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Registration number: 05084368

Clearwater Care (Leadon Court) Limited

Annual Report and Audited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Clearwater Care (Leadon Court) Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 8

 

Clearwater Care (Leadon Court) Limited

Company Information

Directors

Mr DH Baines

Mr M Peniuk

Company secretary

Mr DH Baines

Registered office

Millheath Nursing Home
Parret Road
Bettws
Newport
South Wales
NP20 7DQ

Auditors

HSJ Audit Limited
Chartered Accountants and Statutory Auditor
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Clearwater Care (Leadon Court) Limited

(Registration number: 05084368)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

1,008,534

984,522

Current assets

 

Stocks

7

2,300

2,300

Debtors

96,770

51,640

Cash at bank and in hand

 

888,230

913,706

 

987,300

967,646

Prepayments and accrued income

 

22,248

11,592

Creditors: Amounts falling due within one year

(736,834)

(877,908)

Net current assets

 

272,714

101,330

Total assets less current liabilities

 

1,281,248

1,085,852

Provisions for liabilities

(9,166)

(7,524)

Accruals and deferred income

 

(53,767)

(54,627)

Net assets

 

1,218,315

1,023,701

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

1,208,315

1,013,701

Shareholders' funds

 

1,218,315

1,023,701

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 

.........................................

Mr M Peniuk
Director

 

Clearwater Care (Leadon Court) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Millheath Nursing Home
Parret Road
Bettws
Newport
South Wales
NP20 7DQ

The principal place of business is:
C/O Millheath
Accounts Office
Millheath Nursing Home
Bettws
Newport
NP20 7DQ

These financial statements were authorised for issue by the Board on 17 March 2025.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Summary of disclosure exemptions

The company has chosen to take advantage of the examptions available with regards to disclosure of related party transactions with wholly owned subsidiaries of the same group.

Name of parent of group

These financial statements are consolidated in the financial statements of FC Summerhill NH Limited.

The financial statements of FC Summerhill NH Limited may be obtained from c/o Millheath Nursing Home, Parrett Road, Bettws, Newport, NP20 7DQ.

 

Clearwater Care (Leadon Court) Limited

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

Audit report

The Independent Auditor's Report was qualified. In accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland paragraph 17.15, where the revaluation model is selected, this shall be applied to all items of poroperty, plant and equipment in the same class of asset.

The accountng policy for FC Summerhill NH Ltd at a group level is deemed to be one of revaluation for freehold property although this policy has not been applied in the preparation of these financial statements.

As such, it is our opinion that the valuation of freehold property, resulting deferred tax provision and associated revaluation reserve are materially understated as at 31 March 2024 in accordance with the requird accounting policy.
. The name of the Senior Statutory Auditor who signed the audit report on 18 March 2025 was Mr Andrew Hill, who signed for and on behalf of HSJ Audit Limited.

.........................................

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 value added tax, refunds, and 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 concerning occupancy have been met.

Tax

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

The current income 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 income 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 which 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.

 

Clearwater Care (Leadon Court) Limited

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

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.

Freehold property is initially recognised at cost and then periodically adjusted to reflect current valuation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land & buildings

not depreciated

Office equipment

25% Reducing Balance

Fixtures, fittings and equipment

25% Reducing Balance

Motor Vehicle

25% Reducing Balance

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 provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, being the invoiced value of the services provided. Should the normal terms of business be exceeded, trade debtors 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 company will not be able to collect all amounts due according to the normal terms of the receivables.

Stocks

Stocks are stated at the lower of cost and value-in-use within the business. Cost is determined using the first-in, first-out (FIFO) method.

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, being the invoiced value of the goods or services provided, and subsequently measured at amortised cost using the effective interest method, should the normal terms of business be exceeded.

 

Clearwater Care (Leadon Court) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 60 (2023 - 60).

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

2,940

2,940


 

5

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

10,833

6,859

 

Clearwater Care (Leadon Court) Limited

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

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

950,960

165,538

-

1,116,498

Additions

4,750

13,232

16,863

34,845

At 31 March 2024

955,710

178,770

16,863

1,151,343

Depreciation

At 1 April 2023

-

131,976

-

131,976

Charge for the year

-

10,130

703

10,833

At 31 March 2024

-

142,106

703

142,809

Carrying amount

At 31 March 2024

955,710

36,664

16,160

1,008,534

At 31 March 2023

950,960

33,562

-

984,522

Included within the net book value of land and buildings above is £955,710 (2023 - £950,960) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 21 October 2024 by an independent valuer.
The basis of this valuation was that of open market value. The name and qualification of the independent valuer are Kasia Glazz MSc MRICS of Cushman & Wakefield.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £955,710 (2023 - £955,710).

7

Stocks

2024
£

2023
£

Other inventories

2,300

2,300

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

       
 

Clearwater Care (Leadon Court) Limited

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

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr DH Baines

Director's Loan Account

-

50,000

50,000

Summary of transactions with parent

FC Summerhill NH Ltd
 During the year, FC Summerhill NH Ltd re-charged Clearwater Care (Leadon Court) Limited £32,986 (2023 - £33,081) for director wages and £nil (2023 - £32,122) for administrative expense.

At the balance sheet date the amount due to FC Summerhill Ltd was £540,902 (2023 - £716,490).

 

Summary of transactions with entities with joint control or significant interest

FC Mill Heath Ltd


At the balance sheet date the amount due to FC Mill Heath Ltd was £95,404 (2023 - £85,614).

Forge Care Homes Limited

At the balance sheet date the amount due from Forge Care Homes Limited was £26,771 (2023 - £27,005).

 

11

Parent and ultimate parent undertaking

Clearwater Care (Leadon Court) Limited is a wholly owned subsidiary of FC Summerhill NH Ltd.

 The company's immediate parent is FC Summerhill NH Ltd, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is FC Summerhill NH Ltd. These financial statements are available upon request from c/o Millheath Nursing Home, Parret Road, Bettws, Newport, NP20 7DQ.

 The ultimate controlling party is Mr D Baines & Mr M Peniuk.