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Registration number: 04701938

Banbury Heights Ltd.

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Banbury Heights Ltd.

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 19

 

Banbury Heights Ltd.

Company Information

Director

C A Taylor

Registered office

11 Old Parr Road
Banbury
Oxfordshire
OX16 5HT

Bankers

NatWest
1 Town Hall Buildings
Bridge Street
Banbury
Oxfordshire
OX16 5JS

Auditors

Hazlewoods LLP
Windsor House
Bayhsill Road
Cheltenham
GL50 3AT

 

Banbury Heights Ltd.

Strategic Report for the Year Ended 30 June 2024

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

Principal activity

The principal activity of the company is the provision of care to the elderly.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £2,732,893 (2023 - £2,814,407) and an operating profit of £761,211 (2023 - £733,339). At 30 June 2024 the company had net assets of £5,216,372 (2023 - £5,478,020). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Principal risks and uncertainties

The sector is subject to stringent regulatory requirements set by the CQC. Undoubtedly, there are significant costs associated with achieving a compliant standard of care. The company's main customers are local authorities. Many local authorities are struggling to manage the financial pressures caused by Government budget cuts and the increasing demand for social care. As a service provider, staff costs are the company's largest expense. The consequences of non-compliance with regulations could be significant for the company. The company has a robust audit system in place to ensure adherence to policies and compliance with regulatory requirements. Changes to CQC compliance are monitored to ensure policies and processes are updated. The company maintains a risk map that is reviewed by the board. Risks also include those around health and safety compliance, legislative requirements and contractual risks.

The ability to recruit and retain qualified carers and nurses is a continuing challenge for all care home operators. It impacts directly on the costs of operating care homes and the quality of care provided. As a result, the group sometimes relies on agency staff to ensure a high quality of care.

Approved by the director on 3 February 2025 and signed on its behalf by:


C A Taylor
Director

 

Banbury Heights Ltd.

Director's Report for the Year Ended 30 June 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director of the company

The director who held office during the year was as follows:

C A Taylor

Financial instruments

Objectives and policies

The board constantly monitors the Company's trading results and revise projections as appropriate to ensure that the Company can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The Company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The company's bank loans are subject to price and liquidity risk as disclosed in note 18 to the financial statements.

The Company has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the Company to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditors

The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the director on 3 February 2025 and signed on its behalf by:


C A Taylor
Director

 

Banbury Heights Ltd.

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Banbury Heights Ltd.

Independent Auditor's Report to the Members of Banbury Heights Ltd.

Opinion

We have audited the financial statements of Banbury Heights Ltd. (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 June 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 auditor 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 original financial statements were 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 are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

 

Banbury Heights Ltd.

Independent Auditor's Report to the Members of Banbury Heights Ltd.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on page 4, 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 is 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 have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

challenging assumptions and judgements made by management in its significant accounting estimates; and

identifying and testing journal entries, in particular any journal entries with unusual characteristics.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Banbury Heights Ltd.

Independent Auditor's Report to the Members of Banbury Heights Ltd.

Use of this 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 an auditor’s report 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.





Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayhsill Road
Cheltenham
GL50 3AT

3 February 2025

 

Banbury Heights Ltd.

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

2,732,893

2,814,407

Cost of sales

 

(1,654,781)

(1,652,369)

Gross profit

 

1,078,112

1,162,038

Administrative expenses

 

(318,101)

(448,565)

Other operating income

4

1,200

19,866

Operating profit

5

761,211

733,339

Other interest receivable and similar income

6

2,111

458

Interest payable and similar charges

7

-

(3,763)

Profit before tax

 

763,322

730,034

Taxation

10

(16,713)

(13,201)

Profit for the financial year

 

746,609

716,833

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Banbury Heights Ltd.

(Registration number: 04701938)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

11,780

11,780

Tangible assets

12

2,243,042

2,281,737

 

2,254,822

2,293,517

Current assets

 

Debtors

13

3,322,084

3,625,166

Cash at bank and in hand

 

96,778

294,146

 

3,418,862

3,919,312

Creditors: Amounts falling due within one year

14

(266,751)

(549,095)

Net current assets

 

3,152,111

3,370,217

Total assets less current liabilities

 

5,406,933

5,663,734

Provisions for liabilities

10

(182,304)

(185,714)

Net assets

 

5,224,629

5,478,020

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

5,224,627

5,478,018

Total equity

 

5,224,629

5,478,020

Approved and authorised by the director on 3 February 2025
 


C A Taylor
Director

 

Banbury Heights Ltd.

