Company registration number 06337649 (England and Wales)
ASHTON HEALTHCARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ASHTON HEALTHCARE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr A S Shookhye
Mrs M B Shookhye
Ms R C Shookhye
Mr M A Shookhye
Mr R L Shookhye
Secretary
Mrs M B Shookhye
Company number
06337649
Registered office
13 Oathall Road
Haywards Heath
West Sussex
RH16 3EG
Auditor
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
ASHTON HEALTHCARE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
ASHTON HEALTHCARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

Fair review of the business

The group has continued to make progress in 2022, with overall improvements in the provisions of quality of care in all our care homes and a steady increase in occupancy following the impact of the COVID-19 pandemic and despite the economic pressures that all businesses are now facing.

 

We have been able to continue with our long-term plan to grow through excellence, by investing in care quality, maintenance of our current homes and in the development of new homes. In October 2022 we introduced Grove Park Healthcare Group Limited into the group. Grove Park is an 80 bedded, state-of-the-art, startup hospital in Brighton, and increases the number of homes within the group to five.

We are grateful all our staff, who worked tirelessly to support residents and their families as well as each other through some immensely challenging periods in 2022.

Results and Performance

 

The financial result for 2022 shows a group reported loss before tax for the year of £1.6m that arises due to a number of accounting factors:

 

 

 

 

In 2022, the trading results for all the care homes saw an increase in occupancy, revenue and profits and as benefited from a full year of trading from Wellington that opened in May 2021.

 

The group continues its strategy to invest in enhancing and improving the quality and care in all our care homes and investing in our operating systems and IT infrastructure.

 

Principal risks and uncertainties

Business Risk

The board has overall responsibility for the group’s approach to assessing risk and recognises that creating value is the reward for taking and accepting risk. Management implements the board’s policies on risk and control and oversee compliance of these policies. They are responsible for maintaining appropriate control environments.

 

COVID-19

We continue to take steps to manage the recovery from the pandemic, remaining vigilant to the continuing risks that COVID-19 presents to our residents and staff.

Key metrics continue to be monitored closely and evidence of our increased occupancy points to a sustained recovery, however we continue to closely monitor:

 

 

 

 

The benefits of the COVID-19 vaccination program and annual booster have provided a level of assurance and protection and we find ourselves in a much stronger position to address any possible outbreaks that may lie ahead.

ASHTON HEALTHCARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

Occupancy risk

Lower than expected occupancy rates and a fall in bed rates, would cause a drop in revenue and hence resultant pressure on cash flow. The group continues to manage a number of block bed contracts with local authorities, short and long term that help mitigate this risk. Historically we have a track record of high occupancy, built upon our reputation for the provision of excellent nursing care, together with a strong and flexible management team.

 

The group mitigates this risk by developing a sales and marketing strategy that ensures adequate management time and resources are devoted to its implementation with a continued focus in 2022 to building a stronger online presence and paying attention to consumer needs, their expectations and changes in regulatorily requirements.

 

Wage Rate

Government policy in setting the rate of the National Living Wage (“NLW”) will have a significant impact on labour costs for the group and our ability to recover these costs through fee increases is uncertain. Failure to recover such costs would have a negative impact on margins. In providing a high level of care we mitigate this risk by carefully controlling costs, negotiating fees and regularly reviewing our fees in light of market conditions.

 

Interest rate risk

 

The group’s interest rate risk arises from borrowings issued at variable rates that exposes the group to interest rate cash flow risk. Covenants apply to this borrowing which could limit operating and financial flexibility if the Group defaults under these covenants. Increases in interest rates in the future could significantly increase costs, reduce cash flow and funding for the development of new homes or redevelopment of existing homes, may not be available on acceptable terms.

 

To mitigate this risk, we maintain strong working relationships with our bank to facilitate the regular provision of compliance reporting, providing detailed management reports and oversight of key issues impacting the business. In addition, prudent liquidity management policies are applied that include the preparation of regular detailed cash flow forecasts to monitor liquidity and compliance with the covenants.

 

Legislative & regulatory risk

The group operates in a highly regulated environment and is subject to licensing and inspection from many third parties that includes the Care Quality Commission (CQC) and local authorities. There is continual pressure on achieving a high standard of regulatory compliance rating, failure of which would curtail admission, impacting on the group’s turnover and profitability.

