REGISTERED NUMBER: 05893709 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ULTIMATE CARE LIMITED |
REGISTERED NUMBER: 05893709 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ULTIMATE CARE LIMITED |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Financial Statements | 21 |
ULTIMATE CARE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | S Paramaguru |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
1st Floor |
44 - 50 The Broadway |
Southall |
Middlesex |
UB1 1QB |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report of the company and the group for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
This year council tax increase includes the maximum 2.99% uplift in the general council tax elements and further 2% rise in the ring fenced adult social care precept. |
The Group experienced a challenging year, adapting to the operational restrictions and limitations imposed as a |
result of the Covid-19 pandemic in the previous year. Operating in the health sector as care homes, the Group continued to trade throughout and an increase in demand as it ensured a continuation of key services to its customers. The Group has delivered a satisfactory result for the current year. Please see further information |
regarding the performance of the Group in the year in the Financial key performance indicators section below. |
The cost for provision of care has continued to rise with minimum wage legislation and extra regulatory requirements, In order to attract and retain quality staff at all levels. Nursing shortage is acute nationally and has a bearing on wage costs. The company policy has been to continually invest in the fabric of the building, purchase new equipment and invest in staff training to improve standards of care. |
The directors are very pleased with the progress that the group has made this year. All of the care homes run by the company are operating at near maximum capacity, with an average occupancy rate of 85% (2021, 87%). |
Company acquired Barton Brook care home during the month of April for £2,647,795. |
Priory Court Developments Ltd which is a subsidiary of Ultimate Care Ltd acquired further three homes during the month of April 2022 for the sum of £6,348,706. These additional four care homes increased its turnover from £10,727,264 to £17,731,747. |
Other Key performance indicators measured by the company include the wages to turnover rate, which is 73% (2021, 60%),and the Gross Profit Margin, which is 23% (2021, 38%). |
The management of net assets is key to monitoring the performance of the group. As at 31 December 2022, net assets stood at £3.4m (2021, £4.8m). The decrease in the net assets is due to two factors which are company bought 8% of its own shares and the group loss for the year ended 31 December 2022 is £539,379. |
Food costs |
The third largest cost for care home operators is the food bill, which consumes 3.5% of income. In comparison to last year's reporting period food cost per resident increased from £2.92 per day to £3.24 per day. |
STRATEGY |
The board will continue to keep costs under control and develop existing income streams. New opportunities will continue to be sought where these will make a return for the group. |
Group turnover for the eight months to 31 August 2023 is £15,049,378 and net profit is £416,187. |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Despite funding increases to the sector, along with an increase in demand for services owing to an increase in the population of the elderly, the sector faces financial strains. In addition, there are ever-evolving regulatory changes that need to be accommodated for. |
The majority of placements are from local councils which makes them a bulk-purchaser of our services. This can weaken our position with fee negotiations. On the other hand, there is an increasing demand for beds as there is pressure on councils to vacate hospital beds. Nursing homes are looking after patients that have even more accute dependencies or who require short-term care. This increases the risk of accidents and potential claims. |
Ultimate Care Ltd, along with other businesses, face a number of operating risks and uncertainties. The most fundamental issues faced by the companies are: |
- meeting bank covenant of the parent company. |
- maximising occupancy levels |
- complying with the stringent regulations of the Care Quality Commission under which Care Homes operate; |
- achieving quality standards; and |
- attracting and retaining high quality qualified staff along with regular staff. |
Company monitor the performance on monthly and quarterly basis in order to achieve the required covenants for the banks. The required quality control to satisfy the CQC is monitored by the management of the company on a regular basis. |
Risk of Business Interruption. |
