Registration number:
Highpoint Care (West Derby) Limited
for the Year Ended 31 March 2018
Highpoint Care (West Derby) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Highpoint Care (West Derby) Limited
(Registration number: 08932657)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
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For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Highpoint Care (West Derby) Limited
(Registration number: 08932657)
Balance Sheet as at 31 March 2018
Approved and authorised by the
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Dr Alan Whittle
Director
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Dr Katherine Mary Patel
Director
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Dr Hemant Kumar Patel
Director
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Highpoint Care (West Derby) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The losses incurred in the year have primarily been due to costs arising from belated opening of the care home. The care home is now fully functioning and is operating at near capacity. Based on the experience of the business owners, it will be a couple of years before the company starts to make inroads into the losses. However, the directors have agreed to support the business going forward and long term bank funding was agreed and put in place shortly after the year-end. Accordingly, the accounts have been prepared on a going concern basis.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and Buildings |
not depreciated until completion |
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Highpoint Care (West Derby) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Highpoint Care (West Derby) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Included within the net book value of land and buildings above is £5,232,751 (2017 - £1,911,821) in respect of freehold land and buildings.
Debtors |
Note |
2018 |
2017 |
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Amounts owed by related entity |
- |
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Other debtors |
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- |
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Total current trade and other debtors |
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Highpoint Care (West Derby) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Loan from Directors |
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2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Negotiations with the bank were concluded after the year-end, once the care home was opened to residents and, at that time, an overdraft was agreed of £100,000 with a long term bank repayment loan then being put in place to cover the rest of the liability outstanding.
Related party transactions |
Summary of transactions with entities with joint control or significant interest
Highpoint Care Limited has loaned money to the company. The loan is unsecured, non-interest bearing and potentially repayable on demand - although as all companies are part of the group, it is not envisaged that the loan will be repaid until such time as the company has the relevant funds.
The company has paid bills on behalf of Highpoint Care (Kew) Limited - which is a newly incorporated company. There is a small amount owing from Highpoint Care (Kew) Limited at the year-end.
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Highpoint Care (West Derby) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Parent and ultimate parent undertaking |
The ultimate controlling party is
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