REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
FOR |
SPA NURSING HOMES LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
FOR |
SPA NURSING HOMES LIMITED |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 | to | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Notes to the Financial Statements | 11 | to | 20 |
SPA NURSING HOMES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BANKERS: |
1 Donegall Square South |
Belfast |
BT1 5LR |
SOLICITORS: |
32-38 Linenhall Street |
Belfast |
BT2 8BG |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
STRATEGIC REPORT |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
The directors present their strategic report for the period 30 November 2021 to 30 November 2022. |
REVIEW OF BUSINESS |
The company's turnover has increased by 7% from £8.43m to £9.0m. Gross margin has fallen from 26.5% in FY21 to 21.8% in FY22. Turnover continues to be the key performance indicator for the company. The directors consider than in the light of prevailing economic and market conditions, both the results for the year and the prospects for the future are satisfactory. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company uses various financial instruments including bank loans and overdrafts, hire purchase, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to provide sufficient finance for the company's operations. The directors remain mindful of risks and uncertainties facing the business, such as as the Health Trust cuts on occupancy rates, rising costs and fluctuation in the interest rates. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors considers the key performance indicators to be turnover and will continue to monitor this. |
OTHER KEY PERFORMANCE INDICATORS |
The directors do not consider any non-financial key performance indicators to be appropriate. |
ON BEHALF OF THE BOARD: |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
The directors present their report with the financial statements of the company for the period 30 November 2021 to 30 November 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of the provision of nursing home facilities. |
DIVIDENDS |
No dividends were paid or declared in the current period. Dividends of £250,000 were paid in period ended 29 November 2021. |
FUTURE DEVELOPMENTS |
The directors do not foresee any major future developments in the forthcoming year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 30 November 2021 to the date of this report. |
ENGAGEMENT WITH EMPLOYEES |
During the period the policy of providing employees with information about the Company has been continued through internal media methods in which the employees have also been encouraged to present their suggestions and views on the Company's performance. Regular meetings are held between local management and employes to allow a free flow of information and ideas. |
DISABLED EMPLOYEES |
The company gives full consideration to applications for employment from disable persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the Company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
MATTERS COVERED IN THE STRATEGIC REPORT |
Under Schedule 7.1A of "Large and Medium- Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors report information in the strategic report: |
- Business review; |
- Principal risks and uncertainties; and |
- Key financial performance indicators |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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). 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. |
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. |
AUDITORS |
The auditors, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPA NURSING HOMES LIMITED |
Opinion |
We have audited the financial statements of Spa Nursing Homes Limited (the 'company') for the period ended 30 November 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2022 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPA NURSING HOMES LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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: |
- | 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPA NURSING HOMES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPA NURSING HOMES LIMITED |
Use of our report |
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. |
for and on behalf of |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
159,656 | 571,443 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL PERIOD |
Retained earnings at beginning of period |
Dividends | 7 | ( |
) |
RETAINED EARNINGS AT END OF PERIOD |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
BALANCE SHEET |
30 NOVEMBER 2022 |
30.11.22 | 29.11.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
1. | STATUTORY INFORMATION |
Spa Nursing Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
Significant judgements and estimates |
The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physicist condition of the assets. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life of 10 years. |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residential value over their estimated useful lives, both straight line and reducing balance. |
Depreciation is provided on the following basis: |
Freehold property - 2% straight line |
Plant and machinery - 15% reducing balance |
Fixtures and fittings - 15% reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Government grants |
Government grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
All financial instruments of the company are considered to meet the definition of basic financial instruments. |
- Short term debtors and creditors |
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account. |
- Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
-Financial liabilities and equity |
Financial liabilities and equity are classified according to the substance of the financial instrument’s |
contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method |
so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised |
as a reduction in the proceeds of the associated capital instrument. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the period in which they are incurred. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
Management Staff | 4 | 4 |
Administration Staff | 3 | 3 |
Nursing Staff | 277 | 279 |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
£ | £ |
Directors' remuneration |
The above costs include £785,594 (FY21: £223,260) of costs for agency staff. |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
£ | £ |
Bank interest & charges | ( |
) |
Bank loan interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) |
Group relief | (42,192 | ) | (25,302 | ) |
Remeasurement of deferred tax | (12,319 | ) | 40,745 |
Total tax charge | 102,147 | 131,593 |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
7. | DIVIDENDS |
Period | Period |
30.11.21 | 1.12.20 |
to | to |
30.11.22 | 29.11.21 |
£ | £ |
Ordinary Shares shares of 1.00 each |
Final |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 30 November 2021 |
and 30 November 2022 |
AMORTISATION |
At 30 November 2021 |
Amortisation for period |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 29 November 2021 |
9. | TANGIBLE FIXED ASSETS |
Fixtures, |
Freehold | Plant and | fittings |
property | machinery | & equipment | Totals |
£ | £ | £ | £ |
COST |
At 30 November 2021 |
Additions |
At 30 November 2022 |
DEPRECIATION |
At 30 November 2021 |
Charge for period |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 29 November 2021 |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 November 2021 |
and 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 29 November 2021 |
11. | STOCKS |
30.11.22 | 29.11.21 |
£ | £ |
Stocks |
12. | DEBTORS |
30.11.22 | 29.11.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.22 | 29.11.21 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 196,000 | 161,000 |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Amounts owed to group undertakings are interest free, unsecured and repayable on demand. |
Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms. |
Security on the bank loans has been disclosed in the note below. |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.22 | 29.11.21 |
£ | £ |
Bank loans (see note 15) |
Preference shares (see note 15) |
Bank loans and overdrafts are secured by way of a legal charge over the properties and a debenture overall properties and assets of the company. |
15. | LOANS |
An analysis of the maturity of loans is given below: |
30.11.22 | 29.11.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Preference shares | 76,667 | 76,667 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 1,633,317 |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
15. | LOANS - continued |
Bank loans and overdraft are secured by way of legal charge over the properties and a debenture over all properties and assets of the company. |
Bank loans which fall due for repayment after more than 5 years from the balance sheet date are repayable by monthly installments until 31 March 2025, with the remaining balance due for repayment on that date. The loans are subject to interest rates based on the LIBOR plus a margin of 2.75%. |
During 2020 the company entered into a anew loan agreement in relation to the Coronavirus Business Interruption Loan Scheme (CBIL scheme). |
Under the Coronavirus Business Interruption Loan Scheme, the UK government may provide a guarantee, to Funding Circle in the event of non-payment by the company, in respect of the company's obligations in respect of the Loan on the terms agreed between the Bank, the British Business Bank and the UK Government subject to the eligibility criteria. The loan has a rate of interest of 8.9% |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.22 | 29.11.21 |
value: | £ | £ |
Preference shares | £1 | 76,667 | 76,667 |
16. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
Hire purchase contracts |
30.11.22 | 29.11.21 |
£ | £ |
Net obligations repayable: |
Within one year |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
17. | PROVISIONS FOR LIABILITIES |
30.11.22 | 29.11.21 |
£ | £ |
Deferred tax | 157,450 | 169,769 |
SPA NURSING HOMES LIMITED (REGISTERED NUMBER: NI026058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 NOVEMBER 2021 TO 30 NOVEMBER 2022 |
17. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 30 November 2021 |
Credit to Income Statement during period | ( |
) |
Balance at 30 November 2022 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.22 | 29.11.21 |
value: | £ | £ |
Ordinary Shares | 1.00 | 1,200 | 1,200 |
19. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 30 November 2021 | 3,421,469 |
Profit for the period |
At 30 November 2022 | 3,974,998 |
20. | PENSION COMMITMENTS |
The company operates two defined contribution pension schemes. The assets of the scheme are held separately from those of the company in independently administered funds,. The pension cost recharge represents contributions payable by the company to the funds and amounted to £98,324 (2021: £162,937 ). Contributions of £21,194 were payable at the balance sheet date (2021: £20,760). |
21. | ULTIMATE PARENT COMPANY |
McLegz Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
The immediate and ultimate parent is McLegz Holdings Limited, a company incorporated in Northern Ireland. The results of the company are consolidation in the accounts of McLegz Holdings Limited. Copies of the group accounts are available from Company House, 32-38 Linenhall Street, Belfast. |
22. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year the company rented property from a related party. Rent for the year was £196,000 and the amount owing at year end was £196,000 (2021: £161,000). |