The interruption caused by the COVID-19 pandemic has also provided the company with present and future risks to consider. The company has taken all possible steps to ensure safety of our employees whist working hard to develop processes that ensure the business has the financial resilience to prosper through this difficult period. At present, we continue to follow government guidelines and operate cautiously in the wake of an ever evolving economic landscape. The group's landscape will inevitably be impacted by the pandemic from the year 2020 and beyond. Despite these challenges, we feel we are in a good position to maximise the opportunity that will inevitably materialise through the growth of the economy. |
Conclusion |
Ultimate Care Ltd is considered to have sufficient financial resources. As a consequence, the directors believe that the company is well placed to manage business risks successfully, despite current economic uncertainty. |
EMPLOYEES |
Ultimate Care Ltd is committed to a policy of being a fair and inclusive employer. Employment with the Group offers everyone equal rights, and career development and promotion prospects, regardless of age, race, gender, sexual orientation, disability or religion. We ensure as far as possible that the diversity of our teams reflects the diversity of the customers we serve. |
Employees Applications for employment of disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff being disabled every effort is made to ensure that their employment within the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled people should, as far as possible, be identical to that of other employees. |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
CONCLUSION |
Ultimate Care Ltd is considered to have sufficient financial resources, as a consequence the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. |
ON BEHALF OF THE BOARD: |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of Residential care home with nursing facilities. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
No Political Donations and Expenditure. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
AUDITORS |
Param & Company Ltd will be deemed to continue in office under the Companies Act 2006, s. 487(2). |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ULTIMATE CARE LIMITED |
Opinion |
We have audited the financial statements of ULTIMATE CARE LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's loss for the year 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ULTIMATE CARE LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ULTIMATE CARE LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which the audit was considered capable of detecting irregularities including fraud |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
* the engagement partner ensured that the engagement team collectively had the appropriate competence,capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
* we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of care home sector. |
* we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
* we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
* identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
* making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
* considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
* performed analytical procedures to identify any unusual or unexpected relationships; |
*tested journal entries to identify unusual transactions; |
*assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and |
*investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
*agreeing financial statement disclosures to underlying supporting documentation; |
*reading the minutes of meetings of those charged with governance; |
*enquiring of management as to actual and potential litigation and claims; and |
*reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ULTIMATE CARE LIMITED |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
1st Floor |
44 - 50 The Broadway |
Southall |
Middlesex |
UB1 1QB |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £   | £   |
TURNOVER | 17,731,747 | 10,727,264 |
Cost of sales | 13,650,601 | 6,638,426 |
GROSS PROFIT | 4,081,146 | 4,088,838 |
Administrative expenses | 4,015,670 | 2,054,103 |
65,476 | 2,034,735 |
Other operating income | 28,701 | 91,532 |
OPERATING PROFIT | 4 | 94,177 | 2,126,267 |
Interest receivable and similar income | 59,903 | - |
154,080 | 2,126,267 |
Interest payable and similar expenses | 5 | 538,862 | 90,291 |
(LOSS)/PROFIT BEFORE TAXATION | (384,782 | ) | 2,035,976 |
Tax on (loss)/profit | 6 | 154,597 | 386,478 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (539,379 | ) | 1,649,498 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £   | £   |
(LOSS)/PROFIT FOR THE YEAR | (539,379 | ) | 1,649,498 |
OTHER COMPREHENSIVE INCOME |