 

In recognising this obligation and requirement to achieve the highest CQC rating, we are confident that our highly trained, experienced management team have the necessary skills and oversight to ensure strict implementation of our internal processes, procedures and controls that ensures ongoing compliance throughout all the changes in the regulatory landscape.

 

Financial key performance indicators

The group tracks its performance against a number of key performance indicators which are aligned to our strategic vision. The key drivers are

 

As part of our internal reporting processes, we compare our results to national standards and find that we are operating within the industry norm.

ASHTON HEALTHCARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

Prospect for 2023

Although future revenue growth is expected in 2023 with 12 months of trading from Grove Park, the board recognises that COVID-19 Infection rates remains a significant risk. We are currently experiencing economic uncertainty arising from increases in fuel prices, interest rates and wage costs, and therefore it is necessary that we continue to closely monitor costs whilst actively considering new opportunities that will create value and grow the business. We will continue to apply measures to help with the challenges that lie ahead. Our strategic objectives remain unchanged, we will continue to prioritise the delivery of good quality care to all our residents to a standard we are proud of.

On behalf of the board

Mr A S Shookhye
Director
28 November 2023
ASHTON HEALTHCARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company is that of a holding company and financial service provider for the group companies.

The principal activity of the Company’s subsidiary undertakings is that of the provision of care services and property development. These include a range of specialist nursing and residential services to the elderly and to people with dementia.

The results consolidate the trading results from our care homes in Adelaide Healthcare Limited, Birchgrove Healthcare (Sussex) Limited, Grove Park Healthcare Group Limited, and our project development companies, Ashton Project Management Limited and Hazeldene Project Management Limited.

Our new care home in Brighton, Grove Park, opened in April 2022.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A S Shookhye
Mrs M B Shookhye
Ms R C Shookhye
Mr M A Shookhye
Mr R L Shookhye
Financial instruments

Details of principal risks, including financial instrument risks, are detailed in the Strategic Report.

Future developments

The directors have disclosed any future developments in the Strategic Report.

Auditor

The auditor, Carpenter Box, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr A S Shookhye
Director
28 November 2023
ASHTON HEALTHCARE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ASHTON HEALTHCARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASHTON HEALTHCARE GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Ashton Healthcare Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group statement of total comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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 FRS 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ASHTON HEALTHCARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASHTON HEALTHCARE GROUP LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, and compliance with the UK Companies Act.

ASHTON HEALTHCARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASHTON HEALTHCARE GROUP LIMITED
- 8 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
30 November 2023
Chartered Accountants
Statutory Auditor
Worthing
Carpenter Box is a trading name of Carpenter Box Limited
ASHTON HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
£
£
Revenue
3
10,077,931
5,910,624
Cost of sales
(8,115,152)
(3,890,833)
Gross profit
1,962,779
2,019,791
Administrative expenses
(2,683,885)
(1,314,679)
Other operating income
126,145
275,643
Operating (loss)/profit
4
(594,961)
980,755
Finance costs
8
(1,017,522)
(474,845)
(Loss)/profit before taxation
(1,612,483)
505,910
Tax on (loss)/profit
9
1,003,200
92,600
(Loss)/profit for the financial year
(609,283)
598,510
Other comprehensive income
Revaluation of property, plant and equipment
14,074,295
2,296,300
Tax relating to other comprehensive income
(3,544,100)
(429,900)
Total comprehensive income for the year
9,920,912
2,464,910
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The group statement of total comprehensive income has been prepared on the basis that all operations are continuing operations.

ASHTON HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£
£
£
£
Non-current assets
Goodwill
10
105,000
122,500
Property, plant and equipment
11
48,374,698
31,496,911
48,479,698
31,619,411
Current assets
Inventories
15,549
10,707
Trade and other receivables
14
3,181,552
1,041,671
Cash and cash equivalents
1,233,814
1,202,305
4,430,915
2,254,683
Current liabilities
15
(2,549,827)
(2,317,693)
Net current assets/(liabilities)
1,881,088
(63,010)
Total assets less current liabilities
50,360,786
31,556,401
Non-current liabilities
16
(25,330,849)
(20,182,976)
Provisions for liabilities
Deferred tax liability
19
5,120,300
1,384,700
(5,120,300)
(1,384,700)
Net assets
19,909,637
9,988,725
Equity
Called up share capital
21
122
122
Revaluation reserve
16,196,739
5,666,544
Retained earnings
3,712,776
4,322,059
Total equity
19,909,637
9,988,725

