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Registered number: 02420790
ST. DOMINIC'S LTD.
AUDITED
DIRECTORS' REPORT AND
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
22 DECEMBER 2016
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COMPANY INFORMATION
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CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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STRATEGIC REPORT
FOR THE PERIOD ENDED 22 DECEMBER 2016
The directors present their strategic report for the period ended 22 December 2016.
The company is engaged in the provision of nursing care and accommodation to the elderly.
The results for the period which are set out in the profit and loss account show an operating profit before exceptional items of £726,254 (2015 - £950,250).
The company has tangible fixed assets and intangible fixed assets valued in the financial statements at net book value amounting to £7,896,045 (2015 - £7,968,711) and £383,709 (2015 - £422,080) respectively. The directors consider the company's financial position at the period end to be satisfactory.
Given the nature of the business the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve development performance or the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.
Key performance indicatiors
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Given the nature of the business the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve development performance or the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.
Principal risks and uncertainties
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The management of the business and the execution of the strategy of the group to which the company belongs are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the continued provision of adequate government funding.
The directors constantly monitor the company's trading results and revise projections as appropriate to ensure that the company can meet its future obligations as they fall due.
The company is exposed to credit and cash flow risks associated with trading and manages these through credit control procedures. The nature of the it's financial instruments means that price and liquidity risks are minimised by the predetermination of the company funding facilities and terms. The board monitors the company's trading results with a view to ensuring that the company can meet it's future obligations as they fall due.
Page 1
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Financial key performance indicators
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Profit/(Loss) Before Taxation: £897,627
Interest: £228,627
Additional Income: £400,000
Operating Profit/(Loss): £726,254
EBITDA: £876,448
Gross Profit Margin (%): 36.99%
Net Profit Margin (%): 19.51%
The average weekly fee per bed for St Dominics during the period was £779.62 per week.
Other key performance indicators
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During the period the average occupance was 83.94% for St Dominics Ltd.
The ratio between private, social service and CCG for the company is as follows:
Private 19.18%
Social Services 6.14%
CCG 74.58%
This report was approved by the board and signed on its behalf.
Page 2
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 22 DECEMBER 2016
The directors present their report and the financial statements for the period ended 22 December 2016.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
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∙select suitable accounting policies and then apply them consistently;
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∙make judgments and accounting estimates that are reasonable and prudent;
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∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The profit for the period, after taxation, amounted to £897,627 (2015 - £658,285).
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The directors who served during the period were:
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The external environment is expected to remain competitive going forward, however the directors remain confident that the company will improve on its current level of performance in the future.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as that director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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The auditors, Wellden Turnbull Ltd, have been appointed in accordance with section 485 of the Companies Act 2006.
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Page 3
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 22 DECEMBER 2016
This report was approved by the board on 20 August 2018 and signed on its behalf.
Page 4
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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF ST. DOMINIC'S LTD.
We have audited the financial statements of St. Dominic's Ltd. for the period ended 22 December 2016, set out on pages 7 to 23. The relevant financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
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As explained more fully in the Directors' responsibilities statement on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's Ethical Standards for Auditors.
Scope of the audit of the financial statements
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An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the Company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Strategic report and the Directors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
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In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 22 December 2016 and of its profit for the period then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with those financial statements and such reports have been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report and the Directors' report.
Page 5
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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF ST. DOMINIC'S LTD. (CONTINUED)
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Robin John FCA CTA (Senior statutory auditor)
for and on behalf of
Wellden Turnbull Ltd
Munro House
Portsmouth Road
Cobham
Surrey
KT11 1PP
20 August 2018
Page 6
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Interest receivable and similar income
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Interest payable and expenses
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Other comprehensive income for the period
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Total comprehensive income for the period
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The notes on pages 10 to 23 form part of these financial statements.
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Page 7
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ST. DOMINIC'S LTD.
REGISTERED NUMBER:02420790
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BALANCE SHEET
AS AT 22 DECEMBER 2016
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 23 form part of these financial statements.
Page 8
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Comprehensive income for the period
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Transfer to/from profit and loss account
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Transfer to/from profit and loss account
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Other comprehensive income
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2015
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Comprehensive income for the year
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Transfer to/from profit and loss account
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Transfer to/from profit and loss account
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Other comprehensive income
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The notes on pages 10 to 23 form part of these financial statements.
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Page 9
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
St Dominic's Ltd is a private company, limited by shares and incorporated in England & Wales, registration number 02420790. The address of the registered office is Image Court, 328-334 Moseley Road, Surrey, KT12 3LT.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
These financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Compliance with accounting standard
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The accounts have been prepared in accordance with the provisions of FRS102. There have been no material deviations from the standard.
