Period from 20 April 2023 to
Registration number:
Elmwood Healthcare Properties Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Elmwood Healthcare Properties Limited
Balance Sheet
30 September 2024
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Note |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' deficit |
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For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 14816237
Elmwood Healthcare Properties Limited
Notes to the Unaudited Financial Statements
Period from 20 April 2023 to 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
Group accounts not prepared
The company is exempt under section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are subject to the small companies regime.
Disclosure of long or short period
Going concern
The directors believe, with the support of the parent company and the directors, the company has sufficient working capital to continue to trade for the foreseeable future.
Therefore the directors continue to adopt a going concern basis in preparing the financial statements.
The financial statements do not include any adjustments that would result from any change in the company's circumstances such that the going concern basis would no longer be appropriate.
Elmwood Healthcare Properties Limited
Notes to the Unaudited Financial Statements
Period from 20 April 2023 to 30 September 2024
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Group recharges
Cost re-allocations are required in order to fairly reflect the cost of management services borne by group companies and entities under common control. These are based on judgemental estimates of the proportion of management time spent in areas of the business which are different from where the cost is originally processed.
Intercompany loan interest
The business trades as part of a group. In addition to recharges of central costs and other trading settlements, management charges are raised to reflect the cost of funding arranged at a group level. Significant balances with group and other connected parties arise, these balances are due after more than one year. The lending company charges interest on these loans using a market rate for an equivalent third party loan.
The carrying value of amounts owed to/from group companies and entities under common control can be found in note 6 and 7.
Management are required to make estimates as to the outflow of economic benefits which will be required to settle an obligation in making provisions.
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 corporation 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 all timing differences at the balance sheet date unless indicated below.
Timing differences are differences between taxable profits and the results as stated in the profit and
loss account and other comprehensive income. 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.
Elmwood Healthcare Properties Limited
Notes to the Unaudited Financial Statements
Period from 20 April 2023 to 30 September 2024
Tangible assets
Tangible assets, except freehold land and buildings 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, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold property |
2% straight line |
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Freehold land |
Not depreciated |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loan with group companies and entities under common control; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Elmwood Healthcare Properties Limited
Notes to the Unaudited Financial Statements
Period from 20 April 2023 to 30 September 2024
Except for loans with group companies and entities under common control, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans with group companies and entities under common control are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Tangible assets |
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Land and buildings |
Total |
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Cost or valuation |
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Additions |
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At 30 September 2024 |
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Depreciation |
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Charge for the period |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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Included within the net book value of land and buildings above is £5,834,840 in respect of freehold land and buildings.
Elmwood Healthcare Properties Limited
Notes to the Unaudited Financial Statements
Period from 20 April 2023 to 30 September 2024
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Investments |
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2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 30 September 2024 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
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Subsidiary undertakings |
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Kingsley House
England & Wales |
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Subsidiary undertakings |
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Elmwood Care Homes Limited The principal activity of Elmwood Care Homes Limited is |
Elmwood Healthcare Properties Limited
Notes to the Unaudited Financial Statements
Period from 20 April 2023 to 30 September 2024
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Debtors |
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2024 |
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Amounts owed by group undertakings |
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Details of non-current trade and other debtors
£783,671 of amounts owed by group undertakings is classified as non current.
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Creditors |
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Note |
2024 |
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Due after one year |
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Amounts owed to group undertakings |
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Amounts owed to entities under common control |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
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No. |
£ |
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500 |
Elmwood Healthcare Properties Limited
Notes to the Unaudited Financial Statements
Period from 20 April 2023 to 30 September 2024
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Related party transactions |
The company has taken advantage of the exemption provided by FRS102 to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Summary of transactions with other related parties
Loans from related parties
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2024 |
Entities under common control |
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Advanced |
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Repaid |
( |
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At end of period |
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Terms of loans from related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is