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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: Mr M F Kreft
Mrs G H Kreft





REGISTERED OFFICE: Bromfield House
Ellice Way
Wrexham Technology Park
Wrexham
LL13 7YW





REGISTERED NUMBER: 06628412 (England and Wales)





AUDITORS: Pritchett & Co Business Advisers Limited
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:





Mr M F Kreft - Director


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.

Mr M F Kreft
Mrs G H Kreft

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:





Mr M F Kreft - Director


30 January 2024

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.




Andrew Morris (Senior Statutory Auditor)
for and on behalf of Pritchett & Co Business Advisers Limited
Chartered Accountants and Statutory Auditors
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

30 January 2024

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

13,160,323

4,796,394
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 34,428,655 3,035,255
Investments 11 900 -
34,429,555 3,035,255

CURRENT ASSETS
Debtors 13 27,846 21,778
Cash at bank 4,520,666 2,562,244
4,548,512 2,584,022
CREDITORS
Amounts falling due within one year 14 1,823,171 5,483,544
NET CURRENT ASSETS/(LIABILITIES) 2,725,341 (2,899,522 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,154,896

135,733

CAPITAL AND RESERVES
Called up share capital 17 1,000 100
Retained earnings 37,153,896 135,633
SHAREHOLDERS' FUNDS 37,154,896 135,733

Company's profit for the financial
year

37,098,263

88,984

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 - 126,649 126,649

Changes in equity
Issue of share capital 100 - 100
Dividends - (80,000 ) (80,000 )
Total comprehensive income - 88,984 88,984
Balance at 30 April 2022 100 135,633 135,733

Changes in equity
Issue of share capital 900 - 900
Dividends - (80,000 ) (80,000 )
Total comprehensive income - 37,098,263 37,098,263
Balance at 30 April 2023 1,000 37,153,896 37,154,896

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost and 0% / 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 15% on cost
Computer equipment - 20% on cost

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
817 820

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 3,136,053 2,524 3,138,577
Additions 31,511,608 6,465 31,518,073
At 30 April 2023 34,647,661 8,989 34,656,650
DEPRECIATION
At 1 May 2022 103,322 - 103,322
Charge for year 122,426 2,247 124,673
At 30 April 2023 225,748 2,247 227,995
NET BOOK VALUE
At 30 April 2023 34,421,913 6,742 34,428,655
At 30 April 2022 3,032,731 2,524 3,035,255

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 900
At 30 April 2023 900
NET BOOK VALUE
At 30 April 2023 900


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 16,766 17,389
Other debtors 184,269 715,046 500 1,484
Tax - 751 - -
Deferred tax asset 313,340 335,864 - -
Prepayments 155,320 139,662 10,580 2,905
1,824,418 2,458,746 27,846 21,778

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 5,298 5,031
Amounts owed to group undertakings - - 1,485,693 -
Tax 669,870 508,222 39,936 5,368
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 - 1,464 -
Accrued expenses 429,465 1,274,752 - 4,052
3,238,706 5,544,690 1,823,171 5,483,544

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: £    £   
1,000 Ordinary 1 1,100 1,100

900 Ordinary shares of 1 each were allotted and fully paid for cash at par during the year.

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.