Regency Healthcare (UK) LLP OC324089 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of residential care home. Digita Accounts Production Advanced 6.30.9574.0 OC324089 2023-04-01 2024-03-31 OC324089 2024-03-31 OC324089 core:OtherReservesSubtotal 2024-03-31 OC324089 core:CurrentFinancialInstruments 2024-03-31 OC324089 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 OC324089 core:Non-currentFinancialInstruments 2024-03-31 OC324089 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 OC324089 core:Goodwill 2024-03-31 OC324089 core:FurnitureFittings 2024-03-31 OC324089 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC324089 core:MotorVehicles 2024-03-31 OC324089 bus:FRS102 2023-04-01 2024-03-31 OC324089 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC324089 bus:FullAccounts 2023-04-01 2024-03-31 OC324089 bus:RegisteredOffice 2023-04-01 2024-03-31 OC324089 bus:PartnerLLP1 2023-04-01 2024-03-31 OC324089 bus:PartnerLLP2 2023-04-01 2024-03-31 OC324089 bus:PartnerLLP3 2023-04-01 2024-03-31 OC324089 bus:PartnerLLP4 2023-04-01 2024-03-31 OC324089 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC324089 bus:Agent1 2023-04-01 2024-03-31 OC324089 core:Goodwill 2023-04-01 2024-03-31 OC324089 core:PlantEquipmentUnderOperatingLeases 2023-04-01 2024-03-31 OC324089 core:OwnedAssets 2023-04-01 2024-03-31 OC324089 core:FurnitureFittings 2023-04-01 2024-03-31 OC324089 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC324089 core:MotorVehicles 2023-04-01 2024-03-31 OC324089 countries:AllCountries 2023-04-01 2024-03-31 OC324089 2023-03-31 OC324089 core:Goodwill 2023-03-31 OC324089 core:FurnitureFittings 2023-03-31 OC324089 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC324089 core:MotorVehicles 2023-03-31 OC324089 2022-04-01 2023-03-31 OC324089 2023-03-31 OC324089 core:OtherReservesSubtotal 2023-03-31 OC324089 core:CurrentFinancialInstruments 2023-03-31 OC324089 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 OC324089 core:Non-currentFinancialInstruments 2023-03-31 OC324089 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 OC324089 core:Goodwill 2023-03-31 OC324089 core:FurnitureFittings 2023-03-31 OC324089 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC324089 core:MotorVehicles 2023-03-31 OC324089 core:PlantEquipmentUnderOperatingLeases 2022-04-01 2023-03-31 OC324089 core:OwnedAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC324089

Regency Healthcare (UK) LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Regency Healthcare (UK) LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 17

Income Statement

4

Statement of Comprehensive Income

5

Statement of Financial Position

6

Statement of Changes in Members’ Interests

8

Notes to the Financial Statements

9

 

Regency Healthcare (UK) LLP

Limited liability partnership information

Designated members

Mr Muhammed Fayyaz Chauhdry

Mr Asif Iqbal Alvi
 

Members

Dr Rizwana Alvi

Mrs Rifat Fayyaz
 

Registered office

The Laurels Nursing &, Residential Care Home
Bankside Lane
Bacup
Lancashire
OL13 8GT

Accountants

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

 

Regency Healthcare (UK) LLP

Members' Report for the Year Ended 31 March 2024

The members present their report and the unaudited financial statements for the year ended 31 March 2024.

Principal activity

The principal activity of the limited liability partnership is that of residential care home.

Designated members

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

Mr Muhammed Fayyaz Chauhdry

Mr Asif Iqbal Alvi

Members' drawings and the subscription and repayment of members' capital

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'

Approved by the Board on 31 January 2025 and signed on its behalf by:

.........................................
Mr Muhammed Fayyaz Chauhdry
Designated member

.........................................
Mr Asif Iqbal Alvi
Designated member

 

Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Regency Healthcare (UK) LLP
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Regency Healthcare (UK) LLP for the year ended 31 March 2024 set out on pages 4 to 17 from the limited liability partnership'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
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the members of Regency Healthcare (UK) LLP, 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 (UK) LLP and state those matters that we have agreed to state to the members of Regency Healthcare (UK) LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Regency Healthcare (UK) LLP and its members as a body for our work or for this report.

It is your duty to ensure that Regency Healthcare (UK) LLP 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 (UK) LLP. You consider that Regency Healthcare (UK) LLP 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 (UK) LLP. 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
WD6 4RN

31 January 2025

 

Regency Healthcare (UK) LLP

Income Statement for the Year Ended 31 March 2024

Note

Total
2024
£

Total
2023
£

Turnover

612,243

523,081

Cost of sales

 

(449,147)

(413,586)

Gross profit

 

163,096

109,495

Administrative expenses

 

(132,893)

(99,643)

Operating profit

2

30,203

9,852

Interest payable and similar expenses

3

(19,810)

(13,533)

Profit/(loss) for the year before members' remuneration and profit shares

 

10,393

(3,681)

Profit/(loss) for the year available for discretionary division among members

 

10,393

(3,681)

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

 

Regency Healthcare (UK) LLP

Statement of Comprehensive Income for the Year Ended 31 March 2024

Note

2024
£

2023
£

Profit/(loss) for the year available for discretionary division among members

 

10,393

(3,681)

Other comprehensive income

 

-

-

Total comprehensive income for the year available for discretionary division among members

 

10,393

(3,681)

 

