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REGISTERED NUMBER: 03978762 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

St Vincent Care Homes Limited

St Vincent Care Homes Limited (Registered number: 03978762)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


St Vincent Care Homes Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Ms N L Canbek
Mrs C F Downs
C F Downs
Mrs C L Shann
R A Shann



SECRETARY: Ms N L Canbek



REGISTERED OFFICE: The Loft
St Vincent House
Forton Road
Gosport
Hampshire
PO12 4TH



REGISTERED NUMBER: 03978762 (England and Wales)



AUDITORS: Menzies LLP
Chartered Accountants &
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX



BANKERS: Nat West Bank plc
Commercial Road Branch
Portsmouth
Hampshire
PO1 1ES

St Vincent Care Homes Limited (Registered number: 03978762)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
Recovery from the disruption caused by covid has been patchy with staffing issues causing a reduction in the number of residents that we could safely look after in our Southsea home. This contributed to a reduction in our occupied rooms to 98.8 (2022 - 100.4). We have now resolved the situation in Southsea and we currently have no vacancies due to staffing issues. The average bed fee was £944.01 (2022 - £844.20), an increase of 11.8%. Local Authority rates increased by close to 5% on average but private fees were increased by over 7%. We reviewed our room rates when residents left our service and we were able to increase room rates by over 15% in several cases where we considered that we have been undercharging for years, especially where residents had been with us for over five years.

Staff costs increased during the year by 4.0% (2022 - 7.1%), as Covid related staffing issues eased. There was a pay increase of over 6.5% in April 2022, which was offset to some extent by the reduction in staffing and in sick pay due to Covid in previous years. We are now working close to our pre Covid staffing levels, although some of the procedures introduced to protect staff and residents from Covid are now part of our normal operating standard.

Government covid related grants, £12,718 (£298,476 - 2022), reduced considerably as Covid related costs virtually disappeared in the year.

The Operating Profit increased by 22.2% to £223,318 (2022 - £182,852), after falling from £215,120 in 2021.

Staffing

Staffing continues to be a major issue as staff recruitment is difficult. The April pay increase of almost 10% given to our staff has not relieved the situation and the board continue to look for solutions. Agency cost were £379,484 (2022 - £340,646) last year, almost double the targeted 4% of turnover.

We have continued to recruit staff from overseas but the impact is far less than we have anticipated.


St Vincent Care Homes Limited (Registered number: 03978762)

Strategic Report
for the Year Ended 31 March 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The rise in interest rates is now causing concern in the care home industry. The increases in the Bank of England base rate has a direct impact on the profit of the company as the largest part of our bank loans are linked to the Bank of England base rate. We will be renegotiating our loans with NatWest later this year, which has added to our concerns

Covid continues to be a risk to the business but is now seen as a manageable risk due to the successful vaccination programme that has resulted in a considerable improvement in expected outcome for residents who are infected. Staff are still being infected as Covid occasionally surges in the general population but the staff absences through Covid have reduced.

The biggest risk to the business is now staffing as recruitment of staff and retention of staff has become a major problem throughout the care industry. We are now recruiting overseas workers through the Home Office sponsorship scheme which has care staff and senior care staff on the Shortage Occupation list. This is expected to have a positive impact on staffing as the next year progresses.

Inflation continues to be a major worry with food inflation now exceeding 15%. We have long term energy contracts, gas to June 2025 and electric to December 2024 at very favourable rates compared to the current variable rates (both are less than 50% of the current rates) which will give some protection against the general increase in the inflation rate, but it is looking more likely that these rates will increase considerably when we renegotiate them.

ON BEHALF OF THE BOARD:





Ms N L Canbek - Secretary


2 November 2023

St Vincent Care Homes Limited (Registered number: 03978762)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of residential care homes.

