| Page | |||||
|---|---|---|---|---|---|
| Company | information | ||||
| Strategic | report | 2-5 | |||
| Directors' | report | 6-7 | |||
| Directors' | responsibilities | statement | |||
| Independent auditor's |
report | 9-12 | |||
| Statement | ofincome | and | retained | earnings | 13 |
| Balance sheet | 14 | ||||
| Statement | ofcash flows | 15 | |||
| Notes to the financial | statements | 16-25 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Notes | 8 | 8 | ||||
| Turnover | 5,650,656 | 5,213,121 | ||||
| Cost ofsales | (3,889,511) | (3,484,713) | ||||
| Gross profit | 1,761,145 | 1,728,408 | ||||
| Administrative | expenses | (1,655,787) | (1,496,381) | |||
| Other operating income |
18,190 | 113,223 | ||||
| Operating profit |
123,548 | 345,250 | ||||
| Interest receivable | and | similar income | 1,271 | 50 | ||
| Interest payable and similar expenses | (98,801) | (50,712) | ||||
| Profit before | taxation | 26,018 | 294,588 | |||
| Tax on profit | ||||||
| Profit for the | financial | year | 26,018 | 294,588 | ||
| Retained earnings | brought forward as previously | |||||
| reported | 3,237,866 | 2,795,141 | ||||
| Restatement | ofretained | earnings | (148,137) | |||
| As restated | 3,089,729 | 2,795,141 | ||||
| Retained earnings | carried forward | 3,115,747 | 3,089,729 |
| 2023 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| as restated | |||||||||
| Notes | f | ||||||||
| Fixed assels | |||||||||
| Tangible assets | 6,849,639 | 5,808,145 | |||||||
| Current assets | |||||||||
| Debtors | 10 | 710,975 | 226,392 | ||||||
| Cash at bank and in hand |
1,434,273 | 1,670,150 | |||||||
| 2,145,248 | 1,896,542 | ||||||||
| Creditom: amounts | falling due within | ||||||||
| one year | (978,959) | (369,900) | |||||||
| Net current assets | 1,166,289 | 1,526,642 | |||||||
| Total assets less current | liabilities | 8,015,928 | 7,334,787 | ||||||
| Creditorsi amounts |
falling due after | ||||||||
| more than one year | 12 | (4,900,179) | (4,245,056) | ||||||
| Net assets | 3,115,749 | 3,089,731 | |||||||
| Capitaland reserves |
|||||||||
| Called up share capital | 15 | 2 | 2 | ||||||
| Profit and loss reserves | 3,115,747 | 3,089,729 | |||||||
| Total equity | 3,115,749 | 3,089,731 | |||||||
| The financial statements |
were approved | by the board | of directors and | authorised | for | issue on ... | ...and | ||
| are signed on its behalf by: | |||||||||
| Mr BGallagher- Chair |
MrR | arr-ViceChair |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| as restated | ||||||
| Notes | F | |||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
18 | 1,074,422 | 567,024 | |||
| Interest paid | (98,801) | (50,712) | ||||
| Net cash inflow from operating | activities | 975,621 | 516,312 | |||
| Investing activities |
||||||
| Purchase oftangible fixed assets | (1,169,840) | (757,901) | ||||
| Interest received | 1,271 | 50 | ||||
| Net cash used in investing | activities | (1,168,569) | (757,851) | |||
| Financing activities | ||||||
| Repayment ofbank loans |
(42,929) | (79,019) | ||||
| Net cash used in financing | activities | (42,929) | (79,019) | |||
| Net decrease in cash and |
cash | equivalents | (235,877) | (320,558) | ||
| Cash and cash equivalents | at beginning | ofyear | 1,670,150 | 1,990,708 | ||
| Cash and cash equivalents | at end of | year | 1,434,273 | 1,670,150 |
| Land and | buildings | Term oflease | Term oflease |
|---|---|---|---|
| Leasehold | costs | 25% Wriitten | down value |
| Freehold | Buildings - Structure | 100years | |
| Freehold | Buildings - Kitchen | 10years | |
| Fixtures and fittings | 15years | ||
| Computer | equipment | 30years | |
| Freehold | Buildings - Heating | 30years | |
| Freehold | Buildings- Boiler |
10years | |
| Freehold | Buildings - Windows | 25years | |
| Freehold | Building - Roof | 40years | |
| Office equipment | 33%Written | down value |
| Accounting policies |
