REGISTERED NUMBER: 06628412 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2023 |
for |
Grosvenor Living Limited |
REGISTERED NUMBER: 06628412 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2023 |
for |
Grosvenor Living Limited |
Grosvenor Living Limited (Registered number: 06628412) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity |
16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement |
19 |
Notes to the Consolidated Financial Statements |
21 |
Grosvenor Living Limited |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
16 Wynnstay Road |
Colwyn Bay |
Conwy |
LL29 8NB |
Grosvenor Living Limited (Registered number: 06628412) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
The directors present their strategic report of the company and the group for the year ended 30 April 2023. |
Pendine Park Care Organisation Ltd, the trading subsidiary, trades from locations in Wrexham, NE Wales and Caernarfon, NW Wales, providing registered services for up to 450 residents with a range of physical and complex nursing needs including mental health, dementia, younger adult services and companion living care apartments. |
The Company meets the widely accepted challenges of the social care sector, within the constrained North Wales economic landscape, by adopting a business model which is a fusion of components including, above sector average levels of occupancy and higher average fees and external training services. This strategy, coupled with cost controls, generates funds for continuous reinvestment in facilities equipment and the environment, care services, and in a highly trained and valued workforce skilled in delivering often complex care services and all within a reasonable ratio of wages to fees, and value for money for the publicly funded services. |
The Company's subsidiary, The Pendine Academy of Social Care Ltd, provides vocational qualifications to the care sector in North Wales as well as facilitating significant levels of 'in house' bespoke training. including mandatory training, care practice, clinical practice and our Enriching Lives program as well as other regular training programs including induction, team leader training promoting leadership and management skills, bespoke care plan training to meet complex needs, clinical care practitioner training and clinical support for senior and primary nurses. |
We are particularly proud of our Academy which also manages our varied collaborations with recruitment organisations and educational institutions including an Open University program training registered nurses in a social care setting, now entering a 4th cohort. |
People are at the heart of the Company's business strategy. Our 'enriching lives across the generations' philosophy, enriches the lives of residents, their friends and families, our staff and our wider community, locally, regionally and nationally and is delivered in two main ways. First through the values beliefs and cultures embedded in everyday life by the Pendine team, and secondly through the Pendine Arts & Community Trust ('PACT'). |
PACT is a virtual trust giving a structure and brand to the Company's wide and varied community engagements which supports Arts and Community based organisations across Wales and beyond and has been widely recognised. For example, one such award was the Arts & Business Cymru Award 2019 for promoting health and well-being in Wales. Many other collaborations exist including long standing relationships with the Halle Orchestra, Llangollen International Music Festival, Welsh National Opera, North Wales International Music Festival and numerous other charities and community engagements. These collaborations continue to enrich the lives of many across all generations and provide natural stimulus for our enriching lives through the Welsh language and culture. |
COVID-19 and Other World Events |
Covid-19 continues to impact care services albeit to a lesser degree. The pandemic and other World events have created a well publicised challenging and changing commercial landscape which required the Company to work flexibly and creatively. |
Welsh Government support for our sector in the pandemic has been highly commended by many and whilst the support ended in March 2022 its impact continues to help the Company regenerate. |
Grosvenor Living Limited (Registered number: 06628412) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
Throughout the Pandemic, and since March 2020, we have estimated costs we believe have resulted from the impact of the pandemic. At April 2022 cumulative costs were estimated at over £6.2 m |
Forward Look 2023/24 and beyond |
After recent tumultuous years, the Company's key strategy is review activities right across the business and set new objectives for the future. The Company's 2019 vision to build a new care home is still on the drawing board, with full planning permission, awaiting signs from the market that construction costs have started to stabilise. |
