Company Registration No. 10113365 (England and Wales)
BERKLEY CARE (CHESHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BERKLEY CARE (CHESHAM) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BERKLEY CARE (CHESHAM) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,708,620
8,871,016
Investments
4
1
9,708,621
8,871,016
Current assets
Debtors
5
821,309
228,917
Cash at bank and in hand
7,288
19,556
828,597
248,473
Creditors: amounts falling due within one year
6
(10,807,989)
(274,815)
Net current liabilities
(9,979,392)
(26,342)
Total assets less current liabilities
(270,771)
8,844,674
Creditors: amounts falling due after more than one year
7
(8,843,320)
Net (liabilities)/assets
(270,771)
1,354
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(270,871)
1,254
Total equity
(270,771)
1,354
The director of the company has elected not to include a copy of the profit and loss account 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 22 June 2022 and are signed on its behalf by:
Mr Andrew Winstanley
Director
Company Registration No. 10113365
BERKLEY CARE (CHESHAM) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2020:
Balance at 1 April 2019
100
(250,659)
(250,559)
Effect of prior year adjustment
-
111,053
111,053
As restated
100
(139,606)
(139,506)
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
140,860
140,860
Balance at 31 March 2020
100
1,254
1,354
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
(272,125)
(272,125)
Balance at 31 March 2021
100
(270,871)
(270,771)
BERKLEY CARE (CHESHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Berkley Care (Chesham) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Pavilion, Ashlyns Hall, Chesham Road, Berkhamsted, HP4 2ST.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced for rent during the period.
Rental income from the property is recognised on a straight line basis over the expected term of ongoing leases. Lease incentives and step rents with minimum or fixed uplifts are spread evenly over the expected lease term.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight Line
Plant and equipment
10% Straight Line
Fixtures and fittings
25% Straight Line
Motor vehicles
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
BERKLEY CARE (CHESHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
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.
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 balance sheet 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.
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
Leases - The Company as Lessor
Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
The Company has determined that it retains all the significant risks and rewards of ownership of the properties and accounts for the contracts as operating leases.
1.9
The main risk from Covid-19 for the company is that the tenants of the properties do not pay their rent. Under the terms of the leases there is good visibility on the current trading of the tenant businesses and see increasing occupancy driven by; new residents seeking a safer environment in which to be cared for and increased demand for beds from NHS / local authorities for patients that need to be discharged from hospitals to free up beds. With this increased occupancy the company are seeing increased profitability and the company would therefore expect tenants to remain in a strong position to continue to pay their rent on time, as they have done to date.
The company's directors have produced forecasts supporting the going concern assumption used in the preparation of these financial statements. In addition, the parent company has confirmed to the directors it will not seek to recall the loan owed to the parent until the company has sufficient cash reserves to do so. In assessing the risks posed to the going concern assumptions, a set of detailed forecasts have been prepared that show the effects of various scenarios in the company. Based on the forecasts noted above and the continued support from the parent company, the Directors have formed a judgement at the time of approving the financial statements that there is a reasonable expectation of the company having adequate resources to continue in operational existence for the foreseeable future. The Directors have prepared the financial statements on a going concern basis.
BERKLEY CARE (CHESHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
7
8
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2020
8,955,987
8,955,987
Additions
1,347,429
1,347,429
Transfers
(2,725,497)
2,725,497
At 31 March 2021
7,577,919
2,725,497
10,303,416
Depreciation and impairment
At 1 April 2020
84,971
84,971
Depreciation charged in the year
88,289
421,536
509,825
Transfers
(70,256)
70,256
At 31 March 2021
103,004
491,792
594,796
Carrying amount
At 31 March 2021
7,474,915
2,233,705
9,708,620
At 31 March 2020
8,871,016
8,871,016
For the period ended 31 March 2020 no depreciation was charged on freehold property, based on the estimated residual value of the asset.
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
BERKLEY CARE (CHESHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2020
-
Additions
1
At 31 March 2021
1
Carrying amount
At 31 March 2021
1
At 31 March 2020
-
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
821,309
Other debtors
228,917
821,309
228,917
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
22,790
Amounts owed to group undertakings
10,733,199
Other creditors
52,000
274,815
10,807,989
274,815
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
8,843,320
BERKLEY CARE (CHESHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
1,000
1,000
100
100
9
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.
The senior statutory auditor was Lorna Watson and the auditor was Shaw Gibbs (Audit) Limited.
10
Operating lease- The Company as Lessor
Lessor
The future minimum lease receivable by the Company under operating leases as at 31 March 2021 are as follows:
2021
2020
£
£
Within one year
685,850
628,696
Between two and five years
2,743,399
2,514,783
In over five years
10,116,285
11,087,905
13,545,534
14,231,384
The company's lease is provided for fixed rents which are reviewed on an upward only annual basis. The rent reviews are directly linked to inflation or on a fixed basis; and have long contractual terms.
11
Related party transactions
As a wholly owned subsidiary undertaking of Korian SA, the company has taken advantage of the exemption in FRS 102 Section 33.1A and has not disclosed transactions with entities which form part of the group and they are owned 100% by the parent company.
12
Parent company
On the 3rd March 2021 the entire share capital of Berkley Care (Chesham) Limited was purchased by Korian Real Estate UK Limited, a company registered in
The Pavilion, Ashlyns Hall, Chesham Road, Berkhamsted, England, HP4 2ST
. As a result, Korian SA which is the ultimate parent company of Korian Real Estate UK Limited, became the ultimate parent company of Berkley Care (Chesham) Limited. Korian SA is a company registered in France, the group financial statement can be obtained from 21-25, Rue Balzac Paris, 75008 France.
BERKLEY CARE (CHESHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
13
Prior period adjustment
Reconciliation of changes in equity
31 March
31 March
2019
2020
£
£
Adjustments to prior year
To account for rent received
-
228,617
Loan interest expensed incorrectly
111,053
314,669
Depreciation in respect of prior year
-
(84,971)
Total adjustments
111,053
458,315
Equity as previously reported
(250,559)
(456,961)
Equity as adjusted
(139,506)
1,354
Analysis of the effect upon equity
Profit and loss reserves
111,053
458,315
Reconciliation of changes in (loss)/profit for the previous financial period
2019
2020
£
£
Adjustments to prior year
To account for rent received
-
228,617
Loan interest expensed incorrectly
111,053
314,669
Depreciation in respect of prior year
(84,971)
Total adjustments
111,053
458,315
Loss as previously reported
(250,659)
(317,455)
(Loss)/Profit as adjusted
(139,606)
140,860
2021-03-31
2020-04-01
false
30 June 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
Mr P Dixon
Mr T J Carroll
Mrs A Dixon
Ms J J Fuller
Mrs C A Halton
Mr J A Halton
Mr L C Hollick
Mr A Sharp
Mr A Winstanley
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