Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
COMPANY INFORMATION
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
CONTENTS
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their strategic report together with the audited financial statements for the year ended 31 March 2023.
Battersea Place Retirement Village (“the company”) operates a continuing care retirement community in the heart of London and is part of the LifeCare Residences group of companies.
The results of the company show a pre-tax profit of £2.8 million (2022 - £1.9 million) and has a net asset position of £46.4 million (2022 - £47.3 million). The current year's profit £2.2 million (2022 - £2.1 million loss) after tax is principally a result of the increased fair valuation of the freehold and increased occupation at the nursing home. Net assets have decreased by £0.9 million (2022 - decreased by £2.2 million), largely as a result of the current year’s profit after tax and £3.0 million (2022 - £Nil) dividend paid.
Future Outlook
All of the apartments in the Battersea Place development have been sold, meaning the company is operating a fully sold-down retirement village. The directors have confidence the business strategy will generate a viable and profitable business. The focus is being placed on maintaining and building upon the high standards of luxury care and 5 star amenities provided.
The management and execution of the business's strategy are subject to a number of risks.
At the time of writing, management is confident that they have reacted to the global COVID-19 pandemic in a way that has protected its staff and residents and has maintained a platform for future growth. Demand for retirement living continues to outweigh supply and management are confident the reduction in nursing home occupancy is temporary and will improve as we continue learning to live with COVID-19 without Government restrictions. The current economic environment with increasing interest rates, energy prices and inflation are being managed through price increases, cost management, appropriate negotiation of energy contracts and regular consultations with lending firms. Regular inspection of forecasts, budgeting and cashflow planning further assist in mitigating such risks. The pressures on NHS and the anticipated Government drive to discharge patients earlier would only further the demand for care which the company is prepared for. Other key business risks and uncertainties affecting the company are considered to relate to competition from other national and independent operators, executive retention, events leading to reputational risk, product availability, regulatory requirements and tightening of the debt markets.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1. Value of Resales
The table below illustrates the number of resales that have taken place, the total resale value and how much of the proceeds were attributable to the company:
1. Care facility occupancy
This is the occupancy rate at the nursing home at Battersea Place. The objective of the company is to maximise the occupancy rate for the nursing home by providing high quality care services. This objective is important to the company as occupancy is a key driver for EBITDA. The impact of the pandemic and the delays to NHS led operations has affected the company’s ability to attract short-term residents with the average occupancy increasing to 61% (2022 - 47%) in the year. Weekly fees remain ahead of budget through 1:1 care being delivered. Management are confident that they have the right strategy in place to increase occupancy through networking and delivering on quality care.
This report was approved by the board on 8 February 2024 and signed on its behalf.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company will continue in business.
The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The profit for the year, after taxation, amounted to £2.2 million (2022 - loss £2.1 million).
The statement of comprehensive income is set out on page 8 and shows the loss for the year.
The directors recommended an interim dividend payment of £3,000,000 (2022: £Nil).
The directors who served during the year were:
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
We have audited the financial statements of Battersea Place Retirement Village Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE RETIREMENT VILLAGE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE RETIREMENT VILLAGE LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the directors and other management (as required by auditing standards) - We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related company legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. - With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of theses was limited to enquire of the directors. - We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. - Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant. - We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. - We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates, in particular revenue recognition as well as the valuation of investment properties and property plant and equipment, are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATTERSEA PLACE RETIREMENT VILLAGE LIMITED (CONTINUED)
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 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, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake, Road
TW9 2JA
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
REGISTERED NUMBER: 07545666
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 27 form part of these financial statements.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Battersea Place Retirement Village Limited is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the directors' report.
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”:
• the requirements of Section 7 statement of Cash Flows; • the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d) • the requirements of Section 11 Financial instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a), 11.48(b) and 11.48(c); • the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and • the requirements of Section 33 Related Party Disclosures paragraph 33.7. The information is included in the consolidated financial statements of LifeCare Residences Limited as at 31 March 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company and it’s parent company, LifeCare Residences Limited, meets its day-to-day working capital requirements primarily through its income, bank loan facilities and when required, the continuing support of its shareholders. The directors prepare financial forecasts and monitor performance of the Company on an ongoing basis and have prepared a financial projection for a period of 12 months from the date of approval of the financial statements. These forecasts as approved by the directors. Since the removal of the EBITDA and Cashflow Cover covenants in March 2023, the forecast is not required to assess the bank loan facility.
The Company was in compliance with all of its loan covenants as at 31 March 2023. As described in the strategic report the Company has been impacted by COVID-19 and the resultant impact on the economy. In assessing going concern the directors have produced cash flow forecasts as stated above which they consider to be an accurate forecast of the business operating in the COVID-19 environment. Given the revised covenant requirements and anticipated future property sales that are suitably advanced for the directors to incorporate the sales into their cashflows, the directors do not consider there be an indication that there is a material uncertainty over the Company’s ability to continue as a going concern. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- Tangible fixed assets Tangible fixed assets, other than freehold land and buildings, 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 the 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. Freehold land and buildings consists of a Nursing Home which is based on professional valuations using a multiple of between 7.75 times of EBITDA. - Freehold investment property The freehold investment property is based on a professional valuation using a net present value of expected cash flows method. Key inputs into the valuation were: Length of cashflows: 25 years Weighted average cost of capital: 10% Average length of stay: 7.5 years Average property value growth rate: 4% per annum 50% capital gains share Service charge loss of £930,000 Capital expenditure of £110,000
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
13.Tangible fixed assets (continued)
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Revaluation reserve
Retained earnings
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £53,950 (2022: £48,415). Contributions totalling £10,262 (2022: £10,817) were payable to the fund at the reporting date and are included in creditors.
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BATTERSEA PLACE RETIREMENT VILLAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The company's intermediate parent company is LifeCare Residence Limited. At 31 March 2023, the company's ultimate controlling shareholders are the family trusts of Cliff and Sue Cook.
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