Operationally the Company continues to focus on 4 strategic areas of Care & Support,Well-Being & Enriching Lives, Leadership and the Environment. Each strategy provides the foundation for, a sustainable future, underpinning the business model and reassuring the Pendine Community as a whole. These areas also meet Care Inspectorate Wales regulation and compliance objectives which have moved apace in the last 2 years including substantial responses to Quality of Care Reviews, Annual Returns and Social Care Wales registration. |
The intrinsic value of the Pendine brand values and cultures has become ever more apparent in this phase and within the strategic focus. Care operations are enhanced by the brand, and the brand values engage other depts to support care cooperations widely and deeply. Within this arena that the Pendine Academy and the Pendine Arts & Community Trust can thrive. |
The extensive efforts around staffing levels in 2021 & 2022 have bolstered the Company's resources to reassuring levels which have sustained. The Company does not take this positive situation for granted and in 2024 a refreshed induction and training program will roll out for key roles in the care and supporting homes services depts. |
The Company is acutely aware of the changing economic climate and the challenges of the energy crisis, cost of living crisis and inflation being experienced in the Pendine community. The Company introduced a Real Living Wage strategy in 2021 ahead of the Welsh Governments hugely significant and commendable decision to fund the RLW for the care element of the workforce in Wales. The Company has however met this obligation across its entire workforce and will be proud to soon achieve a baseline salary of £25,000 pa for age 21 plus. |
Business Review Risks and Challenges |
A summary of key management information compared to the leading sector benchmarking Knight Frank Annual Care Home Reviews (KF Review) is as follows: |
Year Ended 30 April |
2019 |
2020 |
2021 |
2022 |
2023 |
Occupancy |
PPCO | 97% | 96% | 90% | 94% | 98% |
KF Review |
89% |
88% |
79% |
83% |
Not yet available |
Grosvenor Living Limited (Registered number: 06628412) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
Wages to Turnover |
PPCO | 60.58% | 62.8% | 61.4% | 58.9% | 60.8% |
KF Review |
58.6% |
58.0% |
60.2% |
59% |
Not yet available |
Repairs, Refurb & Capital |
£1.2m |
£1.7m |
£0.7m |
£1.03m |
£0.6m |
Internal Training |
Cost | £197k |
Attendees and Hours | 8,549 | 12,263 Hrs |
Trainer Sessions and Hours | 3,240 | 4,344 Hrs |
Principle Business Risks |
- Staffing levels and recruitment remain a principle concern and continuous focus. The Company does not rely on agency staffing. |
- Keeping apace of changing guidance and continuous regulatory and external pressures at the same time as meeting business need for the Company's own development for example maintaining our Training status. Furthermore Government regulation uniquely operates without reference to cost implications and the inherent value of the services in real terms. The Company meets all Care Inspectorate Wales registration requirements. |
- Increasing levels of client physical and mental health frailty and dependency. |
- Increasing demand for services compromised by hospital discharge procedures. |
- Relatively small private market across North Wales further exacerbated when private clients, whose health needs deteriorate move onto Continuing Healthcare NHS Funding at a lower fee. |
- Managing inflation and the escalation of core running costs including food prices and household supplies, utilities and medical supplies. |
- Managing the impact of Public Sector Funding cycles whilst maintaining a Real Living Wage strategy. |
- Standard fees paid by the authorities do not typically include sufficient funding for enrichment and activities, nor for 'state of the art' properties and there are issues concerning Public Sector Fee around Return on Capital. Some Local Authorities and Local Health Boards have been slow to take up Welsh Government initiatives and have delayed Funding intended for the sector. Add to this, inconsistent fee setting across Wales. |
- High interest rates relevant when considering new projects. |
- Data Protection and Cyber security require constant management and investment. The Company has achieved Cyber Essentials Plus accreditation. |
Grosvenor Living Limited (Registered number: 06628412) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
Employee Involvement and Employment of Disabled Persons |
The Company regards communication with its employees as essential and continues to engage regularly with employees, providing information and support on all matters with regards to their health and wellbeing and the impact of Government Regulations on life at Pendine, at home and in the wider community. Staff views are canvassed through training and induction, surveys, forums, regular supervision and appraisal processes. Information is given to employees about employment matters and about the financial and economic factors affecting the Company's performance through management channels. The Company is a mindful employer, and adheres to an Employers Charter pledge, and employees are encouraged to discuss operational and strategic issues with their line management and at team events. In 2022 about 600 eligible staff were supported to register with Social Care Wales for the first time and re registration is now underway. |
