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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: K R Gunputh
S Gunputh
J C Barrett





REGISTERED OFFICE: Ground Floor
5 Trinity House
161 Old Christchurch Road
Bournemouth
Dorset
BH1 1JU





REGISTERED NUMBER: 14215331 (England and Wales)





AUDITORS: Carter & Coley Limited
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:





J C Barrett - Director


28 March 2024

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:

K R Gunputh - appointed 5 July 2022
S Gunputh - appointed 5 July 2022
J C Barrett - appointed 5 July 2022

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:





J C Barrett - Director


28 March 2024

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.




Andrew A Clark FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

28 March 2024

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

(333,615

)

938,959
(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 13 300 -
Investment property 14 - -
300 -

CURRENT ASSETS
Debtors 16 15,533,206 -
Cash in hand 2 -
15,533,208 -
CREDITORS
Amounts falling due within one year 17 13,838,993 -
NET CURRENT ASSETS 1,694,215 -
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,694,515

-

CAPITAL AND RESERVES
Called up share capital 23 2 -
Retained earnings 1,694,513 -
1,694,515 -

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 28 March 2024 and were signed on its behalf by:





J C Barrett - Director


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 2 - 2
Total comprehensive income - 1,694,513 1,694,513
Balance at 30 June 2023 2 1,694,513 1,694,515

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

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, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

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.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Vehicle licence plates are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on buildings and nil on land
Office Equipment - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost and 15% on reducing balance
Motor vehicles - 33% on reducing balance, 33% on cost, 25% on cost and 20% on cost
Computer equipment - 33% on cost

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 -
426 356

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 - - 12,351,585 -
Other debtors 3,275,831 756,461 3,181,621 -
Corporation tax - 109,347 - -
Prepayments and accrued income 269,455 149,293 - -
4,898,191 2,164,831 15,533,206 -

Amounts falling due after more than one year:
Other debtors - 532,380 - -

Aggregate amounts 4,898,191 2,697,211 15,533,206 -

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 - - 13,252,300 -
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 4,803 -
4,989,915 5,190,037 13,838,993 -

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.