REGISTERED NUMBER: 14215331 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
FOR |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES |
REGISTERED NUMBER: 14215331 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
FOR |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Statement of Directors' Responsibilities | 8 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Cash Flow Statement | 21 |
Notes to the Consolidated Financial Statements | 23 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES |
COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
The directors present their strategic report of the company and the group for the period ended 30 June 2023. |
The company was incorporated on 5th July 2022. The financial statements for the first period include activities of all group member companies for the period from 1st April 2022 to 30th June 2023. The comparative period is the year to 31st March 2022. |
Creating a detailed strategic report for Luxurycare requires a nuanced approach that balances an assessment of past performance with a forward-looking perspective. This report will adhere to the provided structure to ensure a comprehensive analysis. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
REVIEW OF BUSINESS |
A Fair Review of the Business of the Company |
Luxurycare operates within the healthcare sector, specifically focusing on providing care for the elderly and those requiring long-term care services. As part of the Luxurycare Group, the company benefits from a broader network of care homes across Poole and Bournemouth, allowing for shared resources, knowledge, and operational efficiencies. |
The business model centres around delivering high-quality care, personalized to meet the individual needs of residents, while ensuring a sustainable and ethical approach to care provision. |
Development and Performance During the Financial Year |
Key Performance Indicators (KPIs): |
- Occupancy Rates: A critical measure of success for care homes, reflecting the demand for services. Occupancy in the homes was 82.23% for the period. |
- Staff Retention Rates: High retention rates indicate a stable and satisfied workforce, essential for maintaining care quality. Retention across the group was 59.8% in the period. |
- Resident Satisfaction: Measured through surveys and feedback mechanisms, indicating the quality of care and resident well-being. |
- Financial Performance: Including revenue growth, profitability, and cost management. Annualised revenue has grown by 30% on the previous period as a result of the acquisition of a new home and increased room rates across all sites. |
During the financial year, Luxurycare focused on enhancing care quality and operational efficiency. |
Investments in staff training and development contributed to improved staff retention rates, while initiatives aimed at enriching the resident experience boosted satisfaction scores. |
Financially, the company navigated challenges through prudent cost management and exploring new revenue streams, leading to a stable financial performance amidst fluctuating market conditions. |
Position of the Company at Year End |
The company concluded the financial year in a stable position, underpinned by solid operational foundations and a clear strategic direction. Key indicators at the year end showed resilience: |
- Occupancy rates remained strong, reflecting sustained demand. |
- Financial health was characterized by a balanced approach to revenue growth and cost containment. |
- Staff satisfaction and resident well-being metrics underscored the effectiveness of recent initiatives. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
Principal Risks and Uncertainties |
The company faces several risks and uncertainties, including: |
- Regulatory Changes: Shifts in healthcare and elder care regulations could impact operational practices and |
costs. |
- Economic Conditions: Economic downturns can affect funding and investment capabilities, as well as the |
financial capacity of residents or their families. |
- Healthcare Challenges: Pandemics or widespread health crises pose operational risks and could impact |
service delivery |
- Competition: The competitive landscape necessitates continuous improvement in care quality and services |
offered. |
Important Events Since the End of the Financial Year |