The Company is committed to providing equal opportunities to employees. The employment of disabled persons is included in this commitment and the recruitment, training, career development and promotion is based on the aptitudes and abilities of the individual. |
ON BEHALF OF THE BOARD: |
30 January 2024 |
Grosvenor Living Limited (Registered number: 06628412) |
Report of the Directors |
for the Year Ended 30 April 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2023 was £80,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
STREAMLINED ENERGY AND CARBON REPORTING |
The scope of emissions include in the report is Electricity, Natural Gas and Direct Transport. |
This report is aligned with the GHG Protocol methodology. |
The GHG Protocol establishes comprehensive global standardised frameworks to measure and manage greenhouse gas (GHG) emissions from private and public sector operations, value chains and mitigation actions. The framework has been in use since 2001, and forms a recognised structured format, to calculate a carbon footprint. |
Direct transport use was not included in the previous year so there is no comparison between the two years for this source. |
Based on actual usage information, the company has consumed 4,793,261 KWH in natural gas (2022 - 5,012,902 KWH), 1,107,663 KWH in electricity (2022 - 1,083,339 KWH) and 84,731 KWH (2022 - 79,592) in transport. |
In total, this equates to 1,110 tCO2e for 2023 (895 tCO2e (Scope 1) and 214 tCO2e (Scope 2)). In 2022, the total equated to 1,173 tCO2e (943 tCO2e (Scope 1) and 230 tCO2e (scope 2)). |
The intensity is calculated as the total tCO2e emitted divided by the number of beds, which gives 2.52 in 2023 and 2.73 in 2022. |
We are fully committed to corporate social responsibility, operating in accordance with best practice and bringing social value to all communities in which we work. The vision of the company is to continue to invest in its operational infrastructure. In refurbishment projects and future building work projects, we aim to be sustainable and innovative in reducing our environmental impact in order to build towards a greener future. |
Grosvenor Living Limited (Registered number: 06628412) |
Report of the Directors |
for the Year Ended 30 April 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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; |
- | 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. |
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. |
AUDITORS |
The auditors, Pritchett & Co Business Advisers Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Grosvenor Living Limited |
Opinion |
We have audited the financial statements of Grosvenor Living Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 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 April 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 |
Grosvenor Living Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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 seven, 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 |
Grosvenor Living Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team; |
• Obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the charitable company operates in and how the charitable company is complying with the legal and regulatory frameworks; |
• Inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud; |
• Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements and remaining alert to new or unusual transactions which may not be in accordance with the governing documents. |
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered outside the normal course of business, and challenging judgements and estimates. |
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. |
Report of the Independent Auditors to the Members of |
Grosvenor Living Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
16 Wynnstay Road |
Colwyn Bay |
Conwy |
LL29 8NB |
Grosvenor Living Limited (Registered number: 06628412) |
Consolidated |
Income Statement |
for the Year Ended 30 April 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ |
TURNOVER | 27,400,290 | 23,952,077 |
Cost of sales | 17,840,931 | 15,084,900 |
GROSS PROFIT | 9,559,359 | 8,867,177 |
Administrative expenses | (4,740,946 | ) | 2,907,250 |
14,300,305 | 5,959,927 |
Other operating income | 143,369 | 219,607 |
OPERATING PROFIT | 4 | 14,443,674 | 6,179,534 |
Interest receivable and similar income |
60,379 |
1,762 |
14,504,053 | 6,181,296 |
Interest payable and similar expenses |
5 |
49,633 |
92,291 |
PROFIT BEFORE TAXATION | 14,454,420 | 6,089,005 |
Tax on profit | 6 | 1,294,097 | 1,292,611 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 13,160,323 | 4,796,394 |
Grosvenor Living Limited (Registered number: 06628412) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 April 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 13,160,323 | 4,796,394 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
