REGISTERED NUMBER: 04820472 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 30 September 2022 |
for |
Roseville Care Homes Limited |
REGISTERED NUMBER: 04820472 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 30 September 2022 |
for |
Roseville Care Homes Limited |
Roseville Care Homes Limited (Registered number: 04820472) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income |
10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows |
17 |
Notes to the Consolidated Financial Statements |
19 |
Roseville Care Homes Limited |
Company Information |
for the Year Ended 30 September 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Triune Court |
Monks Cross Drive |
York |
YO32 9GZ |
Roseville Care Homes Limited (Registered number: 04820472) |
Group Strategic Report |
for the Year Ended 30 September 2022 |
The director presents her strategic report of the company and the group for the year ended 30 September 2022. |
REVIEW OF BUSINESS |
The group has recovered slightly following a period of national difficulty. Bed occupancy increased at four of the five homes. Bed occupancy at the other home has levelled out. Homecare sales decreased, due to the availability of staff, but steps have been taken to address this issue. |
There has been a small increase in revenue of 7.4%. Pre tax profits have increased by £97k. The key factors contributing to this were the increased sales, tempered somewhat by continually high staffing costs and high costs of food and other direct costs. |
The group is in a strong position financially, with net assets at 30 September 2022 amounting to £3.8m. The group complied with its bank loan covenants during the year. |
The target for 2023 is to achieve full occupancy levels in underperforming homes and to maintain other better performing homes at their high occupancy levels. Planned capital improvements to a number of properties should assist in attaining this target. |
Key performance indicators for the group's activities are occupancy levels, bed fees, loan interest and wages costs. |
- Fluctuations in occupancy levels are noted above. |
- Bed fees have remained steady in the current challenging times, although improved fees have been achieved at some of the homes. |
- Interest costs of £105k represent 1.6% of sales (2021: 1.9%). |
- Wages costs decreased in the year to £4,083k, representing 64%. This is 7% lower than in 2021, which included one-off costs of £200k. The 2022 costs have been subsidised to a small extent by COVID-19 related government grant support of £146k (2021: £337k). |
The group's future success is dependent on maintaining high occupancy levels and good average fees. This will be achieved by continuing to invest in maintenance of the assets alongside continuous improvements in customer care training for staff. |
Roseville Care Homes Limited (Registered number: 04820472) |
Group Strategic Report |
for the Year Ended 30 September 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Business risk is mainly linked to operational performance. The group must remain compliant with constantly changing legislation. This is achieved by continuous training for the director and key personnel along with good relations with the regulatory bodies to stay ahead of changes in care delivery best practice. |
The implementation of BREXIT still represents a key risk to the group due to the reduction in the numbers of care workers available for work in the UK, as many of the group's employees are EU citizens. The director is aware of the risk to the group and has implemented plans to reduce that risk. These plans include establishing strong relationships with employment agencies to ensure a continuous supply of appropriately skilled staff. |
ON BEHALF OF THE BOARD: |
Roseville Care Homes Limited (Registered number: 04820472) |
Report of the Director |
for the Year Ended 30 September 2022 |
The director presents her report with the financial statements of the company and the group for the year ended 30 September 2022. |
PRINCIPAL ACTIVITIES |
The principal activity of the group continued to be that of the operation of residential care homes and provision of homecare services. |
DIVIDENDS |
During the year dividends of £278,000 were paid. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Roseville Care Homes Limited (Registered number: 04820472) |
Report of the Director |
for the Year Ended 30 September 2022 |
AUDITORS |
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Roseville Care Homes Limited |
Opinion |
We have audited the financial statements of Roseville Care Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2022 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Roseville Care Homes Limited |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Roseville Care Homes Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. |
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
- Reviewing minutes of meetings of those charged with governance; |
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
- Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Roseville Care Homes Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Triune Court |
Monks Cross Drive |
York |
YO32 9GZ |
Roseville Care Homes Limited (Registered number: 04820472) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 30 September 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 3 | 6,382,916 | 5,943,003 |
Cost of sales | 4,666,745 | 4,585,253 |
GROSS PROFIT | 1,716,171 | 1,357,750 |
Administrative expenses | 1,066,986 | 992,081 |
649,185 | 365,669 |
Other operating income | 146,154 | 336,631 |
OPERATING PROFIT | 5 | 795,339 | 702,300 |
Interest receivable and similar income |
6 |
47,870 |
51,062 |
843,209 | 753,362 |
Interest payable and similar expenses |
7 |
105,100 |
112,008 |
PROFIT BEFORE TAXATION | 738,109 | 641,354 |
Tax on profit | 8 | 126,560 | 141,219 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
611,549 |
500,135 |
Profit attributable to: |
Owners of the parent | 611,549 | 500,135 |
Total comprehensive income attributable to: |
Owners of the parent | 611,549 | 500,135 |
Roseville Care Homes Limited (Registered number: 04820472) |
Consolidated Statement of Financial Position |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | - | - |
Tangible assets | 12 | 5,597,544 | 5,623,301 |
Investments | 13 | - | - |
5,597,544 | 5,623,301 |
CURRENT ASSETS |
Stocks | 14 | 2,900 | 2,900 |
Debtors | 15 | 2,978,195 | 2,631,125 |
Cash at bank and in hand | 457,795 | 601,687 |
3,438,890 | 3,235,712 |
CREDITORS |
Amounts falling due within one year | 16 | 1,580,621 | 1,495,820 |
NET CURRENT ASSETS | 1,858,269 | 1,739,892 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,455,813 |
7,363,193 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(3,499,500 |
) |
(3,715,959 |
) |
PROVISIONS FOR LIABILITIES | 21 | (160,289 | ) | (184,759 | ) |
NET ASSETS | 3,796,024 | 3,462,475 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 168 | 168 |
Share premium | 347,450 | 347,450 |
Retained earnings | 3,448,406 | 3,114,857 |
SHAREHOLDERS' FUNDS | 3,796,024 | 3,462,475 |
The financial statements were approved by the director and authorised for issue on 27 June 2023 and were signed by: |
Mrs D Knezevic-Sharp - Director |
Roseville Care Homes Limited (Registered number: 04820472) |
Company Statement of Financial Position |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
Roseville Care Homes Limited (Registered number: 04820472) |
Company Statement of Financial Position - continued |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
1,100,515 |
1,684,668 |
The financial statements were approved by the director and authorised for issue on |
Roseville Care Homes Limited (Registered number: 04820472) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2020 | 168 | 2,910,756 | 347,450 | 3,258,374 |
Changes in equity |
Dividends | - | (296,034 | ) | - | (296,034 | ) |
Total comprehensive income | - | 500,135 | - | 500,135 |
Balance at 30 September 2021 | 168 | 3,114,857 | 347,450 | 3,462,475 |
Changes in equity |
Dividends | - | (278,000 | ) | - | (278,000 | ) |
Total comprehensive income | - | 611,549 | - | 611,549 |
Balance at 30 September 2022 | 168 | 3,448,406 | 347,450 | 3,796,024 |
Roseville Care Homes Limited (Registered number: 04820472) |
Company Statement of Changes in Equity |
for the Year Ended 30 September 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2020 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2022 |
Roseville Care Homes Limited (Registered number: 04820472) |
Consolidated Statement of Cash Flows |
for the Year Ended 30 September 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 558,633 | (168,745 | ) |
Interest paid | (105,100 | ) | (112,008 | ) |
Tax paid | (134,752 | ) | (203,592 | ) |
Net cash from operating activities | 318,781 | (484,345 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (137,907 | ) | (40,591 | ) |
Sale of tangible fixed assets | 733 | 5,001 |
Interest received | 47,870 | 51,062 |
Net cash from investing activities | (89,304 | ) | 15,472 |
Cash flows from financing activities |
New loans in year | 104,850 | 4,245,700 |
Loan repayments in year | (357,672 | ) | (4,218,300 | ) |
Amount introduced by director | 284,081 | 526,258 |
Amount withdrawn by director | (272,782 | ) | (692,558 | ) |
Government grant received | 146,154 | 336,631 |
Equity dividends paid | (278,000 | ) | (296,034 | ) |
Net cash from financing activities | (373,369 | ) | (98,303 | ) |
Decrease in cash and cash equivalents | (143,892 | ) | (567,176 | ) |
Cash and cash equivalents at beginning of year |
2 |
601,687 |
1,168,863 |
Cash and cash equivalents at end of year |
2 |
457,795 |
601,687 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 September 2022 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit for the financial year | 611,549 | 500,135 |
Depreciation charges | 162,962 | 155,250 |
Profit on disposal of fixed assets | (31 | ) | (5,000 | ) |
Government grants | (146,154 | ) | (336,631 | ) |
Finance costs | 105,100 | 112,008 |
