Registration number:
FC Mill Heath Ltd
Filleted
for the Year Ended 31 March 2024
FC Mill Heath Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
FC Mill Heath Ltd
Company Information
Directors |
Mr DH Baines Mr MS Peniuk |
Company secretary |
Mr DH Baines |
Registered office |
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Auditors |
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FC Mill Heath Ltd
(Registration number: 04660589)
Abridged Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
14 |
14 |
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Capital redemption reserve |
6 |
6 |
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Retained earnings |
1,526,184 |
1,433,961 |
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Shareholders' funds |
1,526,204 |
1,433,981 |
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
.........................................
Director
FC Mill Heath Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal place of business is:
Accounts Office
Millheath Nursing Home
Parret Road
Bettws
Newport
NP20 7DQ
These financial statements were authorised for issue by the
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 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, Parret Road, Bettws, Newport, NP20 7DQ.
FC Mill Heath Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2024
Audit report
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.
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates 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 have been met for each of the company's activities.
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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
FC Mill Heath Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2024
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Land and buildings |
Not depreciated, which is a departure from the FRS102 |
Furniture, fittings, equipment and office equipment |
15% Reducing balance |
Motor vehicles |
25% Reducing balance |
Goodwill
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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 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 company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
FC Mill Heath Ltd
Notes to the Abridged 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 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 subsequently measured at amortised cost using the effective interest method.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
FC Mill Heath Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Furniture, fittings, equipment and office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
- |
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At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £1,036,656 (2023 - £1,020,056) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Freehold land and Buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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14 |
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14 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
FC Mill Heath Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2024
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Related party transactions |
Transactions with directors |
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Mr MS Peniuk |
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Amounts advanced and repaid |
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( |
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Mr DH Baines |
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Amounts advanced and repaid |
- |
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- |
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2023 |
At 1 April 2022 |
Advances to director |
At 31 March 2023 |
Mr MS Peniuk |
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Amounts advanced and repaid |
- |
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FC Mill Heath Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2024
Summary of transactions with entities with joint control or significant interest
During the year, FC Mill Heath Ltd carried out transactions with Kingston Apartments Ltd, a company in which Mr MS Peniuk and Mr DH Baines are shareholders totalling £Nil (2023 - £Nil).
At the balance sheet date the amount due from Kingston Apartments Ltd was £6,303 (2023 - £62,869).
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is