| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Summercare Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Summercare Limited |
| Summercare Limited (Registered number: 03487592) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Summercare Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| Registered Auditors |
| 962 Eastern Avenue |
| Newbury Park |
| Ilford |
| Essex |
| IG2 7JD |
| BANKERS: |
| Chatham Customer Service Centre |
| Western Avenue |
| Waterside Court, Chatham Maritime |
| Chatham |
| Kent |
| ME4 4RT |
| Summercare Limited (Registered number: 03487592) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Revaluation reserve | 12 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Summercare Limited (Registered number: 03487592) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Summercare Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company is a member of a group, where the parent of the group prepares publicly available consolidated financial statements, including this company. |
| The financial statements of the company are consolidated in the financial statements of Holmwood House Holdings Limited. These consolidated financial statements are available from its registered office address; 962 Eastern Avenue, Ilford, Essex, United Kingdom, IG2 7JD. |
| Significant judgements and estimates |
| 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. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and buildings | - |
| Summercare Limited (Registered number: 03487592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables, 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. |
| Basic financial liabilities |
| Basic financial liabilities, including trade payables, other payables and amounts due to fellow group companies 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. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current 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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Summercare Limited (Registered number: 03487592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Land and |
| buildings |
| £ |
| COST OR VALUATION |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 1,625,000 (2023 - £ 1,625,000 ) which is not depreciated. |
| Cost or valuation at 31 August 2024 is represented by: |
| Land and |
| buildings |
| £ |
| Valuation in 2016 | 1,411,032 |
| Valuation in 2022 | 200,000 |
| Cost | 978,968 |
| 2,590,000 |
| Freehold land and buildings were valued on an open market basis on 31 August 2022 by the Directors . |
| The Directors are of the opinion that the value of freehold land and buildings is not materially different from their fair value at the date of the statement of financial position. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Summercare Limited (Registered number: 03487592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 8) |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Other loans more 5yrs non-inst |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 521,386 | 765,626 |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bounce Back Loan | 10,112 | 21,519 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Other loans more 5yrs non-inst | 500,000 | 500,000 |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 521,386 | 765,626 |
| Summercare Limited (Registered number: 03487592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | LOANS - continued |
| The company obtained a loan from the Bank in 2018. As of the year-end, the outstanding balance was £ 885,807 (2023: £958,692). The loan carries an interest rate of 1.85% per annum above the base rate of 5.25% per annum and is repayable over 20 years. |
| In October 2021. the company obtained a loan under bounce back scheme. The balance outstanding as at the year end was £20,760 (2022: £31,409). It carries interest at the rate of 2.5% per annum with no principal repayments for the first year. |
| The company borrowed a loan from RBR Property Investments Limited, a company under control of a Director. The balance of this loan outstanding as at the year end was £500,000 (2022: £Nil). This loan carries an interest rate of 5% per annum and is repayable by year 2030. |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loans of the company are secured by a debenture on all assets of the company and also by legal charges over the associated properties. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 9,600 | 9,600 |
| Ordinary C | £1 | 2 | 2 |
| 9,602 | 9,602 |
| 12. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 September 2023 |
| and 31 August 2024 |
| Summercare Limited (Registered number: 03487592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | RELATED PARTY DISCLOSURES |
| During the year the company made payment in respect of rent totalling £36,000 (2023: £15,000) to Alpha Remediation Limited a company connected to a Director. The amount owed by them at the year end was £10,000 (2023: Nil). |
| Included within debtors is an amount £Nil (2023: £398) and £88,720 (2023: £88,720) due from Quinton House Limited and RBR Property Investments Limited respectively. Both companies are under the control of a Director. |
| Included within creditors is an amount £9,617 (2023: £140,669 (Due to)) due by Gateway Housing Limited, a company under common directorship. |