Purchase of ownshares | (972,255 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(972,255 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(1,511,634 |
) |
1,649,498 |
Total comprehensive income attributable to: |
Owners of the parent | (1,511,634 | ) | 1,649,498 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £   | £   | £   | £   |
FIXED ASSETS |
Intangible assets | 9 | 2 | 2 |
Tangible assets | 10 | 14,391,549 | 5,166,119 |
Investments | 11 |
Interest in associate | 1,000,033 | 1,000,033 |
15,391,584 | 6,166,154 |
CURRENT ASSETS |
Stocks | 12 | 10,890 | 5,200 |
Debtors | 13 | 6,277,308 | 5,397,872 |
Cash at bank and in hand | 218,110 | 405,412 |
6,506,308 | 5,808,484 |
CREDITORS |
Amounts falling due within one year | 14 | 5,094,103 | 3,258,735 |
NET CURRENT ASSETS | 1,412,205 | 2,549,749 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
16,803,789 |
8,715,903 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(13,202,489 |
) |
(3,757,558 |
) |
PROVISIONS FOR LIABILITIES | 19 | (307,183 | ) | (152,586 | ) |
NET ASSETS | 3,294,117 | 4,805,759 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 84 | 92 |
Retained earnings | 21 | 3,294,033 | 4,805,667 |
SHAREHOLDERS' FUNDS | 3,294,117 | 4,805,759 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by: |
Mr N B Suresparan - Director |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
COMPANY BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £   | £   | £   | £   |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 274,482 | 1,272,508 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
COMPANY BALANCE SHEET - continued |
31 DECEMBER 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£   | £   | £   |
Balance at 1 January 2021 | 92 | 3,243,672 | 3,243,764 |
Changes in equity |
Dividends | - | (87,503 | ) | (87,503 | ) |
Total comprehensive income | - | 1,649,498 | 1,649,498 |
Balance at 31 December 2021 | 92 | 4,805,667 | 4,805,759 |
Changes in equity |
Issue of share capital | (8 | ) | - | (8 | ) |
Total comprehensive income | - | (1,511,634 | ) | (1,511,634 | ) |
Balance at 31 December 2022 | 84 | 3,294,033 | 3,294,117 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£   | £   | £   |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £   | £   |
Cash flows from operating activities |
Cash generated from operations | 1 | 431,120 | 2,251,258 |
Interest paid | (538,862 | ) | (88,116 | ) |
Interest element of finance lease payments paid |
- |
(2,175 |
) |
Tax paid | (338,644 | ) | (366,372 | ) |
Net cash from operating activities | (446,386 | ) | 1,794,595 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (9,669,745 | ) | (349,185 | ) |
Purchase of fixed asset investments | - | (33 | ) |
Sale of tangible fixed assets | 4,000 | - |
Interest received | 59,903 | - |
Net cash from investing activities | (9,605,842 | ) | (349,218 | ) |
Cash flows from financing activities |
New loans in year | 14,394,449 | - |
Loan repayments in year | (4,985,169 | ) | (98,444 | ) |
Capital repayments in year | (13,644 | ) | (12,280 | ) |
Amount introduced by directors | 1,804 | - |
Amount withdrawn by directors | - | (452,406 | ) |
Share issue | (8 | ) | - |
Share buyback | (972,255 | ) | - |
Amount received from(paid) to grp/assoc | 1,439,749 | (2,540,402 | ) |
Equity dividends paid | - | (87,503 | ) |
Net cash from financing activities | 9,864,926 | (3,191,035 | ) |
Decrease in cash and cash equivalents | (187,302 | ) | (1,745,658 | ) |
Cash and cash equivalents at beginning of year |
2 |
405,412 |
2,151,070 |
Cash and cash equivalents at end of year | 2 | 218,110 | 405,412 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£   | £   |
(Loss)/profit before taxation | (384,782 | ) | 2,035,976 |
Depreciation charges | 444,313 | 365,291 |
Profit on disposal of fixed assets | (3,999 | ) | - |
Finance costs | 538,862 | 90,291 |
Finance income | (59,903 | ) | - |
534,491 | 2,491,558 |
Increase in stocks | (5,690 | ) | (192 | ) |
Increase in trade and other debtors | (936,554 | ) | (628,799 | ) |
Increase in trade and other creditors | 838,873 | 388,691 |
Cash generated from operations | 431,120 | 2,251,258 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£   | £   |
Cash and cash equivalents | 218,110 | 405,412 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£   | £   |
Cash and cash equivalents | 405,412 | 2,151,070 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.22 | Cash flow | At 31.12.22 |
£   | £   | £   |
Net cash |
Cash at bank and in hand | 405,412 | (187,302 | ) | 218,110 |
405,412 | (187,302 | ) | 218,110 |
Debt |
Finance leases | (13,644 | ) | 13,644 | - |
Debts falling due within 1 year | (996,732 | ) | 44,410 | (952,322 | ) |
Debts falling due after 1 year | (3,748,801 | ) | (9,453,688 | ) | (13,202,489 | ) |
(4,759,177 | ) | (9,395,634 | ) | (14,154,811 | ) |
