COMPANY REGISTRATION NUMBER:
The Ashgrove Care Company Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Ashgrove Care Company Limited
Company Information
Directors |
Mr T D Keough Mrs J F Keough |
Company secretary |
Mr T D Keough |
Registered office |
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Accountants |
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The Ashgrove Care Company Limited
(Registration number: 03533235)
Balance Sheet as at 31 March 2020
Note |
2020 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Other financial assets |
570,556 |
570,556 |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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- |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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 |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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The Ashgrove Care Company Limited
(Registration number: 03533235)
Balance Sheet as at 31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and loss account has been taken.
Approved and authorised by the
.........................................
Company secretary and director
The Ashgrove Care Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The amounts shown in the accounts are given in Pounds Sterling, and are rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.
The company recognises revenue when rent is received from tenants.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 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 operates and generates taxable income.
The Ashgrove Care Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
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:
Asset class |
Depreciation method and rate |
Fixtures, Fittings & Equipment |
10% straight line |
Motor Vehicles |
25% straight line |
Investment Property |
Not depreciated - see note. |
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Not amortised |
The Ashgrove Care Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distributions to the company’s shareholders are recognised in the financial statements of the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Ashgrove Care Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Amortisation |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Disposals |
- |
( |
( |
At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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- |
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At 31 March 2019 |
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- |
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The Ashgrove Care Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Investment properties |
2020 |
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At 1 April |
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Fair value adjustments |
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At 31 March |
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The investment property has been valued by the Directors who deem the amounts stated are current open market value.
There has been no valuation of investment property by an independent valuer.
The Ashgrove Care Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2019 |
570,556 |
570,556 |
At 31 March 2020 |
570,556 |
570,556 |
Impairment |
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Carrying amount |
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At 31 March 2020 |
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570,556 |
Debtors |
2020 |
2019 |
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Other debtors |
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- |
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- |
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
- |
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The Ashgrove Care Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Loans and borrowings |
2020 |
(As restated) |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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500 |
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500 |
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500 |
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500 |
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Related party transactions |
Key management personnel
The Directors
Summary of transactions with key management
No interest has been charged on loaned amounts and there are no set repayment dates.