Company Registration No. 02934020 (England and Wales)
YEWCARE LIMITED
Financial statements
For the year ended 31 December 2021
Pages for filing with registrar
YEWCARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
YEWCARE LIMITED
BALANCE SHEET
As at 31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
6
2,204,031
1,506,968
Current assets
Debtors
7
265,110
153,540
Cash at bank and in hand
457,877
87,938
722,987
241,478
Creditors: amounts falling due within one year
8
(355,701)
(184,007)
Net current assets
367,286
57,471
Total assets less current liabilities
2,571,317
1,564,439
Creditors: amounts falling due after more than one year
9
(925,576)
(25,000)
Provisions for liabilities
10
(97,084)
(98,827)
Net assets
1,548,657
1,440,612
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
1,548,655
1,440,610
Total equity
1,548,657
1,440,612
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 May 2022 and are signed on its behalf by:
K Mudd
Director
Company Registration No. 02934020
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2021
- 2 -
1
Accounting policies
Company information
Yewcare Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Drakes Court, 302 Alcester Road, Wythall, Birmingham, B47 6JR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue represents income from residents of Westerham Place Care Home for the provision of healthcare and related services. Revenue is recognised at the fair value of the income receivable from care home residents over the period in which the services are provided to the residents in accordance with the stage of completion of their contracts when all of the following conditions are satisfied:
-
the amount of revenue can be measured reliably;
-
it is probable that the company will receive the consideration due under the contract; and
-
the stage of completion of the contract at the end of the reporting period can be measured reliably.
1.3
Tangible fixed assets
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and machinery
25% straight line
Furniture, fixtures and equipment
25% straight line
Motor vehicles
25% straight line
Depreciation is not recognised for freehold land and building. The asset has a high residual value as a result of
maintenance and other works carried out at the property on a continual basis. resulting in no depreciable amount
being attached to the asset.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and
the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Going concern
The Care Home was closed to new residents briefly during the Coronavirus pandemic however, is again fully operational. Strict processes are still in place to mitigate the risk of an outbreak within the home. At the date of the approval of the financial statements all residents and staff have been fully vaccinated. The Directors are satisfied that the risk that the Home would be required to close to new residents for an extended period of time due to a Covid-19 outbreak to be sufficiently mitigated that it does not materially impact their assessment in respect of going concern.
The company continued to be profit making during the year and has positive net assets and current assets. The directors are satisfied that the company has adequate internal and external resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing these accounts.
4
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Fees from care home
1,299,624
1,138,272
2021
2020
£
£
Other significant revenue
Grants received
64,366
32,048
During the year £64,366 (2020: £32,048) of other income was recognised in relation to Covid-19 related government grants.
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
- 6 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
26
27
6
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Furniture, fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
1,447,123
115,627
489,567
5,400
2,057,717
Additions
648,652
20,254
76,021
744,927
At 31 December 2021
2,095,775
135,881
565,588
5,400
2,802,644
Depreciation and impairment
At 1 January 2021
79,014
466,335
5,400
550,749
Depreciation charged in the year
17,285
30,579
47,864
At 31 December 2021
96,299
496,914
5,400
598,613
Carrying amount
At 31 December 2021
2,095,775
39,582
68,674
2,204,031
At 31 December 2020
1,447,123
36,613
23,232
1,506,968
Freehold land and buildings with a carrying amount of
£2,095,775 (2020 -
£1,447,123) have been pledged to
secure borrowings of the parent company Westerham CHF SPV Sarl . The company is not allowed to sell the asset
to another entity.
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
114,419
115,947
Amounts owed by group undertakings
16,855
20,728
Other debtors
133,836
16,865
265,110
153,540
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
- 7 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
53,232
Trade creditors
47,545
64,396
Accrued interest payable to Westerham Sarl
1,677
292
Amounts due to group undertakings
125,237
2,798
Corporation tax
32,205
27,619
Other taxation and social security
8,726
8,112
Other creditors
87,079
80,790
355,701
184,007
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
900,576
Loan principal payable to Westerham Sarl
25,000
25,000
925,576
25,000
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
25,000
25,000
10
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
97,084
98,827
11
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary Shares of £1 each
2
2
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
- 8 -
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Bithray and the auditor was WSM Advisors Limited.
13
Parent company
The ultimate parent company is KMG SICAV SIF Wren Retirement Fund. Its registered office is 19 rue Eugene Ruppert, L-2453 Luxembourg.