| REGISTERED NUMBER: |
| REPORT OF THE DIRECTOR AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| REGENCY INVESTMENTS LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTOR AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| REGENCY INVESTMENTS LIMITED |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 8 |
| Statement of Financial Position | 9 |
| Statement of Changes in Equity | 10 |
| Notes to the Financial Statements | 11 |
| REGENCY INVESTMENTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| The director presents her report with the financial statements of the company for the year ended 31 March 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of management of a nursing home. |
| DIRECTOR |
| HEALTH AND SAFETY |
| The company maintains a health and safety policy which is continually monitored and formally reviewed on an annual basis. The objective of this policy is to attain and maintain high standards of health and safety performance. All persons conducting activity on behalf of the company are required to adhere strictly to this policy. |
| GOING CONCERN |
| The company has made a profit for the year and has net assets at 31 March 2024 of £977,372. In order to conclude on the appropriateness of the going concern basis, the director undertook a detailed review which included a review of trading in the financial year ended 31 March 2024 and the robust trading in the current financial period to date. The director also reviewed detailed forecasts of trading for the coming year from the date of this report including cash flows. These forecasts and projections were stress tested to assess the adequacy of liquidity headroom. The director concluded that the company has sufficient financing for the foreseeable future and concluded that it is appropriate to prepare the financial statements on a going concern basis. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| REGENCY INVESTMENTS LIMITED |
| Opinion |
| We have audited the financial statements of Regency Investments Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for qualified opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Other Companies Act 2006 reporting |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Director has been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| REGENCY INVESTMENTS LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| REGENCY INVESTMENTS LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to assessing the risk of material misstatement due to irregularities including Fraud: |
| - we identified the laws and regulations applicable to the company through discussions with management and also used our commercial and sector experience of the industry; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, UK General Data Protection Regulation, the Companies Act 2006, the Corporation Tax Act, UK anti-money laundering regime, employment and health & safety legislation; |
| - we ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - identified laws and regulations were communicated within our team and remained alert to any indications of non-compliance throughout the audit; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries with Directors and management; |
| - considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
| - we also made enquiries with Directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. |
| Responding to the risk of material misstatement due to Fraud |
| To respond to the identified risk of material misstatement due to fraud we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. We implemented following risk assessment procedures: |
| - enquiry with management and those charged with governance regarding any known or suspected instances of fraud; |
| - discussion amongst the engagement team as to how and where fraud might occur in the financial statements; |
| - tested journal entries to identify significant or unusual transactions and investigated the rationale behind those transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - performed analytical procedures to identify any unusual or unexpected relationship. |
| Responding to the risk of material misstatement due to non-compliance with Laws and Regulations |
| We implemented following risk assessment procedures: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading Board minutes; and |
| - enquiring of management as to actual and potential litigation and claims. |
| Ability of the audit to detect fraud or breaches of the Laws and Regulations |
| Owing to the inherent limitations in an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have planned and performed the audit in accordance with the auditing standards. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, misrepresentation, or intentional omission. |
| Our audit procedures are planned to detect material misstatements. We are not responsible for preventing fraud or non-compliance and cannot be expected to detect non-compliance with all laws and regulations |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| REGENCY INVESTMENTS LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 31/3/24 | 31/3/23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT and |
| PROFIT BEFORE TAXATION |
| Tax on profit | 5 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME |
| Revaluation gain on property |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2024 |