Total | (4,353,765 | ) | (9,582,936 | ) | (13,936,701 | ) |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
ULTIMATE CARE LIMITED is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and its subsidiaries. Subsidiaries are not consolidated if their influence on Ultimate Care Ltd Group's asset, financial and earnings position is considered to be immaterial, either individually or in total. |
All subsidiaries utilise the same accounting framework and accounting policies. |
Assets and liabilities of subsidiaries are shown in the consolidated accounts at their fair value on the date of acquisition. |
Goodwill, being the amount calculated in connection with the consolidation of the group, was being amortised over it's anticipated useful economic life of 6 years (from May 2008). Goodwill arising was recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the group's interest in the net fair value of the identifiable assets and liabilities recognised. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
Turnover represents net invoiced care home fees and is recognised per night that a room is occupied. |
Turnover is deferred where amounts have been invoiced, but these relate to services to be provided in future periods |
Turnover is accrued where amounts have yet to be invoiced, but where the services have been provided in the period to date. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£   | £   |
Wages and salaries | 10,619,646 | 5,656,431 |
Social security costs | 802,581 | 394,310 |
Other pension costs | 212,012 | 105,276 |
11,634,239 | 6,156,017 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2022 | 2021 |
Administration | 9 | 9 |
Care Staff | 630 | 329 |
2022 | 2021 |
£   | £   |
Directors' remuneration | 90,423 | 124,384 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£   | £   |
Hire of plant and machinery | 6,856 | 7,801 |
Depreciation - owned assets | 438,660 | 359,672 |
Depreciation - assets on finance leases | 5,654 | 5,619 |
Profit on disposal of fixed assets | (3,999 | ) | - |
Auditors' remuneration | 17,300 | 7,050 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£   | £   |
Bank loan interest | 538,862 | 84,684 |
Interest on other Loan | - | 3,432 |
Leasing | - | 2,175 |
538,862 | 90,291 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2022 | 2021 |
£   | £   |
Current tax: |
UK corporation tax | - | 338,286 |
Deferred tax | 154,597 | 48,192 |
Tax on (loss)/profit | 154,597 | 386,478 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£   | £   |
(Loss)/profit before tax | (384,782 | ) | 2,035,976 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
(73,109 |
) |
386,835 |
Effects of: |
Expenses not deductible for tax purposes | 2,070 | 1,172 |
Income not taxable for tax purposes | (760 | ) | - |
Capital allowances in excess of depreciation | (47,572 | ) | (2,788 | ) |
Utilisation of tax losses | - | (46,933 | ) |
Deferred Tax | 154,597 | 48,192 |
Unutilisation of tax losses | 119,371 | - |
Total tax charge | 154,597 | 386,478 |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£   | £   | £   |
Purchase of ownshares | (972,255 | ) | - | (972,255 | ) |
2021 |
Gross | Tax | Net |
£   | £   | £   |
Purchase of ownshares |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2022 | 2021 |
£   | £   |
Interim | - | 87,503 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£   |
COST |
At 1 January 2022 |
and 31 December 2022 | 800,000 |
AMORTISATION |
At 1 January 2022 |
and 31 December 2022 | 799,998 |
NET BOOK VALUE |
At 31 December 2022 | 2 |
At 31 December 2021 | 2 |
Company |
Goodwill |
£   |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£   | £   | £   |
COST |
At 1 January 2022 | 4,665,460 | 632,700 | 1,796,321 |
Additions | 8,996,501 | 237,158 | 433,091 |
Disposals | - | - | - |
At 31 December 2022 | 13,661,961 | 869,858 | 2,229,412 |
DEPRECIATION |
At 1 January 2022 | 332,461 | 411,609 | 1,201,786 |
Charge for year | 73,109 | 125,064 | 238,386 |
Eliminated on disposal | - | - | - |
At 31 December 2022 | 405,570 | 536,673 | 1,440,172 |
NET BOOK VALUE |
At 31 December 2022 | 13,256,391 | 333,185 | 789,240 |
At 31 December 2021 | 4,332,999 | 221,091 | 594,535 |
Motor | Computer |
vehicles | equipment | Totals |
£   | £   | £   |
COST |
At 1 January 2022 | 43,600 | 31,102 | 7,169,183 |
Additions | - | 2,995 | 9,669,745 |
Disposals | (20,500 | ) | - | (20,500 | ) |
At 31 December 2022 | 23,100 | 34,097 | 16,818,428 |
DEPRECIATION |
At 1 January 2022 | 43,598 | 13,610 | 2,003,064 |
Charge for year | - | 7,755 | 444,314 |
Eliminated on disposal | (20,499 | ) | - | (20,499 | ) |
At 31 December 2022 | 23,099 | 21,365 | 2,426,879 |
NET BOOK VALUE |
At 31 December 2022 | 1 | 12,732 | 14,391,549 |
At 31 December 2021 | 2 | 17,492 | 5,166,119 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Plant and |
machinery |
£   |
COST |
At 1 January 2022 |
