REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 29 February 2020 |
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for |
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REGENCY HEALTHCARE LIMITED |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 29 February 2020 |
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for |
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REGENCY HEALTHCARE LIMITED |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Accountants' Report | 3 |
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Income Statement | 4 |
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Other Comprehensive Income | 5 |
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Statement of Financial Position | 6 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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REGENCY HEALTHCARE LIMITED |
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Company Information |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Theobald Court |
Theobald Street |
Elstree |
Hertfordshire |
WD6 4RN |
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BANKERS: |
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St Albans Branch |
10 St Peters Street |
St Albans |
Hertfordshire |
AL1 3LY |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Report of the Directors |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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The directors present their report with the financial statements of the company for the year ended 29 February 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of nursing homecare services. |
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FUTURE DEVELOPMENTS |
The reliance of elderly and local councils on private care homes continues to drive an overall market that consistently grows faster than GDP. However, it remains a highly competitive market place that puts pressure on margins and client acquisition and retention. |
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Against this model the company is focused on improving the care facilities and equipment so residents can be provided exceptional care services to keep the company a step ahead of its competitors. |
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The employees of the company continue to be at the centre of delivering a differentiated care service and there is strong commitment to personal growth and development. |
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Whilst times remain challenging, the UK's economic indicators bode well, therefore we expect expansion for the foreseeable future. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2019 to the date of this report. |
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FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, bank loans, trade debtors, trade creditors and other loans to the company. |
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In respect bank balances, the liquidity risk is maintaining a balance between the continuity of funding and flexibility through the use of overdrafts when required. |
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The loans are from financial institutions and the company manages the liquidity risk by ensuring there are sufficient funds to meet the repayments. |
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Trade debtors are managed in respect of credit and cash flow risks by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
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Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet the payments due. |
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POLITICAL DONATIONS AND EXPENDITURE |
During the year company made donations of £1,375 (2019: £2,297) to various UK registered charities like Penny Appeal. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Regency Healthcare Limited |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Regency Healthcare Limited for the year ended 29 February 2020 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Regency Healthcare Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Regency Healthcare Limited and state those matters that we have agreed to state to the Board of Directors of Regency Healthcare Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Regency Healthcare Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Regency Healthcare Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Regency Healthcare Limited. You consider that Regency Healthcare Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Regency Healthcare Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
5 Theobald Court |
Theobald Street |
Elstree |
Hertfordshire |
WD6 4RN |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Income Statement |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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123,399 | 128,557 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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208,412 | 213,557 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Other Comprehensive Income |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Unrealised surplus on revaluation of |
freehold property | 9 |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Statement of Financial Position |
29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Revaluation reserve | 18 |
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Capital redemption reserve | 18 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Statement of Financial Position - continued |
29 FEBRUARY 2020 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Statement of Changes in Equity |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
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Balance at 1 March 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 28 February 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 29 February 2020 |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Regency Healthcare Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Rendering of services |
Revenue for services rendered is recognised when the outcome of a transaction involving the rendering of services can be estimated reliably, the Company recognises revenue associated with the transaction by reference to the duration elapsed of the care agreement at the end of the reporting period. |
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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. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Significant judgements and estimates |
The preparation of the financial statements require management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include fixed assets depreciation policies, stock provisions and management charges to related entities. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Provision for liabilities |
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
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Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position |
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3. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Care home staff | 165 | 157 |
Office and administration | 5 | 5 |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank loan interest |
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Other Loan Interest |
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Interest on overdue tax |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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2020 | 2019 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Deferred Tax | (5,745 | ) | 4,186 |
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Total tax charge | 30,723 | 38,910 |
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Tax effects relating to effects of other comprehensive income |
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There were no tax effects for the year ended 29 February 2020. |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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6. | TAXATION - continued |
2019 |
Gross | Tax | Net |
£ | £ | £ |
Unrealised surplus on revaluation of |
freehold property | 9 |
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- | 338,223 |
338,223 | - | 338,223 |
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7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2019 |
and 29 February 2020 |
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AMORTISATION |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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8. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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8. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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Cost or valuation at 29 February 2020 is represented by: |
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Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2019 | 338,223 | - | - |
Cost | 3,161,777 | 24,595 | 258,301 |
3,500,000 | 24,595 | 258,301 |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2019 | - | - | - | 338,223 |
Cost | 416,608 | 1,600 | 20,841 | 3,883,722 |
416,608 | 1,600 | 20,841 | 4,221,945 |
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Directors are of the view that freehold property is valued at 3,500,000 as at 28 February 2019. |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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8. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2019 |
and 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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9. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Twilight Healthcare Limited | - | 192,885 |
Regency Healthcare LLP | 241,349 | 200,784 |
Prepayments |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 13) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Regency Healthcare (NW) Ltd | 178,799 | - |
Directors' current accounts | 144,801 | 178,801 |
Accruals and deferred income |
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Accrued expenses |
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REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 13) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank Loans - Due over 5 Years | 656,052 | 778,383 |
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13. | LOANS |
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An analysis of the maturity of loans is given below: |
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2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank Loans - Due over 5 Years | 656,052 | 778,383 |
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14. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Bank loans |
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The Bank Loan is secured by a legal charge over the company's property and interest is charged between 1.40% to 1.625% above the prevailing base rate. |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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15. | FINANCIAL INSTRUMENTS |
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2020 | 2019 |
£ | £ |
Financial assets |
Financial assets measured at amortised costs | 516,634 | 569,675 |
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Financial liabilities |
Financial liabilities measured at amortised cost | 1,867,507 | 1,947,325 |
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Financial assets that measured at amortised cost comprise cash at bank and in hand, trade debtors, other debtors and amounts owed by the related undertakings. |
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Financial liabilities that measured at amortised cost comprise bank overdraft, trade creditors, other creditors and loans. |
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16. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 34,091 | 39,837 |
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Deferred |
tax |
£ |
Balance at 1 March 2019 |
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Provided during year | ( |
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Balance at 29 February 2020 |
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17. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary Class "A" | £1 | 1,000 | 1,000 |
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Ordinary Class "B" | £1 | 1 | 1 |
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Ordinary Class "D" | £1 | 1 | 1 |
1,002 | 1,002 |
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18. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
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At 1 March 2019 |
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1,096,654 |
Profit for the year |
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Dividends | ( |
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At 29 February 2020 |
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1,179,358 |
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19. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £48,000 (2019 - £55,000) were paid to the directors . |
REGENCY HEALTHCARE LIMITED (REGISTERED NUMBER: 04833014) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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19. | RELATED PARTY DISCLOSURES - continued |
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During the year the company charged management fees of £85,000 (2019: £60,000) and staff costs £347,830 (2019: £346,609) to Regency Healthcare (NW) Limited, a company in which both directors are shareholders and directors. At the year end the company owed £178,799 (2018; £168,509) to Regency Healthcare (NW) Ltd. a company in which both directors are shareholders and directors.The balance is unsecured and accrues no interest. |
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At the year end the company was owed £241,349 (2019; £200,784) by Regency Healthcare LLP, an LLP in which both directors are partners.The balance is unsecured and accrues no interest. |
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20. | ULTIMATE CONTROLLING PARTY |
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The directors are jointly the ultimate controlling party. |