| 31/3/24 | 31/3/23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 April 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 March 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 March 2024 |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| Regency Investments Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of para 1AC.35 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents fees receivable for services provided. |
| Revenue recognition |
| Revenue from nursing home is recognised in the accounting period in which the company obtains the right to consideration. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation, and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter. |
| Freehold property | - 2% on cost |
| Plant and machinery | - 25% on reducing balance |
| Fixtures and fittings | - 25% on reducing balance |
| A surplus arising from the valuation of freehold property are taken directly to the revaluation reserve. Deficits are eliminated against any revaluation reserve in respect of that income generating unit with any excess, to the extent that it represents an impairment, being charged to profit and loss account. |
| 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 statement of financial position date. |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Trade and other debtors / creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. |
| Going concern |
| The company has made a profit for the year and has net assets at 31 March 2024 of £977,372. In order to conclude on the appropriateness of the going concern basis, the director undertook a detailed review which included a review of trading in the financial year ended 31 March 2024 and the robust trading in the current financial period to date. The director also reviewed detailed forecasts of trading for the coming year from the date of this report including cash flows. These forecasts and projections were stress tested to assess the adequacy of liquidity headroom. The director concluded that the company has sufficient financing for the foreseeable future, being at least twelve months from the date of signing these financial statements and concluded that it is appropriate to prepare the financial statements on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 31/3/24 | 31/3/23 |
| £ | £ |
| Director's remuneration |
| No remuneration to director was paid by the Company, remuneration to director was paid by the Parent Company. |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31/3/24 | 31/3/23 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Non-Audit remuneration |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31/3/24 | 31/3/23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Tax effects relating to effects of other comprehensive income |
| 31/3/24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation gain on property | - | 3,096 |
| 31/3/23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation gain on property | - | 3,984 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2023 |
| Additions |
| Revaluations |
| At 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 6. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 March 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| Valuation in 2012 | 125,778 | - | - | 125,778 |
| Valuation in 2020 | 82,676 | - | - | 82,676 |
| Valuation in 2021 | 4,231 | - | - | 4,231 |
| Valuation in 2022 | 4,231 | - | - | 4,231 |
| Valuation in 2023 | 4,230 | - | - | 4,230 |
| Valuation in 2024 | 4,231 | - | - | 4,231 |
| Cost | 460,404 | 214,331 | 63,172 | 737,907 |
| 685,781 | 214,331 | 63,172 | 963,284 |
| If the freehold land and building had not been revalued it would have been included at the following historical cost: |
| 31/3/24 | 31/3/23 |
| £ | £ |
| Cost | 460,404 | 460,404 |
| Aggregate depreciation | 185,781 | 181,550 |
| Value of land in freehold land and buildings | 278,854 | 278,854 |
| In the opinion of the director the fair value of the investment properties as at 31 March 2024 is not significantly different to that stated above. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/24 | 31/3/23 |
| £ | £ |
| Trade debtors |
| Amounts owed by connected company |
| Amounts owed by associates |
| Prepayments and accrued income |
| REGENCY INVESTMENTS LIMITED (REGISTERED NUMBER: 02282690) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/24 | 31/3/23 |
| £ | £ |
| Trade creditors |
| Amounts owed to associates | 20,876 | 333 |
| Tax |
| Social security and other taxes |
| Pension Creditor | 2,622 | - |
| Other creditors |
| Accrued expenses |
| 9. | PROVISIONS FOR LIABILITIES |
| 31/3/24 | 31/3/23 |
| £ | £ |
| Deferred tax | 8,794 | 5,803 |
| Deferred tax |
| £ |
| Balance at 1 April 2023 |
| Movement | 2,991 |
| Balance at 31 March 2024 |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 April 2023 |
| Revaluation reserve | 4,231 |
| Deferred tax on revaluation | (1,135 | ) |
| At 31 March 2024 |
| 11. | RELATED PARTY DISCLOSURES |
| Included with in creditors is £20,876 (2023: £333) payable to New Green Solutions Limited, a company in which the director's spouse, Mr J Patel , has beneficial interest. |
| Included with in debtors is £25,000 (2023: £25,000) receivable from Newbarnes Limited, a company in which the director has beneficial interest. |
| 12. | ULTIMATE PARENT AND CONTROLLING PARTY |
| The company is a subsidiary of 1st Care Limited, a company registered in England and Wales. |
| The director is the ultimate controller by virtue of her shareholding in 1st Care Limited. |