITIES (215,343 ) (148,620 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,934,708

7,048,272

CREDITORS
Amounts falling due after more than one
year

11

(1,067,478

)

(1,350,766

)

PROVISIONS FOR LIABILITIES 15 (165,347 ) (164,377 )
NET ASSETS 5,701,883 5,533,129

CAPITAL AND RESERVES
Called up share capital 16 2 2
Revaluation reserve 1,747,646 1,747,646
Retained earnings 3,954,235 3,785,481
SHAREHOLDERS' FUNDS 5,701,883 5,533,129

The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by:





R P Allistone - Director


Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 2 3,336,122 1,747,646 5,083,770

Changes in equity
Dividends - (250,184 ) - (250,184 )
Total comprehensive income - 699,543 - 699,543
Balance at 30 April 2023 2 3,785,481 1,747,646 5,533,129

Changes in equity
Dividends - (275,164 ) - (275,164 )
Total comprehensive income - 443,918 - 443,918
Balance at 30 April 2024 2 3,954,235 1,747,646 5,701,883

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 663,194 732,564
Interest paid (109,300 ) (66,995 )
Tax paid 289,485 (190,054 )
Net cash from operating activities 843,379 475,515

Cash flows from investing activities
Purchase of tangible fixed assets - (178,090 )
Sale of tangible fixed assets 18,152 12,900
Interest received 8,193 221
Net cash from investing activities 26,345 (164,969 )

Cash flows from financing activities
New loans in year - 150,000
Loan repayments in year (383,962 ) (404,990 )
Amount withdrawn by directors (8,702 ) (13,576 )
Equity dividends paid (275,164 ) (250,184 )
Net cash from financing activities (667,828 ) (518,750 )

Increase/(decrease) in cash and cash equivalents 201,896 (208,204 )
Cash and cash equivalents at beginning
of year

2

(172,812

)

35,392

Cash and cash equivalents at end of year 2 29,084 (172,812 )

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 594,002 677,385
Depreciation charges 42,081 45,418
Profit on disposal of fixed assets (13,392 ) (10,118 )
Finance costs 109,300 66,995
Finance income (8,193 ) (221 )
723,798 779,459
Increase in trade and other debtors (31,829 ) (204,404 )
(Decrease)/increase in trade and other creditors (28,775 ) 157,509
Cash generated from operations 663,194 732,564

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 29,084 202
Bank overdrafts - (173,014 )
29,084 (172,812 )
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 202 35,392
Bank overdrafts (173,014 ) -
(172,812 ) 35,392


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.5.23 Cash flow changes At 30.4.24
£    £    £    £   
Net cash
Cash at bank
and in hand 202 28,882 29,084
Bank overdrafts (173,014 ) 173,014 -
(172,812 ) 201,896 29,084
Debt
Debts falling due
within 1 year (392,121 ) 383,962 (283,288 ) (291,447 )
Debts falling due
after 1 year (1,350,766 ) - 283,288 (1,067,478 )
(1,742,887 ) 383,962 - (1,358,925 )
Total (1,915,699 ) 585,858 - (1,329,841 )

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. GENERAL INFORMATION

Chelston Park Nursing and Residential Home Limited is a private company limited by shares and incorporated in the UK. The address of the registered office is West Buckland Road, Wellington, Somerset, TA21 9PH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The balance sheet shows net current liabilities. The company meets its day-to-day working capital requirements through its bank facilities and borrowings and is reliant on the continued support of the bank. The company's forecasts and projections, taking account of reasonably possible changes in trading conditions, show the company should be able to operate within the level of its current bank facilities and borrowings.

The Directors therefore continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents net invoiced sales of services, excluding value added tax.

Revenue Recognition
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 4% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Freehold land is not depreciated.

Freehold property is stated at valuation and is not depreciated. Previously depreciation was charged at 4% on deemed cost up to January 2022 when the valuation took place. The company had previously taken advantage of the transitional provisions of FRS102 and the valuation of freehold properties at the date of transition to FRS102 had been treated as deemed cost. Freehold property is reviewed regularly for any impairment and any impairment is recognised accordingly.

Other tangible fixed assets are stated at cost less accumulated depreciation.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and at bank.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Critical accounting judgements and estimation uncertainty
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised in the financial statements. Judgements and estimates are reviewed on an ongoing basis and are based on historical experience and other relevant factors. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The directors are of the opinion that except for property valuations, as detailed below, there are no accounting judgements or estimates that have a significant rosl of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Properties are carried at fair value. The Directors seek the assistance of professional third party valuers in determining fair value. These valuations include judgement in the determination of fair values and actual values could differ from those estimates.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,505,344 3,201,448
Social security costs 310,275 269,505
Other pension costs 97,974 71,543
3,913,593 3,542,496

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Chelston Park direct staff 49 46
Chelston Gardens direct Staff 92 82
Administration 15 15
Directors 2 2
158 145

Key management personnel are considered to be the directors and the registered manager and their remuneration in the year was £179,196 (2023: £120,145).