(Continued) | (Continued) | (Continued) | |
|---|---|---|---|---|
| Other financial iiabiiities | ||||
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not |
basic financial | |||
| instruments. Derivatives are initially recognised at fair value on the date a derivative contract |
is entered | into | ||
| and are subsequently re-measured at their fair value. Changes in the fair value of derivatives |
are recognised | |||
| in profit or loss in finance costs orfinance income as appropriate, unless hedge accounting is applied and |
the | |||
| hedge is a cash flow hedge. | ||||
| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently |
measured | at | ||
| fair value through profit or loss. Debt instruments may be designated as being measured at fair value through |
||||
| profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their |
||||
| performance evaluated on a fair value basis in accordance with a documented risk management |
or | |||
| investment strategy. |
||||
| Derecognition offinancial liabilities |
||||
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged |
or | |||
| cancelled. | ||||
| 1.7 | Retirement benefits |
|||
| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund |
and | |||
| the company has no legal or constructive obligation to pay further contributions even ifthe fund |
does | |||
| not hold sufficient assets to pay afi employees the benefits relating to employee service in the current |
and | |||
| prior periods. | ||||
| Contributions to defined contribution plans are recognised as employee benefit expense when |
they are due. If | |||
| contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
||||
| 1.8 | Leases | |||
| Rentals payable under operating leases, including any lease incentives received, are charged |
to profit or | loss | ||
| on a straight line basis over the term of the relevant lease except where another more systematic basis is |
||||
| more representative ofthe time pattern in which economic benefits from the leases asset are consumed. |
||||
| 1.9 | Government grants |
|||
| Government grants are recognised at the fair value of the asset received or receivable |
when there |
is | ||
| reasonable assurance that the grant conditions will be met and the grants will be received. |
||||
| A grant that specifies performance conditions is recognised in income when the performance |
conditions | are | ||
| met. Where a grant does not specify performance conditions it is recognised in income when the proceeds |
||||
| are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a |
||||
| liability. | ||||
| 1.10 | Share capital | |||
| Ordinary shares are classified as equity. Equity instruments are measured at the fair value ofthe cash or other |
||||
| resources received or receivable, net of the direct costs of issuing the equity instruments. |
If payment | is | ||
| deferred and the time value ofmoney is material, the initial measurement is on a present value |
basis. |
| Turnover and othe | r revenue | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| 6 | |||||
| Turnover analysed |
by class | ofbusiness | |||
| Rental income | 5,615,990 | 5,213,121 | |||
| Other income | 34,666 | ||||
| 5,650,656 | 5,213,121 | ||||
| 2023 6 |
2022f | ||||
| Other revenue | |||||
| Interest income | 1,271 | 50 | |||
| Grants received | 18,190 | 113,223 | |||
| Operating profit |
|||||
| 2023 | 2022 | ||||
| Operating profit for |
the year is | stated afier charging/(crediting): | 6 | 6 | |
| Government grants |
(18,190) | (113,223) | |||
| Fees payable to the | company's | auditor for the audit ofthe company's | financial | ||
| statements | 6,918 | 5,765 | |||
| Depreciation ofowned tangible |
fixed assets | 128,346 | 121,370 | ||
| Operating lease charges |
2,195 | 1,108 |
| 5 | Auditor's remuneration |
|||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Fees payable to the company's | auditor and associates: | 8 | 8 | |
