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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2016 |
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APPLECROSS NURSING HOME LIMITED |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2016 |
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for |
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APPLECROSS NURSING HOME LIMITED |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2016 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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Reconciliation of Equity | 15 |
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Reconciliation of Profit | 17 |
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APPLECROSS NURSING HOME LIMITED |
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Company Information |
for the Year Ended 31 March 2016 |
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DIRECTORS: |
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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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Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Report of the Directors |
for the Year Ended 31 March 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of nursing home. |
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DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary £1 shares | 133,600 | - |
A £1 shares | NIL |
B £1 shares |
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The directors recommend that no final dividends be paid. |
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The total distribution of dividends for the year ended 31 March 2016 will be £
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8th April 2015 |
- Ordinary shares interim dividend £58,800 per share |
- B share interim dividend £30,000 per share |
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25th March 2016 |
- Ordinary shares interim dividend £8,000 per share |
- B share interim dividend £32,000 per share |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2015 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are 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 directors |
are 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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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 |
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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are 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 each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Report of the Directors |
for the Year Ended 31 March 2016 |
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AUDITORS |
The auditors, Sharles Audit Limited, 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 |
Applecross Nursing Home Limited |
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We have audited the financial statements of Applecross Nursing Home Limited for the year ended 31 March 2016 on |
pages six to seventeen. The financial reporting framework that has been applied in their preparation is applicable law |
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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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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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
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 March 2016 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, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Directors for the financial year for which the financial |
statements are prepared is consistent with the financial statements. |
Report of the Independent Auditors to the Members of |
Applecross Nursing Home Limited |
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Matters on which we are required to report by exception |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
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for and on behalf of
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Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
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APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Income Statement |
for the Year Ended 31 March 2016 |
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2016 | 2015 |
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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307,496 | 322,571 |
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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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307,578 | 322,576 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL YEAR |
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APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Other Comprehensive Income |
for the Year Ended 31 March 2016 |
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2016 | 2015 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Deferred tax movement on revaluation |
Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Balance Sheet |
31 March 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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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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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 12 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2016 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 April 2014 |
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Changes in equity |
Issue of share capital |
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Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2015 |
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Changes in equity |
Issue of share capital |
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Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2016 |
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APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2016 |
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1. | STATUTORY INFORMATION |
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Applecross Nursing Home Limited is a
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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 derived from nursing and care services supplied by the company. |
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Turnover is measured at the fair value of nursing and care services supplied, net of discounts and is recognised at |
the point that the company obtains the right to consideration. |
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Tangible fixed assets |
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Land and buildings | - | 2% on cost |
Plant and machinery etc | - | 20% on cost and 15% on cost |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is |
not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of |
the cash-generating unit to which the asset belongs. |
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Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets |
below this threshold is charged directly to the income account in the period it is incurred. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax. |
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The company's liability for current tax is calculated using the tax rates that were enacted during the reporting |
period. |
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Deferred tax is recognised at current tax rates in respect of all timing differences between the carrying amounts |
of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of |
taxable profit. A deferred tax asset is only recognised to the extent that future taxable profits are expected to |
reverse the underlying timing difference. Deferred tax balances are not discounted. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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. |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2016 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2016 | 2015 |
£ | £ |
Depreciation - owned assets |
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5. | DIVIDENDS |