2024 2023
£    £   
Directors' remuneration 18,192 18,192

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 10,123 16,603
Depreciation - owned assets 42,081 45,418
Profit on disposal of fixed assets (13,392 ) (10,118 )
Auditors remuneration 4,840 4,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 2,232 335
Bank loan interest 107,068 66,660
109,300 66,995

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 149,114 (28,113 )

Deferred tax 970 5,955
Tax on profit 150,084 (22,158 )

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 594,002 677,385
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

148,501

132,043

Effects of:
Adjustments to tax charge in respect of previous periods (1,547 ) -
Expenses not deductible for tax purposes 2,528 22,483
Depreciation on non-qualifying assets 602 276
Change in tax rate - 1,313
R&D reclaims in relation to previous years - (178,273 )
Total tax charge/(credit) 150,084 (22,158 )

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 275,164 250,184

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST OR VALUATION
At 1 May 2023 6,540,000 615,051 710,989
Disposals - - -
At 30 April 2024 6,540,000 615,051 710,989
DEPRECIATION
At 1 May 2023 - 61,319 633,077
Charge for year - 24,600 13,488
Eliminated on disposal - - -
At 30 April 2024 - 85,919 646,565
NET BOOK VALUE
At 30 April 2024 6,540,000 529,132 64,424
At 30 April 2023 6,540,000 553,732 77,912

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 41,940 72,791 7,980,771
Disposals (31,545 ) - (31,545 )
At 30 April 2024 10,395 72,791 7,949,226
DEPRECIATION
At 1 May 2023 33,591 55,892 783,879
Charge for year 897 3,096 42,081
Eliminated on disposal (26,785 ) - (26,785 )
At 30 April 2024 7,703 58,988 799,175
NET BOOK VALUE
At 30 April 2024 2,692 13,803 7,150,051
At 30 April 2023 8,349 16,899 7,196,892

Cost or valuation at 30 April 2024 is represented by:

Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
Valuation in 2022 40,000 - -
Cost 6,500,000 615,051 710,989
6,540,000 615,051 710,989

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2022 - - 40,000
Cost 10,395 72,791 7,909,226
10,395 72,791 7,949,226

Freehold land and buildings were valued on an open market basis on 31 January 2022 by J Hodgkins MRICS of Christie & Co .

The directors believe this represents the fair value at the balance sheet date.


9. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 307,847 283,729
Other debtors 21,706 51,547
Netherclay Home Care Limited 30,909 30,909
Chelston Properties Ltd 105,545 105,637
Director's current account 8,702 -
Tax - 137,820
Prepayments and accrued income 71,987 74,343
546,696 683,985

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Amount due from related party 548,108 508,108

Aggregate amounts 1,094,804 1,192,093

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 291,447 565,135
Trade creditors 140,133 176,104
Corporation tax 300,779 -
Social security and other taxes 85,964 84,294
Other creditors 38,039 37,814
Accruals 482,869 477,568
1,339,231 1,340,915

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 12) 1,067,478 1,350,766

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 173,014
Bank loans 291,447 392,121
291,447 565,135

Amounts falling due between one and two years:
Bank loans 277,000 303,087

Amounts falling due between two and five years:
Bank loans 604,334 714,333

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 186,144 333,346

The loans are repayable over varying periods of up to 10 years. Interest is being charged at either 1.5%, 2.07% or 2.27% above the bank base rate or a fixed rate of either 3.29 or 7.79%.

In 2020 a Coronavirus Business Interruption Loan was received of £400,000. The loan is interest free and is repayable in 60 monthly amounts starting from June 2021. The loan is secured.

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,822 4,822
Between one and five years - 4,822
4,822 9,644

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 173,014
Bank loans 1,358,925 1,742,887
1,358,925 1,915,901

The bank loans and overdraft are secured by a fixed and floating charge over the assets of the company and by directors' personal guarantees.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 165,347 164,377

Deferred
tax
£   
Balance at 1 May 2023 164,377
Accelerated capital allowances 970
Balance at 30 April 2024 165,347

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

Chelston Park Nursing and Residential
Home Limited (Registered number: 04018940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
R P Allistone
Balance outstanding at start of year - (1 )
Amounts advanced 154,181 1
Amounts repaid (145,479 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,702 -

The director's loan has been fully repaid since the year end.

18. RELATED PARTY DISCLOSURES

Other related parties - under common control
2024 2023
£    £   
Management charge and recharges to related parties 160,584 214,119
Recharges from related parties 44,495 24,201
Amount due from related parties 764,586 696,621
Amount due to related parties (7,749 ) (7,749 )

19. POST BALANCE SHEET EVENTS

Since the year end, but prior to the finalisation of the financial statements, the company's entire share capital has been acquired by Chelston Holdings (SW) Limited.

20. ULTIMATE CONTROLLING PARTY

At the balance sheet date, the directors owned 100% of the share capital.

As of 18 September 2024, the company is owned by its parent company Chelston Holdings (SW) Limited, a company incorporated in England and Wales. The ultimate controlling party is Mr R P Allistone by virtue of his shareholding in Chelston Holdings (SW) Limited.