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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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ADL LEASED HOMES LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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ADL LEASED HOMES LTD |
ADL LEASED HOMES LTD (REGISTERED NUMBER: 02522031) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ADL LEASED HOMES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
4th & 5th Floor |
14-15 Lower Grosvenor Place |
London |
SW1W 0EX |
ADL LEASED HOMES LTD (REGISTERED NUMBER: 02522031) |
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BALANCE SHEET |
31 MARCH 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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ADL LEASED HOMES LTD (REGISTERED NUMBER: 02522031) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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ADL Leased Homes Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, |
including Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the United |
Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been |
prepared on the historical cost basis. |
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All transactions and balances are stated in Sterling. |
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Going concern |
The company is expected to continue to generate positive cash flows for the foreseeable future and for not less than 12 |
months from the date of this report. On the basis of their assessment of the company's financial position, the directors have |
a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future |
which is not less than 12 months from the date of approving these financial statements. Financial resources include the |
support provided by the parent entity, ADL plc. Thus they continue to adopt the going concern basis of accounting in |
preparing the annual financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms 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. |
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Significant judgements and estimates |
In preparing these financial statements, the company has made judgements, estimates and assumptions that effect the |
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may |
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to |
estimates are recognised prospectively. |
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Turnover |
Turnover represents the fair value of consideration receivable in the ordinary course of business for goods and services |
provided. |
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Revenue from residents of the care homes is recognised as earned, through the provision contracted services. |
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Turnover wholly arises within the United Kingdom. |
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Tangible fixed assets |
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Short leasehold | - |
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Improvements to property | - |
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Fixtures and fittings | - |
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Tangible fixed assets, are initially measured at historic cost and subsequently carried at cost less accumulated |
depreciation and any accumulated impairment losses. All costs incurred to bring an asset into its intended working |
condition are included in the measurement of cost. The cost of properties is their purchases price together with the cost of |
improvement works. |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have |
suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset |
is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is |
reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its |
recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been |
recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
ADL LEASED HOMES LTD (REGISTERED NUMBER: 02522031) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
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Basic financial instruments |
a) Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair |
value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less |
any impairment. |
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b) Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method. |
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c) Cash at bank and in hand |
Cash and cash equivalents comprise cash balances and call deposits and petty cash. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those |
of the company in an independently administered fund. The pension costs represents contributions payable under the |
scheme by the company to the fund. The company has no liability under the scheme other than for the payment of those |
contributions. |
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Contributions outstanding at the balance sheet date amounted to £NIL (2018 - £237). |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ADL LEASED HOMES LTD (REGISTERED NUMBER: 02522031) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Cost or valuation at 31 March 2019 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2017 | 31,500 | - | 31,500 |
Cost | 568,500 | 289,378 | 857,878 |
600,000 | 289,378 | 889,378 |
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If land and buildings had not been revalued they would have been included at the following historical cost: |
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31.3.19 | 31.3.18 |
£ | £ |
Cost | 568,500 | 568,500 |
Aggregate depreciation | 59,960 | 47,970 |
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land and buildings were valued on without re-inspection basis on 30 September 2019 by Martin Robb BSc FRICS . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertaking |
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Amounts owed by participating interests | 7,052 | - |
Other debtors |
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ADL LEASED HOMES LTD (REGISTERED NUMBER: 02522031) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertaking |
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Amounts owed to participating interests | 127,679 | - |
Taxation and social security |
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Other creditors |
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7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2018 |
and 31 March 2019 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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The Report of the Auditors was unqualified. |
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Michael F Cox BSc FCA (Senior Statutory Auditor) |
forand on behalf of Cox Costello & Horne |
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9. | CONTINGENT LIABILITIES |
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The group's bank loans, as held by ADL plc, are secured by legal mortgages, and fixed and floating charges over the |
group's assets, being the group's properties, book debts, plant and machinery and other assets and the business |
undertakings. The company has guaranteed these borrowings. The extent of the group's liability at 31 March 2019 was |
£7,918,645 (2018: £8,586,044). The directors consider it to be highly unlikely that any liability will crystallise for the |
company as as a result of this guarantee. |
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10. | RELATED PARTY DISCLOSURES |
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The company has a partnership agreement with North Lincolnshire Council (Council) to run the care homes of The |
Willows, Warble House and Cherry Tree. During the year, the company earned the Council a total of £94,181 (2018: |
£139,135). At the reporting date, the company owed the Council £84,851 (2018: £97,647). |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary company of ADL plc (a company incorporated in England and Wales). ADL plc |
prepares consolidated financial statements and can be obtained from ADL plc's registered office. The directors consider |
these accounts to be both the smallest and largest group of undertakings for which group accounts are prepared. |
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At the reporting date, in the directors' opinion, Mr W J Davies was the ultimate controlling party. There has been no change |
between the reporting date and date of approval of the financial statements. |