| Foraudit services | ||||
| Audit ofthe financial statements | ofthe company | 6,918 | 5,765 | |
| For other services | ||||
| All other non-audit services |
14,088 | 14,981 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Number | Number | |||
| Administration | and support | 13 | 10 | |
| Their aggregate | remuneration | comprised: | 2023 | 2022 |
| 8 | ||||
| Wages and salaries Social security costs |
448,417 43,617 |
349,116 33,295 |
||
| Pension costs | 19,938 | 17,644 | ||
| 511,972 | 400,055 |
| 7 | Interest payable and sim | ilar expenses | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| 8 | 8 | ||||
| Interest on financial liabilities measured |
at amortised cost: | ||||
| Other interest on financial | liabilities | 98,801 | 50,712 | ||
| 8 | Interest receivable and | similar income | |||
| 2023 | 2022 | ||||
| 8 | 8 | ||||
| Interest income | |||||
| interest on bank deposits | 1,271 | 50 |
| 9 | Tangible fixed assets | Tangible fixed assets | |||||
|---|---|---|---|---|---|---|---|
| Land and | Leasehold | Fixtures and | Computer | Total | |||
| buildings | costs | fittings | equipment | ||||
| E | E | E | |||||
| Cost | |||||||
| At 1 April 2022 | 5,959,864 | 225,203 | 196,551 | 19,094 | 6,400,712 | ||
| Additions | 1,106,133 | 42,567 | 17,372 | 3,768 | 1,169,840 | ||
| At 31 March 2023 | 7,065,997 | 267,770 | 213,923 | 22,862 | 7,570,552 | ||
| Depreciation and impairment |
|||||||
| At 1 April 2022 | 378,316 | 88,430 | 115,935 | 9,886 | 592,567 | ||
| Depreciation charged |
in the year | 82,613 | 18,680 | 23,042 | 4,011 | 128,346 | |
| At 31 March 2023 | 460,929 | 107,110 | 138,977 | 13,897 | 720,913 | ||
| Carrying amount |
|||||||
| At 31 March 2023 | 6,605,068 | 160,660 | 74,946 | 8,965 | 6,849,639 | ||
| At 31 March 2022 | 5,581,548 | 136,773 | 80,616 | 9,208 | 5,808,145 | ||
| 10 | Debtors | ||||||
| 2023 | 2022 | ||||||
| Amounts falling due |
within one year: | E | E | ||||
| Trade debtors | 138,892 | 90,777 | |||||
| Prepayments and accrued income |
558,725 | 62,761 | |||||
| Accrued income | 13,358 | 72,854 | |||||
| 710,975 | 226,392 | ||||||
| 11 | Creditors: amounts | falling due within one year | |||||
| 2023 | 2022 | ||||||
| Notes | E | E | |||||
| Bankloans | 13 | 6,028 | 58,278 | ||||
| Trade creditors | 825,492 | 279,019 | |||||
| Taxation and social security | 10,058 | 11,250 | |||||
| Accruals and deferred | income | 137,381 | 21,353 | ||||
| 978,959 | 369,900 |
| 12 | Creditors: amounts | Creditors: amounts | falling due after more than one year | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Notes | 6 | 5 | ||||
| Bank loans and overdrafts | 13 | 1,788,997 | 1,779,676 | |||
| Other creditors | 3,111,182 | 2,465,380 | ||||
| 5,695,744 | 4,891,320 | |||||
| 13 | Loans | and overdrafts | ||||
| 2023 | 2022 | |||||
| 5 | ||||||
| Bankloans | 1,795,025 | 1,837,954 | ||||
| Payable | within one year | 6,028 | 58,278 | |||
| Payable | aRer one year | 1,788,997 | 1,779,676 |
| The company operates a defined |
The company operates a defined |
contribution | pension | scheme for | all qualifying | all qualifying | employees. The assets ofthe | employees. The assets ofthe | employees. The assets ofthe | |
|---|---|---|---|---|---|---|---|---|---|---|
| scheme are held separately | from | those ofthe | company | in an independently | administered | fund. | ||||
| 15 | Share capital | |||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||
| Ordinary share capital |
Number | Number | 8 | 5 | ||||||
| issued and fully paid | ||||||||||
| 175of1p each | 175 | 175 |
| 18 | Cash generated from opera |
tions | |||||
|---|---|---|---|---|---|---|---|
| 2023f | 2022 | ||||||
| Profit for the year after tax | 26,018 | 294,588 | |||||
| Adjusbnents for: |
|||||||
| Finance costs | 98,801 | 50,712 | |||||
| Investment income |
(1,271) | (50) | |||||
| Depreciation and impairment |
