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Company registration number: 07759860







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


AMESBURY ABBEY LIMITED






































img40e0.png                        

 


AMESBURY ABBEY LIMITED
 


 
COMPANY INFORMATION


Directors
R A Suppan 
D J Cornelius-Reid 
N V Cornelius-Reid 
A C Watson (resigned 31 August 2024)




Registered number
07759860



Registered office
Magna House
18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Trading Address
Amesbury Abbey
Church Street

Amesbury

Wiltshire

SP4 7EX






Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


AMESBURY ABBEY LIMITED
 



CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Statement of Financial Position
9 - 10
Company Statement of Financial Position
11 - 12
Consolidated Statement of Changes in Equity
13 - 14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Notes to the Financial Statements
17 - 32


 


AMESBURY ABBEY LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the period ended 31 March 2024

Business review
 
The year under review showed the continued recovery from Covid disruption seen over prior periods. Measures have been taken to future proof the business by investing, repairing and enhancing the estates, both the UK and through the subsidiary, Country House Nursing and Retirement Homes, in Portugal.
Cash within the group remains strong, with £6.9m at the balance sheet date (£5.48m at March 2023) so we are well placed to continue our plans moving forward.

Principal risks and uncertainties
 
Within the care sector, staffing continues to be the key risk with both attracting and retaining staff a key issue. Measures have been taken within the Group to ensure that salaries and terms are competitive within the sector, and this continues to be monitored.  In addition to this we have successfully added to our staffing cohort by recruiting from overseas.

Financial key performance indicators
 
The key measures used by the directors are;
Revenue - £8.7m from £7.6m
Operating Profit - £248k from operating loss of £114k (excluding the sale of Winton House)
Cash - £6.9m from £5.48m  


This report was approved by the board and signed on its behalf.



N V Cornelius-Reid
Director

Date: 25 June 2025

Page 1

 


AMESBURY ABBEY LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £312,208 (2023 - £1,776,876).

Directors

The directors who served during the year were:

R A Suppan 
D J Cornelius-Reid 
N V Cornelius-Reid 
A C Watson (resigned 31 August 2024)

Future developments

The Group will continue to invest in its estate to ensure the provision of safe, secure and enjoyable care facilities

Matters covered in the Group Strategic Report

The Company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 it must be stated in the Directors' Report that it has done so. This includes information that would have been included in the business review and the principal risks and uncertainties.

Page 2

 


AMESBURY ABBEY LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





N V Cornelius-Reid
Director

Date: 25 June 2025

Page 3

 


AMESBURY ABBEY LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMESBURY ABBEY LIMITED

Opinion


We have audited the financial statements of Amesbury Abbey Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's 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 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 


AMESBURY ABBEY LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMESBURY ABBEY LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine is 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


AMESBURY ABBEY LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMESBURY ABBEY LIMITED (CONTINUED)

Auditor's 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 an Auditor's Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


Page 6

 


AMESBURY ABBEY LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMESBURY ABBEY LIMITED (CONTINUED)

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 2006Our 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 an Auditor's Report 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.





Andrew Galliers FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX

25 June 2025
Page 7

 


AMESBURY ABBEY LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
8,693,315
7,621,024

Cost of sales
  
(5,025,104)
(4,611,998)

Gross profit
  
3,668,211
3,009,026

Administrative expenses
  
(3,425,031)
(869,459)

Other operating income
 4 
5,675
11,596

Operating profit
 5 
248,855
2,151,163

Interest receivable and similar income
 9 
182,573
22,189

Interest payable and similar expenses
 10 
(2,556)
(38,151)

Profit before taxation
  
428,872
2,135,201

Tax on profit
 11 
(116,664)
(358,325)

Profit for the financial year
  
312,208
1,776,876

  

Unrealised surplus/(deficit) on revaluation of tangible fixed assets
  
-
(314,311)

Currency translation differences
  
74,685
(56,705)

Foreign exchange difference on retranslation of property
  
(210,035)
-

Other comprehensive income for the year
  
(135,350)
(371,016)

Total comprehensive income for the year
  
176,858
1,405,860

Profit for the year attributable to:
  

Owners of the parent Company
  
312,208
1,776,876

  
312,208
1,776,876

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
176,858
1,405,860

  
176,858
1,405,860

The notes on pages 17 to 32 form part of these financial statements.