Since the financial year-end, the company successfully launched a new care programme aimed at integrating more personalised care plans, leveraging technology to enhance resident engagement and monitoring. This initiative has already shown promise, enhancing operational efficiency and resident satisfaction. |
Likely Future Developments |
Looking forward, Luxurycare is poised to focus on: |
- Technological Integration: Investing in technology to improve care delivery and operational efficiency. |
- Market Expansion: Exploring opportunities to expand the service offering, possibly through new facilities or extending services within existing facilities. |
- Sustainability Initiatives: Emphasizing sustainability in care provision, aligning with broader societal trends towards environmental consciousness. |
In conclusion, while navigating a landscape marked by both opportunities and challenges, Luxurycare is strategically positioned to continue its trajectory of sustainable growth and high-quality care provision. |
Future developments will be guided by a commitment to excellence, innovation and responsiveness to the needs of those they serve. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
SECTION 172(1) STATEMENT |
The board is in the process of reviewing the need for an audit committee but the board engage with suppliers and lenders on a regular basis. A detailed report will be provided in the next report. |
The care homes are committed to ensuring that all residents and funders are treated fairly and that any problems are addressed on a timely basis. |
ON BEHALF OF THE BOARD: |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the period 1 April 2022 to 30 June 2023. |
COMMENCEMENT OF TRADING |
The company was incorporated on 5th July 2022. The financial statements for the first period include activities of all group member companies for the period from 1st April 2022 to 30th June 2023. The comparative period is the year to 31st March 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was the provision of care services. |
DIVIDENDS |
No dividends will be distributed for the period ended 30 June 2023. |
DIRECTORS |
The directors who have held office during the period from 1 April 2022 to the date of this report are as follows: |
ENGAGEMENT WITH EMPLOYEES |
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests. |
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of the employees of the financial and economic factors affecting the groups' performance. |
There is no employee share scheme at present. |
Disabled persons |
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. |
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. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
AUDITORS |
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
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; |
- | state whether applicable 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES |
Opinion |
We have audited the financial statements of Luxurycare Holdings Ltd and its subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2023 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 30 June 2023 and of the group's loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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. |
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 eight, 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 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES |
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: |
In order that we can understand the legal and regulatory frameworks that apply to the company we have utilised our existing knowledge of the business and which has been supported by discussions with directors. The audit team are briefed on these laws and regulations so that they can remain vigilant for non-compliance throughout the entire audit process. |
The operational regulations which directly affect the financial statements or their notes include: |
- Care Quality Commission regulations |
- Health and safety laws |
- GDPR |
- Food hygiene laws |
- Employment law and pension law |
Any non-compliance with these operational regulations could result in fines and penalties that may have a material impact on the amounts disclosed within the financial statements. |
Our method of identifying risks of material misstatement due to fraud include assessing events and conditions within the company that may be more susceptible to fraud due to the opportunities or incentives that exist therein. We have made enquiries to directors regarding their knowledge of any instances of fraud and we have investigated unusual transactions and unexpected relationships. We consider the potential for fraud to be highest in the areas of recognition of income and misappropriation of income. |
