New Care (Egerton) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12237722 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2022

for

New Care (Egerton) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Carter

Mr D R Foran

Mr R G Fraser

Mr C A McGoff

REGISTERED OFFICE:

1 St Georges Court

Altrincham Business Park

Altrincham

United Kingdom

WA14 5UA

REGISTERED NUMBER:

12237722 (England and Wales)

ACCOUNTANTS:

Freedman Frankl & Taylor

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

FIXED ASSETS

Tangible assets

4

5,124,292

-

Investments

5

1

-

5,124,293

-

CURRENT ASSETS

Debtors

6

56,128

-

Cash at bank

32,356

2

88,484

2

CREDITORS

Amounts falling due within one year

7

278,276

-

NET CURRENT (LIABILITIES)/ASSETS

(189,792

)

2

TOTAL ASSETS LESS CURRENT LIABILITIES

4,934,501

2

CREDITORS

Amounts falling due after more than one year

8

4,936,018

-

NET (LIABILITIES)/ASSETS

(1,517

)

2

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,519

)

-

(1,517

)

2

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 4 July 2023 and were signed on its behalf by:

Mr D R Foran - Director

1.	STATUTORY INFORMATION

New Care (Egerton) 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Assets under construction - No depreciation will be charged until the asset is in use

The asset's 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 and loss account.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

Going concern

The company's financial statements for the year ended 31 October 2022 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Asset

under

construction

£

COST

Additions

5,124,292

At 31 October 2022

5,124,292

NET BOOK VALUE

At 31 October 2022

5,124,292

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1

At 31 October 2022

1

NET BOOK VALUE

At 31 October 2022

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

New Care Egerton (Opco) Limited

Registered office: 1 St Georges Court, Altrincham Business Park, Altrincham, WA14 5UA

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

9,600

-

VAT

46,528

-

56,128

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

4,080

-

Accrued expenses

274,196

-

278,276

-

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other loans - 1-2 years

4,936,018

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Other loans

4,936,018

-

Other loans of £4,936,018 are secured against the property known as Egerton Manor Care Home, Blackburn Road, Egerton, Bolton, BL7 9PL. Debenture including fixed and floating charge over the property and negative pledge. The loan carries an interest rate of 6% per annum and will repaid November 2023.

10.	CAPITAL COMMITMENTS

As at 31 October 2022, the company had committed costs of £5,181,653 in relation to subcontractor costs.

11.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent undertaking is New Care (Egerton) Holdings Limited, a private company limited by shares and incorporated in England & Wales. The company's ultimate parent undertaking is McGoff Group Projects Limited, a private company limited by shares and registered in England & Wales.