Page 8

 


AMESBURY ABBEY LIMITED
REGISTERED NUMBER:07759860



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
1,867
-

Tangible assets
 13 
26,420,772
26,714,425

  
26,422,639
26,714,425

Current assets
  

Stocks
  
12,145
12,332

Debtors: amounts falling due within one year
 15 
645,977
439,863

Cash at bank and in hand
  
6,903,144
5,476,678

  
7,561,266
5,928,873

Creditors: amounts falling due within one year
 16 
(25,118,793)
(24,022,058)

Net current liabilities
  
 
 
(17,557,527)
 
 
(18,093,185)

Total assets less current liabilities
  
8,865,112
8,621,240

Creditors: amounts falling due after more than one year
 17 
(1,026)
(1,091)

Provisions for liabilities
  

Deferred taxation
 18 
(40,126)
(48,047)

Other provisions
 19 
(450,000)
(375,000)

  
 
 
(490,126)
 
 
(423,047)

Net assets excluding pension asset
  
8,373,960
8,197,102

Net assets
  
8,373,960
8,197,102

Page 9

 


AMESBURY ABBEY LIMITED
REGISTERED NUMBER:07759860


    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Called up share capital 
 20 
6,000,300
6,000,300

Revaluation reserve
 21 
1,550,120
1,550,120

Foreign exchange reserve
 21 
(210,035)
-

Other reserves
 21 
5,507
5,507

Profit and loss account
 21 
1,028,068
641,175

  
8,373,960
8,197,102


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N V Cornelius-Reid
Director

Date: 25 June 2025

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 


AMESBURY ABBEY LIMITED
REGISTERED NUMBER:07759860



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
21,117,360
21,165,106

Investments
  
1,651,000
1,651,000

  
22,768,360
22,816,106

Current assets
  

Stocks
  
12,145
12,332

Debtors: amounts falling due within one year
 15 
367,342
246,290

Cash at bank and in hand
  
5,593,858
4,942,525

  
5,973,345
5,201,147

Creditors: amounts falling due within one year
  
(17,301,003)
(17,006,498)

Net current liabilities
  
 
 
(11,327,658)
 
 
(11,805,351)

Total assets less current liabilities
  
11,440,702
11,010,755

  

Provisions for liabilities
  

Deferred taxation
 18 
(40,126)
(48,047)

Other provisions
  
(450,000)
(375,000)

  
 
 
(490,126)
 
 
(423,047)

Net assets
  
10,950,576
10,587,708

Page 11

 


AMESBURY ABBEY LIMITED
REGISTERED NUMBER:07759860


    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
£
£


Capital and reserves
  

Called up share capital 
 20 
6,000,300
6,000,300

Profit and loss account brought forward
  
4,587,408
2,656,276

Profit for the year
  
362,868
1,931,132

Profit and loss account carried forward
  
4,950,276
4,587,408

  
10,950,576
10,587,708


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N V Cornelius-Reid
Director

Date: 25 June 2025

The notes on pages 17 to 32 form part of these financial statements.

Page 12

 


AMESBURY ABBEY LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 April 2023
6,000,300
1,550,120
-
5,507
641,175
8,197,102


Comprehensive income for the year

Profit for the year

-
-
-
-
312,208
312,208

Currency translation differences
-
-
-
-
74,685
74,685

Foreign exchange difference on retranslation of property
-
-
(210,035)
-
-
(210,035)


Other comprehensive income for the year
-
-
(210,035)
-
74,685
(135,350)


Total comprehensive income for the year
-
-
(210,035)
-
386,893
176,858


At 31 March 2024
6,000,300
1,550,120
(210,035)
5,507
1,028,068
8,373,960


The notes on pages 17 to 32 form part of these financial statements.

Page 13

 


AMESBURY ABBEY LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022 (as previously stated)
6,000,300
1,864,431
5,507
(956,308)
6,913,930

Prior year adjustment - correction of error
-
-
-
(122,688)
(122,688)

At 1 April 2022 (as restated)
6,000,300
1,864,431
5,507
(1,078,996)
6,791,242


Comprehensive income for the year

Profit for the year

-
-
-
1,776,876
1,776,876

Currency translation differences
-
-
-
(56,705)
(56,705)

Deficit on revaluation of freehold property
-
(314,311)
-
-
(314,311)


Other comprehensive income for the year
-
(314,311)
-
(56,705)
(371,016)


Total comprehensive income for the year
-
(314,311)
-
1,720,171
1,405,860


At 31 March 2023
6,000,300
1,550,120
5,507
641,175
8,197,102


The notes on pages 17 to 32 form part of these financial statements.

