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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 December 2017 |
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Church Farm Nursing Home Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 December 2017 |
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for |
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Church Farm Nursing Home Limited |
Church Farm Nursing Home Limited (Registered number: 05453744) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 9 |
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Other Comprehensive Income | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 12 |
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Cash Flow Statement | 13 |
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Notes to the Cash Flow Statement | 14 |
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Notes to the Financial Statements | 15 |
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Church Farm Nursing Home Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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Unit C17, Kestrel Business Centre |
Colwick Industrial Estate |
Nottingham |
NG4 2JR |
Church Farm Nursing Home Limited (Registered number: 05453744) |
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Strategic Report |
for the Year Ended 31 December 2017 |
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The director presents his strategic report for the year ended 31 December 2017. |
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REVIEW OF BUSINESS |
1. Performance during 2017 |
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During the financial year ended 31 December 2017 the turnover of the company fell slightly from |
£5.255m to £5.081m. This reflected market conditions and the financial difficulties faced by local |
authorities who pay the fees for some residents. No new capacity came on stream during the year |
and so the focus of the directors and managers was on improving the performance of the company |
in financial and non-financial terms. |
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In non-financial term the company is committed to improving the quality of its care, improving the |
quality of its physical environment and improving the experience of staff working for the company. |
Employment costs for the company's own staff fell from £3.043m to £2.85 despite increases in |
National Minimum Wage and the rates of contribution for pensions. The fall in costs was caused by |
the difficulty of recruiting and retaining suitable staff. The reduction in staff costs was largely |
compensated for by an increase in agency staff costs which increased from £254k to £372k. |
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Other operating costs rose from £951k to £1,046k, meaning that operating profit fell from £1,010k |
to £857k. |
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Net interest costs fell from £88k to £75k giving a pre-tax profit of £782k, compared with £921k in |
the previous year. |
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Financial key performance indicators |
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2017 2016 |
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Staff cost as percentage of turnover 63.4% 62.7% |
Operating profit as percentage of turnover 16.9% 19.2% |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The directors anticipate that the performance of the company in 2018 is likely to be broadly similar |
to that in 2017 with many of the trends apparent in 2017 continuing in 2018. |
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One of the challenges facing the company and the whole of the care sector is the need to recruit, |
train and retain sufficient numbers of suitable staff. This is likely to continue to be a major |
challenge in the near future. The financial position of local authorities and of the health sector in |
general will also continue to be major uncertainties facing the sector as a whole and the company |
itself. |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Strategic Report |
for the Year Ended 31 December 2017 |
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CONCLUSION |
The future for the company and the sector as a whole is likely to remain challenging but the |
director is confident that the company can meet the challenges which will arise. |
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ON BEHALF OF THE BOARD: |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Report of the Director |
for the Year Ended 31 December 2017 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of operating nursing and |
care homes. |
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DIVIDENDS |
An interim dividend of £ no final dividend be paid. |
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The total distribution of dividends for the year ended 31 December 2017 will be £
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the |
financial statements in accordance with applicable law and regulations. |
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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). 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 of the |
profit or loss of the company for that period. In preparing these financial statements, the director is |
required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in business. |
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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 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 |
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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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 company's auditors are unaware, and he has taken all the |
steps that he ought to have taken as a director in order to make himself aware of any relevant |
audit information and to establish that the company's auditors are aware of that information. |
Church Farm Nursing Home Limited (Registered number: 05453744) |
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Report of the Director |
for the Year Ended 31 December 2017 |
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AUDITORS |
The auditors, Jon Dawson and Company., will be proposed for re-appointment at the forthcoming |
Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Church Farm Nursing Home Limited |
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Opinion |
We have audited the financial statements of Church Farm Nursing Home Limited (the 'company') |
for the year ended 31 December 2017 which comprise the Income Statement, Other |
Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement |
and Notes to the Cash Flow Statement, 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its
profit for the year then ended; |
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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. |
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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 company 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. |
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Conclusions relating to going concern |
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: |