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
28 November 2023
Mr A S Shookhye
Director
Company registration number 06337649 (England and Wales)
ASHTON HEALTHCARE GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
£
£
£
£
Non-current assets
Investments
12
686,943
3
Current assets
Trade and other receivables falling due after more than one year
14
9,282,968
-
0
Trade and other receivables falling due within one year
14
448,627
4,824,647
Cash and cash equivalents
66,762
81,070
9,798,357
4,905,717
Current liabilities
15
(2,292,588)
(2,652,959)
Net current assets
7,505,769
2,252,758
Total assets less current liabilities
8,192,712
2,252,761
Non-current liabilities
16
(24,039,688)
(10,303,137)
Net liabilities
(15,846,976)
(8,050,376)
Equity
Called up share capital
21
122
122
Retained earnings
(15,847,098)
(8,050,498)
Total equity
(15,846,976)
(8,050,376)

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company's loss for the year was £7,796,600 (2021 - £282,462 loss)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
28 November 2023
Mr A S Shookhye
Director
Company registration number 06337649 (England and Wales)
ASHTON HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Revaluation reserve
Retained earnings
Total
£
£
£
£
Balance at 1 January 2021
122
3,800,144
3,723,549
7,523,815
Year ended 31 December 2021:
Profit for the year
-
-
598,510
598,510
Other comprehensive income:
Revaluation of property, plant and equipment
-
2,296,300
-
2,296,300
Tax relating to other comprehensive income
-
(429,900)
-
0
(429,900)
Total comprehensive income
-
1,866,400
598,510
2,464,910
Balance at 31 December 2021
122
5,666,544
4,322,059
9,988,725
Year ended 31 December 2022:
Loss for the year
-
-
(609,283)
(609,283)
Other comprehensive income:
Revaluation of property, plant and equipment
-
14,074,295
-
14,074,295
Tax relating to other comprehensive income
-
(3,544,100)
-
0
(3,544,100)
Total comprehensive income
-
10,530,195
(609,283)
9,920,912
Balance at 31 December 2022
122
16,196,739
3,712,776
19,909,637
ASHTON HEALTHCARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2021
122
(7,768,036)
(7,767,914)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(282,462)
(282,462)
Balance at 31 December 2021
122
(8,050,498)
(8,050,376)
Year ended 31 December 2022:
Profit and total comprehensive income
-
(7,796,600)
(7,796,600)
Balance at 31 December 2022
122
(15,847,098)
(15,846,976)
ASHTON HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(1,494,929)
1,275,509
Interest paid
(600,676)
(338,036)
Net cash (outflow)/inflow from operating activities
(2,095,605)
937,473
Investing activities
Purchase of property, plant and equipment
(2,374,474)
(5,479,611)
Proceeds from disposal of property, plant and equipment
-
1,862
Net cash used in investing activities
(2,374,474)
(5,477,749)
Financing activities
Proceeds from borrowings
304,038
810,051
Repayment of borrowings
(1,040,062)
(584,440)
Proceeds from new bank loans
23,200,000
4,062,148
Repayment of bank loans
(17,956,780)
(149,824)
Payment of finance leases obligations
(5,608)
(95)
Net cash generated from financing activities
4,501,588
4,137,840
Net increase/(decrease) in cash and cash equivalents
31,509
(402,436)
Cash and cash equivalents at beginning of year
1,202,305
1,604,741
Cash and cash equivalents at end of year
1,233,814
1,202,305
ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
1
Accounting policies
Company information

Ashton Healthcare Group Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 13 Oathall Road, Haywards Heath, West Sussex, RH16 3EG.

 

The group consists of Ashton Healthcare Group Limited and all of its subsidiaries as disclosed at note 13.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Ashton Healthcare Group Limited and all of its subsidiaries. All financial statements are made up to 31 December 2022.

 

On 1 October 2022 a group reconstruction occurred with the company acquiring the entire issued share capital of Grove Park Healthcare Group Limited and its subsidiary Hazeldene Project Management Limited. This transaction has been recorded under the 'merger accounting method' and these financial statements therefore present the full trading results of the group of companies for the year ended 31 December 2022 and for the comparative year.