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Financial reporting standard 102 - reduced disclosure exemptions
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The company has taken advantage of the disclosure exemptions in preparing these financial statements as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included within the consolidated financial statements of Aster Healthcare Ltd. as at 22 December 2016 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
Page 10
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
2.Accounting policies (continued)
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.
Revenue in relation to fee income is recognised over the period of resident's occupancy in the care home.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.
Page 11
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall outside the ordinary activities of the Company but are presented separately due to their size or incidence.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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.
Page 12
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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, using the straight-line method.
Depreciation is provided on the following basis:
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 the Statement of comprehensive income.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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.
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.
Page 13
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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 non-puttable ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements in conformity with UK GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Estimates and associated assumptions are based on historical experience and various other factors, including expectations of future events, and are believed to be reasonable under the circumstances. The results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources.
The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements include freehold properties, carried at fair value at the balance sheet date based on open market value, and the carrying value of goodwill which is amortised over a period estimated to be 20 years from date of acquisition.
The directors consider that there are no other material estimations or significant judgment.
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
Page 14
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Amortisation of intangible assets, including goodwill
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Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
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Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
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Staff costs were as follows:
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No directors remuneration was paid during the year (2015 - £NIL).
Page 15
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Other interest receivable
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Interest payable and similar expenses
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Other loan interest payable
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Page 16
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
11.Taxation (continued)
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Factors affecting tax charge for the period/year
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The tax assessed for the period/year is lower than (2015 - lower than) the standard rate of corporation tax in the UK of 20% (2015 - 20.25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20% (2015 - 20.25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for period/year in excess of depreciation
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Revenue expenditure capitalised
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the period/year
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In the current year the company received £400,000 (2015 - £nil) of compensation in respect of mis-sold financial instruments.
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Page 17
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
Page 18
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Charge for the period on owned assets
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Freehold property includes land of £1,089,371 (2015 - £1,089,371) which is not depreciated.
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The last valuation was carried out in November 2013 by a member of RICS who is external to the company. The basis of the valuation was at market value with regard to the trading potential.
The directors consider that there was no material change in the value of the property between the valuation date and the period ending 22 December 2016.
Page 19
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Due after more than one year
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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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Other taxation and social security
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Accruals and deferred income
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Page 20
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The bank loan are secured by legal charges over the freehold property owned by the group and by intercompany guarantees between the company and Aster Healthcare Ltd (parent undertaking) and Southern Counties Care Limited (fellow subsidiary undertaking of Aster Healthcare Ltd) incorporated legal charges and debentures over the assets of these undertakings.
Included within the bank loans are four long term loans secured as stated above. The loans are repayable in equal monthly installments between October 2007 and November 2027. Interest is charged at 3.3% above the Bank of England base rate.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Page 21
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Financial assets measured at fair value through profit or loss
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Financial assets measured at amortised cost
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Financial liabilities measured at fair value through profit or loss
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Financial liabilities measured at amortised cost
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
Financial assets measured at amortised cost comprise loans to third parties and inter-companies. These assets are interest free and repayable on demand.
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Financial liabilities measured at fair value through profit or loss comprise cash at bank and in hand.
Financial liabilities measured at amortised cost comprise loans from third parties and inter-companies.
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Charged to other comprehensive income
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 22
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 DECEMBER 2016
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Allotted, called up and fully paid
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50 Ordinary shares of £1 each
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Revaluation reserve
The revaluation reserve represents unrealised gains on tangible fixed assets.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
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Guarantees and other financial commitments
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The company is bound by an unlimited multilateral cross guarantee with Aster Healthcare Ltd (parent undertaking) and St Dominic's Ltd (fellow subsidiary undertaking of Aster Healthcare Ltd) in respect of bank borrowings. The maximum amount for which the company would become liable at 23 December 2016 as a result of these arrangements was £10,128,808.
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Related party transactions
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The company has taken the exemption under FRS102 Section 33.1A not to disclose transactions and balances with it's parent company on the basis it is a wholly owned subsidiary.
At 22 December 2016 the company owed S and Z Jeebun £394,551 (2015 - £424,878). This is included in other creditors due less than one year. The loan is interest free and has no fixed repayment terms.
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The company is a wholly owned subsidiary of its ultimate and only parent undertaking. Aster Healthcare Ltd a company registered in England and Wales and controlled by S and Z Jeebun.
Page 23
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