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Registered number: 04366889
The Healthcare Property Company Limited
Financial statements
For the year ended 30 June 2021
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The Healthcare Property Company Limited
Registered number:04366889
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Balance sheet
As at 30 June 2021
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Healthcare Property Company Limited
Registered number:04366889
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Balance sheet (continued)
As at 30 June 2021
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2022.
The notes on pages 3 to 9 form part of these financial statements.
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The Healthcare Property Company Limited
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Notes to the financial statements
For the year ended 30 June 2021
The Healthcare Property Company Limited is a private company limited by shares, incorporated in England and Wales. It's registered office is South House Farm, Mundon Road, Maldon, Essex, CM9 6PP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
These financial statements have been prepared on the going concern basis, on the understanding that the directors and parent company, The Healthcare Property Group Limited, will continue to support the company.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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.
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The Healthcare Property Company Limited
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Notes to the financial statements
For the year ended 30 June 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided at the following rates:
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.
Investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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The Healthcare Property Company Limited
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Notes to the financial statements
For the year ended 30 June 2021
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the year was 6 (2020 - 6).
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The Healthcare Property Company Limited
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Notes to the financial statements
For the year ended 30 June 2021
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Investments in subsidiary and joint venture companies
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The Healthcare Property Company Limited
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Notes to the financial statements
For the year ended 30 June 2021
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The following were subsidiary undertakings of the company:
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HPC (Swansea) Limited (Dissolved 16/03/21)
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HPC (Wickford) Limited (Dissolved 16/03/21)
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The Healthcare Property Company (Bishops Stortford) Limited (Dissolved 16/03/21)
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The Healthcare Property Company Wales Limited
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The Healthcare Property Company (Allesley) Limited
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The aggregate of the share capital and reserves as at 30 June 2021 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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HPC (Swansea) Limited (Dissolved 16/03/21)
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HPC (Wickford) Limited (Dissolved 16/03/21)
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The Healthcare Property Company (Bishops Stortford) Limited (Dissolved 16/03/21)
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The Healthcare Property Company Wales Limited
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The Healthcare Property Company (Allesley) Limited
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The Healthcare Property Company Limited
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Notes to the financial statements
For the year ended 30 June 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The Healthcare Property Company Limited
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Notes to the financial statements
For the year ended 30 June 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due after more than 5 years
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Allotted, called up and fully paid
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904,733 (2020 - 904,733) Ordinary shares of £1.00 each
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Related party transactions
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At the year end £27,855 (2020 - £27,855) was owed from The Healthcare Property Company Wales Limited and £12,613 (2020 - £12,163) owed from HPC (Glynneath) Ltd, joint venture investments.
At the year end, the company was owed £2,626 (2020 - £6,360 owing) by the parent company, The Healthcare Property Group Limited.
At the year end, the company was owed £39,835 (2020 - £13,000) from The Healthcare Property Company (Allesley) Limited.
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The ultimate parent company is The Healthcare Property Group Limited, a company incorporated in England and Wales, and controlled by P Stacey.
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