Page 14

 


AMESBURY ABBEY LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022 (as previously stated)
6,000,300
2,760,238
8,760,538

Prior year adjustment - correction of error
-
(103,962)
(103,962)


At 1 April 2022 (as restated)
6,000,300
2,656,276
8,656,576


Comprehensive income for the year

Profit for the year
-
1,931,132
1,931,132
Total comprehensive income for the year
-
1,931,132
1,931,132



At 1 April 2023
6,000,300
4,587,408
10,587,708


Comprehensive income for the year

Profit for the year
-
362,868
362,868
Total comprehensive income for the year
-
362,868
362,868


At 31 March 2024
6,000,300
4,950,276
10,950,576


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 


AMESBURY ABBEY LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
312,208
1,776,876

Adjustments for:

Depreciation of tangible assets
135,644
169,870

Loss on disposal of tangible assets
-
(2,264,558)

Interest paid
2,556
38,151

Interest received
(182,573)
(22,189)

Taxation charge
116,664
358,325

Decrease/(increase) in stocks
187
(994)

(Increase)/decrease in debtors
(206,114)
316,871

Increase/(decrease) in creditors
1,322,748
(2,707,344)

Increase in provisions
75,000
-

Corporation tax (paid)
(342,742)
(153,675)

Foreign exchange on reserves
67,886
-

Net cash generated from operating activities

1,301,464
(2,488,667)


Cash flows from investing activities

Purchase of intangible fixed assets
(2,989)
-

Purchase of tangible fixed assets
(52,026)
(278,203)

Sale of tangible fixed assets
-
5,255,500

Interest received
182,573
22,189

Net cash from investing activities

127,558
4,999,486

Cash flows from financing activities

Repayment of loans
-
(2,072,857)

Interest paid
(2,556)
(38,151)

Net cash used in financing activities
(2,556)
(2,111,008)

Net increase in cash and cash equivalents
1,426,466
399,811

Cash and cash equivalents at beginning of year
5,476,678
5,076,867

Cash and cash equivalents at the end of year
6,903,144
5,476,678


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,903,144
5,476,678

6,903,144
5,476,678


The notes on pages 17 to 32 form part of these financial statements.

Page 16

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Amesbury Abbey Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2015.

 
2.3

Going concern

At the balance sheet date the Group shows net current liabilities of £17,534,773 (2023: £18,093,185).
In reviewing these numbers, the directors have given consideration to the residents deposits that are held within other creditors of £24m (2023: £22.7m) which, whilst they would require repayment on demand, would not reflect significant outflow of funds due to the strong waiting list of residents who in turn would place their own deposits.
As such, the directors has assessed that the company expects to meet its liabilities as they fall due, and have prepared these financial statements on a going concern basis.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

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

The current income 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 18

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model 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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
0 to 2%
Plant and machinery
-
10% Straight line
Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
15% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The depreciable value of the freehold property is £nil because the estimated amount that the entity would
expect to obtain from the disposal of the assets, if the property were already of the age and in the condition
expected at the end of its useful economic life, is in excess of the current carrying value. As such no
depreciation charge is included within the financial statements.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties owned by the subsidiary entity are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. On the basis the property held within the subsidary entity is located in Portugual it is treated as a seperate class to the freehold property held by Amesbury Abbey Limited, and as such only this asset class has been revalued.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 20

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Retirement, care and nursing services
8,693,315
7,621,024

8,693,315
7,621,024


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,485,436
6,590,857

Rest of Europe
1,207,879
1,030,167

8,693,315
7,621,024



4.


Other operating income

2024
2023
£
£

Net rents receivable
5,675
11,596

5,675
11,596



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
24,907
29,640


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
39,600
35,000

Fees payable to the Company's auditor for non audit services relating to the group
17,325
15,750

Page 21

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,245,197
3,957,798
3,525,964
3,271,016

Social security costs
291,891
267,613
287,577
265,530

Cost of defined contribution scheme
63,845
58,290
63,845
58,290

4,600,933
4,283,701
3,877,386
3,594,836


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
180
192


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
88,695
103,121

Group contributions to defined contribution pension schemes
24,671
1,895

113,366
105,016


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
182,573
22,189

182,573
22,189

Page 22

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
2,556
36,285

Other interest payable
-
1,866

2,556
38,151


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
132,753
388,388

Adjustments in respect of previous periods
(8,168)
-


124,585
388,388


Total current tax
124,585
388,388

Deferred tax


Origination and reversal of timing differences
(7,921)
(30,063)

Total deferred tax
(7,921)
(30,063)


Tax on profit
116,664
358,325
Page 23

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
428,872
2,135,201


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
107,218
409,822

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,054
26,909

Fixed asset differences
12,884
(433,456)

Adjustments to tax charge in respect of prior periods
103
-

Non taxable income
(652)
-

Capital gains
-
366,149

Remeasurement of deferred tax for changes in tax rates
-
(7,215)

Unrelieved tax losses carried forward
(1,625)
-

Other differences leading to an increase (decrease) in the tax charge
-
(3,884)

Difference in taxes on overseas earnings
(2,318)
-

Total tax charge for the year
116,664
358,325


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 24

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Intangible assets

Group and Company





Computer software

£



Cost


Additions
2,989



At 31 March 2024

2,989



Amortisation


Charge for the year on owned assets
1,122



At 31 March 2024

1,122



Net book value



At 31 March 2024
1,867



At 31 March 2023
-



Page 25

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
26,315,674
1,140,923
118,226
3,401,708
-
30,976,531


