FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
COMPANY INFORMATION
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CANNON CARE HOMES LIMITED
CONTENTS
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CANNON CARE HOMES LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
The director presents his strategic report for 18 month period ended 30 September 2020 (prior financial year 12 month to 31 March 2019).
The group has had a successful 18-month period, benefitting from the extensions completed at the care homes within the last few years. These extensions provide additional occupancy to support the local community and surrounding areas. The care homes locked down in late February 2020 as the extent of the COVID 19 pandemic started to become clear. The Group reacted quickly putting in place measures to mitigate the risks and difficulties posed by the virus. These measures meant the Group incurred additional costs such as PPE, barrier entry systems, staffing and generally ensuring the homes provided as much protection as possible for the residents, staff, and families. The financial impact has been mitigated by the receipt of additional COVID related funding.
Exposure to liquidity and cashflow risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group aims to mitigate this by the managing of cash generation by its operations. Cash flow risk is the risk to variability that is attributable to a particular risk associated with the recognised asset or liability. The group manages this risk by maintaining a rolling cash flow forecast to ensure it has sufficient working capital to operate efficiently. Regulation and compliance risk The group faces risks from noncompliance with key regulation and compliance required within the care home sector. The group aims to mitigate this risk by maintaining compliance with all key regulations, and regularly monitoring these throughout the period. COVID-19 The director has considered the ongoing impact of the COVID-19 pandemic, and what implications this could have upon the ongoing operations of the company and its subsidiaries. Whilst there have been a number of operational challenges caused to the care homes by the pandemic, the business has continued to trade well, and the financial impact has been limited. There are ongoing risks that the Group are monitoring, alongside uncertainty and volatility in the marketplace. The Director is continuing to monitor developments in a rapidly changing business environment and will endeavour to take steps as are required to ensure the Group is able to continue to function for the foreseeable future.
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CANNON CARE HOMES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
The group's key financial and other performance indicators during the period were as follows:
2020 2019 £’000 £’000 Turnover 13,839 8,261 Operating profit 3,549 1,939 Profit after tax 1,524 1,088 Shareholders’ funds 10,211 8,347 Average number of employees 235 239 Further key financial performance indicator which the group uses to monitor performance are salary costs as a percentage of income, and EBITDA.
The group monitors average monthly occupancy. The group achieved an average occupancy for the year in line with previous periods and management expectation.
This report was approved by the board on 25 August 2021
and signed on its behalf.
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CANNON CARE HOMES LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
The director presents his report and the financial statements for the period ended 30 September 2020.
The director is responsible for preparing the Group strategic report, the Director's report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 he 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 for the Group's financial statements and then apply them consistently;
∙
make judgments 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 Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He 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.
The profit for the period, after taxation, amounted to £
1,523,838
(2019:
£
1,088,404
)
.
Dividends declared and paid in the period amounted to £2,258,000 (2019: £533,000).
The director who served during the period was:
Having now completed the extensions at the care homes, the group intends to continue its business strategy providing a high standard of care to its tenants and maximising occupancy in each home.
The principal financial risk faced by the company is liquidity risk. However, the company is trading profitably and maintains a positive cash balance. In addition, regular cash flow forecasts are prepared which take into account the predictable operational revenue and cost streams.
The Director reviews with management on an annual basis the remuneration and terms of employment of the groups employees. The Director is commited to equal treatment and the elimination of discrimination in employment. This applies to all stages of employment, including recruitment, selection, learning and training, pay and working relationships.
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CANNON CARE HOMES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
There have been no significant events affecting the Group since the period end.
The auditors, Albert Goodman LLP,have been appointed to complete the audit of the period ended 30 September 2020 in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CANNON CARE HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANNON CARE HOMES LIMITED
We have audited the financial statements of Cannon Care Homes Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 September 2020, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity
and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the director
's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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CANNON CARE HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANNON CARE HOMES LIMITED (CONTINUED)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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 an Auditors' report 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.
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 Auditors' report.
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CANNON CARE HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANNON CARE HOMES LIMITED (CONTINUED)
This report is made solely to the Company's members
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 an Auditors' report 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Filers Way
Weston Gateway Business Park
BS24 7JP
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CANNON CARE HOMES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
REGISTERED NUMBER:
05317825
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
REGISTERED NUMBER:
05317825
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 SEPTEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 16 to 37 form part of these financial statements.
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CANNON CARE HOMES LIMITED
REGISTERED NUMBER:
05317825
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
REGISTERED NUMBER:
05317825
COMPANY STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 SEPTEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 16 to 37 form part of these financial statements.