DIVIDENDS
Interim dividends per share were paid as follows:
0.1325 - 28 April 2022
0.1325 - 27 May 2022
0.1325 - 30 June 2022
0.1325 - 29 July 2022
0.1325 - 31 August 2022
0.1325 - 30 September 2022
0.1325 - 28 October 2022
0.1325 - 28 November 2022
0.1325 - 28 December 2022
0.1325 - 28 March 2023
1.3250

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 66,250 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Ms N L Canbek
Mrs C F Downs
C F Downs
Mrs C L Shann
R A Shann


St Vincent Care Homes Limited (Registered number: 03978762)

Report of the Directors
for the Year Ended 31 March 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



Ms N L Canbek - Secretary


2 November 2023

Report of the Independent Auditors to the Members of
St Vincent Care Homes Limited

Opinion
We have audited the financial statements of St Vincent Care Homes Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2023 and of its profit 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 company 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.

Material uncertainty relating to going concern
We draw attention to note 2 in the financial statements, which describes that post year end the Care Quality commission completed a review of Magnolia House and provided this home with an inadequate rating. As stated in note 2, these events, or conditions, indicate that at the time of signing the accounts, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the Company's ability to continue to adopt the going concern basis of accounting included review of management forecasts, corroborated by evidence supporting the key underlying assumptions. This also includes review of correspondence and other documents supporting the latest position regarding the bank loan facility.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
St Vincent Care Homes Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 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, 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.

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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
St Vincent Care Homes 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and
detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override
of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgments made by management in its significant accounting estimates;
and
- Identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

- Posting of unusual journals and complex transactions.
- Misappropriation of funds through fraudulent purchase ledger and payroll activity
- Manipulation of amounts subject to significant judgment or estimate.


Report of the Independent Auditors to the Members of
St Vincent Care Homes Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.




Andrew Galliers FCA (Senior Statutory Auditor)
for and on behalf of Menzies LLP
Chartered Accountants &
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX

7 November 2023

St Vincent Care Homes Limited (Registered number: 03978762)

Statement of Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 3 4,851,119 4,406,026

Cost of sales 3,711,228 3,552,649
GROSS PROFIT 1,139,891 853,377

Administrative expenses 946,232 977,976
193,659 (124,599 )

Other operating income 29,660 307,451
OPERATING PROFIT 5 223,319 182,852

Interest receivable and similar income 154 15
223,473 182,867

Interest payable and similar expenses 6 103,937 74,934
PROFIT BEFORE TAXATION 119,536 107,933

Tax on profit 7 46,839 30,245
PROFIT FOR THE FINANCIAL YEAR 72,697 77,688

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

72,697

77,688

St Vincent Care Homes Limited (Registered number: 03978762)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 5,602,043 5,646,977
5,602,043 5,646,977

CURRENT ASSETS
Stocks 11 7,950 7,950
Debtors 12 111,703 91,116
Cash at bank and in hand 261,868 339,230
381,521 438,296
CREDITORS
Amounts falling due within one year 13 3,002,131 993,244
NET CURRENT LIABILITIES (2,620,610 ) (554,948 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,981,433

5,092,029

CREDITORS
Amounts falling due after more than
one year

14

(313,000

)

(2,453,578

)

PROVISIONS FOR LIABILITIES 18 (80,288 ) (56,753 )
NET ASSETS 2,588,145 2,581,698

CAPITAL AND RESERVES
Called up share capital 19 50,000 50,000
Revaluation reserve 20 1,564,574 1,578,583
Capital redemption reserve 20 236,950 236,950
Retained earnings 20 736,621 716,165
SHAREHOLDERS' FUNDS 2,588,145 2,581,698

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:



Mrs C L Shann - Director


St Vincent Care Homes Limited (Registered number: 03978762)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 April 2021 50,000 703,968 1,592,592 236,950 2,583,510

Changes in equity
Dividends - (79,500 ) - - (79,500 )
Total comprehensive income - 91,697 (14,009 ) - 77,688
Balance at 31 March 2022 50,000 716,165 1,578,583 236,950 2,581,698

Changes in equity
Dividends - (66,250 ) - - (66,250 )
Total comprehensive income - 86,706 (14,009 ) - 72,697
Balance at 31 March 2023 50,000 736,621 1,564,574 236,950 2,588,145

St Vincent Care Homes Limited (Registered number: 03978762)

Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 342,540 395,104
Interest paid (103,937 ) (74,934 )
Tax paid (16,223 ) (24,839 )
Net cash from operating activities 222,380 295,331

Cash flows from investing activities
Purchase of tangible fixed assets (58,597 ) (108,314 )
Sale of tangible fixed assets - 499
Interest received 154 15
Net cash from investing activities (58,443 ) (107,800 )