Audit procedures are designed to respond to risks of material misstatement due to irregularities, including fraud. |
As a result of our risk assessment procedures, we have planned and performed the following procedures to identify non-compliance with laws and regulations described above: |
- Testing the disclosures contained within the financial statements to supporting evidence and ensuring compliance with relevant laws and regulations identified as having an effect on the financial statements. |
- Discussion with directors relating to non-compliance with the laws and regulations identified as having an effect on the financial statements. |
- Performing analytical procedures to identify unusual and unexpected transactions that indicate potential material misstatement due to fraud. |
- Risks relating to management override of controls were addressed by testing the appropriateness of journal entries and other adjustments. An assessment of whether accounting estimates are indicative of potential bias was undertaken. |
- Unusual transactions were reviewed with directors to ensure that the commercial reasoning was reasonable within the normal course of business. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES |
Due to the inherent limitations of an audit, there is an unavoidable risk that, despite properly planning and performing our audit in accordance with auditing standards, some material misstatements may not have been detected. |
Auditing standards limit the audit procedures required to identify non-compliance with other operational laws and regulations to enquiry of directors and management and inspection of any correspondence. If a breach of operational regulations is not evident from relevant correspondence or disclosed to us, an audit is unlikely to detect that breach. In addition, the further removed non-compliance with laws and regulations is from the events and transactions included in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
In addition, the risk of not detecting material misstatement from due to fraud is higher than the risk of one not being detected through error as fraud may involve deliberate concealment through collusion, forgery, misrepresentations and intentional omissions. |
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 Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
Notes | £ | £ |
TURNOVER | 3 | 24,516,796 | 15,079,748 |
Cost of sales | 16,813,025 | 10,456,574 |
GROSS PROFIT | 7,703,771 | 4,623,174 |
Administrative expenses | 4,539,216 | 3,325,972 |
3,164,555 | 1,297,202 |
Other operating income | 136,536 | 624,276 |
OPERATING PROFIT | 5 | 3,301,091 | 1,921,478 |
Interest receivable and similar income | 3,311 | 18,854 |
3,304,402 | 1,940,332 |
Interest payable and similar expenses | 7 | 3,324,619 | 543,862 |
(LOSS)/PROFIT BEFORE TAXATION | (20,217 | ) | 1,396,470 |
Tax on (loss)/profit | 8 | 313,398 | 457,511 |
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (1,483,394 | ) | 4,547 |
Non-controlling interests | 1,149,779 | 934,412 |
(333,615 | ) | 938,959 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE PERIOD | (333,615 | ) | 938,959 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(333,615 |
) |
938,959 |
Note |
Prior year adjustment | 10 | 153,600 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(180,015 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (1,329,794 | ) | 4,548 |
Non-controlling interests | 1,149,779 | 934,411 |
(180,015 | ) | 938,959 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 1,479,296 | 2,004,296 |
Tangible assets | 12 | 25,996,858 | 20,735,557 |
Investments | 13 | - | - |
Investment property | 14 | 1,031,542 | 661,231 |
28,507,696 | 23,401,084 |
CURRENT ASSETS |
Stocks | 15 | 10,500 | 10,500 |
Debtors | 16 | 4,898,191 | 2,697,211 |
Cash at bank and in hand | 1,706,430 | 1,073,184 |
6,615,121 | 3,780,895 |
CREDITORS |
Amounts falling due within one year | 17 | 4,989,915 | 5,190,037 |
NET CURRENT ASSETS/(LIABILITIES) | 1,625,206 | (1,409,142 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
30,132,902 |
21,991,942 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(24,977,975 |
) |
(16,527,299 |
) |
PROVISIONS FOR LIABILITIES | 22 | (71,744 | ) | (47,647 | ) |
NET ASSETS | 5,083,183 | 5,416,996 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
