Company registration number 03275865 (England and Wales)
PARKSIDE RESIDENTIAL HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PARKSIDE RESIDENTIAL HOMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PARKSIDE RESIDENTIAL HOMES LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,093,258
962,929
Investment property
6
1,400,000
1,400,000
2,493,258
2,362,929
Current assets
Stocks
600
800
Debtors
7
12,961
11,850
Cash at bank and in hand
339
200
13,900
12,850
Creditors: amounts falling due within one year
8
(451,131)
(269,958)
Net current liabilities
(437,231)
(257,108)
Total assets less current liabilities
2,056,027
2,105,821
Creditors: amounts falling due after more than one year
9
(636,445)
(640,881)
Provisions for liabilities
4,414
(90)
Net assets
1,423,996
1,464,850
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
1,413,996
1,454,850
Total equity
1,423,996
1,464,850
PARKSIDE RESIDENTIAL HOMES LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
N.S. Lidhar
Director
Company registration number 03275865 (England and Wales)
PARKSIDE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Parkside Residential Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Station Road, Hambleton, York, North Yorkshire, YO8 9HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for care home residential fees provided in the normal course of business.
Revenue from care home residential fees is recognised when the resident is entitled to benefit from the services provided by the home and can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% Straight line
Computer equipment
30% Reducing balance
Fixtures and fittings
15% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
PARKSIDE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at cost .
At each reporting date, an assessment is made for impairment. Any item past its use by date is excluded from stock and is recognised as an impairment loss in profit or loss.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PARKSIDE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26 (2023 - 44).
2024
2023
Number
Number
Total
26
44
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
310,000
Amortisation and impairment
At 1 March 2023 and 28 February 2024
310,000
Carrying amount
At 28 February 2024
At 28 February 2023
PARKSIDE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
1,082,608
198,081
1,280,689
Additions
182,751
182,751
Disposals
(85,551)
(85,551)
At 28 February 2024
1,265,359
112,530
1,377,889
Depreciation and impairment
At 1 March 2023
177,196
140,564
317,760
Depreciation charged in the year
21,652
5,250
26,902
Eliminated in respect of disposals
(60,031)
(60,031)
At 28 February 2024
198,848
85,783
284,631
Carrying amount
At 28 February 2024
1,066,511
26,747
1,093,258
At 28 February 2023
905,412
57,517
962,929
6
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
1,400,000
Investment property comprises of 6 residential apartments. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,961
11,850
PARKSIDE RESIDENTIAL HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,293
65,551
Trade creditors
32,783
18,049
Corporation tax
12,987
26,093
Other taxation and social security
9,270
29,510
Other creditors
381,798
130,755
451,131
269,958
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
39,481
43,917
Other creditors
596,964
596,964
636,445
640,881