#
##
##
||||||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|