and 31 December 2022 | 28,270 |
DEPRECIATION |
At 1 January 2022 | 11,248 |
Charge for year | 5,654 |
At 31 December 2022 | 16,902 |
NET BOOK VALUE |
At 31 December 2022 | 11,368 |
At 31 December 2021 | 17,022 |
Company |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£   | £   | £   | £   | £   |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Cost or valuation at 31 December 2022 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£   | £   | £   | £   | £   |
Cost | 5,761,313 | 583,044 | 1,202,103 | 23,100 | 7,569,560 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
£   |
COST OR VALUATION |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£   |
COST |
At 1 January 2022 |
and 31 December 2022 | 1,000,033 |
NET BOOK VALUE |
At 31 December 2022 | 1,000,033 |
At 31 December 2021 | 1,000,033 |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£   | £   | £   |
COST |
At 1 January 2022 |
and 31 December 2022 | 1,000,033 | 3,242,214 |
NET BOOK VALUE |
At 31 December 2022 | 3,242,214 |
At 31 December 2021 | 3,242,214 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1st Floor 44-50 The Broadway, Southall, Middlesex, UB1 1QB |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£   | £   |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: 1st Floor, 44/50 The Broadway, Southall, Middlesex, England, UB1 1QB. |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£   | £   |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Associated companies |
Registered office: 1st Floor, 44-50 The Broadway, Southall, England, UB1 1QB |
Nature of business: |
% |
Class of shares: | holding |
£   | £   |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
The control exists through the shareholding of Mr.N B Suresparan who is a Director and Shareholder in both companies. |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1st Floor, 44-50 The Broadway, Southall, United Kingdom, UB1 1QB |
Nature of business: |
% |
Class of shares: | holding |
£   | £   |
Aggregate capital and reserves |
Profit for the year |
The control exists through the shareholding of Mr.N B Suresparan who is a Director and Shareholder in both companies. |
Registered office: 49a The Avenue, Hatch End, Pinner, England, HA5 4EL |
Nature of business: |
% |
Class of shares: | holding |
£   | £   |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
The control exists through the 33.33% shareholding by Ultimate Care Limited. |
12. | STOCKS |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£   | £   | £   | £   |
Finished goods | 10,890 | 5,200 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£   | £   | £   | £   |
Trade debtors | 2,525,940 | 874,222 |
Amounts owed by group undertakings | 156,000 | - |
Amounts owed by associates | 3,159,698 | 3,373,174 |
Other debtors | 163,151 | 1,022,555 |
Tax | 358 | - |
Prepayments and accrued income | 272,161 | 127,921 |
6,277,308 | 5,397,872 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£   | £   | £   | £   |
Bank loans and overdrafts (see note 16) | 952,322 | 996,732 |
Finance leases (see note 17) | - | 4,887 |
Trade creditors | 405,232 | 274,409 |
Amounts owed to group undertakings | 156,000 | - |
Amounts owed to associates | 1,380,191 | 153,917 | 748,911 | 158,823 |
Tax | - | 338,286 |
Social security and other taxes | 477,844 | 149,480 |
Pension contributions | 42,613 | 21,962 | 22,684 | 21,410 |
Other creditors | 129,482 | 76,140 |
Amounts due to clients | 7,009 | 23,644 | 7,009 | 23,644 |
Netpay control account | 158,227 | 146,125 | 139,328 | 126,874 |
Directors' current accounts | 1,804 | - | 1,804 | - |
Accruals and deferred income | 1,383,379 | 1,073,153 |
5,094,103 | 3,258,735 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£   | £   | £   | £   |
Bank loans (see note 16) | 13,202,489 | 3,748,801 |
Finance leases (see note 17) | - | 8,757 |
13,202,489 | 3,757,558 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£   | £   | £   | £   |
Amounts falling due within one year or on | demand: |
Bank loans | 952,322 | 996,732 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 13,202,489 | 3,748,801 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
2022 | 2021 |
£   | £   |
Net obligations repayable: |
Within one year | - | 4,887 |
Between one and five years | - | 8,757 |
- | 13,644 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£   | £   | £   | £   |
Bank loans | 14,154,811 | 4,745,533 |
Included within bank loans and overdrafts are bank loans totalling £14.1m (2021 , £4.7m) which are secured by first legal charge over the freehold properties and a debenture over all of the group's assets and undertaking. The loan is repayable by instalments over its remaining life with interest charged at base rate plus 4.3%. |
