Charity registration number 11600S3 (England and Wales) Company regl$tration number 09183931 SEASONS REHABILITATION CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 SEASONS REHABILITATION CENTRE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrHSGill Mrs A Clarke Mr L Khera (Appointed 30 May 2023) Charity number (England and Wales) 1160053 Company number 09183931 Roglstered office 46-50 Lysways Street. Walsall United Kingdom WS13AQ Auditor BK Plus Audlt Limit8d urri House Walsall Road Aldridge Walsall England WS9 ORB SEASONS REHABILITATION CENTRE LIMITED CONTENTS Page TNstees' report Slatement of trustees. responsibilities Independent auditorfs report statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements 11-20 SEASONS REHABILITATION CENTRE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY2024 The trustee5 present their annual report and financial statements for the year end8d 31 January 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the fjnancial statements and compty with the eharitys goveming document, the Companies Acl 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 22,131 (7.108) Totsl J•8ét•1818 currnnt Ilabllltl•s 54.356 30.847 Cradltors.. #mounts falllng du• after mor• than on• y••r 16 (17.706) (25.348) N•t amots 36.650 5,499 Thè funds of the eharfty Un￿Stricted funds 18 36,650 S.499 36.650 5.499 Thè company Is entiil8d to th8 exemption from the audll requirement (x)nlained In seclton 477 011he Companies Acl 2006. for the year énd8d 31 January 2024. The directors aCknO￿edge their resp(￿sIbilItIeS for comptying with the requirements of the Companies Art 2006 The members have not requlred the company kn obtsln an audit of its financial stat8rn8nts under the requirements of the Companies Act 2006. lor the year in que5ts.on In accordance with sectton 476. These flnanclal stalemenls have been prepared in aC(￿anCe wilh the provisions applicable lo companies 5ubjecl to the small companies regime. Tha fInan￿￿ slAtamanls waro approved by the iwst£e8 on 6 D8rAmber 2024 MrHSGill Trustoe Company registration number 09183931 (England and Wales) SEASONS REHABILITATION CENTRE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Notes Cash flows from operating a¢tivitie$ Cash generated from operations 20 40.924 40.171 Investing activities Purchase of tangible fixed assets Investment income received {5.012) (7,862) Net ¢a¥h used In Investing actlvltles (5,008) 17,881) Financing activities Repayment of bank loans (7,465) {9,822) Net cash used In flnancing activities <7,465) (9,822) Not in¢roa8è in cash and cash equivalents 28,451 22,488 Cash and cash equivalents at beginning of year 29.112 6,624 Cash and cash equivalents at end of year 57.563 29,112 10- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2024 Accountlng pollcles Charlty Infommtlon Seasons Rehabilitation Centre Limited is a private company limited by guarantee in¢orporated in England and Wales. The registered office is 4&50, Lysways Street, Walsall, WS13AQ. Uniied Kingdom. 1.1 Accounting Conventlon The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 20C6 and 'Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The charity is a Public Benefrt Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements hav8 been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concern At Ihe time of approving the financial statements, the trustees have a reasonable expectalion that the charity has adequate resources to conlinue in operational existence for the fO￿seeable future. Thus the trustees continue to adopt the going COn￿M basis of accounting in preparing the financial statements. 1.3 Charitable fvnd$ Unrestricted funds are available for use at the discretion of the twstees in furtherance of their charitable objectives. Restricted funds are subject to specific ¢ondilions by donors or grantors as to how they may be used. The purposes and uses of the restrl¢ted funds are set out in the notes to th8 financial statements. Endowment funds are subject to spe¢ific condttions by donors that the capital must be maintained by the charity. 1A In¢omo Income is recognised when the charity is legally entiued lo it after any pefftim)ance conditions have been met. the amounts can be m8asured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are ￿COgnised once the chartty has been notified of the donation, unless perfomance conditions require deferral of the amount. Income tax recoverable in relation to donalions re￿iVed under Gift Aid or deeds of covenant is recognised at Ihe time of the donation. Lega¢ies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 11 SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2024 Ae¢ountlng pollcles (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it is probable Ihal a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direci costs and shared costs. including support costs involved in undertaking each adivity. Direct