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22 February 2022
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No description of principal activity
2019-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
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xbrli:shares
iso4217:GBP
07477470
2019-10-01
2020-09-30
07477470
2020-09-30
07477470
2019-09-30
07477470
2018-10-01
2019-09-30
07477470
2019-09-30
07477470
core:PlantMachinery
2019-10-01
2020-09-30
07477470
core:NetGoodwill
2019-10-01
2020-09-30
07477470
bus:OrdinaryShareClass1
2019-10-01
2020-09-30
07477470
bus:Director1
2019-10-01
2020-09-30
07477470
core:WithinOneYear
2020-09-30
07477470
core:WithinOneYear
2019-09-30
07477470
core:AfterOneYear
2019-09-30
07477470
core:ShareCapital
2020-09-30
07477470
core:ShareCapital
2019-09-30
07477470
core:RetainedEarningsAccumulatedLosses
2020-09-30
07477470
core:RetainedEarningsAccumulatedLosses
2019-09-30
07477470
core:BetweenOneFiveYears
2020-09-30
07477470
core:BetweenOneFiveYears
2019-09-30
07477470
core:MoreThanFiveYears
2020-09-30
07477470
core:MoreThanFiveYears
2019-09-30
07477470
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2019-10-01
2020-09-30
07477470
bus:Audited
2019-10-01
2020-09-30
07477470
bus:AbridgedAccounts
2019-10-01
2020-09-30
07477470
bus:SmallCompaniesRegimeForAccounts
2019-10-01
2020-09-30
07477470
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
07477470
bus:OrdinaryShareClass1
2020-09-30
07477470
bus:OrdinaryShareClass1
2019-09-30
07477470
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2019-10-01
2020-09-30
07477470
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2019-10-01
2020-09-30
07477470
1
2019-10-01
2020-09-30
COMPANY REGISTRATION NUMBER:
07477470
Belmont Cedar Park Limited
|
|
Filleted Abridged Financial Statements
|
|
Belmont Cedar Park Limited
|
|
Abridged Financial Statements
|
|
Year Ended 30 September 2020
Abridged statement of financial position
|
1
|
|
|
Notes to the abridged financial statements
|
3
|
|
|
Belmont Cedar Park Limited
|
|
Abridged Statement of Financial Position
|
|
30 September 2020
Fixed Assets
Intangible assets
|
6
|
|
–
|
825,899
|
Tangible assets
|
7
|
|
–
|
73,354
|
|
|
----
|
---------
|
|
|
–
|
899,253
|
|
|
|
|
|
Current Assets
Stocks
|
2,197
|
|
2,197
|
Debtors
|
107,222
|
|
820,884
|
Cash at bank and in hand
|
114,937
|
|
15,184
|
|
---------
|
|
---------
|
|
224,356
|
|
838,265
|
|
|
|
|
Creditors: amounts falling due within one year
|
1,262,181
|
|
1,444,540
|
|
------------
|
|
------------
|
Net Current Liabilities
|
|
1,037,825
|
606,275
|
|
|
------------
|
---------
|
Total Assets Less Current Liabilities
|
|
(
1,037,825)
|
292,978
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
–
|
262,707
|
|
|
|
|
|
Provisions
|
|
–
|
3,047
|
|
|
------------
|
---------
|
Net (Liabilities)/Assets
|
|
(
1,037,825)
|
27,224
|
|
|
------------
|
---------
|
|
|
|
|
Capital and Reserves
Called up share capital
|
10
|
|
1
|
1
|
Profit and loss account
|
|
(
1,037,826)
|
27,223
|
|
|
------------
|
--------
|
Shareholders (Deficit)/Funds
|
|
(
1,037,825)
|
27,224
|
|
|
------------
|
--------
|
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Belmont Cedar Park Limited
|
|
Abridged Statement of Financial Position (continued)
|
|
30 September 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
22 February 2022
, and are signed on behalf of the board by:
Company registration number:
07477470
Belmont Cedar Park Limited
|
|
Notes to the Abridged Financial Statements
|
|
Year Ended 30 September 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The business address is The Cedars, Cedar Park Road, Redditch, B97 6HP.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on a non going concern basis, under the historical cost basis
. The financial statements are prepared in sterling, which is the functional currency of the entity.
Basis other than going concern
The company operates a care home which is regulated by the Care Quality Commission (CQC). The home was placed under embargo by CQC post year end, in April 2021. Although the company introduced a new operational management team and recognised significant improvements, the CQC issued a notice to rescind the business operational licence in October 2021. The directors took the decision to close the home due to the impact of the CQC decision and the cash flow impacts on the wider group. This was completed at the end of November 2021. As the company continued to trade for over 12 months since the accounting date, the company continued to adopt the accruals method of accounting. Redundancy and further home closure costs will be included in the following years financial statements. As a result of all the above, the financial statements have been prepared on a basis other than going concern. The financial statements reflect the circumstances existing at the balance sheet date, amended to reflect the fact that the going concern assumption is not appropriate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Revenue recognition
The turnover shown in the profit and loss account represents residents fees earned during the year.
Exceptional items
Exceptional items are material and non-recurring items. These are disclosed separately on the face of the income statement to reflect performance in a consistent manner, in line with how the business is managed and measured on a day-to-day basis.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
10 years straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
The care home closed at the end of November 2021. The goodwill has therefore been fully impaired to nil at the year end and is included in exceptional items in the Statement of Income and Retained Earnings.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
15% straight line
|
|
Fixtures and fittings
|
-
|
7 years straight line
|
|
Equipment
|
-
|
15% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Due to the closure of the care home at the end of November 2021 all fixed assets have been fully impaired to nil at the year end and this is included in exceptional items in the Statement of Income and Retained Earnings. The directors deemed the fixed assets only had a value to an operational care home and were of nil value to a third party.
