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Registration number: 04660589

FC Mill Heath Ltd

Filleted Annual Report and Abridged Financial Statements

for the Year Ended 31 March 2024

 

FC Mill Heath Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 9

 

FC Mill Heath Ltd

Company Information

Directors

Mr DH Baines

Mr MS Peniuk

Company secretary

Mr DH Baines

Registered office

Parret Road
Bettws
Newport
South Wales
NP20 7DQ

Auditors

HSJ Audit Ltd
Statutory Auditor
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

FC Mill Heath Ltd

(Registration number: 04660589)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,263,139

1,243,589

Current assets

 

Stocks

3,450

3,450

Debtors

125,699

210,747

Cash at bank and in hand

 

356,698

143,490

 

485,847

357,687

Prepayments and accrued income

 

16,344

9,040

Creditors: Amounts falling due within one year

(136,545)

(81,803)

Net current assets

 

365,646

284,924

Total assets less current liabilities

 

1,628,785

1,528,513

Provisions for liabilities

(55,166)

(46,708)

Accruals and deferred income

 

(47,415)

(47,824)

Net assets

 

1,526,204

1,433,981

Capital and reserves

 

Called up share capital

6

14

14

Capital redemption reserve

6

6

Retained earnings

1,526,184

1,433,961

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 Board on 17 March 2025 and signed on its behalf by:
 

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

Mr MS Peniuk
Director

 

FC Mill Heath Ltd

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 United Kingdom.

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

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 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 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 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 FCCA ACA DChA BFP, who signed for and on behalf of HSJ Audit Ltd.

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 71 (2023 - 68).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

500,000

At 31 March 2024

500,000

Amortisation

At 1 April 2023

500,000

At 31 March 2024

500,000

Carrying amount

At 31 March 2024

-

 

FC Mill Heath Ltd

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

5

Tangible assets

Land and buildings
£

Furniture, fittings, equipment and office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,020,056

614,636

158,450

1,793,142

Additions

16,600

49,685

-

66,285

At 31 March 2024

1,036,656

664,321

158,450

1,859,427

Depreciation

At 1 April 2023

-

494,289

55,264

549,553

Charge for the year

-

20,938

25,797

46,735

At 31 March 2024

-

515,227

81,061

596,288

Carrying amount

At 31 March 2024

1,036,656

149,094

77,389

1,263,139

At 31 March 2023

1,020,056

120,347

103,186

1,243,589

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 21 October 2024. An independent valuer was not involved.
The basis of this valuation was that of open market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,036,656 (2023 - £1,020,056).

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

14

14

14

14

       

7

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

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr MS Peniuk

Amounts advanced and repaid

536

29,749

(4,220)

26,066

Mr DH Baines

Amounts advanced and repaid

-

29,749

-

29,749

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr MS Peniuk

Amounts advanced and repaid

-

536

536

 

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

Relationship: Common Shareholders and Directors
 Kingston Apartments Ltd

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).

 

9

Parent and ultimate parent undertaking

Forge Care Homes Limited has been a wholly owned subsidiary of FC Summerhill NH Limited since 1 July 2023.

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

 The most senior parent entity producing publicly available financial statements is FC Summerhill NH Limited. 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.