Cash flows from financing activities
Loan repayments in year (174,281 ) (198,860 )
Amount withdrawn by directors (768 ) (672 )
Equity dividends paid (66,250 ) (79,500 )
Net cash from financing activities (241,299 ) (279,032 )

Decrease in cash and cash equivalents (77,362 ) (91,501 )
Cash and cash equivalents at beginning
of year

2

339,230

430,731

Cash and cash equivalents at end of
year

2

261,868

339,230

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 119,536 107,933
Depreciation charges 103,530 102,965
Loss on disposal of fixed assets - 200
Finance costs 103,937 74,934
Finance income (154 ) (15 )
326,849 286,017
Decrease in stocks - 550
(Increase)/decrease in trade and other debtors (20,126 ) 9,807
Increase in trade and other creditors 35,817 98,730
Cash generated from operations 342,540 395,104

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 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 261,868 339,230
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 339,230 430,731


St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 339,230 (77,362 ) 261,868
339,230 (77,362 ) 261,868
Debt
Debts falling due within 1 year (174,325 ) (1,966,297 ) (2,140,622 )
Debts falling due after 1 year (2,453,578 ) 2,140,578 (313,000 )
(2,627,903 ) 174,281 (2,453,622 )
Total (2,288,673 ) 96,919 (2,191,754 )

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents fees charged to privately funded residents and fees received from Local Authorities, NHS trusts and other publically funded bodies.

Goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill- over 10 years

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost of buildings
Short leasehold - 33% on cost
Improvements to property - 2% on cost
Fixtures & fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Government grants receivable as compensation for costs already incurred or for immediate financial support, with no future related costs, are recognised as income in the period in which it is receivable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on the going concern basis, however, shortly after the year end a review was conducted by the Care Quality Commission ("CQC") over Magnolia House, one of the entities care homes. The Home was graded as "inadequate" in two areas. Changes have been implemented by the company directors to rectify issues identified, however at the time of these accounts being presented the CQC have not been out to re-inspect and potentially review the grading. The Home continues to trade in line with Directors forecasts, and as such, the Directors expect this to continue as a going concern.

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 March 2022 is given below:

£   
United Kingdom 4,406,026
4,406,026

This analysis is not considered to be applicable to the year ended 31 March 2023.

4. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 2,957,440 2,890,435
Social security costs 208,432 189,533
Other pension costs 46,720 46,646
3,212,592 3,126,614

The average number of employees during the year was as follows:
31.3.23 31.3.22

Production staff 176 184
Administrative staff and directors 10 10
186 194

31.3.23 31.3.22
£    £   
Directors' remuneration 158,491 156,551
Directors' pension contributions to money purchase schemes 3,410 3,293

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. OPERATING PROFIT

The operating profit is stated after charging:

31.3.23 31.3.22
£    £   
Depreciation - owned assets 103,531 102,966
Loss on disposal of fixed assets - 200
Auditors' remuneration 20,160 8,040

Government grants

The following government grants have been recognised in the operating profit of the company:

Nature of grant received31.3.2231.3.22
££

Covid infection control and testing8,237239,613
Workforce retention (including furlough)84358,863
FCOC416-
Nursecall3,222-
12,718298,476

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 103,937 74,934

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 23,304 16,223

Deferred tax 23,535 14,022
Tax on profit 46,839 30,245

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. 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:

31.3.23 31.3.22
£    £   
Profit before tax 119,536 107,933
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

22,712

20,507

Effects of:
Utilisation of tax losses (3,248 ) (1,708 )
Depreciation on assets not qualifying for tax allowances 11,446 11,446
Enhanced capital allowances (3,340 ) -
Increase deferred tax provision to 25% 19,269 -
Total tax charge 46,839 30,245

8. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary shares of £1 each
Equity dividends 66,250 79,500

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 849,974
AMORTISATION
At 1 April 2022
and 31 March 2023 849,974
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST OR VALUATION
At 1 April 2022 5,873,226 1,059 75,548
Additions - - -
At 31 March 2023 5,873,226 1,059 75,548
DEPRECIATION
At 1 April 2022 651,914 1,059 9,575
Charge for year 58,733 - 1,511
At 31 March 2023 710,647 1,059 11,086
NET BOOK VALUE
At 31 March 2023 5,162,579 - 64,462
At 31 March 2022 5,221,312 - 65,973