Stocks
Stocks are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
58
(2019:
64
).
5.
Exceptional items
The trade of the company ceased in November 2021. As explained in note 3, the financial statements have been prepared on a basis other than going concern.
As a result, an exceptional item has been disclosed in the Statement of Income and Retained Earnings as follows:
|
|
2020
|
|
|
£
|
|
Impairment of intangible fixed assets
|
650,487
|
|
Impairment of tangible fixed assets
|
68,670
|
|
Inter-group balances written off
|
7,005
|
|
Total
|
726,162
|
|
|
|
6.
Intangible assets
|
£
|
Cost
|
|
At 1 October 2019 and 30 September 2020
|
1,754,121
|
|
------------
|
Amortisation
|
|
At 1 October 2019
|
928,222
|
Charge for the year
|
175,412
|
Impairment losses
|
650,487
|
|
------------
|
At 30 September 2020
|
1,754,121
|
|
------------
|
Carrying amount
|
|
At 30 September 2020
|
–
|
|
------------
|
At 30 September 2019
|
825,899
|
|
------------
|
|
|
7.
Tangible assets
|
£
|
Cost
|
|
At 1 October 2019
|
166,940
|
Additions
|
8,558
|
|
---------
|
At 30 September 2020
|
175,498
|
|
---------
|
Depreciation
|
|
At 1 October 2019
|
93,586
|
Charge for the year
|
13,242
|
Impairment losses
|
68,670
|
|
---------
|
At 30 September 2020
|
175,498
|
|
---------
|
Carrying amount
|
|
At 30 September 2020
|
–
|
|
---------
|
At 30 September 2019
|
73,354
|
|
---------
|
|
|
8.
Creditors:
amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2019: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Securities
The company has entered into an unlimited guarantee for bank loans made available to group companies. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for in these financial statements.
The company treats guarantees and indemnities of this nature as contingent liabilities until such time as it becomes probable that the company will be required to make a payment under the terms of the arrangement.
As at 30 September 2020 the value of the group wide bank borrowings amounted to £16.4million (2019: £16.5million).
There is a legal charge, incorporating a fixed and floating charge, over the property and assets owned by the company.
10.
Called up share capital
Issued, called up and fully paid
|
2020
|
2019
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
1
|
1
|
1
|
1
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020
|
2019
|
|
£
|
£
|
Not later than 1 year
|
5,949
|
6,761
|
Later than 1 year and not later than 5 years
|
21,097
|
21,238
|
Later than 5 years
|
6,253
|
11,567
|
|
--------
|
--------
|
|
33,299
|
39,566
|
|
--------
|
--------
|
|
|
|
12.
Events after the end of the reporting period
The company operates a care home which is regulated by the Care Quality Commission (CQC). The home was placed under embargo by CQC post year end, in April 2021. Although the company introduced a new operational management team and recognised significant improvements, the CQC issued a notice to rescind the business operational licence in October 2021. The directors took the decision to close the home due to the impact of the CQC decision and the cash flow impacts on the wider group. This was completed at the end of November 2021. As the company continued to trade for over 12 months since the accounting date, the company continued to adopt the accruals method of accounting. Hence, redundancy and further home closure costs will be included in the following years financial statements. As a result of all the above, the financial statements have been prepared on a basis other than going concern. The financial statements reflect the circumstances existing at the balance sheet date, amended to reflect the fact that the going concern assumption is not appropriate.
13.
Summary audit opinion
The auditor's report for the year dated
22 February 2022
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
We draw attention to the basis other than going concern policy in note 3 to the financial statements, which explains the directors decision to close the trade of the company in November 2021. The directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 3. Our opinion is not modified in respect of this matter.
The senior statutory auditor was
Tony Hornsby BA(Hons) BFP FCA
, for and on behalf of
MCABA Limited t/a Mitchells
.
14.
Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 s33.1A, removing the requirement to disclose transactions between group companies. During the year the company provided and received loans from group companies and related parties. The total balances outstanding due (to)/from these entities at 30 September 2020 are as follows:
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Amounts owed from participating interests |
45,760 |
65,760 |
|
Amounts owed from entities under common control |
– |
630,817 |
|
Amounts owed from entities under control of directors |
3,500 |
52,549 |
|
Amounts owed to participating interests |
(50,249) |
(860,315) |
|
Amounts owed to entities under common control |
(196,495) |
(608,776) |
|
|
|
|
Included within the above, the following amounts are due in over one year. Interest of 3% per annum is charged on these balances.
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Amounts owed to entities under common control |
– |
(262,707) |
|
|
|
|
The remaining balances with entities are unsecured, interest free and repayable on demand.
15.
Controlling party
Belmont Cedar Park Limited
is the 100% subsidiary of Alma Care Home Holdings UK Limited. A company incorporated in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The ultimate parent company is Princess Wilru S.á r.l., a company incorporated in Luxembourg. Princess Wilru S.á r.l. is registered with the Luxemburg Register of Commerce and Companies under number B 118903. The registered office is 2a, rue des Capucins, L-1313 Luxembourg, Grand Duchy of Luxembourg.