Regency Healthcare (UK) LLP

(Registration number: OC324089)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

30,400

34,200

Tangible assets

6

575,016

594,008

 

605,416

628,208

Current assets

 

Stocks

7

1,297

984

Debtors

8

47,025

46,806

Cash and short-term deposits

 

256

202

 

48,578

47,992

Creditors: Amounts falling due within one year

9

(649,010)

(577,348)

Net current liabilities

 

(600,432)

(529,356)

Total assets less current liabilities

 

4,984

98,852

Creditors: Amounts falling due after more than one year

10

(204,062)

(275,379)

Net liabilities attributable to members

 

(199,078)

(176,527)

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(209,471)

(172,846)

Members’ other interests

 

Other reserves

 

10,393

(3,681)

   

(199,078)

(176,527)

Total members' interests

 

Loans and other debts due to members

 

(209,471)

(172,846)

Equity

 

10,393

(3,681)

   

(199,078)

(176,527)

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

Regency Healthcare (UK) LLP

(Registration number: OC324089)
Statement of Financial Position as at 31 March 2024

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Regency Healthcare (UK) LLP (registered number OC324089) were approved by the Board and authorised for issue on 31 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Muhammed Fayyaz Chauhdry
Designated member

.........................................
Mr Asif Iqbal Alvi
Designated member

 

Regency Healthcare (UK) LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Other reserves
£

Total equity
£

Members' capital classified as a liability
£

Total debt
£

Total
2024
£

Members' interest at 1 April 2023

-

-

(172,846)

(172,846)

(172,846)

Profit for the financial year available for discretionary division among members

10,393

10,393

-

-

10,393

At 31 March 2024

10,393

10,393

(172,846)

(172,846)

(162,453)

 

Equity

   

Other reserves
£

Total equity
£

Total
2023
£

Loss for the financial year available for discretionary division among members

(3,681)

(3,681)

(3,681)

At 31 March 2023

(3,681)

(3,681)

(3,681)

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 functional currency of Regency Healthcare (UK) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

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

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

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 limited liability partnership 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.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Derivative financial instruments and hedging

Derivatives
The limited liability partnership uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The limited liability partnership does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.


Hedging
The limited liability partnership designates certain derivatives as hedging instruments in respect of variable interest rate risk of the cash flows associated with recognised debt instruments measured at amortised cost and in respect of foreign exchange risk in firm commitments and highly probable forecast transactions.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with the clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge and on an ongoing basis, the limited liability partnership assesses whether the hedging instrument is highly effective in offsetting the designated hedged risk.

The effective portion of changes in the fair value of the designated hedging instrument is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.

Hedge accounting is discontinued when the limited liability partnership revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in other comprehensive income is reclassified immediately to profit or loss.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Operating profit

Operating profit is stated after charging /(crediting):

2024
£

2023
£

Operating leases - plant and machinery

10,630

9,551

Profit on sale of tangible fixed assets

-

(35,792)

Depreciation of owned assets

62,971

54,471

Amortisation

3,800

3,800

3

Interest payable and similar charges

2024
£

2023
£

Interest on bank borrowings and overdrafts

14,936

9,595

Other interest payable

-

(943)

Finance charges

4,874

4,881

19,810

13,533

4

Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
No.

2023
No.

Administration and support

19

18

19

18

5

Intangible fixed assets

Goodwill
 £

Total
£

Cost

At 1 April 2023

95,000

95,000

At 31 March 2024

95,000

95,000

Amortisation

At 1 April 2023

60,800

60,800

Charge for the year

3,800

3,800

At 31 March 2024

64,600

64,600

Net book value

At 31 March 2024

30,400

30,400

At 31 March 2023

34,200

34,200

6

Tangible fixed assets

Freehold land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

671,453

178,309

164,799

1,014,561

Additions

-

43,979

-

43,979

At 31 March 2024

671,453

222,288

164,799

1,058,540

Depreciation

At 1 April 2023

214,601

111,488

94,464

420,553

Charge for the year

13,429

25,456

24,086

62,971

At 31 March 2024

228,030

136,944

118,550

483,524

Net book value

At 31 March 2024

443,423

85,344

46,249

575,016

At 31 March 2023

456,852

66,821

70,335

594,008

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Stocks

2024
£

2023
£

Stocks

1,297

984

8

Debtors

2024
£

2023
£

Trade debtors

42,755

46,806

Prepayments and accrued income

4,270

-

47,025

46,806

9

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

97,249

100,604

Obligations under finance lease and hire purchase contracts

19,248

25,767

Trade creditors

54,091

36,175

Other taxes and social security

11,335

15,801

Other creditors

421,717

396,578

Accruals and deferred income

45,370

2,423

649,010

577,348

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank overdraft

27,006

30,361

Bank loans

70,243

70,243

Finance lease

19,248

25,767

116,497

126,371

The bank loan and overdraft are secured by a 1st legal charge over the freehold property, by a general debenture and by an unlimited guarantee of the partners and related company, Regency Healthcare Limited.

The bank loan is repayable by monthly instalments over 20 years at a rate of interest of 1.40% over the bank's base rate.

 

Regency Healthcare (UK) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

164,141

226,591

Obligations under finance lease and hire purchase contracts

39,921

48,788

204,062

275,379

11

Pension and other schemes

Defined contribution pension scheme

The limited liability partnership operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the limited liability partnership to the scheme and amounted to £8,404 (2023 - £6,917).

 

12

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.