Finance income | (47,870 | ) | (51,062 | ) |
Taxation | 126,560 | 141,219 |
812,116 | 515,919 |
Decrease in stocks | - | 29,607 |
Increase in trade and other debtors | (358,369 | ) | (739,260 | ) |
Increase in trade and other creditors | 104,886 | 24,989 |
Cash generated from operations | 558,633 | (168,745 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 457,795 | 601,687 |
Year ended 30 September 2021 |
30.9.21 | 1.10.20 |
£ | £ |
Cash and cash equivalents | 601,687 | 1,168,863 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 September 2022 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.21 | Cash flow | At 30.9.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 601,687 | (143,892 | ) | 457,795 |
601,687 | (143,892 | ) | 457,795 |
Debt |
Finance leases | - | (84,781 | ) | (84,781 | ) |
Debts falling due within 1 year | (337,603 | ) | 68,511 | (269,092 | ) |
Debts falling due after 1 year | (3,715,959 | ) | 269,092 | (3,446,867 | ) |
(4,053,562 | ) | 252,822 | (3,800,740 | ) |
Total | (3,451,875 | ) | 108,930 | (3,342,945 | ) |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Roseville Care Homes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. |
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: |
· Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
· Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flows and related notes and disclosures; |
· Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
· Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
Going concern |
After reviewing the group's forecasts and projections, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. |
Basis of consolidation |
The consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings, made up to 30 September 2022. The results of subsidiaries sold or acquired are consolidated from, or to, the date control passes. Intra-group sales, profits and balances are eliminated on consolidation. |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
Depreciation and amortisation: |
The depreciation and amortisation policies have been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation and amortisation without undue cost and therefore amounts are charged annually. In the directors opinion, the depreciation and amortisation charged during the year, which is set out in the notes to these financial statements, is a fair reflection of the benefits derived from the consumption of the tangible and intangible fixed assets in use during the period. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services, which is recognised by reference to the dates for which the services have been provided. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2003, 2006 and 2007, is being amortised evenly over its estimated useful life of 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
No depreciation is provided on freehold land. |
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 the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately. |
If an impairment loss subsequently reverses, the carrying 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. |
Investment in subsidiaries |
The consolidated financial statements incorporate the financial statements of the company and entities (including special purpose entities) controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of its financial instruments. |
Basic financial assets: |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
Impairment: |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income. |
Other financial assets: |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in the statement of comprehensive income, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Derecognition of financial assets: |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities: |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Trade payables 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 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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
Employee benefits |
The group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
The group operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the statement of financial position. The assets of the plans are held separately from the group in independently administered funds. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2022 | 2021 |
£ | £ |
Care home services | 5,863,793 | 5,131,151 |
Homecare services | 519,123 | 811,852 |
6,382,916 | 5,943,003 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
United Kingdom | 6,382,916 | 5,943,003 |
6,382,916 | 5,943,003 |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries | 3,703,516 | 3,822,944 |
Social security costs | 299,647 | 278,713 |
Other pension costs | 79,948 | 100,609 |
4,083,111 | 4,202,266 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Care and administration | 202 | 212 |
Director | 1 | 1 |
2022 | 2021 |
£ | £ |
Director's remuneration | 21,000 | 49,500 |
Director's pension contributions to money purchase schemes | 6,667 | 20,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Hire of plant and machinery | 4,051 | 3,175 |
