Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
COMPANY INFORMATION
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ALPENBEST LIMITED
CONTENTS
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ALPENBEST LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
The directors present their strategic report for the period ended 31 December 2022.
Principal activity The principal activity of the company is to provide care services to the elderly in their own homes within the vicinity of south-west London covering Sutton, Merton, Surrey, Kingston, Richmond and Croydon. Business review and future developments In view of the current climate and market conditions, the business has been stable and sales have been consistent from the prior period. This has been marginally offset by a rise in wages costs, which have primarily risen due to the year-on-year increase in the minimum wage coupled with the impact of staff shortages, which the business has now overcome by a vigorous recruitment campaign. Despite the short-term increases in wages and recruitment fees, the business is now stable and profitability is expected to rise as the UK workforce has now stabilised. The company continues to invest in its staff and training, with appropriate social distancing and COVID procedures in place maintained due to the vulnerability of its customers. Standards of care are comprehensively assessed by internal and external audit procedures, as evidenced by achieving compliance with Care Quality Commission standards having continually achieved a "Good" rating year on year. Impact of Brexit-related risks The business has been impacted by Brexit in relation to the availability of staff and wage inflation. However, as stated above, this impact has been mitigated by recruitment campaigns in different markets. The business does not engage in complex activities or engage in financial activities to hedge foreign currency risk. Sates have been minimially affected as the operations and customer base operations are located in the UK.
The company's key financial and other performance indicators during the year were as follows:
Financial KP1s Unit December 2022 March 2022 Gross Profit % 5.66 11.32 Wages to Sales figure % 94.34 88.31 Principal risks and uncertainties The principal risks and uncertainties experienced by the company are largely in relation to staff shortages and maintenance of staff with necessary skills and expertise at required levels. In the past year, this has been largely as a result of staff sickness and COVID infections amongst staff. During the course of the pandemic, and thereon after, the company has maintained appropriate procedures and controls are in place to mitigate the risk of transferrence of COVID from staff to patients. Additional key risks and uncertainties affecting the company are the potential loss of the Care Quality Commission registration and maintenance of customer levels at viable levels. The business has effectively mitigated all of the above risks and uncertainties through its robust quality and control and support prograrnme to ensure the level of care is of the highest standards and compliant with all relevant regulations.This has been effectively managed by the Directors and Management.
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ALPENBEST LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
Impact from the risks related to the Covid-19 pandemic
The company has been impacted significantly by the COVID pandemic in the past few years, up to and including the current year when levels of experienced staff decreased due to social distancing measures and, as detailed above, the impact of staff who were off sick during the year. This impact resulted in increased staff costs, which the company were able to absorb in order to provide care to customers at the highest level during this period and maintain quality levels and compliance with regulations. The impact of COVID has now subsided and the company is expecting to see increased profitability levels for the future years.
This report was approved by the board on 1 March 2024 and signed on its behalf.
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ALPENBEST LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the period ended 31 December 2022.
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The directors who served during the period were:
L De Curtis was appointed as director on 19 October 2023 and resigned on 15 February 2024. NP Barker was appointed as director on 20 January 2023 and resigned on 6 October 2023. C K Donald was appointed as director on 20 January 2023. J C Landucci-Harmey was appointed as director on 15 February 2024.
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ALPENBEST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
There have been no significant events affecting the Company since the year end.
During the period, the incumbent auditors, SRN Sonico, resigned from their position and the directors appointed Barnes Roffe LLP as the auditors, in their place.
This report was approved by the board on
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ALPENBEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED
We have audited the financial statements of Alpenbest Limited (the 'Company') for the period ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
We were appointed as auditors after the change of ownership of the company on 20 January 2023 and it has proved difficult to obtain sufficient audit evidence to satisfy ourselves regarding the opening balances for the accounting period to 31 March 2022. Consequently, we were unable to determine whether any adjustments to these figures or the profit and loss account for the period ended 31 December 2022 were necessary.
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 United Kingdom, including the Financial Reporting Council'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 qualified opinion.
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 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.
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ALPENBEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Except for the possible effects of the matter described in the basis for the qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Except for the matter described in the Basis for qualified opinion section of our report, 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 Directors' report.
Arising solely from the limitation on the scope of our work relating to the opening balances, referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
∙we were unable to determine whether accurate accounting records have been kept.
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ALPENBEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED (CONTINUED)
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 an Auditors' report 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. 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
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ALPENBEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED (CONTINUED)
The areas that we identified as being susceptible to misstatement through fraud were: 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 Auditors' 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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
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ALPENBEST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
REGISTERED NUMBER: 06528232
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 25 form part of these financial statements.
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ALPENBEST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
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ALPENBEST LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Alpenbest Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Crown House Stephenson Road, Severalls Industrial Park, Colchester, England, CO4 9QR.
The company specialises in providing care services to the elderly in their own homes within the vicinity of south-west London covering Sutton, Merton, Surrey, Kingston, Richmond and Croydon.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehenosve income.
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
The analysis of the company's revenue for the year from continuing operations is as follows:
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £504,398 (31 March 2022 - £593,068).
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ALPENBEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
From 20 January 2023, the company’s immediate parent company is Cera Care Operations Holdings Limited. The ultimate parent company of the group is Cera Care Limited, by virtue of its 100% shareholding of Cera Cera Operations Holdings Limited. There is no ultimate controlling party.
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