Company registration number 03409971 (England and Wales)
The Old Rectory Limited
Unaudited financial statements
For the year ended 30 April 2024
The Old Rectory Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
The Old Rectory Limited
Statement of financial position
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,851,185
1,198,949
Current assets
Stocks
275
275
Debtors
6
238,777
279,931
Cash at bank and in hand
161,884
113,683
400,936
393,889
Creditors: amounts falling due within one year
7
(1,718,059)
(1,268,559)
Net current liabilities
(1,317,123)
(874,670)
Total assets less current liabilities
534,062
324,279
Creditors: amounts falling due after more than one year
8
(406,711)
(268,490)
Net assets
127,351
55,789
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
126,351
54,789
Total equity
127,351
55,789
The Old Rectory Limited
Statement of financial position (continued)
As at 30 April 2024
- 2 -
For the financial year ended 30 April 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 director acknowledges his 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 director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 10 March 2025
Dr A Kumar
Director
Company registration number 03409971 (England and Wales)
The Old Rectory Limited
Notes to the financial statements
For the year ended 30 April 2024
- 3 -
1
Accounting policies
Company information
The Old Rectory Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03409971. The registered office is The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.
1.1
Basis of preparing the financial statements
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Included within current liabilities is a director's loan account balance of £true1,395,486, the director has confirmed the repayment of this balance will not be sought until the company is in a position to repay it. The director has assessed the business risks faced by the company and is satisfied that it is well placed to manage these risks. Accordingly, the director is satisfied that the financial statements are correctly prepared on the going concern basis
1.3
Revenue
Revenue comprises the aggregate of the fair value of the sale of services provided, net of rebates and discounts.
Service revenues are recognised as those services are provided to residents.
1.4
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, has been fully amortised evenly over its estimated useful life of twenty years.
1.5
Property, plant and equipment
Property, plant and equipment 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:
Plant and equipment
25% on reducing balance and 10% on cost
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.
1.6
Inventory
Inventory is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is derived from purchase price, net of value added tax.
The Old Rectory Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Basic financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Basic financial liabilities
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
The Old Rectory Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below:
Estimating the useful economic life of an asset is considered the key estimate in calculating an appropriate depreciation charge.
Estimating the recoverability of trade debtors is considered the key judgement in calculating the bad debt provision at the year end.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 47 (2023 - 45)
2024
2023
Number
Number
Total
47
45
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
139,115
Amortisation and impairment
At 1 May 2023 and 30 April 2024
139,115
Carrying amount
At 30 April 2024
At 30 April 2023
The Old Rectory Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
774,066
853,333
1,627,399
Additions
671,958
671,958
At 30 April 2024
774,066
1,525,291
2,299,357
Depreciation and impairment
At 1 May 2023
250,561
177,889
428,450
Depreciation charged in the year
19,722
19,722
At 30 April 2024
250,561
197,611
448,172
Carrying amount
At 30 April 2024
523,505
1,327,680
1,851,185
At 30 April 2023
523,505
675,444
1,198,949
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,846
17,000
Other debtors
200,931
262,931
238,777
279,931
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
37,390
37,267
Trade creditors
156
Taxation and social security
220,054
140,146
Other creditors
1,460,615
1,090,990
1,718,059
1,268,559
The Old Rectory Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
406,711
268,490
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
315,700
118,056
9
Secured Debts
2024
2023
£
£
Bank loans
444,101
305,757
Payable within one year
37,390
37,267
Payable after one year
406,711
268,490
Bank loans are secured by means of a fixed and floating charge over the assets of the company.