A guarantee (provided for under the RLS) from the Secretary of State for Business, Energy & Industrial Strategy (BEIS) for 80% of the Borrower's post-recovery liabilities up to the Loan Amount to the Lender under this letter (the "RLS Guarantee"). |
A cross guarantee between the Borrower, Priory Court Developments Limited, Byron Lodge (West Melton) Limited, KPS Care Limited, and Esteem Care Limited. |
A first debenture from KPS Care Limited over all of its assets and undertaking. |
A first debenture from Esteem Care Limited over all of its assets and undertaking. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£   | £   | £   | £   |
Deferred tax | 307,183 | 152,586 | 80,687 | 39,278 |
Group |
Deferred |
tax |
£   |
Balance at 1 January 2022 | 152,586 |
Provided during year | 154,597 |
Balance at 31 December 2022 | 307,183 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
19. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£   |
Balance at 1 January 2022 |
Provided during year |
Balance at 31 December 2022 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £   | £   |
ORDINARY | £1 | 84 | 92 |
21. | RESERVES |
Group |
Retained |
earnings |
£   |
At 1 January 2022 | 4,805,667 |
Deficit for the year | (539,379 | ) |
Purchase of own shares | (972,255 | ) |
At 31 December 2022 | 3,294,033 |
Company |
Retained |
earnings |
£   |
At 1 January 2022 |
Profit for the year |
Purchase of own shares | (972,255 | ) |
At 31 December 2022 |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
22. | RELATED PARTY DISCLOSURES |
2022 | 2021 |
£ | £ |
Esteem Care Ltd |
A company in which Mr & Mrs Suresparan are Directors |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 102,691 | 96,517 |
====== | ====== |
Tudor Bank Ltd |
A company in which Mr & Mrs Suresparan are Directors |
Amount due from (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | (325,758 | ) | 19,221 |
====== | ====== |
JSS Holdings Ltd |
A company in which Mr & Mrs Suresparan are Directors and shareholders. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 280,146 | 331,186 |
====== | ====== |
Europe Care Holdings Ltd |
A company in which Mr & Mrs Suresparan are Directors and shareholders. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 152,624 | 79,503 |
====== | ====== |
Woolton Grange Ltd |
A company in which Mr & Mrs Suresparan are Directors. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | (140,357 | ) | 35,008 |
====== | ====== |
BBA Care Ltd |
A company in which Mr & Mrs Suresparan are Directors and shareholders. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 6,989 | 6,989 |
====== | ====== |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
KPS Care Ltd |
A company in which Mr & Mrs Suresparan are Directors and shareholders. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 1,895,373 | 2,020,066 |
====== | ====== |
KPS One Care Ltd |
A company in which Mr & Mrs Suresparan are Directors and shareholders. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 52,406 | 52,406 |
====== | ====== |
Ayrus Ltd |
A company in which Mr & Mrs Suresparan are Directors and shareholders. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | (129,204 | ) | 96,528 |
====== | ====== |
Mahogany House (Newtown) Ltd |
A company in which Mr & Mrs Suresparan are Directors . |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | (369,241 | ) | (64,070 | ) |
====== | ====== |
The Dales (Northwest) Ltd |
A company in which Mr Suresparan are Director . |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 2,245 | - |
====== | ====== |
Cozee Care Homes Limited |
A company in which Mr & Mrs Suresparan are Directors . |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 1,178 | 2,163 |
====== | ====== |
BPS Care Limited |
Mr & Mrs Suresparan are beneficiaries of the trust |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 5,000 | 5,000 |
====== | ====== |
ULTIMATE CARE LIMITED (REGISTERED NUMBER: 05893709) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Daleside Nursing Home Limited |
A company in which Mr & Mrs Suresparan are Directors. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | (89,692 | ) | (89,847 | ) |
====== | ======= |
Riversdale (Northwest) Limited |
A company in which Mr & Mrs Suresparan are Directors. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 61,046 | 12,867 |
====== | ====== |
LBT Holdings Limited |
A company in which Mr & Mrs Suresparan are Directors and shareholders. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | 600,000 | 600,000 |
====== | ====== |
Flightcare Limited |
A company in which Mr & Mrs Suresparan are Directors. |
Amount due from / (to) related party is interest free & unsecured Loans. |
Amount due from / (to) related party at the balance sheet date | (325,939 | ) | 15,720 |
====== | ====== |
23. | PRINCIPAL PLACE OF BUSINESS |
The address of the company's principal place of business is: |
a) 60 Station Road, North Harrow, HA2 7SH. |