 

When Adelaide Healthcare Limited and Birchgrove Healthcare Limited were acquired by the group in prior years they were also accounted for using the merger accounting method. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

1.3
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic has had a profound effect on the care sector as a whole, and a significant impact on the group’s operations. The group implemented tight controls and provided personal protective equipment to its staff in order to reduce the spread of the virus in its nursing homes. In response to the COVID-19 pandemic, the directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -

The company has net liabilities in relation to the bank loan in the company, any instalments or other amounts due will be paid from future trading of the group’s subsidiaries and the directors confirm that these will be settled as they fall due. The directors have also confirmed that, if required, they will provide financial support to the group and company.

 

Based on these assessments and having regard to the resources available to the group, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, is shown net of VAT and on an accruals basis.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of 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 20 years in Adelaide Healthcare Limited. The goodwill in Birchgrove Healthcare (Sussex) Limited is fully amortised.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Held at fair value
Plant and equipment
15% diminishing balance
Fixtures and fittings
15% diminishing balance
Computers
15% diminishing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluations are made with sufficient regularity to ensure that the carrying amount in the financial statements does not differ materially from that which would be determined using the fair value at the end of the reporting period.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.7
Non-current investments

In the parent company financial statements investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.11
Financial assets and liabilities

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 statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

 

The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

 

Debt instruments like loans and other accounts receivable and payable are initially measured at the transaction price (including transaction costs) and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.12
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.

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit and loss on a straight line basis over the term of the relevant lease.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty
Fair value of property, plant and equipment

The directors' valuation relating to the fair value of property, plant and equipment across the group is based on their use of the professional valuations carried out on behalf of the company's lenders in May 2022 at an aggregate of £48.28 million (for Adelaide Healthcare Limited, Birchgrove Healthcare (Sussex) Limited and Grove Park Healthcare Group Limited, all group subsidiaries). These valuations were carried out in accordance with The Royal Institution of Chartered Surveyors, undertaken by BNP Paribas, an independent firm of Chartered Surveyors with a recognised and relevant professional qualification and with recent experience in the location and category of the property, plant and equipment being valued. The valuations were both made on the basis of existing use as a fully-equipped operational entity having regard to trading potential in line with Section 27 of FRS 102.

3
Revenue

The company operates one principal activity, that of the rendering of services, which is wholly undertaken in the United Kingdom. Revenue is therefore made up 100% by the fees in relation to the supply of these services.

 

4
Operating (loss)/profit
2022
2021
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
-
237
Government grants
(120,645)
(275,643)
Depreciation of owned property, plant and equipment
134,908
65,699
Loss on disposal of property, plant and equipment
529
-
Amortisation of intangible assets
17,500
17,500
Operating lease charges
33,227
29,994
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,000
9,000
Audit of the financial statements of the company's subsidiaries
21,000
15,000
30,000
24,000
ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
6
Employees

The average monthly number of persons employed by the group and company during the year (excluding directors) was:

 

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Nurses and carers
139
87
-
-
Household
49
32
-
-
Management and administration
37
13
-
-
Total
225
132
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
6,881,064
3,515,032
8,760
17,520
Social security costs
453,987
267,707
-
-
Pension costs
103,824
63,660
-
0
-
0
7,438,875
3,846,399
8,760
17,520
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
8,760
17,520
8
Finance costs
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,016,147
474,006
Other finance costs:
Interest on finance leases and hire purchase contracts
1,375
839
Total finance costs
1,017,522
474,845
ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
9
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
(823,800)
(92,600)
Changes in tax rates
(179,400)
-
0
Total deferred tax
(1,003,200)
(92,600)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
(Loss)/profit before taxation
(1,612,483)
505,910
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(306,372)
96,123
Tax effect of expenses that are not deductible in determining taxable profit
(120,467)
898
Gains not taxable
(107,247)
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(84,129)
Unutilised tax losses carried forward
14,810
-
0
Permanent capital allowances in excess of depreciation
(26,047)
(52,895)
Depreciation on assets not qualifying for tax allowances
775
922
Other non-reversing timing differences
(3,952)
11,083
Deferred tax adjustments in respect of prior years
(275,500)
(64,602)
Effect of change in deferred tax rate
(179,200)
-
0
Taxation credit
(1,003,200)
(92,600)

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2022
2021
£
£
Deferred tax arising on:
Revaluation of property
3,544,100
429,900

The group has estimated trading and capital losses of £5,465,000 (2021 - £1,677,000) and £36,000 (2021 - £36,000) respectively available for carry forward against future income.

