New Century Care Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03375573 (England and Wales)

NEW CENTURY CARE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A B T Pope

P R Smith

D J Stalder

REGISTERED OFFICE:

Albemarle House

1 Albemarle Street

London

W1S 4HA

REGISTERED NUMBER:

03375573 (England and Wales)

AUDITORS:

Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

The Broadway

Old Hatfield

Herts

AL9 5BG

FIXED ASSETS

Intangible assets

4

9,633

10,224

Tangible assets

5

72,196

118,126

81,829

128,350

CURRENT ASSETS

Debtors

6

5,687,351

6,270,624

Cash at bank and in hand

226,426

15,223

5,913,777

6,285,847

CREDITORS

Amounts falling due within one year

7

8,904,675

9,370,234

NET CURRENT LIABILITIES

(2,990,898

)

(3,084,387

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,909,069

)

(2,956,037

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(2,909,070

)

(2,956,038

)

(2,909,069

)

(2,956,037

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2021 and were signed on its behalf by:

A B T Pope - Director

1.	STATUTORY INFORMATION

New Century Care Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 ('FRS 102'), the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006. As the company is small, the disclosure requirements of section 1A of FRS 102 have been adopted, other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

These accounts have again been prepared on the basis that the company is a going concern. The company is reliant on the continued support of its parent company, Custodes Acqco Limited, and the directors have received confirmation from that company that it will continue to provide support for at least twelve months from the date of approval of these accounts.

Related party exemption

The company has taken advantage of the exemption provided by FRS 102 not to disclose related party transactions with group members.

Significant judgements and estimates

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. These estimates and judgements are made in the light of historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance. However, actual results may differ from those anticipated..

In the preparation of these financial statements, the company's critical accounting judgements and estimates are in respect of impairment of assets and amortisation/depreciation. Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below:

- Impairment of the company's fixed assets: factors taken into consideration include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

- Amortisation/depreciation of fixed assets: these are amortised/depreciated over their useful lives, taking into account residual values. The useful lives and residual values are assessed annually and depend on a number of factors. As regards useful lives, considerations include technological innovation and maintenance programmes, while residual value assessments review matters such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover represents recharged costs that have been incurred centrally, excluding value added tax.

Intangible assets

Intangible fixed assets are stated at cost, less accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life that cannot exceed twenty years.

Tangible fixed assets

Tangible fixed assets are stated at cost, less accumulated depreciation and any accumulated impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Buildings - over the life of the lease

Plant and machinery etc - 15% on cost

Financial assets

Financial assets are initially measured at transaction price, including transaction costs, and subsequently at amortised cost.

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.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

An equity instrument is a contract which evidences a residual interest in an asset after deducting all liabilities. Equity comprises the following:

- share capital, which represents the nominal value of equity shares; and

- profit and loss reserves, which represent retained profits.

Taxation

Taxation for the year 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 year-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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment of fixed assets

At the end of each reporting period, the directors review the carrying amounts of the company's fixed assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in the Profit and Loss Account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of:

a. the revised estimate of its recoverable amount; and

b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years.

A reversal of an impairment loss is recognised immediately in the Profit and Loss Account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2019 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Website

development

£

COST

At 1 January 2020

and 31 December 2020

11,820

AMORTISATION

At 1 January 2020

1,596

Amortisation for year

591

At 31 December 2020

2,187

NET BOOK VALUE

At 31 December 2020

9,633

At 31 December 2019

10,224

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

107,938

817,889

925,827

Additions

-

11,835

11,835

Disposals

-

(4,991

)

(4,991

)

At 31 December 2020

107,938

824,733

932,671

DEPRECIATION

At 1 January 2020

107,938

699,763

807,701

Charge for year

-

55,332

55,332

Eliminated on disposal

-

(2,558

)

(2,558

)

At 31 December 2020

107,938

752,537

860,475

NET BOOK VALUE

At 31 December 2020

-

72,196

72,196

At 31 December 2019

-

118,126

118,126

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

11,767

Amounts owed by group undertakings

5,595,837

6,190,064

Other debtors

91,514

68,793

5,687,351

6,270,624

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

465,355

490,498

Amounts owed to group undertakings

8,241,746

8,655,968

Taxation and social security

70,302

15,864

Other creditors

127,272

207,904

8,904,675

9,370,234

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Domenico Maurello (Senior Statutory Auditor)

for and on behalf of Keelings Limited

9.	CHARGE OVER ASSETS

The company has guaranteed a bank loan of £12.5m made to the immediate parent of its immediate parent to help finance the purchase of its immediate parent; in support of this guarantee, the bank has a fixed and floating charge over the assets of the company.

10.	MOST PROXIMATE PARENT COMPANY PREPARING CONSOLIDATED ACCOUNTS

Consolidated accounts are prepared by the company's immediate parent, Custodes Acqco Limited, whose registered office address is Albemarle House, 1 Albemarle Street, London W1S 4HA.