Company Registration No. 02934020 (England and Wales)
YEWCARE LIMITED
Financial statements
For the year ended 31 December 2020
Pages for filing with registrar
YEWCARE LIMITED
COMPANY INFORMATION
Directors
K Mudd
M Martindale
Company number
02934020
Registered office
Drakes Court
302 Alcester Road
Wythall
Birmingham
B47 6JR
Auditor
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
Business address
Westerham Place
Quebec Square
Westerham
TN16 1TD
YEWCARE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
YEWCARE LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
1,506,968
1,364,855
Current assets
Trade and other receivables
6
153,540
81,617
Cash and cash equivalents
87,938
163,409
241,478
245,026
Current liabilities
7
(184,007)
(102,528)
Net current assets
57,471
142,498
Total assets less current liabilities
1,564,439
1,507,353
Non-current liabilities
8
(25,000)
Provisions for liabilities
9
(98,827)
(93,717)
Net assets
1,440,612
1,413,636
Equity
Called up share capital
10
2
2
Retained earnings
1,440,610
1,413,634
Total equity
1,440,612
1,413,636
The directors of the company have elected not to include a copy of the income statement 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 11 June 2021 and are signed on its behalf by:
K Mudd
Director
Company Registration No. 02934020
YEWCARE LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2020
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2019
2
1,621,964
1,621,966
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
341,742
341,742
Dividends
-
(550,072)
(550,072)
Balance at 31 December 2019
2
1,413,634
1,413,636
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
136,976
136,976
Dividends
-
(110,000)
(110,000)
Balance at 31 December 2020
2
1,440,610
1,440,612
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
- 3 -
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
Revenue
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
Property, plant and equipment
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 non-current 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 2020
1
Accounting policies
(Continued)
- 4 -
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 statement of financial position 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 trade and other receivables 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 receivables
, 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 trade and other payables, 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 payables
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 payables 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 2020
1
Accounting policies
(Continued)
- 5 -
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 income statement 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 income statement, 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 non-current 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 2020
1
Accounting policies
(Continued)
- 6 -
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
27
28
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2020
- 7 -
5
Property, plant and equipment
Freehold land and buildings
Plant and machinery
Furniture, fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
1,341,146
66,739
471,667
5,400
1,884,952
Additions
105,977
48,888
17,900
172,765
At 31 December 2020
1,447,123
115,627
489,567
5,400
2,057,717
Depreciation and impairment
At 1 January 2020
66,739
447,958
5,400
520,097
Depreciation charged in the year
12,275
18,377
30,652
At 31 December 2020
79,014
466,335
5,400
550,749
Carrying amount
At 31 December 2020
1,447,123
36,613
23,232
1,506,968
At 31 December 2019
1,341,146
23,709
1,364,855
Freehold land and buildings with a carrying amount of £1,447,123 (2019 - £1,341,146) 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.
6
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
115,947
44,990
Amounts owed by group undertakings
20,728
22,916
Other receivables
16,865
13,711
153,540
81,617
YEWCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2020
- 8 -
7
Current liabilities
2020
2019
£
£
Trade payables
64,396
10,832
Accrued interest payable to Westerham Sarl
292
-
Amounts due to group undertakings
2,798
-
Corporation tax
27,619
37,488
Other taxation and social security
8,112
7,363
Other payables
80,790
46,845
184,007
102,528
8
Non-current liabilities
2020
2019
£
£
Loan principal payable to Westerham Sarl
25,000
9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
98,827
93,717
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary Shares of £1 each
2
2
11
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.
The auditor was WSM Advisors Limited.
12
Parent company
The ultimate parent company is
KMG SICAV SIF Wren Retirement Fund
. Its registered office is 19 rue Eugene Ruppert, L-2453 Luxembourg.
2020-12-31
2020-01-01
false
11 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
K Mudd
Mr M Martindale
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