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
2,150,000
Amortisation and impairment
At 1 January 2022
2,027,500
Amortisation charged for the year
17,500
At 31 December 2022
2,045,000
Carrying amount
At 31 December 2022
105,000
At 31 December 2021
122,500
The company had no intangible fixed assets at 31 December 2022 or 31 December 2021.
ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
11
Property, plant and equipment
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2022
23,580,513
7,428,748
211,921
674,426
16,481
38,388
31,950,477
Additions
1,694,137
-
0
307,130
284,335
88,872
-
0
2,374,474
Disposals
-
0
-
0
-
0
(871)
-
0
-
0
(871)
Revaluation
14,638,750
-
0
-
0
-
0
-
0
-
0
14,638,750
Transfers
7,428,748
(7,428,748)
-
0
-
0
-
0
-
0
-
0
At 31 December 2022
47,342,148
-
0
519,051
957,890
105,353
38,388
48,962,830
Depreciation and impairment
At 1 January 2022
-
0
-
0
111,185
340,185
596
1,600
453,566
Depreciation charged in the year
-
0
-
0
36,185
75,953
13,173
9,597
134,908
Eliminated in respect of disposals
-
0
-
0
-
0
(342)
-
0
-
0
(342)
At 31 December 2022
-
0
-
0
147,370
415,796
13,769
11,197
588,132
Carrying amount
At 31 December 2022
47,342,148
-
0
371,681
542,094
91,584
27,191
48,374,698
At 31 December 2021
23,580,513
7,428,748
100,736
334,241
15,885
36,788
31,496,911
The company had no property, plant and equipment at 31 December 2022 or 31 December 2021.
ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -

The directors have valued property, plant and equipment as disclosed in note 2.

 

There are fixed and floating charges held over the freehold land and buildings by the group's bankers.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2022
2021
£
£
Group
Cost
26,638,410
24,944,273
12
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
686,943
3
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
3
Additions
686,940
At 31 December 2022
686,943
Carrying amount
At 31 December 2022
686,943
At 31 December 2021
3
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Adelaide Healthcare Limited
See note a)
Provider of care services
Ordinary
100.00
-
Birchgrove Healthcare (Sussex) Limited
See note a)
Provider of care services
Ordinary
100.00
-
Ashton Project Management Limited
See note a)
Project management of development site
Ordinary
100.00
-
Grove Park Healthcare Group Limited
See note a)
Provider of care services
Ordinary
100.00
-
Hazeldene Project Management Limited
See note a)
Project management of development site
Ordinary
-
100.00
ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13
Subsidiaries
(Continued)
- 25 -

Registered office addresses

 

a) 13 Oathall Road, Haywards Heath, West Sussex, RH16 3EG.

14
Trade and other receivables
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade receivables
617,313
334,100
-
0
-
0
Amounts owed by group undertakings
-
-
-
1,052,380
Other receivables
363,685
205,501
-
0
3,685,203
Prepayments and accrued income
839,554
335,770
448,627
87,064
1,820,552
875,371
448,627
4,824,647
Deferred tax asset (note 19)
1,361,000
166,300
-
0
-
0
3,181,552
1,041,671
448,627
4,824,647
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
9,282,968
-
Total debtors
3,181,552
1,041,671
9,731,595
4,824,647

Included within the company debtors falling due after more than one year, a discounting charge totalling £686,940 has been applied to this balance as no interest is charged on this balance. There has been an equal and opposite increase in the investment in this subsidiary as a result of this adjustment.

 

The going concern conclusions as disclosed in note 1.3 have therefore been arrived at on the basis that this balance will not be received within 12 months of the signing of the audit report.