CONSOLIDATED BALANCE SHEET - continued |
30 JUNE 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 23 | 2 | 200 |
Retained earnings | 897,701 | 2,381,095 |
897,703 | 2,381,295 |
NON-CONTROLLING INTERESTS | 4,185,480 | 3,035,701 |
TOTAL EQUITY | 5,083,183 | 5,416,996 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by: |
J C Barrett - Director |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
COMPANY BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings |
Company's profit for the financial year | 1,694,513 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 200 | 2,376,548 | 2,376,748 | 2,101,290 | 4,478,038 |
Changes in equity |
Total comprehensive income | - | (149,053 | ) | (149,053 | ) | 934,411 | 785,358 |
Balance at 31 March 2022 | 200 | 2,227,495 | 2,227,695 | 3,035,701 | 5,263,396 |
Prior year adjustment | - | 153,600 | 153,600 | - | 153,600 |
As restated | 200 | 2,381,095 | 2,381,295 | 3,035,701 | 5,416,996 |
Changes in equity |
Issue of share capital | (198 | ) | - | (198 | ) | - | (198 | ) |
Total comprehensive income | - | (1,483,394 | ) | (1,483,394 | ) | 1,149,779 | (333,615 | ) |
Balance at 30 June 2023 | 2 | 897,701 | 897,703 | 4,185,480 | 5,083,183 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Balance at 31 March 2022 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 30 June 2023 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,311,344 | 3,721,732 |
Interest paid | (3,321,249 | ) | (539,631 | ) |
Interest elements of HP payments | (3,370 | ) | (4,231 | ) |
Tax paid | (574,553 | ) | (386,000 | ) |
Taxation refund | 109,347 | - |
Net cash from operating activities | (478,481 | ) | 2,791,870 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (50,000 | ) |
Purchase of tangible fixed assets | (6,533,002 | ) | (1,536,552 | ) |
Purchase of investment property | (370,311 | ) | (661,231 | ) |
Sale of tangible fixed assets | 463,936 | 528,108 |
Interest received | 3,311 | 18,854 |
Net cash from investing activities | (6,436,066 | ) | (1,700,821 | ) |
Cash flows from financing activities |
New loans in period | 18,900,000 | 6,150,000 |
Loan repayments in period | (11,562,855 | ) | (8,666,510 | ) |
Capital repayments in period on HP | (14,631 | ) | (117,460 | ) |
Amount introduced by directors | 225,277 | 227,123 |
Share issue | 2 | - |
HP advance | - | 51,176 |
Net cash from financing activities | 7,547,793 | (2,355,671 | ) |
Increase/(decrease) in cash and cash equivalents | 633,246 | (1,264,622 | ) |
Cash and cash equivalents at beginning of period |
2 |
1,073,184 |
2,337,806 |
Cash and cash equivalents at end of period |
2 |
1,706,430 |
1,073,184 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
(Loss)/profit before taxation | (20,217 | ) | 1,396,470 |
Depreciation charges | 1,370,642 | 979,197 |
(Profit)/loss on disposal of fixed assets | (37,877 | ) | 217,126 |
Finance costs | 3,324,619 | 543,862 |
Finance income | (3,311 | ) | (18,854 | ) |
4,633,856 | 3,117,801 |
(Increase)/decrease in trade and other debtors | (2,310,327 | ) | 73,973 |
Increase in trade and other creditors | 987,815 | 529,958 |
Cash generated from operations | 3,311,344 | 3,721,732 |
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: |
Period ended 30 June 2023 |
30/6/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 1,706,430 | 1,073,184 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
as restated |
£ | £ |
Cash and cash equivalents | 1,073,184 | 2,337,866 |
Bank overdrafts | - | (60 | ) |
1,073,184 | 2,337,806 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/4/22 | Cash flow | At 30/6/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,073,184 | 633,246 | 1,706,430 |
1,073,184 | 633,246 | 1,706,430 |
Debt |
Finance leases | (51,177 | ) | 14,631 | (36,546 | ) |
Debts falling due within 1 year | (1,992,595 | ) | 1,129,148 | (863,447 | ) |
Debts falling due after 1 year | (16,487,728 | ) | (8,466,293 | ) | (24,954,021 | ) |
(18,531,500 | ) | (7,322,514 | ) | (25,854,014 | ) |
Total | (17,458,316 | ) | (6,689,268 | ) | (24,147,584 | ) |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Luxurycare Holdings Ltd and its subsidiaries is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared using merger accounting where a group reconstruction has occurred. In these circumstances the current period to 30th June 2023 actually contains the results of the group for the 15 months to that date. The comparative period is the year ended 31st March 2022. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of the business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent considerations after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for the final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at at cost less impairment. |