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

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

2

5,478,018

5,478,020

Profit for the year

-

746,609

746,609

Dividends

-

(1,000,000)

(1,000,000)

At 30 June 2024

2

5,224,627

5,224,629

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

2

5,545,551

5,545,553

Profit for the year

-

716,833

716,833

Dividends

-

(784,366)

(784,366)

At 30 June 2023

2

5,478,018

5,478,020

 

Banbury Heights Ltd.

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11 Old Parr Road
Banbury
Oxfordshire
OX16 5HT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of Taylor and Taylor Care Limited.

The financial statements of Taylor and Taylor Care Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Banbury Heights Ltd.

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% Straight line

Freehold land

Not depreciated

Furniture, fittings and equipment

25% Reducing balance

Office equipment

25% Reducing balance

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

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

Asset class

Amortisation method and rate

Software under development

Under development. Will be amortised once in use

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Banbury Heights Ltd.

Notes to the Financial Statements for the Year Ended 30 June 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 company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
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 financing 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.

 

Banbury Heights Ltd.

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

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Provision of care

2,732,893

2,814,407

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Government grants

-

19,279

Other income

1,200

587

1,200

19,866

 

Banbury Heights Ltd.

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

 

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

93,011

85,420

Operating lease expense - property

1,283

23,632

 

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on investments

2,111

458

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

3,763

 

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,293,042

1,206,036

Social security costs

108,697

108,206

Pension costs, defined contribution scheme

25,832

22,287

Staff training

5,444

3,376

1,433,015

1,339,905

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Care staff

52

48

 

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

6,300

6,000


 

 

Banbury Heights Ltd.

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

 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

20,023

-

UK corporation tax adjustment to prior periods

100

102

20,123

102

Deferred taxation

Arising from origination and reversal of timing differences

(3,410)

13,099

Tax expense in the income statement

16,713

13,201

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

763,322

730,034

Corporation tax at standard rate

190,831

138,706

Tax increase from effect of capital allowances and depreciation

8,556

1,323

Effect of expense not deductible in determining taxable profit (tax loss)

-

6,979

Tax decrease arising from group relief

(179,220)

(147,008)

Deferred tax expense from unrecognised tax loss or credit

100

102

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(3,410)

13,099

Tax decrease from other tax effects

(144)

-

Total tax charge

16,713

13,201

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

182,970

Short-term timing differences

(666)

182,304

2023

Liability
£

Accelerated tax depreciation

186,379

Short-term timing differences

(665)

185,714

 

Banbury Heights Ltd.

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

 

11

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023 and at 30 June 2024

305,000

11,780

316,780

Amortisation

At 1 July 2023 and at 30 June 2024

305,000

-

305,000

Carrying amount

At 30 June 2024

-

11,780

11,780

At 30 June 2023

-

11,780

11,780

 

12

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 July 2023

3,154,964

487,246

3,642,210

Additions

-

54,316

54,316

At 30 June 2024

3,154,964

541,562

3,696,526

Depreciation

At 1 July 2023

998,337

362,136

1,360,473

Charge for the year

55,560

37,451

93,011

At 30 June 2024

1,053,897

399,587

1,453,484

Carrying amount

At 30 June 2024

2,101,067

141,975

2,243,042

At 30 June 2023

2,156,627

125,110

2,281,737

Land of £377,200 (2023: £377,200) is not depreciated.
 

 

Banbury Heights Ltd.

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

 

13

Debtors

2024
£

2023
£

Trade debtors

192,957

148,264

Amounts owed by group undertakings

2,943,157

3,280,463

Other debtors

5,269

23,358

Prepayments

114,423

173,081

Corporation tax asset

66,278

-

3,322,084

3,625,166

 

14

Creditors

2024
£

2023
£

Due within one year

Trade creditors

23,167

76,270

Social security and other taxes

27,680

31,890

Outstanding defined contribution pension costs

6,214

6,214

Other creditors

76,151

145,478

Accrued expenses

133,539

76,041

Corporation tax liability

-

213,202

266,751

549,095

 

15

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £25,832 (2023 - £22,287).

Contributions totalling £6,214 (2023 - £6,214) were payable to the scheme at the end of the year and are included in creditors.

 

16

Dividends

2024
 £

2023
 £

Dividends paid

1,000,000

784,366

 

Banbury Heights Ltd.

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

 

17

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company is bound by an intra-group cross guarantee in respect of bank borrowings with other members of the group headed by its immediate parent undertaking, Taylor and Taylor Care Limited. The amount guaranteed at 30 June 2024 is £15,679,896 (2023 - £14,812,512). and is secured on the assets of the group.

 

18

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and there is no remuneration paid to the directors in the year.
 

 

19

Parent and ultimate parent undertaking

The company's immediate parent is Taylor and Taylor Care Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Taylor and Taylor Care Limited. These financial statements are available upon request from Companies House.

 The ultimate controlling party is C A Taylor.