15
Current liabilities
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans
17
27,195
675,279
27,195
675,279
Obligations under finance leases
18
7,407
5,608
-
0
-
0
Trade payables
794,399
210,217
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,232,037
1,955,844
Corporation tax payable
-
0
1
-
0
-
0
Other taxation and social security
200,031
81,963
-
-
Other payables
366,634
355,745
-
0
-
0
Accruals and deferred income
1,154,161
988,880
33,356
21,836
2,549,827
2,317,693
2,292,588
2,652,959
ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
16
Non-current liabilities
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
17
23,172,805
17,281,501
23,172,805
8,781,501
Obligations under finance leases
18
21,439
28,846
-
0
-
0
Other borrowings
17
2,076,239
2,812,263
866,883
1,521,636
Deferred income
60,366
60,366
-
0
-
0
25,330,849
20,182,976
24,039,688
10,303,137
17
Borrowings
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
23,200,000
17,956,780
23,200,000
9,456,780
Other loans
2,076,239
2,812,263
866,883
1,521,636
25,276,239
20,769,043
24,066,883
10,978,416
Payable within one year
27,195
675,279
27,195
675,279
Payable after one year
25,249,044
20,093,764
24,039,688
10,303,137

The bank loans are fully repayable within 5 years. The rate of interest payable is between 3.5% and 3.9% plus the Bank of England's base rate. No capital repayments are due on the bank loans until November 2023.

 

The bank loans are secured by a cross guarantee and debenture in favour of the bank granted by members of the group, including Adelaide Healthcare Limited, Birchgrove Healthcare (Sussex) Limited and Grove Park Healthcare Limited dated 28 October 2022. The bank also holds fixed and floating charges over all assets of the group. The controlling parties Mr A S Shookhye and Mrs M B Shookhye have also provided personal guarantees totalling £5.200,000.

18
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,407
5,608
-
0
-
0
In two to five years
21,439
28,846
-
0
-
0
28,846
34,454
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Group
£
£
£
£
Accelerated capital allowances
613,300
421,800
64,200
-
Tax losses
-
-
1,296,800
166,300
Revaluations
4,507,000
962,900
-
-
5,120,300
1,384,700
1,361,000
166,300
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 January 2022
1,218,400
-
Charge to profit or loss
(823,800)
-
Charge to other comprehensive income
3,544,100
-
Effect of change in tax rate - profit or loss
(179,400)
-
Liability at 31 December 2022
3,759,300
-
20
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
103,824
63,660

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
122 Ordinary shares of £1 each
122
122

All shares carry equal voting rights, equal rights to a dividend entitlement, equal rights to a distribution on winding up and there is no likelihood of redemption.

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
23,690
10,278
-
-
Between two and five years
50,300
6,553
-
-
73,990
16,831
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

2022
2021
£
£
Aggregate compensation
8,760
17,520

Company

 

At the previous year-end, a balance totalling £3,685,203, included within other receivables, was due from two connected companies under common ownership.

 

During the current year, following a group reconstruction, these companies are now 100% owned subsidiaries of the same group and therefore no disclosure of transactions or balances with them is required.

24
Directors' transactions

Included within the group other payables in current and non-current liabilities are directors' loan balances which total £2,081,475 (2021 - £2,812,263). No interest is charged on these balances.

 

Included within the company other payables in current and non-current liabilities are directors' loan balances which total £866,883 (2021 - £1,521,636). No interest is charged on these balances.

25
Controlling party

The company is controlled by Mr A S Shookhye and Mrs M B Shookhye,

ASHTON HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
26
Cash (absorbed by)/generated from group operations
2022
2021
£
£
(Loss)/profit for the year after tax
(609,283)
598,510
Adjustments for:
Taxation credited
(1,003,200)
(92,600)
Finance costs
1,017,522
474,845
Loss on disposal of property, plant and equipment
529
-
Amortisation and impairment of intangible assets
17,500
17,500
Depreciation and impairment of property, plant and equipment
134,908
65,699
Impairment reversal on property, plant and equipment
(564,456)
-
Movements in working capital:
(Increase)/decrease in inventories
(4,842)
2,467
Increase in trade and other receivables
(945,181)
(186,070)
Increase in trade and other payables
461,574
395,158
Cash (absorbed by)/generated from operations
(1,494,929)
1,275,509
27
Analysis of changes in net debt - group
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
1,202,305
31,509
1,233,814
Borrowings excluding overdrafts
(20,769,043)
(4,507,196)
(25,276,239)
Obligations under finance leases
(34,454)
5,608
(28,846)
(19,601,192)
(4,470,079)
(24,071,271)
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300Mr A S ShookhyeMs R C ShookhyeMr M A ShookhyeMr R L ShookhyeMr R L ShookhyeMrs M B 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