Deferred tax is recognised on differences between the value of the assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
The consolidated financial statements incorporate those of Luxurycare Holdings Limited and all its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
All the financial statements are made up to 30th June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method. |
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the supply of care services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of payables due within one year. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of a business over the fair value of the net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. |
For the purpose of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
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 | - |
Office Equipment | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Grants will be included in the Income Statement on a receivable basis. Where entitlement occurs before income is received, the income will be accrued. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
In accordance with the provisions of FRS 102 freehold investment buildings are not depreciated. |
This is in contravention to the Companies Act 2006 which requires all tangible fixed assets to be depreciated. The directors are of the opinion that this departure from the Companies Act 2006 is needed to present a true and fair view. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial assets are classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair values recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each report end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying value does not exceed what the carrying value would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. And equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
Taxation |
Taxation for the period 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 period 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. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
3. | TURNOVER |
The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
Client revenue | 14,857,940 | 9,955,777 |
Local authority revenue | 9,658,856 | 5,123,971 |
24,516,796 | 15,079,748 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
Wages and salaries | 11,556,761 | 6,764,897 |
Social security costs | 1,018,556 | 546,584 |
Other pension costs | 275,416 | 171,693 |
12,850,733 | 7,483,174 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
Catering | 18 | 22 |
Maintenance | 6 | 3 |
Housekeeping | 21 | 27 |
Care | 315 | 284 |
Management | 22 | 11 |
Administration | 28 | 9 |
Domestic | 9 | - |
Activities | 6 | - |
Support | 1 | - |
The average number of employees by undertakings that were proportionately consolidated during the period was 426 (2022 - 356 ) . |
Key management remuneration for the period was £324,394 (2022 - £289,365). |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
Directors' remuneration | 71,460 | 42,773 |
Directors' pension contributions to money purchase schemes | 1,580 | 1,136 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
Hire of plant and machinery | 22,651 | 28,700 |
Other operating leases | 118,631 | 85,160 |
Depreciation - owned assets | 808,516 | 512,280 |
Depreciation - assets on hire purchase contracts | 37,126 | - |
(Profit)/loss on disposal of fixed assets | (37,877 | ) | 217,126 |
Goodwill amortisation | 360,000 | 288,000 |
Trademarks amortisation | 160,000 | 160,000 |
Vehicle licence plates amortisation | 5,000 | 417 |
Auditors' remuneration | 36,200 | 22,800 |
Audit fee for subsidiary |
auditors | 13,800 | 12,000 |
Auditors' remuneration for non audit work | 32,500 | 19,350 |
Formation costs | 300 | - |
6. | EXCEPTIONAL ITEMS |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
Exceptional items | (1,758,558 | ) | - |
The exceptional item relates to rolled up interest charged in the accounting period. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
Bank interest | 1,054 | - |
Bank loan interest | 1,556,207 | 535,958 |
Interest on late tax | 5,430 | 3,673 |
Hire purchase | 3,370 | 4,231 |