13,160,323 |
4,796,394 |
Total comprehensive income attributable to: |
Owners of the parent | 13,160,323 | 4,796,394 |
Grosvenor Living Limited (Registered number: 06628412) |
Consolidated Balance Sheet |
30 April 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 34,895,224 | 28,290,374 |
Investments | 11 | - | - |
34,895,224 | 28,290,374 |
CURRENT ASSETS |
Stocks | 12 | 122,301 | 147,919 |
Debtors | 13 | 1,824,418 | 2,458,746 |
Cash at bank and in hand | 7,340,214 | 6,172,681 |
9,286,933 | 8,779,346 |
CREDITORS |
Amounts falling due within one year | 14 | 3,238,706 | 5,544,690 |
NET CURRENT ASSETS | 6,048,227 | 3,234,656 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
40,943,451 |
31,525,030 |
CREDITORS |
Amounts falling due after more than one year |
15 |
- |
3,661,902 |
NET ASSETS | 40,943,451 | 27,863,128 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 1,100 | 1,100 |
Retained earnings | 18 | 40,942,351 | 27,862,028 |
SHAREHOLDERS' FUNDS | 40,943,451 | 27,863,128 |
The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by: |
Mr M F Kreft - Director |
Grosvenor Living Limited (Registered number: 06628412) |
Company Balance Sheet |
30 April 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
37,098,263 |
88,984 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Grosvenor Living Limited (Registered number: 06628412) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2021 | - | 23,145,634 | 23,145,634 |
Changes in equity |
Issue of share capital | 1,100 | - | 1,100 |
Dividends | - | (80,000 | ) | (80,000 | ) |
Total comprehensive income | - | 4,796,394 | 4,796,394 |
Balance at 30 April 2022 | 1,100 | 27,862,028 | 27,863,128 |
Changes in equity |
Dividends | - | (80,000 | ) | (80,000 | ) |
Total comprehensive income | - | 13,160,323 | 13,160,323 |
Balance at 30 April 2023 | 1,100 | 40,942,351 | 40,943,451 |
Grosvenor Living Limited (Registered number: 06628412) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Grosvenor Living Limited (Registered number: 06628412) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 7,596,457 | 7,982,537 |
Interest paid | (49,633 | ) | (92,291 | ) |
Tax paid | (1,109,174 | ) | (801,969 | ) |
Net cash from operating activities | 6,437,650 | 7,088,277 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (31,575,002 | ) | (803,279 | ) |
Sale of tangible fixed assets | 31,794,184 | - |
Interest received | 60,379 | 1,762 |
Net cash from investing activities | 279,561 | (801,517 | ) |
Cash flows from financing activities |
Loan repayments in year | (4,117,939 | ) | (461,999 | ) |
Amount introduced by directors | 16,888 | 2,069,295 |
Amount withdrawn by directors | (1,368,627 | ) | (1,641,375 | ) |
Equity dividends paid | (80,000 | ) | (80,000 | ) |
Net cash from financing activities | (5,549,678 | ) | (114,079 | ) |
Increase in cash and cash equivalents | 1,167,533 | 6,172,681 |
Cash and cash equivalents at beginning of year |
2 |
6,172,681 |
- |
Cash and cash equivalents at end of year |
2 |
7,340,214 |
6,172,681 |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/4/23 | 30/4/22 |
£ | £ |
Profit before taxation | 14,454,420 | 6,089,005 |
Depreciation charges | 298,846 | 1,144,189 |
Profit on disposal of fixed assets | (7,122,877 | ) | - |
Finance costs | 49,633 | 92,291 |
Finance income | (60,379 | ) | (1,762 | ) |
7,619,643 | 7,323,723 |
Decrease/(increase) in stocks | 25,618 | (147,919 | ) |
Decrease/(increase) in trade and other debtors | 611,053 | (2,122,131 | ) |
(Decrease)/increase in trade and other creditors | (659,857 | ) | 2,928,864 |
Cash generated from operations | 7,596,457 | 7,982,537 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 7,340,214 | 6,172,681 |
Year ended 30 April 2022 |
30/4/22 | 1/5/21 |
£ | £ |
Cash and cash equivalents | 6,172,681 | - |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/5/22 | Cash flow | At 30/4/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,172,681 | 1,167,533 | 7,340,214 |
6,172,681 | 1,167,533 | 7,340,214 |
Debt |
Debts falling due within 1 year | (456,036 | ) | 456,036 | - |
Debts falling due after 1 year | (3,661,902 | ) | 3,661,902 | - |
(4,117,938 | ) | 4,117,938 | - |
Total | 2,054,743 | 5,285,471 | 7,340,214 |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Grosvenor Living Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
Grosvenor Living Limited acquired Pendine Park Care Organisation Limited on 24 August 2022 via a share for share agreement. The consolidation has been undrtaken via the merger accounting procedures. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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 year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
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. |
3. | EMPLOYEES AND DIRECTORS |
30/4/23 | 30/4/22 |
£ | £ |
Wages and salaries | 16,263,919 | 13,760,282 |
Social security costs | 62,285 | 52,545 |
Other pension costs | 265,733 | 228,141 |
16,591,937 | 14,040,968 |
The average number of employees during the year was as follows: |
30/4/23 | 30/4/22 |
Management | 22 | 14 |