Additions
-
33,372
-
-
18,654
52,026


Disposals
-
(19,003)
(8,169)
-
-
(27,172)


Exchange adjustments
(210,035)
-
-
-
-
(210,035)



At 31 March 2024

26,105,639
1,155,292
110,057
3,401,708
18,654
30,791,350



Depreciation


At 1 April 2023
-
858,285
97,479
3,306,342
-
4,262,106


Charge for the year on owned assets
52,239
68,317
6,975
8,113
-
135,644


Disposals
-
(19,003)
(8,169)
-
-
(27,172)



At 31 March 2024

52,239
907,599
96,285
3,314,455
-
4,370,578



Net book value



At 31 March 2024
26,053,400
247,693
13,772
87,253
18,654
26,420,772



At 31 March 2023
26,315,674
282,638
20,747
95,366
-
26,714,425




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
26,053,400
26,315,674

26,053,400
26,315,674


Included within Freehold property above is property held by the subsidiary entity, Country House Nursing & Retirement Homes Limited, at a revalued amount of £5,171,679. The property was revalued by Savills in 2023 on an open market value for existing use basis, with no change in the valuation in the current year.

Page 26

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost or valuation


At 1 April 2023
20,881,721
724,087
118,226
3,401,708
25,125,742


Additions
-
19,129
-
-
19,129


Disposals
-
(19,003)
(8,169)
-
(27,172)



At 31 March 2024

20,881,721
724,213
110,057
3,401,708
25,117,699



Depreciation


At 1 April 2023
-
556,815
97,479
3,306,342
3,960,636


Charge for the year on owned assets
-
51,787
6,975
8,113
66,875


Disposals
-
(19,003)
(8,169)
-
(27,172)



At 31 March 2024

-
589,599
96,285
3,314,455
4,000,339



Net book value



At 31 March 2024
20,881,721
134,614
13,772
87,253
21,117,360



At 31 March 2023
20,881,721
167,272
20,747
95,366
21,165,106





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
20,881,721
20,881,721

20,881,721
20,881,721


Page 27

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,651,000



At 31 March 2024
1,651,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Country House Nursing & Retirement Homes Limited
Magna House
18-32 London Road
Staines-Upon)Thames
Surrey
TW18 4BP
Ordinary
100%

Amesbury Abbey Limited 100% of both the Ordinary share capital and the Redeemable ordinary Preference Shares of Country House Nursing & Retirement Homes Limited


15.


Debtors

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
230,305
130,666
44,631
54,920

Other debtors
78,816
29,266
1,300
135

Prepayments and accrued income
336,856
279,931
321,411
191,235

645,977
439,863
367,342
246,290


Page 28

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
415,093
404,707
415,093
356,907

Amounts owed to group undertakings
-
-
103,920
138,565

Corporation tax
162,294
388,372
162,294
388,372

Other taxation and social security
25,821
76,820
-
47,847

Other creditors
24,228,123
22,926,147
16,363,158
15,976,249

Accruals and deferred income
287,462
226,012
256,538
98,558

25,118,793
24,022,058
17,301,003
17,006,498



17.


Creditors: Amounts falling due after more than one year

Group

Group
2024
2023
£
£

Other creditors
1,026
1,091

1,026
1,091


The other creditors are in relation to the redeemable B preference shares of the subsidiary, held by third parties,  which are required to be classified as debt per the financial report standards.



Page 29

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Deferred taxation


Group





2024


£






At beginning of year
(48,047)


Charged to profit or loss
7,921



At end of year
(40,126)

Company




2024


£






At beginning of year
(48,047)


Charged to profit or loss
7,921



At end of year
(40,126)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(40,126)
(48,047)
(40,126)
(48,047)

(40,126)
(48,047)
(40,126)
(48,047)

Page 30

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Provisions


Group and Company





Roof provision

£





At 1 April 2023
375,000


Charged to profit or loss
75,000



At 31 March 2024
450,000

The directors have provided the above amount in relation to continual repairs on the property at Amesbury Abbey.


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,000,300 (2023 - 6,000,300) Ordinary shares of £1.00 each
6,000,300
6,000,300

Each ordinary share has equal voting and dividend rights



21.


Reserves

Revaluation reserve

The revaluation reserve records the variance between original cost of properties and the most recent valuations carried out.

Profit and loss account

This reserve records retained earnings and accumulated profits.


22.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
Group
£
£


Not later than 1 year
19,016
25,733

Later than 1 year and not later than 5 years
17,872
20,232

36,888
45,965

Page 31

 


AMESBURY ABBEY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Related party transactions

Included within the creditors due within one year are amounts owed to the director from the company amounting to £87,217 (2023: £116,723). Advances were made during the year of £93, and repayments made of £29,599.
The loans are interest free and repayable on demand.

 
Page 32