Exceptional items | 1,758,558 | - |
3,324,619 | 543,862 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the period was as follows: |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 289,301 | 429,358 |
(Over)/under provision | - | 171 |
Total current tax | 289,301 | 429,529 |
Deferred tax | 24,097 | 27,982 |
Tax on (loss)/profit | 313,398 | 457,511 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1/4/22 |
to | Year Ended |
30/6/23 | 31/3/22 |
as restated |
£ | £ |
(Loss)/profit before tax | (20,217 | ) | 1,396,470 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(5,054 |
) |
265,329 |
Effects of: |
Expenses not deductible for tax purposes | 18,696 | 11,938 |
Income not taxable for tax purposes | - | 152,091 |
Depreciation in excess of capital allowances | 216,327 | 18,729 |
Deferred tax on accelerated capital allowances | 24,097 | 9,424 |
Due to changes in tax rates | 59,332 | - |
Total tax charge | 313,398 | 457,511 |
9. | 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. |
10. | PRIOR YEAR ADJUSTMENT |
The individual accounts of two subsidiaries have been restated as land acquired in 2003 and 2016 had been depreciated. This depreciation resulted on material misstatement in the individual financial statements of these two subsidiaries. |
The effect of this restatement is that profits for the previous period have increased by £153,600. There is no effect on tax. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Vehicle |
licence |
Goodwill | Trademarks | plates | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
and 30 June 2023 | 3,128,046 | 1,600,000 | 50,000 | 4,778,046 |
AMORTISATION |
At 1 April 2022 | 1,920,000 | 853,333 | 417 | 2,773,750 |
Amortisation for period | 360,000 | 160,000 | 5,000 | 525,000 |
At 30 June 2023 | 2,280,000 | 1,013,333 | 5,417 | 3,298,750 |
NET BOOK VALUE |
At 30 June 2023 | 848,046 | 586,667 | 44,583 | 1,479,296 |
At 31 March 2022 | 1,208,046 | 746,667 | 49,583 | 2,004,296 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Office | Plant and |
property | Equipment | machinery |
£ | £ | £ |
COST |
At 1 April 2022 | 22,610,799 | 7,606 | 39,557 |
Additions | 5,597,465 | - | 44,309 |
Disposals | - | - | - |
At 30 June 2023 | 28,208,264 | 7,606 | 83,866 |
DEPRECIATION |
At 1 April 2022 | 2,893,973 | 3,352 | 16,114 |
Charge for period | 480,993 | 2,377 | 19,657 |
Eliminated on disposal | - | - | - |
At 30 June 2023 | 3,374,966 | 5,729 | 35,771 |
NET BOOK VALUE |
At 30 June 2023 | 24,833,298 | 1,877 | 48,095 |
At 31 March 2022 | 19,716,826 | 4,254 | 23,443 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 860,207 | 698,649 | 31,819 | 24,248,637 |
Additions | 457,667 | 419,842 | 13,719 | 6,533,002 |
Disposals | - | (469,060 | ) | - | (469,060 | ) |
At 30 June 2023 | 1,317,874 | 649,431 | 45,538 | 30,312,579 |
DEPRECIATION |
At 1 April 2022 | 453,048 | 128,197 | 18,396 | 3,513,080 |
Charge for period | 146,903 | 180,508 | 15,204 | 845,642 |
Eliminated on disposal | - | (43,001 | ) | - | (43,001 | ) |
At 30 June 2023 | 599,951 | 265,704 | 33,600 | 4,315,721 |
NET BOOK VALUE |
At 30 June 2023 | 717,923 | 383,727 | 11,938 | 25,996,858 |
At 31 March 2022 | 407,159 | 570,452 | 13,423 | 20,735,557 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2022 |
and 30 June 2023 | 90,000 |
DEPRECIATION |
Charge for period | 37,126 |
At 30 June 2023 | 37,126 |
NET BOOK VALUE |
At 30 June 2023 | 52,874 |
At 31 March 2022 | 90,000 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
13. | FIXED ASSET INVESTMENTS |
Subsidiaries |
Details of the company's subsidiaries at 30 June 2023 are as follows |
Name of Undertaking |
Address |
Class of Shares held |
Direct % |
Indirect % |
Luxurycare (Aranlaw House Care Home) Limited |
UK |
Ordinary and Ordinary A |
0 |
100.00 |
Luxurycare (Eagles Mount Green Community) Limited |
UK |
Ordinary |
0 |
100.00 |
Luxurycare Investments Limited | UK | Ordinary | 100.00 | 0 |
ARNLUX Limited | UK | Ordinary | 0 | 100.00 |
Birds Hill Nursing Home Limited | UK | Ordinary | 0 | 100.00 |
RMLUX Limited | UK | Ordinary | 0 | 100.00 |
Luxurycare (Regency Manor Care Home) Limited |
UK |
Ordinary |
0 |
100.00 |
Luxurycare (Kingsman House Care Home) Limited |
UK |
Ordinary |
0 |
100.00 |
Luxurycare Kingsman House Limited | UK | Ordinary | 0 | 100.00 |
Luxurycare Eagles Mount Ltd | UK | Ordinary | 0 | 100.00 |
Luxurycare Aranlaw House Limited | UK | Ordinary | 0 | 100.00 |
Luxurycare Regency Manor Limited | UK | Ordinary | 0 | 100.00 |
