Registration number:
Lyngate Healthcare Ltd
for the Year Ended 31 August 2016
Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ
Lyngate Healthcare Ltd
Contents
Company Information |
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Directors' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Lyngate Healthcare Ltd
Company Information
Directors |
Mr John Peter McGailey Mrs Claire Elizabeth McGailey |
Company secretary |
Mr John Peter McGailey |
Registered office |
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Accountants |
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Page 1 |
Lyngate Healthcare Ltd
Directors' Report for the Year Ended 31 August 2016
The directors present their report and the abridged financial statements for the year ended 31 August 2016.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the operation of a residential care home.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr John Peter McGailey
Company secretary and director
Page 2 |
Lyngate Healthcare Ltd
(Registration number: 04974937)
Abridged Balance Sheet as at 31 August 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 3 |
Lyngate Healthcare Ltd
(Registration number: 04974937)
Abridged Balance Sheet as at 31 August 2016
For the financial year ending 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
.........................................
Mr John Peter McGailey
Company secretary and director
Page 4 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
236 Wigan Road
Bolton
Lancashire
BL3 5QE
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Page 5 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Statement of compliance
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" Section 1A for small entities and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.
These financial statements for the year ended 31 August 2016 are the first financial statements that comply with FRS102 Section 1A small entities. The date of transition was 1 September 2014.
The transition to FRS102 Section 1A for small entities has resulted in a small number of changes in accounting policies to those used previously.
Although there has been changes these have not impacted on the shareholders funds at the transition date, as explained in the notes.
Basis of preparation
The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.
Judgements
No significant judgements have had to be made by management and directors in preparing these financial statements. |
Key sources of estimation uncertainty
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £777,755 (2015 -£800,357).
Revenue recognition
Turnover represents net invoiced sales of residential fees, excluding value added tax.
Page 6 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
10% on cost, 2% on cost and not depreciated |
Fixtures and fittings |
15% on reducing balance |
Motor vehicles |
25% on reducing balance |
Computer equipment |
33% on cost |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of six years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
on cost over six years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 7 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 8 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Financial instruments
Classification
Recognition and measurement
Financial assets that are measured at cost and amortised cost 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 profit or loss.
Impairment
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, 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.
Page 9 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2016 |
2015 |
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Depreciation expense |
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Intangible assets |
Total |
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Cost or valuation |
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At 1 September 2015 |
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Disposals |
( |
At 31 August 2016 |
- |
Amortisation |
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At 1 September 2015 |
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Amortisation eliminated on disposals |
( |
At 31 August 2016 |
- |
Carrying amount |
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At 31 August 2016 |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
Page 10 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Tangible assets |
Total |
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Cost or valuation |
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At 1 September 2015 |
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At 31 August 2016 |
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Depreciation |
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At 1 September 2015 |
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Charge for the year |
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At 31 August 2016 |
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Carrying amount |
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At 31 August 2016 |
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At 31 August 2015 |
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Included within the net book value of land and buildings above is £732,341 (2015 - £746,778) in respect of freehold land and buildings.
Included in this is land valued at £215,000(2015 - £215,000). There has been no revaluation of land since its purchase as the directors consider this value to be accurate.
Stocks |
2016 |
2015 |
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Stocks |
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Page 11 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Related party transactions |
Transactions with directors |
2016 |
Advances to directors |
Repayments by director |
At 31 August 2016 |
Mr John Peter McGailey |
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( |
- |
2015 |
Advances to directors |
Repayments by director |
At 31 August 2015 |
Mr John Peter McGailey |
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( |
- |
Directors' remuneration
The directors' remuneration for the year was as follows:
2016 |
2015 |
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Remuneration |
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Ultimate controlling party |
From 7 October 2008 the ultimate controlling party is CPM Care Limited, a company controlled by JP and CE McGailey.
Summary of transactions with parent
CPM Care Limited is the parent company of Lyngate Healthcare Ltd and owns one hundred percent of the share capital.
Page 12 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
Summary of transactions with other related parties
Loans to related parties
2016 |
Other related parties |
At start of period |
( |
Advanced |
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Repaid |
( |
At end of period |
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2015 |
Other related parties |
At start of period |
( |
Repaid |
( |
At end of period |
( |
Loans from related parties
2016 |
Parent |
At start of period |
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Advanced |
( |
Repaid |
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At end of period |
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Page 13 |
Lyngate Healthcare Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2016
2015 |
Parent |
At start of period |
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Advanced |
( |
Repaid |
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At end of period |
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Transition to FRS 102 |
Page 14 |