Company registration number 09306243 (England and Wales)
Majesticare (Evesham) Limited
financial statements
For the year ended 30 September 2022
Majesticare (Evesham) Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Majesticare (Evesham) Limited
Statement of financial position
as at 30 September 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
13,851,299
13,851,299
Investments
5
100
100
13,851,399
13,851,399
Current assets
Debtors
6
270,811
983,782
Cash at bank and in hand
7,927
13,736
278,738
997,518
Creditors: amounts falling due within one year
7
(5,549,806)
(5,948,793)
Net current liabilities
(5,271,068)
(4,951,275)
Total assets less current liabilities
8,580,331
8,900,124
Creditors: amounts falling due after more than one year
9
(8,181,900)
(7,581,900)
Net assets
398,431
1,318,224
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
398,430
1,318,223
Total equity
398,431
1,318,224
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 March 2023 and are signed on its behalf by:
Mr S C Oakes
Director
Company Registration No. 09306243
Majesticare (Evesham) Limited
Statement of changes in equity
For the year ended 30 September 2022
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2020
1
(3,287,491)
(3,287,490)
Year ended 30 September 2021:
Loss for the year
-
-
(594,286)
(594,286)
Other comprehensive income:
Revaluation of tangible fixed assets
-
7,000,000
-
7,000,000
Total comprehensive income for the year
-
7,000,000
(594,286)
6,405,714
Bonus issue of shares
10
7,000,000
-
7,000,000
Dividends
-
-
(1,800,000)
(1,800,000)
Reduction of shares
10
(7,000,000)
-
7,000,000
Other movements
-
(7,000,000)
-
(7,000,000)
Balance at 30 September 2021
1
1,318,223
1,318,224
Year ended 30 September 2022:
Loss and total comprehensive income for the year
-
-
(919,793)
(919,793)
Balance at 30 September 2022
1
398,430
398,431
Majesticare (Evesham) Limited
Notes to the financial statements
For the year ended 30 September 2022
- 3 -
1
Accounting policies
Company information
Majesticare (Evesham) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Nova House, 2 Hall Farm Way, Smalley, IIkeston, DE7 6JS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Majesticare (Evesham) Limited is a wholly owned subsidiary of Majesticare Ltd and the results of Majesticare (Evesham) Limited are included in the consolidated financial statements of Majesticare Ltd which are publicly available.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Majesticare (Evesham) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
amounts owed by group undertakings,
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Majesticare (Evesham) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Fair value of investment property
The fair value of investment property is derived by the directors (who are not chartered surveyors) their estimation is based on valuations of observable open market prices for similar assets in the surrounding area.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
Majesticare (Evesham) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
- 6 -
4
Investment property
2022
£
Fair value
At 1 October 2021 and 30 September 2022
13,851,299
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
270,811
869,713
Other debtors
114,069
270,811
983,782
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,542,790
5,894,710
Other creditors
7,016
54,083
5,549,806
5,948,793
The bank loan is secured by way of a fixed and floating legal charge against all forms of property with Clydesdale Bank Plc.
Majesticare (Evesham) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
- 7 -
8
Loans and overdrafts
2022
2021
£
£
Bank loans
5,542,790
5,894,710
Loans from group undertakings and related parties
8,181,900
7,581,900
13,724,690
13,476,610
Payable within one year
5,542,790
5,894,710
Payable after one year
8,181,900
7,581,900
The bank loan is secured with a fixed and floating charge with Clydesdale Bank PLC over the property or undertakings of company.
Short term debt is in the form of a capital and interest repayment bank loan with Clydesdale Bank PLC, maturing September 23 with a fixed interest rate of the Bank of England base rate plus 2.45%.
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
8,181,900
7,581,900
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Gary Neil Chadwick FCCA
Statutory Auditor:
DJH Mitten Clarke Audit Limited
12
Financial commitments, guarantees and contingent liabilities
There is a fixed and floating charge held with Clydesdale Bank Plc dated 07 July 2017 over the property and associated undertakings.
13
Directors' transactions
Majesticare (Evesham) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
13
Directors' transactions
(Continued)
- 8 -
The directors have provided guarantees totalling £589,000 in relation to the bank loan held by the company.
14
Parent company
The immediate parent company is Majesticare (Evesham) Holdings Limited, a company registered in England and Wales.
The ultimate parent company is Majesticare Ltd, a company registered in England and Wales.
Mr R W M Pratap is the ultimate controlling party, by virtue of his shareholding in the ultimate holding company.
The largest and smallest group in which the results of the company are consolidated is that headed by Majesticare Ltd, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the company.
2022-09-30
2021-10-01
false
30 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
Mr S C Oakes
Mr R W M Pratap
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