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the director's use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or |
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the director has not disclosed in the financial statements any identified material uncertainties
that may cast significant doubt about the 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. |
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Other information |
The director is responsible for the other information. The other information comprises the |
information in the Strategic Report and the Report of the Director, but does not include the |
financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not |
express any form of assurance conclusion thereon. |
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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, 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. |
Report of the Independent Auditors to the Members of |
Church Farm Nursing Home Limited |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the 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 |
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the Strategic Report and the Report of the Director have been prepared in accordance with
applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in |
the course of the audit, we have not identified material misstatements in the Strategic Report or the |
Report of the Director. |
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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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us; or |
- | the 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. |
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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. |
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In preparing the financial statements, the director is responsible for assessing the 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 |
company or to cease operations, or has no realistic alternative but to do so. |
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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. |
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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 |
Church Farm Nursing Home Limited |
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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. |
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for and on behalf of
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Unit C17, Kestrel Business Centre |
Colwick Industrial Estate |
Nottingham |
NG4 2JR |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Income Statement |
for the Year Ended 31 December 2017 |
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31.12.17 | 31.12.16 |
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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809,185 | 705,814 |
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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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854,062 | 709,059 |
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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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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Other Comprehensive Income |
for the Year Ended 31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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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 |
13 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Capital redemption reserve | 19 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
by: |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2017 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2017 |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Cash Flow Statement |
for the Year Ended 31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase
payments paid |
( |
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( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
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Capital repayments in year | ( |
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Amount introduced by directors | 105,289 | 181,933 |
Amount withdrawn by directors | (108,088 | ) | (166,959 | ) |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at
beginning of year |
2 |
82,059 |
103,554 |
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Cash and cash equivalents at end
of year |
2 |
167,298 |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2017 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.17 | 31.12.16 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 72,094 | 81,034 |
Finance income | (14,877 | ) | (120 | ) |
1,001,438 | 860,323 |
Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents |
are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 167,298 | 82,719 |
Bank overdrafts |
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( |
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167,298 | 82,059 |
Year ended 31 December 2016 |
31.12.16 | 1.1.16 |
£ | £ |
Cash and cash equivalents | 82,719 | 103,554 |
Bank overdrafts | ( |
) |
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82,059 | 103,554 |
Church Farm Nursing Home Limited (Registered number: 05453744) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Church Farm Nursing Home Limited is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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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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Goodwill |
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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 |
Freehold property - 2% on cost |
Short leasehold - 10% on cost |
Plant and machinery - 20% on reducing balance |
Fixtures and fittings - 20% on reducing balance |
Computer equipment - 33% on cost |
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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. |
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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 balance sheet date. |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over |
the period of the lease. |
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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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Financial instruments |
Financial assets |
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Basic financial assets, including trade and other receivables and cash and bank balances, |
are recognised and carried forward at transaction price. Financial assets are derecognised |
when: |
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(a) the contractual rights to the cash flows from the asset expire or are settled; |
(b) substantially all the risks and rewards of the ownership of the asset are transferred to |
another party: |
; or |
(c) 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. |
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Financial liabilities |
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Basic financial liabilities, including trade and other payables, and loans from third parties are |
