Company registration number SC438439 (Scotland)
NEWLANDS CARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
NEWLANDS CARE LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 10
NEWLANDS CARE LIMITED
Report To The Directors On The Preparation Of The Unaudited Statutory Accounts Of Newlands Care Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newlands Care Limited for the year ended 31 July 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of Newlands Care Limited, as a body, in accordance with the terms of our engagement letter dated 26 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Newlands Care Limited and state those matters that we have agreed to state to the Board of Directors of Newlands Care Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newlands Care Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Newlands Care Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newlands Care Limited. You consider that Newlands Care Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Newlands Care Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Condie & Co Limited
10 April 2025
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
NEWLANDS CARE LIMITED
Statement Of Financial Position
As At 31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
25,000
Tangible assets
5
1,220,299
1,224,084
1,220,299
1,249,084
Current assets
Stocks
5,150
5,000
Debtors
6
796,250
17,067
Cash at bank and in hand
7,913
117,898
809,313
139,965
Creditors: amounts falling due within one year
7
(647,975)
(695,803)
Net current assets/(liabilities)
161,338
(555,838)
Total assets less current liabilities
1,381,637
693,246
Creditors: amounts falling due after more than one year
8
(762,396)
Provisions for liabilities
9
(81,775)
(63,684)
Net assets
537,466
629,562
Capital and reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
11
322,040
384,597
Profit and loss reserves
214,426
243,965
Total equity
537,466
629,562
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NEWLANDS CARE LIMITED
Statement Of Financial Position (Continued)
As At 31 July 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 April 2025 and are signed on its behalf by:
Mrs N S Henn
Director
Company Registration No. SC438439
NEWLANDS CARE LIMITED
Notes To The Financial Statements
For The Year Ended 31 July 2024
- 4 -
1
Accounting policies
Company information
Newlands Care Limited is a private company limited by shares incorporated in Scotland. The registered office is Newlands Residential Home, Thistle Street, Dunfermline, Fife, KY12 0JA.
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 heritable 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 goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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 Heritable Property
not depreciated
Fixtures, fittings & equipment
10% straight line p.a.
Computer equipment
33% straight line p.a.
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.
NEWLANDS CARE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
NEWLANDS CARE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
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 income statement 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 income statement, 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.
NEWLANDS CARE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
- 7 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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:
2024
2023
Number
Number
Total
49
46
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
250,000
Amortisation and impairment
At 1 August 2023
225,000
Amortisation charged for the year
25,000
At 31 July 2024
250,000
Carrying amount
At 31 July 2024
At 31 July 2023
25,000
NEWLANDS CARE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 8 -
5
Tangible fixed assets
Land and Heritable Property
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 August 2023
1,200,000
91,098
6,091
1,297,189
Additions
719
719
At 31 July 2024
1,200,000
91,098
6,810
1,297,908
Depreciation and impairment
At 1 August 2023
68,801
4,304
73,105
Depreciation charged in the year
3,034
1,470
4,504
At 31 July 2024
71,835
5,774
77,609
Carrying amount
At 31 July 2024
1,200,000
19,263
1,036
1,220,299
At 31 July 2023
1,200,000
22,297
1,787
1,224,084
Tangible fixed assets with a net book value of £1,220,299 (2023: £1,224,084) have been pledged as security in favour of Unity Trust Bank Plc and Virgin Money Plc. As of 14 August 2025 the security is only in favour of Unity Trust Bank Plc as the security with Virgin Bank was satisfied on 14 August 2025.
On 28 May 2024 a revaluation of the heritable property was carried out by Cushman & Wakefield. Heritable property is included in these accounts at its market value.
The revaluation surplus is disclosed in note 14.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
799,391
799,391
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,611
15,269
Corporation tax recoverable
4,842
Other debtors
764,797
607
Prepayments and accrued income
1,191
796,250
17,067
NEWLANDS CARE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
537,808
574,177
Trade creditors
18,225
1,273
Corporation tax
27,103
Other taxation and social security
9,433
7,712
Other creditors
48,151
58,313
Accruals and deferred income
34,358
27,225
647,975
695,803
Virgin Money Plc held a floating charge dated 1 November 2016 over all assets of the company as security, which was satisfied on 14 August 2025.
Unity Trust Bank Plc hold a floating charge dated 24 July 2024 over all assets of the company as security.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
762,396
Unity Trust Bank Plc hold a floating charge dated 24 July 2024 over all assets of the company as security.
Amounts included above which fall due after five years are as follows:
Payable by instalments
693,605
-
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
81,775
63,684
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
On 15 August 2024 the company bought back 475 Ordinary shares. The remaining 525 Ordinary shares were then reclassified to be 209 Ordinary A shares, 158 Ordinary B shares and 158 Ordinary C shares.
NEWLANDS CARE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 10 -
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
384,597
154,597
Revaluation surplus arising in the year
230,000
Deferred tax on revaluation of tangible assets
(62,557)
-
At the end of the year
322,040
384,597
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
19,960
24,889
13
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Nichola Henn
-
1,414
240
(1,906)
(252)
Susan Small
-
25,785
-
(7,685)
18,100
Malcolm McKinlay
-
25,896
-
-
25,896
53,095
240
(9,591)
43,744
The directors' loan balance due to Susan and Malcolm, which is included in other creditors, is interest free and repayable on demand.
The director's loan balance due to Nichola, which is included in other debtors, is interest free and repayable on demand.
14
Related party transactions
The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.
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