Other | 795 | 806 |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
30/4/23 | 30/4/22 |
£ | £ |
Directors' remuneration | 21,198 | 21,198 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30/4/23 | 30/4/22 |
£ | £ |
Other operating leases | 107,629 | - |
Depreciation - owned assets | 298,845 | 1,146,289 |
Profit on disposal of fixed assets | (7,122,877 | ) | - |
Auditors' remuneration | 7,850 | 7,850 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/4/23 | 30/4/22 |
£ | £ |
Bank loan interest | 49,633 | 92,291 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/4/23 | 30/4/22 |
£ | £ |
Current tax: |
UK corporation tax | 1,271,573 | 1,309,440 |
Deferred tax | 22,524 | (16,829 | ) |
Tax on profit | 1,294,097 | 1,292,611 |
7. | 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. |
8. | DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2023 was £80,000. |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
and 30 April 2023 | 4,975,000 | 2,488 | 4,977,488 |
AMORTISATION |
At 1 May 2022 |
and 30 April 2023 | 4,975,000 | 2,488 | 4,977,488 |
NET BOOK VALUE |
At 30 April 2023 | - | - | - |
At 30 April 2022 | - | - | - |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2022 | 29,388,725 | 5,130,384 | 78,728 | 3,327,589 | 37,925,426 |
Additions | 31,511,849 | 63,153 | - | - | 31,575,002 |
Disposals | (26,150,698 | ) | (2,290,779 | ) | (26,763 | ) | (3,327,589 | ) | (31,795,829 | ) |
At 30 April 2023 | 34,749,876 | 2,902,758 | 51,965 | - | 37,704,599 |
DEPRECIATION |
At 1 May 2022 | 1,947,768 | 4,529,369 | 54,768 | 3,103,147 | 9,635,052 |
Charge for year | 122,426 | 169,780 | 6,639 | - | 298,845 |
Eliminated on disposal | (1,844,446 | ) | (2,150,166 | ) | (26,763 | ) | (3,103,147 | ) | (7,124,522 | ) |
At 30 April 2023 | 225,748 | 2,548,983 | 34,644 | - | 2,809,375 |
NET BOOK VALUE |
At 30 April 2023 | 34,524,128 | 353,775 | 17,321 | - | 34,895,224 |
At 30 April 2022 | 27,440,957 | 601,015 | 23,960 | 224,442 | 28,290,374 |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
As at 30 April 2023, the company owned (directly and indirectly) 100% of the share capital of the following (all incorporated in England and Wales): |
- Pendine Park Care Organisation Limited (trading) |
- The Pendine Academy of Social Care Limited (trading) |
- Pendine Park Care Organisation (Hillbury) Limited (dormant) |
- Pendine Park Care Organisation (Bryn Seiont) Limited (dormant) |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | STOCKS |
Group |
30/4/23 | 30/4/22 |
£ | £ |
Stocks | 122,301 | 147,919 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Trade debtors | 1,171,489 | 1,267,423 |
Other debtors | 184,269 | 715,046 |
Tax | - | 751 |
Deferred tax asset | 313,340 | 335,864 | - | - |
Prepayments | 155,320 | 139,662 |
1,824,418 | 2,458,746 |
Deferred tax asset |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Deferred tax | 313,340 | 335,864 | - | - |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | - |
456,036 |
Trade creditors | 282,117 | 292,802 |
Amounts owed to group undertakings | - | - |
Tax | 669,870 | 508,222 |
Social security and other taxes | 324,882 | 276,906 |
VAT | 7,839 | 8,306 | 7,839 | 8,306 |
Other creditors | 1,223,240 | 1,076,098 |
No description | - | - | - | 3,822,491 |
Directors' loan accounts | 299,829 | 1,651,568 | 282,941 | 1,638,296 |
Accruals and deferred income | 1,464 | - |
Accrued expenses | 429,465 | 1,274,752 |
3,238,706 | 5,544,690 |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30/4/23 | 30/4/22 |
£ | £ |
Bank loans (see note 16) | - | 3,661,902 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30/4/23 | 30/4/22 |
£ | £ |
Amounts falling due within one year | or on demand: |
Bank loans | - | 456,036 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | - | 1,824,144 |
Amounts falling due in more than | five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 1,837,758 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/4/23 | 30/4/22 |
value: | £ | £ |
Ordinary | 1 | 1,100 | 1,100 |
900 Ordinary shares of 1 each were allotted and fully paid for |
Grosvenor Living Limited (Registered number: 06628412) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 May 2022 | 27,862,028 |
Profit for the year | 13,160,323 |
Dividends | (80,000 | ) |
At 30 April 2023 | 40,942,351 |
19. | RELATED PARTY DISCLOSURES |
The company was controlled by Mr MF and Mrs GH Kreft throughout the current and previous years. |
On 24 August 2022, the ownership of Pendine Park Care Organisation Limited transferred from Mr MF and Mrs GH Kreft to Grosvenor Living Limited. |
Included in creditors is an amount of £1,485,693 (2022: £3,822,491) owed to Pendine Park Care Organisation Limited. |
During the year, Pendine Park Care Organisation Limited transferred its care home properties to Grosvenor Living Limited. |
Subsequent to the year end, the ownership of Pendine Park Care Organisation (Hillbury) Limited and Pendine Park Care Organisation (Bryn Seiont) Limited were transferred from Pendine Park Care Organisation Limited to Grosvenor Living Limited. |
The balance owed to Mr MF and Mrs GH Kreft as at 30 April 2023 was £282,941. |