Other operating leases | 36,968 | 26,823 |
Depreciation - owned assets | 153,229 | 155,250 |
Depreciation - assets on hire purchase contracts | 9,733 | - |
Profit on disposal of fixed assets | (31 | ) | (5,000 | ) |
Auditors' remuneration | 30,420 | 26,460 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2022 | 2021 |
£ | £ |
Deposit account interest | 1,189 | 533 |
Interest from loans | 46,681 | 50,529 |
47,870 | 51,062 |
Investment income includes the following: |
Interest on financial assets not measured at fair value through profit or loss |
40,375 |
41,462 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank loan interest | 86,220 | 100,060 |
Other loan interest | 18,880 | 11,948 |
105,100 | 112,008 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | 151,037 | 134,759 |
Prior year under/over |
provision | (7 | ) | - |
Total current tax | 151,030 | 134,759 |
Deferred tax | (24,470 | ) | 6,460 |
Tax on profit | 126,560 | 141,219 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax | 738,109 | 641,354 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
140,241 |
121,857 |
Effects of: |
Expenses not deductible for tax purposes | - | 1,813 |
Depreciation in excess of capital allowances | 10,789 | 11,089 |
Movement in deferred tax | (24,470 | ) | 6,460 |
Total tax charge | 126,560 | 141,219 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim | 278,000 | 181,000 |
A Ordinary shares of £1 each |
Interim | - | 57,517 |
B Ordinary shares of £1 each |
Interim | - | 57,517 |
278,000 | 296,034 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 | 521,946 |
AMORTISATION |
At 1 October 2021 |
and 30 September 2022 | 521,946 |
NET BOOK VALUE |
At 30 September 2022 | - |
At 30 September 2021 | - |
Company |
Goodwill |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
AMORTISATION |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2021 | 6,739,078 | 1,186,335 | - | 7,925,413 |
Additions | - | 33,057 | 104,850 | 137,907 |
Disposals | - | (733 | ) | - | (733 | ) |
At 30 September 2022 | 6,739,078 | 1,218,659 | 104,850 | 8,062,587 |
DEPRECIATION |
At 1 October 2021 | 1,219,135 | 1,082,977 | - | 2,302,112 |
Charge for year | 109,334 | 43,895 | 9,733 | 162,962 |
Eliminated on disposal | - | (31 | ) | - | (31 | ) |
At 30 September 2022 | 1,328,469 | 1,126,841 | 9,733 | 2,465,043 |
NET BOOK VALUE |
At 30 September 2022 | 5,410,609 | 91,818 | 95,117 | 5,597,544 |
At 30 September 2021 | 5,519,943 | 103,358 | - | 5,623,301 |
Included in the cost of freehold property is land of £1,001,379 (2021:£1,001,379) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions | 104,850 |
At 30 September 2022 | 104,850 |
DEPRECIATION |
Charge for year | 9,733 |
At 30 September 2022 | 9,733 |
NET BOOK VALUE |
At 30 September 2022 | 95,117 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Included in the cost of freehold property is land of £54,500 (2021:£54,500) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 30 September 2022 |
DEPRECIATION |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 1A, The Village, Main Street, Haxby, York, YO32 2LU. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1A, The Village, Main Street, Haxby, York, YO32 2LU. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1A, The Village, Main Street, Haxby, York, YO32 2LU. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1A, The Village, Main Street, Haxby, York, YO32 2LU. |
Nature of business: |
% |
Class of shares: | holding |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 1A, The Village, Main Street, Haxby, York, YO32 2LU. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1A, Haxby Shopping Centre, Main Street, Haxby, York, YO32 2LU. |
Nature of business: |
% |
Class of shares: | holding |
14. | STOCKS |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Stocks | 2,900 | 2,900 | 1,200 | 1,200 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade debtors | 485,478 | 471,223 |
Amounts owed by group undertakings | - | - |
Other debtors | 2,198,748 | 1,838,552 |
Director's current account | 266,051 | 277,350 |
Prepayments and accrued income | 27,918 | 44,000 |
2,978,195 | 2,631,125 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 202,084 |
293,873 |
Other loans (see note 18) | 67,008 | 43,730 |
Hire purchase contracts (see note 19) | 32,148 |
- |
Trade creditors | 370,689 | 321,723 |
Amounts owed to group undertakings | - | - |
Corporation tax | 151,037 | 134,759 |
Social security and other taxes | 4,762 | 28,200 |
Other creditors | 479,670 | 433,807 |
Accruals and deferred income | 273,223 | 239,728 |
1,580,621 | 1,495,820 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans (see note 18) | 3,271,905 | 3,473,989 |
Other loans (see note 18) | 174,962 | 241,970 |
Hire purchase contracts (see note 19) | 52,633 |
- |
3,499,500 | 3,715,959 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year | or on demand: |
Bank loans | 202,084 | 293,873 |
Other loans | 67,008 | 43,730 |