oftangible tlxed assets | 128,346 | 121,370 | ||||
| Movements in working capital: |
|||||||
| (Increase)/decrease in debtors |
(484,583) | 25,762 | |||||
| Increase in creditors |
1,307,111 | 74,642 | |||||
| Cash generated from operations |
1,074,422 | 567,024 | |||||
| 19 | Analysis ofchanges in net |
debt | |||||
| 1April | 2022 | Cash flows31 | March 2023 | ||||
| 8 | 8 | 8 | |||||
| Cash at bank and in hand | 1,670,150 | (235,877) | 1,434,273 | ||||
| Borrowings excluding overdrafts |
(1,837,954) | 42,929 | (1,795,025) | ||||
| (167,804) | (192,948) | (360,752) | |||||
| 20 | Prior period adjustment | ||||||
| Reconciliation ofchanges |
in equity | ||||||
| The prior period adjustments | do not give rise to any effect upon | equity. | |||||
| Reconciliation ofchanges |
in profit forthe previous | financial | period | ||||
| 2022 | |||||||
| Total adjustments | (148,137) | ||||||
| Profit as previously reported |
442,725 | ||||||
| Profit as adjusted | 294,588 |
| 2023f | 2022 E |
||||
|---|---|---|---|---|---|
| Turnover | |||||
| Core rent | 4,970,893 | 4,392,859 | |||
| Void income invoiced | 401,068 | 582,113 | |||
| Furniture Cover |
Allowance | 6,750 | 30,000 | ||
| Major repairs income | 237,279 | 208,149 | |||
| Other Income | 34,666 | ||||
| 5650 656 | 5,213,121 | ||||
| Cost ofsales | |||||
| Purchases end |
other direct costs | ||||
| Lease Payments | 3,504,173 | 3,236,251 | |||
| Major Repairs provision | 237,279 | 208,149 | |||
| Void Provision | 148,059 | 40,313 | |||
| Total purchases | and other direct costs | 3,889,511 | 3,484,713 | ||
| Total cost ofsales | (3,889,511) | (3,484,713) | |||
| Gross proSt | 1,761,145 | 1,728,408 | |||
| Other operagng | income | ||||
| Government grants receivable and released |
18,190 | 113,223 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Administrative expenses |
|||||||
| Wages and salaries | 448,417 | 349,116 | |||||
| Staff NIC (Employers) | 43,617 | 33,295 | |||||
| Staff recruitment costs |
1,256 | 985 | |||||
| Staff training | 12,019 | 6,058 | |||||
| Staff pensions (Deffned |
Contributions) | 19,938 | 17,644 | ||||
| Rent re operating leases |
2,195 | ||||||
| Premises Expenses | 15,746 | 17,914 | |||||
| Rates | 58,403 | 64,927 | |||||
| Power, light and heat |
61,880 | 58,314 | |||||
| Property, Maintenance |
and White Goods | 476,016 | 452,774 | ||||
| Insurance | 66,835 | 66,915 | |||||
| Furnishings | 34,546 | 35,929 | |||||
| Water treatment and testing |
40,290 | 45,265 | |||||
| Fire risk assessment | 17,723 | 11,135 | |||||
| Computer software and |
maintenance | costs | 29,072 | 23,910 | |||
| Car hire (Operating leases) |
1,108 | ||||||
| Motor Expenses | 16,293 | 17,738 | |||||
| Professional subscriptions |
594 | 539 | |||||
| Legal and professional | fees | 70,180 | 24,172 | ||||
| Consultancy fees |
12,222 | 32,143 | |||||
| Accountancy Fees |
14,088 | 14,981 | |||||
| Auditor's remuneration |
-The audit of | the corn | pany's | ||||
| annual accounts |
6,918 | 5,765 | |||||
| Void Property Spend | 3,735 | 16,739 | |||||
| Care foundation | 1,665 | 438 | |||||
| Donations | 1,000 | ||||||
| Bank charges | 3,317 | 1,705 | |||||
| Bad and doubtful debts |
(6,834) | ||||||
| Board meeting expenses | 1,638 | 1,149 | |||||
| Marketing | 2,912 | 351 | |||||
| xpenses Printing, postage, stationery and telephone e |
8,380 | 10,856 | |||||
| Gardening | 51,526 | 49,726 | |||||
| Sundry Expenses | 11,854 | 13,420 | |||||
| Depreciation | 128,346 | 121,370 | |||||
| (1,655,787) | (1,496,381) | ||||||
| Operating profit |
123,548 | 345,250 | |||||
| Interest receivable and similar income | |||||||
| Bank interest received | 1,271 | 50 | |||||
| 1,271 | 50 | ||||||
| Interest payable and similar expenses | |||||||
| Non bank interest on loans | (98,801) | (50,712) |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Profit | before | taxation | 26,018 | 294,588 |