2016 | 2015 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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B share of £1 |
Interim |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2015 |
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Additions |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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Cost or valuation at 31 March 2016 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2011 | 1,350,648 | - | 1,350,648 |
Cost | 3,255,625 | 273,187 | 3,528,812 |
4,606,273 | 273,187 | 4,879,460 |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2016 |
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6. | TANGIBLE FIXED ASSETS - continued |
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If freehold land & buildings had not been revalued they would have been included at the following historical |
cost: |
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2016 | 2015 |
£ | £ |
Cost | 3,049,352 | 3,049,352 |
Aggregate depreciation | 162,927 | 162,927 |
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Value of land in freehold land and buildings | 1,000,000 | 1,000,000 |
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Freehold land & buildings were valued on an open market basis on 31 March 2016 by the directors . |
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If Freehold Property was sold this would result in an additional corporation tax liability of approximately |
£270,000. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 1,957,258 | 2,424,536 |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2016 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank overdraft |
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Bank loans |
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Bank loans and overdraft are secured by a bond and floating charge together with standard security over the |
Freehold Property. |
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11. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax |
Other timing differences | 291,257 | 297,592 |
Accelerated capital allowances | 143,057 | 128,534 |
434,314 | 426,126 |
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Deferred |
tax |
£ |
Balance at 1 April 2015 |
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Provided during year |
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Balance at 31 March 2016 |
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12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 April 2015 |
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1,135,067 |
Profit for the year |
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Dividends | ( |
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Revaluation reserve release | 31,672 | (31,672 | ) | - |
Deferred tax on revaluation
reserve
release |
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6,334 |
6,334 |
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At 31 March 2016 |
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1,131,328 |
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13. | CAPITAL COMMITMENTS |
2016 | 2015 |
£ | £ |
Contracted but not provided for in the |
financial statements | 1,484,135 | - |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2016 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2016 and |
31 March 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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15. | ULTIMATE CONTROLLING PARTY |
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The directors owned 100% of the issued share capital and therefore had ultimate control of the company. |
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16. | FIRST YEAR ADOPTION |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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to measure fair value at date of transition to FRS 102 and use as deemed cost on an item of property, plant
and equipment. |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Reconciliation of Equity |
1 April 2014 |
(Date of Transition to FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4,243,104 |
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4,243,104 |
CURRENT ASSETS |
Debtors | 364,362 |
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364,362 |
Cash at bank and in hand | 96,704 |
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96,704 |
461,066 |
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461,066 |
CREDITORS |
Amounts falling due within one year | (406,248 | ) |
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(406,248 | ) |
NET CURRENT ASSETS | 54,818 |
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54,818 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
4,297,922 |
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4,297,922 |
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CREDITORS |
Amounts falling due after more than one
year |
(2,711,502 |
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(2,711,502 |
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PROVISIONS FOR LIABILITIES | (129,582 | ) | ( |
) | (427,174 | ) |
NET ASSETS | 1,456,838 | ( |
) | 1,159,246 |
CAPITAL AND RESERVES |
Called up share capital | 3 |
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3 |
Revaluation reserve | 1,456,290 | ( |
) | 1,158,698 |
Retained earnings | 545 |
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545 |
SHAREHOLDERS' FUNDS | 1,456,838 | ( |
) | 1,159,246 |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Reconciliation of Equity - continued |
31 March 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4,151,284 |
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4,151,284 |
CURRENT ASSETS |
Debtors | 314,205 |
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314,205 |
Cash at bank and in hand | 48,617 |
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48,617 |
362,822 |
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362,822 |
CREDITORS |
Amounts falling due within one year | (328,373 | ) |
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(328,373 | ) |
NET CURRENT ASSETS | 34,449 |
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34,449 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
4,185,733 |
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4,185,733 |
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CREDITORS |
Amounts falling due after more than one
year |
(2,624,536 |
) |
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(2,624,536 |
) |
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PROVISIONS FOR LIABILITIES | (128,534 | ) | ( |
) | (426,126 | ) |
NET ASSETS | 1,432,663 | ( |
) | 1,135,071 |
CAPITAL AND RESERVES |
Called up share capital | 4 |
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4 |
Revaluation reserve | 1,430,952 | ( |
) | 1,133,360 |
Retained earnings | 1,707 |
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1,707 |
SHAREHOLDERS' FUNDS | 1,432,663 | ( |
) | 1,135,071 |
APPLECROSS NURSING HOME LIMITED (REGISTERED NUMBER: SC177933) |
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Reconciliation of Profit |
for the Year Ended 31 March 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | 2,126,101 |
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2,126,101 |
Cost of sales | (1,386,194 | ) |
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(1,386,194 | ) |
GROSS PROFIT | 739,907 |
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739,907 |
Administrative expenses | (417,336 | ) |
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(417,336 | ) |
OPERATING PROFIT | 322,571 |
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322,571 |
Interest receivable and similar income | 5 |
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5 |
Interest payable and similar expenses | (119,572 | ) |
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(119,572 | ) |
PROFIT BEFORE TAXATION | 203,004 |
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203,004 |
Tax on profit | (53,514 | ) |
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(53,514 | ) |
PROFIT FOR THE FINANCIAL YEAR | 149,490 |
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149,490 |