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 849,800 14,175 4,434 6,818,242
Additions 58,597 - - 58,597
At 31 March 2023 908,397 14,175 4,434 6,876,839
DEPRECIATION
At 1 April 2022 492,330 13,431 2,956 1,171,265
Charge for year 41,623 186 1,478 103,531
At 31 March 2023 533,953 13,617 4,434 1,274,796
NET BOOK VALUE
At 31 March 2023 374,444 558 - 5,602,043
At 31 March 2022 357,470 744 1,478 5,646,977

Land and buildings includes investment property which, in the opinion of the directors cannot be valued independently.

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2011 1,400,853 - 1,400,853
Cost 4,473,432 1,002,554 5,475,986
5,874,285 1,002,554 6,876,839

If the freehold properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 4,472,373 4,472,373
Aggregate depreciation 827,130 782,406

Value of land in freehold land and buildings 2,236,186 2,236,186

11. STOCKS
31.3.23 31.3.22
£    £   
Stocks 7,950 7,950

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 60,061 25,909
Directors' current accounts 5,981 5,520
Tax 2,405 2,405
Prepayments and accrued income 43,256 57,282
111,703 91,116

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 15) 2,140,622 174,325
Trade creditors 88,662 112,579
Tax 23,304 16,223
Social security and other taxes 49,384 54,999
Other creditors 566,254 510,750
Directors' current accounts 46,319 46,626
Accruals and deferred income 87,586 77,742
3,002,131 993,244

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 15) - 2,140,578
Other loans (see note 15) 313,000 313,000
313,000 2,453,578

15. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 2,140,622 174,325

Amounts falling due between one and two years:
Bank loans - 1-2 years - 170,730

Amounts falling due between two and five years:
Bank loans - 2-5 years - 1,969,848
Preference shares - 2-5 years 313,000 313,000
313,000 2,282,848

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 946 1,540
Between one and five years - 2,692
946 4,232

17. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 2,140,622 2,314,903

National Westminster Bank PLC hold a mortgage debenture created on 5 July 2001 in relation to all freehold and leasehold properties.

In addition to this, the bank have legal mortgages on the freehold properties held by the company.

18. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 80,288 56,753

Deferred
tax
£   
Balance at 1 April 2022 56,753
Accelerated capital allowances 4,266
Increase in tax rate to 25% 19,269
Balance at 31 March 2023 80,288

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
50,000 Ordinary £1 50,000 50,000

The called up share capital represents the nominal value of shares that have been issued.

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

20. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2022 716,165 1,578,583 236,950 2,531,698
Profit for the year 72,697 72,697
Dividends (66,250 ) (66,250 )
Transfer excess depreciation
charge on revalued assets 14,009 (14,009 ) - -
At 31 March 2023 736,621 1,564,574 236,950 2,538,145

The retained earnings account includes all current and prior period retained profit and losses.

The revaluation reserve comprises of the cumulative effect of revaluations of freehold land and buildings.

The capital redemption reserve represents the amounts transferred following the redemption or purchase of a company's own shares out of distributable profits.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Mrs C F Downs and C F Downs
Balance outstanding at start of year (46,626 ) (46,895 )
Amounts advanced 307 269
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (46,319 ) (46,626 )

Mrs C L Shann and R A Shann
Balance outstanding at start of year 2,880 2,611
Amounts advanced 307 269
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,187 2,880

St Vincent Care Homes Limited (Registered number: 03978762)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Ms N L Canbek
Balance outstanding at start of year 2,640 2,506
Amounts advanced 154 134
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,794 2,640

All of the above directors current accounts are interest free, unsecured, and have no fixed repayment date.

22. RELATED PARTY DISCLOSURES

During the year Ms N L Canbek's daughter, who was also an employee of the company, rented accommodation linked to, but not part of, the Southsea home. A rent of £2,400 was paid in respect of this which is considered to be at market value.

23. ULTIMATE CONTROLLING PARTY

The company was under the control of the directors throughout the current and previous year.