269,092 | 337,603 |
Amounts falling due between one | and two years: |
Bank loans - 1-2 years | 147,005 | 300,943 |
Other loans - 1-2 years | 71,724 | 67,008 | - |
218,729 | 367,951 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 510,288 | 946,239 |
Other loans - 2-5 years | 103,238 | 174,962 |
613,526 | 1,121,201 |
Amounts falling due in more than | five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,614,612 | 2,226,807 |
The bank loan is secured by charges on the freehold properties owned by the group, by a debenture on the assets of the group, a guarantee across the subsidiaries and by a first legal charge over the assets of Roseville Orchard Court Limited and The Old School House Limited. |
The loan is repayable over 12 years and is being repaid in monthly instalments, which equate to approximately £379,000 p.a. |
A lump sum will be repayable at the end of the loan period. |
Interest is charged until February 2023 at a rate of 2.25% above cost p.a. Following this date, interest will be charged at base plus 2.23% p.a. |
The other loan, with Funding Circle, is unsecured. This loan is repayable over 5 years and is being repaid in monthly instalments. Interest is charged at a rate of 5% on 63% of the loan and at a rate of 10.1% on the balance of the loan. |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 32,148 | - |
Between one and five years | 52,633 | - |
84,781 | - |
Company |
Hire purchase | contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year | 14,400 | 8,635 |
Between one and five years | 55,200 | - |
69,600 | 8,635 |
The parent company had no leasing agreement commitments at 30 September 2022 and 2021. |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
20. | FINANCIAL INSTRUMENTS |
The group and company have the following financial instruments: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Carrying amount of financial assets: |
Debt instruments measured at amortised cost |
3,408,072 |
3,046,812 |
5,636,819 |
5,419,613 |
Equity instruments measured at cost less impairment |
- |
- |
1,718,873 |
1,718,873 |
Carrying amount of financial liabilities: |
Measured at amortised cost | 4,924,322 | 5,005,090 | 4,691,921 | 5,404,042 |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 160,289 | 184,759 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2021 | 184,759 |
Credit to Statement of Comprehensive Income during year | (24,470 | ) |
Balance at 30 September 2022 | 160,289 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2021 |
Charge to Statement of Comprehensive Income during year |
Balance at 30 September 2022 |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 150 | 150 |
A Ordinary | £1 | 9 | 9 |
B Ordinary | £1 | 9 | 9 |
168 | 168 |
23. | PENSION COMMITMENTS |
Defined contribution schemes |
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. |
The charge for the year is as set out below, of which £28,151 (2021: £28,159) was accrued at the balance sheet date. |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Charge to profit and loss in respect |
of defined contribution schemes | 79,948 | 100,609 | 21,486 | 48,285 |
24. | CONTINGENT LIABILITIES |
The group's subsidiary undertakings are party to a cross guarantee in respect of bank borrowings of Roseville Care Homes Limited. At the balance sheet date, the net bank borrowings of Roseville Care Homes Limited amounted to £3,227,803 (2021: £3,314,129). |
Roseville Care Homes Limited (Registered number: 04820472) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2022 |
25. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2022 and 30 September 2021: |
2022 | 2021 |
£ | £ |
Mrs D Knezevic-Sharp |
Balance outstanding at start of year | 277,350 | 111,050 |
Amounts advanced | 272,782 | 692,558 |
Amounts repaid | (284,081 | ) | (526,258 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 266,051 | 277,350 |
The overdrawn loan account was cleared on 23 May 2023. |
26. | RELATED PARTY DISCLOSURES |
During the year the group made loans to Lucolena Limited, a company controlled by Mrs D Knezevic-Sharp. The balance due to the group at 30 September 2022 was £1,424,475 (2021: £1,214,640), and is included in other debtors. Interest is charged on the loan at a commercial rate. Interest credited in the year amounted to £41,321 (2021: £35,317). |
During the year the group made loans to Roseville Investments Limited, a company controlled by Mrs D Knezevic-Sharp. The balance due to the group at 30 September 2022 was £758,272 (2021: £621,412), and is included in other debtors. Interest is charged on the loan at a commercial rate. Interest credited in the year amounted to £5,360 (2021: £15,212). |
There were no other material related party transactions other than those disclosed in these financial statements, or exempt from disclosure. |
There are no key management personnel other than the director. Details of the director's remuneration are provided in the notes to these financial statements. |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mrs D Knezevic-Sharp. |