costs attributable to a single adivty are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned belween those activiti.es on a basis consistent wbth the use of resources. Central staff costs are allocated on the basis of timè spent. and deprecjation charges are allocated on Ihe portion of the asset's use. Expenditure is accounted for on an a¢¢ruals basis and has been included under expenses categories that aggregate all costs for allocation lo activities. Where costs cannot be diredly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and indude project managemènt carrted out at the Headquarters. Govemance Costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 1.6 Tangible fixed a88et8 Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuation, net of deprecialion and any impairm8nt losses. Depreciation is recognised so as to write off the cost or valuation of assets less Ihelr residual values over their useful lives on the following bases: Fixtures and fittings 250A reducing balance The gain or loss arising on the disposal of an asset is determined as the differen￿ between Ihe sale proceeds and the carrying value of the asset, and is recognised in the statement of financial adivities. 1.7 Impairn)ent of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to deterniine whether there is any indication that those assets have suffered an impainnenl loss. If any such indi¢ation exists, the recoverable amount of the asset is estimaled in order to detennine the extent of the impairfflent loss (rf any}. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at Gall with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shtxvn within boffowings in current liabilities. 1.9 Financial instruments The charity 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 ils financial instruments. Financial instruments are recognised in the charity's balan￿ sheet when the charity becomes party to the ¢ontractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the finan¢ial statements, when there is a legally enfor￿able righl 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. 12- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 A¢counting poli¢le8 {Continued) Bask financial assets Basic financial assets, which include debtors and cash and bank balan¢es, are initially measured at transaction Pri￿ inciuding transaction costs and are subsequently carried at amortised cost using the effeclive interest melhod unless the a￿angement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basit flnancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the fvture payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as Cu￿ent liabilities if payment is due withih one year or less. If not. they a￿ presented as nQn-cu￿ent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial liabilitles Financial liabilities are derecognised when the charitls contractual obligations expire or are discharg8d or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in Ihe period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonslrably commiited to temiinale the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefft sGhernes are charged as an expense as they fall due. Crltical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readity apparent from other sources. The estimates and assoaated assumplions are based on historical experience and other factors that are considered to be relevant. Actual resulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revisions to accounts'ng estimates are r8cognised in the period in which Ihe estimate is revised where th8 revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 13- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Charitable a¢tivities 2024 2023 Incoming resources within charitsble adivities 1.183,333 930,045 Income from inve8tmonts Unrestrlcted Unrestrtcted funds funds 2024 2023 Interest re￿1vable Expenditure on raising funds Unre8tricted Unre8tricted fund$ funds 2024 2023 Fundraising and publi¢ty Advertising Other fundraising costs 9,623 32,659 16,667 9,623 49,326 14- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Charltable activities 2024 2023 Staff costs Depreciation and impainnent Food and refreshments Rent and rates Support services Insurance Heat and Ilght Repairs and maintenance 439,605 10,742 51,664 121,378 36,228 16,032 46,363 39,791 444,786 12,652 35,114 114,203 13.421 11,155 54,481 9,314 F 11 Printing and stationery Telephone Legal and professional Sundry expenses Bank charges and interest Motor expenses and travelling Computer expenses Consultancy fees Commissions 7,528 9,841 4,434 4,849 1,764 1,146 758 141,741 193,728 5,509 5,628 2,067 4,366 1,594 56 238 120,359 39,719 1.127,592 874,662 Goveman¢e costs 14,971 5,270 1,142,563 879,932 Net movement in funds 2024 2023 The net movement in funds is ststed after thargingl(crediting): Fees payable for the audit of the charity's financial ststements