St David's C&FS Limited 04590016 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the provision of residential care homes for children and young adults. Digita Accounts Production Advanced 6.30.9574.0 true false true false false 04590016 2023-09-01 2024-08-31 04590016 2024-08-31 04590016 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 04590016 core:CurrentFinancialInstruments 2024-08-31 04590016 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04590016 core:DisposalsDecreaseInInvestments 2024-08-31 04590016 core:DisposalsDecreaseInProvisionsForImpairmentInvestments 2024-08-31 04590016 core:ProvisionsForImpairmentInvestments 2024-08-31 04590016 core:LandBuildings 2024-08-31 04590016 bus:SmallEntities 2023-09-01 2024-08-31 04590016 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04590016 bus:FilletedAccounts 2023-09-01 2024-08-31 04590016 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04590016 bus:RegisteredOffice 2023-09-01 2024-08-31 04590016 bus:Director1 2023-09-01 2024-08-31 04590016 bus:Director2 2023-09-01 2024-08-31 04590016 bus:Director3 2023-09-01 2024-08-31 04590016 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04590016 core:Buildings 2023-09-01 2024-08-31 04590016 core:Land 2023-09-01 2024-08-31 04590016 core:LandBuildings 2023-09-01 2024-08-31 04590016 core:Subsidiary1 2023-09-01 2024-08-31 04590016 core:Subsidiary1 countries:AllCountries 2023-09-01 2024-08-31 04590016 core:Subsidiary2 2023-09-01 2024-08-31 04590016 core:Subsidiary2 countries:AllCountries 2023-09-01 2024-08-31 04590016 countries:EnglandWales 2023-09-01 2024-08-31 04590016 core:LandBuildings 2023-08-31 04590016 2022-09-01 2023-08-31 04590016 2023-08-31 04590016 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 04590016 core:CurrentFinancialInstruments 2023-08-31 04590016 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04590016 core:CostValuation 2023-08-31 04590016 core:ProvisionsForImpairmentInvestments 2023-08-31 04590016 core:LandBuildings 2023-08-31 04590016 core:Subsidiary1 2022-09-01 2023-08-31 04590016 core:Subsidiary2 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 04590016

Prepared for the registrar

St David's C&FS Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

St David's C&FS Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

St David's C&FS Limited

Company Information

Directors

S P Miller

A Thomas

W G Thomas

Registered office

Units 2 & 3
The Hawthorns
Hawthorn House
Corse
Gloucestershire
GL19 3NY

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

St David's C&FS Limited

(Registration number: 04590016)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

122,821

746,016

Investments

5

-

100

 

122,821

746,116

Current assets

 

Debtors

6

344,907

8,695

Creditors: Amounts falling due within one year

7

(295,715)

(35,709)

Net current assets/(liabilities)

 

49,192

(27,014)

Total assets less current liabilities

 

172,013

719,102

Deferred tax liabilities

8

(21,525)

(28,305)

Net assets

 

150,488

690,797

Capital and reserves

 

Called up share capital

100

100

Retained earnings

150,388

690,697

Shareholders' funds

 

150,488

690,797

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 24 April 2025 and signed on its behalf by:
 


S P Miller
Director

 

St David's C&FS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2 & 3
The Hawthorns
Hawthorn House
Corse
Gloucestershire
GL19 3NY

 

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 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 financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. 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.

 

St David's C&FS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

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

The current 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 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 tax is determined using tax rates and laws that 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.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Freehold buildings

2% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

 

St David's C&FS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

St David's C&FS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Tangible assets

Freehold land and buildings
£

Cost

At 1 September 2023

990,005

Disposals

(782,027)

At 31 August 2024

207,978

Depreciation

At 1 September 2023

243,990

Charge for the year

2,853

Eliminated on disposal

(161,686)

At 31 August 2024

85,157

Carrying amount

At 31 August 2024

122,821

At 31 August 2023

746,016

Freehold land of £24,186 (2023 - £176,613) is not depreciated.

 

5

Investments

2024
£

2023
£

Investments in subsidiaries

-

100

Subsidiaries

£

Cost

At 1 September 2023

101

Disposals

(101)

Provision

At 1 September 2023

1

Eliminated on disposals

(1)

At 31 August 2024

-

Carrying amount

At 31 August 2024

-

At 31 August 2023

100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

STDASC Limited

Ordinary

0%

100%

 

England and Wales

     

St David's A.S.C. (Marlowe) Limited

Ordinary

0%

100%

 

England and Wales

     
 

St David's C&FS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Subsidiary undertakings

STDASC Limited

The principal activity of STDASC Limited is that of a dormant company. This company was dissolved on 30 May 2023.

St David's A.S.C. (Marlowe) Limited

The principal activity of St David's A.S.C. (Marlowe) Limited is that of specialist care. The entire issued share capital of this company was sold on 15 December 2023.

 

6

Debtors

2024
 £

2023
 £

Amounts owed by related parties

344,907

8,695

 

7

Creditors

2024
 £

2023
 £

Due within one year

Amounts due to group undertakings and related parties

293,505

20,706

Accrued expenses

1,150

1,350

Corporation tax liability

1,060

13,653

295,715

35,709

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

21,525

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

28,305

 

9

Parent and ultimate parent undertaking

On 15 December 2023 the company's entire issued share capital was acquired by St Davids SPV Limited. Prior to that date the company was controlled by its directors.