Gunputh Family Office Limited | UK | Ordinary | 0 | 100.00 |
Branksome Park Care Centre Limited | UK | A Ordinary | 0 | 100.00 |
Luxurycare Group Limited | UK | Ordinary | 100.00 | 0 |
All investments were acquired during the period. |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 | 661,231 |
Additions | 370,311 |
At 30 June 2023 | 1,031,542 |
NET BOOK VALUE |
At 30 June 2023 | 1,031,542 |
At 31 March 2022 | 661,231 |
Investment property is included in these financial statements at original cost. The directors have considered the fair value of the properties at 30 June 2023 and believe that original cost is a fair estimate for current value. |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
15. | STOCKS |
Group |
2023 | 2022 |
as restated |
£ | £ |
Stocks | 10,500 | 10,500 |
16. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,352,905 | 1,149,730 |
Amounts owed by group undertakings | - | - |
Other debtors | 3,275,831 | 756,461 |
Corporation tax | - | 109,347 |
Prepayments and accrued income | 269,455 | 149,293 |
4,898,191 | 2,164,831 |
Amounts falling due after more than one | year: |
Other debtors | - | 532,380 |
Aggregate amounts | 4,898,191 | 2,697,211 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 863,447 | 1,992,595 |
Hire purchase contracts (see note 20) | 12,592 | 11,606 |
Trade creditors | 732,374 | 912,091 |
Amounts owed to group undertakings | - | - |
Corporation tax | 289,301 | 574,553 |
Social security and other taxes | 236,294 | 119,102 |
Other creditors | 1,220,354 | 236,952 |
Wages control | 151 | 923 | - | - |
Directors' current accounts | 1,135,215 | 909,938 | 581,890 | - |
Accruals and deferred income | 500,187 | 432,277 |
4,989,915 | 5,190,037 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
as restated |
£ | £ |
Bank loans (see note 19) | 24,954,021 | 16,246,360 |
Other loans (see note 19) | - | 241,368 |
Hire purchase contracts (see note 20) | 23,954 | 39,571 |
24,977,975 | 16,527,299 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 863,447 | 1,992,595 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 1,395,391 | 1,309,100 |
Other loans - 1-2 years | - | 241,368 |
1,395,391 | 1,550,468 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 7,229,544 | 7,186,089 |
Amounts falling due in more than five | years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | - | 6,399,583 |
Repayable by instalments |
Bank loans more 5 yr by instal | 16,329,086 | 1,351,588 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
as restated |
£ | £ |
Gross obligations repayable: |
Within one year | 14,400 | 14,400 |
Between one and five years | 25,220 | 43,220 |
39,620 | 57,620 |
Finance charges repayable: |
Within one year | 1,808 | 2,794 |
Between one and five years | 1,266 | 3,649 |
3,074 | 6,443 |
Net obligations repayable: |
Within one year | 12,592 | 11,606 |
Between one and five years | 23,954 | 39,571 |
36,546 | 51,177 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
as restated |
£ | £ |
Within one year | 23,660 | 11,214 |
Between one and five years | - | 9,360 |
23,660 | 20,574 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
as restated |
£ | £ |
Bank loans | 25,817,468 | 18,238,955 |
Hire purchase contracts | 36,546 | 51,177 |
Other | 241,368 | - |
26,095,382 | 18,290,132 |
The loans are secured on the assets of the group. |
22. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
as restated |
£ | £ |
Deferred tax | 71,744 | 47,647 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 47,647 |
Provided during period | 24,097 |
Balance at 30 June 2023 | 71,744 |
23. | CALLED UP SHARE CAPITAL |
Ordinary share capital |
Number | £ |
A Ordinary shares of 1p | 102 | 1.02 |
B Ordinary shares of 1p | 50 | 0.50 |
C Ordinary shares of 1p | 46 | 0.46 |
D Ordinary shares of 1p | 2 | 0.02 |
Total issued in year | 2.00 |
LUXURYCARE HOLDINGS LTD AND |
ITS SUBSIDIARIES (REGISTERED NUMBER: 14215331) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023 |
24. | CONTINGENT LIABILITIES |
Branksome Park Care Centre Limited have guaranteed the borrowings of the Partnership of Branksome Park Nursing Home. The maximum exposure in respect of the partnership's borrowings as at 30 June 2023 totals £892,581 (2022 - £1,052,237). |
The group has cross guarantees in place in support of a bank loan taken out in Luxurycare (Seabourne House Care Home) Limited. The value of the loan at 30 June 2023 was £1,561,429 (2022 - £1,650,000). |
25. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is K R Gunputh. |