initially recognised and carried forward at transaction price. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the |
contractual obligation is discharged, cancelled or expires. |
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The company has only financial assets and financial liabilities of a kind that qualify as basic |
financial instruments. Basic financial instruments are recognised initially at transaction value |
and subsequently measured at their settlement value with the exception of bank loans which |
are subsequently measured at amortised cost using the effective interest rate method. |
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Going concern |
The financial statements have been prepared on the going concern basis. |
Church Farm Nursing Home Limited (Registered number: 05453744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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3. | EMPLOYEES AND DIRECTORS |
31.12.17 | 31.12.16 |
£ | £ |
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: |
31.12.17 | 31.12.16 |
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Nursing and care staff | 178 | 184 |
Kitchen, cleaning and maintenance | 48 | 46 |
Administration and management | 9 | 10 |
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31.12.17 | 31.12.16 |
£ | £ |
Director's remuneration |
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Director's pension contributions to money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.17 | 31.12.16 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.17 | 31.12.16 |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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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: |
31.12.17 | 31.12.16 |
£ | £ |
Current tax: |
UK corporation tax |
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Adjustment re prior year | 7 | - |
Total current tax |
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Deferred tax | ( |
) |
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Tax on profit |
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7. | DIVIDENDS |
31.12.17 | 31.12.16 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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9. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2017 |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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10. | STOCKS |
31.12.17 | 31.12.16 |
£ | £ |
Stocks |
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Church Farm Nursing Home Limited (Registered number: 05453744) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
11. | DEBTORS |
31.12.17 | 31.12.16 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts (see note
14) |
|
|
Hire purchase contracts (see note
15) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Staff fund | 12,556 | 12,193 |
Directors' current accounts | 12,175 | 14,974 |
Accruals and deferred income |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans (see note 14) |
|
|
Church Farm Nursing Home Limited (Registered number: 05453744) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.17 | 31.12.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 1,213,776 | 1,366,283 |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
31.12.17 | 31.12.16 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.17 | 31.12.16 |
£ | £ |
Bank loans |
|
|
|
The bank borrowings are secured by a charge over the property of the company. |
Church Farm Nursing Home Limited (Registered number: 05453744) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
17. | PROVISIONS FOR LIABILITIES |
31.12.17 | 31.12.16 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
|
Deferred |
tax |
£ |
Balance at 1 January 2017 |
|
Utilised during year | ( |
) |
Balance at 31 December 2017 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 31.12.16 |
value: | £ | £ |
|
Ordinary | £1 | 90 | 90 |
|
19. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 January 2017 |
|
|
1,176,776 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
At 31 December 2017 |
|
|
1,617,644 |
|
20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended |
31 December 2017 and 31 December 2016: |
|
31.12.17 | 31.12.16 |
£ | £ |
|
Balance outstanding at start of year | ( |
) |
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Church Farm Nursing Home Limited (Registered number: 05453744) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
21. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £180,000 were paid to the director . |
|
During the year the company made a management charge of £30,000 to Fieldhouse Limited |
and paid a management charge of £75,000 to Semloh Electrics Limited. |
At 31 December 2017 the company was owed the following sums by related parties: |
By Crusader Products Limited £473,785 (2016 £330,000) |
By Field House Radcliffe on Trent Limited £2,156 (2016 £nil) |
By Church Farm at Rusticus Limited £81,415 (2016 £nil) |
By Gordon House Investments Limited £400,000 (2016 £nil) |
At 31 December 2017 the company owed the following sums to related parties: |
To Fieldhouse Limited £527,184 (2016 £32,115 owed by Fieldhouse Limited). |
The director is also a director of the companies noted above. |
All of the above balances are interest free, unsecured and are repayable upon demand. The |
balance owed by Crusader Products Limited bears interest at a commercial rate and is |
repayable after more than 12 months from the balance sheet date |
During the year the company paid rent of £5,808 (2016 £nil) to the director for use of |
premises owned by him and also paid rent of £10,000 (2016 £10,000) to the director's |
pension scheme for use of premises |
The controlling party and the ultimate controlling party of the company is the director. |
|
During the year the company made a management charge of £30,000 to Fieldhouse Limited |
and paid a management charge of £75,000 to Semloh Electrics Limited. |
At 31 December 2017 the company was owed the following sums by related parties: |
By Crusader Products Limited £330,000 (2016 £330,000) |
By Field House Radcliffe on Trent Limited £2,156 (2016 £nil) |
By Church Farm at Rusticus Limited £81,415 (2016 £nil) |
At 31 December 2017 the company owed the following sums to related parties: |
To Fieldhouse Limited £527,184 (2016 £32,115 owed by Fieldhouse Limited). |
The director is also a director of the companies noted above. |
All of the above balances are interest free, unsecured and are repayable upon demand. The |
balance owed by Crusader Products Limited bears interest at a commercial rate and is |
repayable after more than 12 months from the balance sheet date |
During the year the company paid rent of £5,808 (2016 £nil) to the director for use of |
premises owned by him and also paid rent of £10,000 (2016 £10,000) to the director's |
pension scheme for use of premises |
The controlling party and the ultimate controlling party of the company is the director. |
|
. |
|
22. | FIRST YEAR ADOPTION |
|
This is the first year for which accounts have been prepared under FRS102. The director |
has considered the effects of the transition and considers that the transition has had no |
material effect upon the revenues and expenses of the company or upon the carrying values |
of assets and liabilities in the financial statements. |