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CANNON CARE HOMES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Cannon Care Homes Limited is a private company, limited by shares and registered in the UK. The registered number is 05317825, the address of the registered office is Century House, Nicholson Road, Torquay, TQ2 7TD. The principal activity of the company for the period continued to be that of a holding company.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2018.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
2.
ACCOUNTING POLICIES (continued)
The company achieved a profit after tax of £3,006,040 (2019: £102,207) during the period ended 30 September 2020, and at that date the company had net assets of £1,449,738.
The group achieved a profit after tax of £1,523,839 (2019: £1,088,404) for the 18 month period to 30 September 2020. As at 30 September 2020 the group had net current assets of £1,931,970 (2019: £668,466), and total assets exceeded total liabilities by £10,211,135 (2019: £8,364,724). At the year end, the Group had loan borrowings of £16,878,448, of which £344,795 is due as payable within 12 months of the year end. The director confirms the loan covenants are expected to be met during the next 12 months. Financial projections have been prepared which show strong trading performance for the Group. The projected financial performance continues to improve as the additional new rooms in Thornfield become occupied. However, cashflow needs to continue to be monitored and carefully managed during the next 12 months. The director does not expect to have any significant cash outflows during the next 12 months which are not included in the forecasts. The director has also considered the ongoing impact of the COVID-19 pandemic, and what implications this could have upon the ongoing operations of the Group and its subsidiaries. There are ongoing risks that the Group are monitoring, alongside uncertainty and volatility in the marketplace, but the director expects no significant impact on trade. The director is continuing to monitor developments in a rapidly changing business environment and will endeavour to take steps as are required to ensure the Group is able to continue to function for the foreseeable future. Based on financial forecasts that have been prepared the Group can meet its obligations as they fall due over the next 12 months. On the basis of the continued support of the bank, the company is considered to be a going concern for the foreseeable future, and therefore the accounts have been prepared on the going concern basis.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
2.
ACCOUNTING POLICIES (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
2.
ACCOUNTING POLICIES (continued)
Depreciation is not provided on freehold buildings as the director is of the opinion that the residual values of such properties are not less than cost or valuation, and therefore any depreciation would be immaterial.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
2.
ACCOUNTING POLICIES (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
2.
ACCOUNTING POLICIES (continued)
Provisions are charged as an expense to profit or loss in the year that the Group 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. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Classification of leases: The Group obtains use of fixed assets as a lessee. The classification of such leases as operating or finance lease required the Group to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet. Valuation of properties: The Group carries its freehold property at fair value, with changes in fair value being recognised in profit or loss. The Group engaged independant valuation specialists to determine fair value at 4 October 2017 (Silverleigh & Check House) and 31 March 2020 (Thornfield Care). The valuer used the profits method of valuation as they consider the market norm is to assess this type of asset for sale purposes by reference to its trading characteristics and profitability. Fixed asset investments Fixed Asset investments represent the Company's shareholding in its subsidiary entities, as detailed on note 15 of the financial statements. Investments are reviewed for indication of impairment at each statement of financial position date. Where such an indication exists, the directors undertake a formal impairment review and if considered necessary, an impairment loss is recognised in the statement of comprehensive income. COVID 19: The director has considered the impact of COVID-19 pandemic. As the operator of care homes, the pandemic has the potential to have significant impact on the ongoing operations of the Group. An enforced period of extended closure as a result of the pandemic could result in impairment in the carrying value of the Group's assets and on its ongoing ability to generate ongoing economic benefit. The director has taken steps to safeguard the welfare of the residents in its homes and thereby to mitigate the risk that COVID-19 represents. To date, the Group's approach has meant that it has not been significantly affected by the pandemic and as such do not consider there to be any impact on the operations of the group nor the carrying value of its assets.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Page 24
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Page 25
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
12.
TAXATION (CONTINUED)
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
14.
TANGIBLE FIXED ASSETS (CONTINUED)
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
14.
TANGIBLE FIXED ASSETS (CONTINUED)
Cost or valuation at 30 September 2020 is as follows:
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
14.
TANGIBLE FIXED ASSETS (CONTINUED)
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Loans are secured against the assets of the group to which they relate.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension contributions payable by the Group to the fund amounted to £121,201 (2019: £49,872). Contributions totalling £16,806 (2019: £8,485) were payable to the fund at the reporting date.
At the period end, Mr R Cannon owed £2,959,885 (2019: £2,733,170) to the company via his director's loan account. Interest is charged on this balance at 2.5% and there is no fixed date for repayment.
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CANNON CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
The company is under the control of Mr R Cannon.
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