Company registration number:
for the Year Ended
Camelot Care (Bridgwater) Limited
Contents
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Company Information |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Camelot Care (Bridgwater) Limited
Company Information
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Director |
P I Teasdale |
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Company secretary |
P I Teasdale |
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Registered office |
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Auditors |
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Camelot Care (Bridgwater) Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Surplus on property, plant and equipment revaluation |
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Deferred tax relating to other comprehensive income |
(448,964) |
(187,196) |
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1,427,157 |
357,672 |
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Total comprehensive income for the year |
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Camelot Care (Bridgwater) Limited
(Registration number: 08751886)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Provisions for liabilities |
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Deferred tax liabilities |
(722,881) |
(273,917) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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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. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Camelot Care (Bridgwater) Limited
Statement of Changes in Equity
for the Year Ended 31 December 2024
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Ordinary share capital |
Revaluation reserve |
Profit and loss reserve |
Total |
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At 1 January 2024 |
100 |
441,109 |
2,866,407 |
3,307,616 |
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Movement in year : |
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Profit for the year |
- |
- |
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Gain on property revaluation |
- |
- |
1,876,121 |
1,876,121 |
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Deferred tax relating to other comprehensive income |
- |
- |
(448,964) |
(448,964) |
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Total comprehensive income |
- |
- |
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Revaluation of freehold property |
- |
1,876,121 |
(1,876,121) |
- |
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Transfer of deferred tax on fair value adjustments |
- |
(448,964) |
448,964 |
- |
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Total movement for the year |
- |
1,427,157 |
561,383 |
1,988,540 |
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At 31 December 2024 |
100 |
1,868,266 |
3,427,790 |
5,296,156 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
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Gain on property revaluation |
- |
- |
544,868 |
544,868 |
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Deferred tax relating to other comprehensive income |
- |
- |
(187,196) |
(187,196) |
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Total comprehensive income |
- |
- |
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Revaluation of freehold property |
- |
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( |
- |
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Transfer of deferred tax on fair value adjustments |
- |
( |
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- |
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At 31 December 2023 |
100 |
441,109 |
2,866,407 |
3,307,616 |
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 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:
The principal place of business is:
Avalon Nursing Home
Southgate Park
2-4 Taunton Road
Bridgwater
Somerset
TA6 3LS
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The director has made the assessment that the company is a going concern and these financial statements are prepared on that basis. The assessment took into account the forecasts and projections to assess that the company has adequate resources to continue in operational existence for the foreseeable future.
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Judgements
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements. |
Turnover recognition
Revenue represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for services provided.
Revenue from residents of the care homes is recognised and apportioned on the basis of usage, and accrued or deferred as appropriate.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
Other operating income
Other operating income is recognised on receipt.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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 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.
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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% on cost, Land nil |
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Furniture and fittings |
- 15% reducing balance |
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Office equipment |
- 25% reducing balance |
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Motor vehicles |
- 25% reducing balance |
Revaluation of tangible assets
Individual freehold and leasehold properties are carried 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.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
Revaluation reserve is the surplus or deficit arising on the revaluation of an asset of a company.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Tangible assets |
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Freehold property |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Revaluations |
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- |
- |
- |
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Additions |
- |
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- |
- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
- |
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Charge for the year |
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Eliminated on revaluation |
( |
- |
- |
- |
( |
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At 31 December 2024 |
- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £5,647,189 (2023 - £3,771,068) in respect of freehold land and buildings.
Cost or valuation at 31 December 2024 is represented by:
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Freehold property |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Totals |
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Valuation in 2024 |
1,876,121 |
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Valuation in 2023 |
544,868 |
544,868 |
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Valuation in 2022 |
1,307,178 |
1,307,178 |
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Valuation in 2020 |
(1,247,699) |
- |
- |
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(1,247,699) |
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Valuation in 2018 |
(116,000) |
- |
- |
- |
(116,000) |
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Valuation in 2015 |
503,341 |
- |
- |
- |
503,341 |
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Cost |
2,779,380 |
442,585 |
5,500 |
23,442 |
3,250,907 |
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5,647,189 |
442,585 |
5,500 |
23,442 |
6,118,716 |
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
If Avalon House had not been revalued it would have been included at the following historical cost:
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2024 |
2023 |
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£ |
£ |
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Cost |
2,779,380 |
2,779,380 |
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Aggregate depreciation |
464,290 |
412,702 |
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Value of land in freehold land and buildings |
200,000 |
200,000 |
The property was revalued at £5,840,000 in October 2024 by T Harrison MRICS and A Burchell MRICS of Avision Young, professional valuers.
The Director having made appropriate enquiries has adopted a similar model to arrive at the current year-end valuation.
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Debtors |
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Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Amounts owed to group undertakings |
378,870 |
353,338 |
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Due after one year |
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Loans and borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Loans and borrowings |
Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Included in bank and borrowings is a bank loan which is denominated in sterling with a nominal interest rate of 3% above the Bank of England base rate, repayable in monthly instalments to 26 March 2026. The carrying amount at the year end is £757,000 (2023: £799,346).
The bank borrowings are secured on a fixed and floating charge across all assets including cross guarantees within the Camelot Care Group and a personal guarantee from the Director.
Camelot Care (Bridgwater) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Related party transactions |
Summary of transactions with parent
Summary of transactions with other related parties
During the year the company was supplied with services from Able Angels amounting to £86,195 (2023: £416,662). At the year end the amount owed to Able Angels was £7,374 (2023: £19,169).
Park Asset Management Ltd
A company owned by Mr S Teasdale, a shareholder of the parent company.
During the year the company was supplied with services from Park Asset Management Limited amounting to £31,200 (2023: £21,674). At the year end the amount owed to/by Park Asset Management Limited was £nil (2023: £nil).
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
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Audit Report |