Depreciation of owned tangible fixed a55ets 9.600 10,742 12,852 Auditorfs remuneration Fees payable lo the charty's auditor and associates: 2024 2023 For audit services Audit of the financial statements of the charity 9,600 Trustees None of the t￿SteeS (or any persons connected with them) received any remuneration OT benefits from the charity during the year. 15- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Truslees (Contlnued) Rent of £33,61)0 (2023 - £31,250) was paid during the year to 2SK Investments Limited, a company owned by Mr L Khera, a trustee and director of the charity from 30 May 2023. Rent of £54,000 (2023 - £56,250) was paid to KhÈra & Khera Limited, a company owned by Mr L Khera, trustee and director of the charity from 30 May 2023. 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number 20 20 Employment ¢08ts 2024 2023 Wages and salaries Social security costs Other pension costs 410,546 21,250 7,809 411,378 25,272 8.138 439.605 444,786 There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 16- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 12 Tanglble flxed assets Flxturgs and flttlnus Cost At 1 February 2023 Addiiions 105,286 5,012 At 31 January 2024 110.298 Depreciation and impairnient At 1 February 2023 Depreciation charged in the year 67,331 10,742 At 31 January 2024 78,073 Carrylng amount At 31 January 2024 32,225 At 31 January 2023 37,955 13 Debtors 2024 2023 Amounts falling due wlthln one year. Other debtors Prepayments and accrued income 38,300 38.300 31,500 38.300 89.800 14 Loans and overdrafts 2024 2023 Bank loans 27,706 35,171 Payable within one year Payable after one year 10,OOQ 17,706 9,823 25,348 The loan is a 6 year bounce back loan from Barclays Bank. The interest rate is fixed at 2.5•A. Monthly repayments are approximately £833 per month. 17- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 15 Crodltors: amounts falllng due wlthln one year 2024 2023 Notes Bank loans Other tsxation and social security Other creditors Ac¢ruals and deferred income 14 10,000 32.345 13.047 18,340 9,823 76,650 11,047 8,500 73.732 106.020 16 Crndltor¥: amounts falllng duo aft•r more than one year 2024 2023 Notes Bank k)ans 14 17,706 25,348 17 Retlrement beneflt schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schernes 7,809 8,136 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the stheme are held separately from those of the charity in an independently administered fund. 18 Llnrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated fund5 which have been set aside out of unrestricted funds by the trustees for specifi¢ purposes. At 1 February 2023 Incoming Rosourcos At 31 January sources expended 2024 General funds 5,499 1,183,337 {1,152.186) 36,650 Previou8 year: At 1 February 2022 Incoming Resource$ At 31 January resources expendèd 2023 General funds 4,711 930,048 (929,258) 5,499 19 Related party transa¢llon$ Transactions ￿th relatsd partles During the year the charity entered irrto the following transactions with related parties.. 18- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 19 Related party transactions Icontinued) Rent of £33,600 {2023 - £31.250) was paid during the year to 2SK Investments Limited, a company owned by Mr L Khera, a trustee and director of the charity from 30 May 2023. Rent of £54,000 (2023 - £56,250) was paid to Khera & Khera Limited, a company owned by Mr L Khera, a trustee and director of the charity from 30 May 2023. The following amounts were outstanding at the reporting end date.. Amounts owed to related parties 2024 2023 Key management personnel 13,047 11,047 Included in creditors due within one year is £13,047 <2023 - £11,047) which is owed to Mr L Khera, a dire¢tor and Iwslee of th8 charity from 30 May 2023. The following amounts were outstsnding at the reporting end date.. Amounts owed by related Amounts owed by related parties parties 2024 2023 Balance Balance Net Net other related parties 38,300 38.300 38.300 38.300 38.300 38,300 38,300 38,300 Induded in debtors is £38,300 (2023 - £38,300) which is owed to the Charity by 2SK Investments Limited, a company of which Mr L Kher8 is dire¢tor. Mr L Khera is a trustee and director of the charity from 30 May 2023. 19- SEASONS REHABILITATION CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 20 Cash generated from operatlons 2024 2023 Surplus for the year 31,151 788 Adjustments for. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (4) 10,742 (1) 12.652 Movements In worklng ¢apltsl: Decreasel(increasel in d8blors {Decrease)fincrease in cr8ditors 31,500 {32,465) (31,501) 58,233 Cash generated from operations 40,924 40,171 21 Anatysls of ¢hanges In net fundsl{debt) A¢ 1 Fobruary 2023 C•$h Ilw At JI January 2024 Cash at bank and in hand 29.112 28,451 57,563 Loans falling du8 Within one year Loans falling due after more than one year (9.823) (25.348) (177) 7,642 (10,000> (17,706) (6,059) 35,916 29,857 -20-