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Registered number: 06528232









ALPENBEST LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
ALPENBEST LIMITED
 
 
COMPANY INFORMATION


Directors
C K Donald 
J C Landucci-Harmey 




Registered number
06528232



Registered office
Crown House
Stephenson Road

Severalls Industrial Park

Colchester

England

CO4 9QR




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
ALPENBEST LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11 - 12
Statement of cash flows
 
13 - 14
Analysis of net debt
 
15
Notes to the financial statements
 
16 - 25


 
ALPENBEST LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022

Introduction
 
The directors present their strategic report for the period ended 31 December 2022.
Principal activity
The principal activity of the company is to provide care services to the elderly in their own homes within the vicinity of south-west London covering Sutton, Merton, Surrey, Kingston, Richmond and Croydon.
Business review and future developments
In view of the current climate and market conditions, the business has been stable and sales have been consistent from the prior period. This has been marginally offset by a rise in wages costs, which have primarily risen due to the year-on-year increase in the minimum wage coupled with the impact of staff shortages, which the business has now overcome by a vigorous recruitment campaign. Despite the short-term increases in wages and recruitment fees, the business is now stable and profitability is expected to rise as the UK workforce has now stabilised.
The company continues to invest in its staff and training, with appropriate social distancing and COVID procedures in place maintained due to the vulnerability of its customers. Standards of care are comprehensively assessed by internal and external audit procedures, as evidenced by achieving compliance with Care Quality Commission standards having continually achieved a "Good" rating year on year.
Impact of Brexit-related risks
The business has been impacted by Brexit in relation to the availability of staff and wage inflation. However, as stated above, this impact has been mitigated by recruitment campaigns in different markets. The business does not engage in complex activities or engage in financial activities to hedge foreign currency risk. Sates have been minimially affected as the operations and customer base operations are located in the UK.

The company's key financial and other performance indicators during the year were as follows:
Financial KP1s   Unit  December 2022  March 2022
Gross Profit    %  5.66    11.32
Wages to Sales figure  %  94.34    88.31 
Principal risks and uncertainties
The principal risks and uncertainties experienced by the company are largely in relation to staff shortages and maintenance of staff with necessary skills and expertise at required levels. In the past year, this has been largely as a result of staff sickness and COVID infections amongst staff. During the course of the pandemic, and thereon after, the company has maintained appropriate procedures and controls are in place to mitigate the risk of transferrence of COVID from staff to patients.
Additional key risks and uncertainties affecting the company are the potential loss of the Care Quality Commission registration and maintenance of customer levels at viable levels.
The business has effectively mitigated all of the above risks and uncertainties through its robust quality and control and support prograrnme to ensure the level of care is of the highest standards and compliant with all relevant regulations.This has been effectively managed by the Directors and Management.

Page 1

 
ALPENBEST LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022

Impact from the risks related to the Covid-19 pandemic
The company has been impacted significantly by the COVID pandemic in the past few years, up to and including the current year when levels of experienced staff decreased due to social distancing measures and, as detailed above, the impact of staff who were off sick during the year. This impact resulted in increased staff costs, which the company were able to absorb in order to provide care to customers at the highest level during this period and maintain quality levels and compliance with regulations. The impact of COVID has now subsided and the company is expecting to see increased profitability levels for the future years.


This report was approved by the board on 1 March 2024 and signed on its behalf.



J C Landucci-Harmey
Director

Page 2

 
ALPENBEST LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Directors

The directors who served during the period were:

A Dhala (resigned 20 January 2023)
T Abdulla (resigned 20 January 2023)
J Dhala (resigned 20 January 2023)
F Dhala (resigned 20 January 2023)
N Dhala (resigned 20 January 2023)

L De Curtis was appointed as director on 19 October 2023 and resigned on 15 February 2024.
NP Barker was appointed as director on 20 January 2023 and resigned on 6 October 2023.
C K Donald was appointed as director on 20 January 2023.
J C Landucci-Harmey was appointed as director on 15 February 2024.

Page 3

 
ALPENBEST LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

During the period, the incumbent auditors, SRN Sonico, resigned from their position and the directors appointed Barnes Roffe LLP as the auditors, in their place.
 
This report was approved by the board on 1 March 2024 and signed on its behalf.
 





J C Landucci-Harmey
Director
Page 4

 
ALPENBEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED
 

Qualified opinion


We have audited the financial statements of Alpenbest Limited (the 'Company') for the period ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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, except for the possible effects of the matter described in the Basis for qualified opinion section of our report,  the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for qualified opinion


We were appointed as auditors after the change of ownership of the company on 20 January 2023 and it has proved difficult to obtain sufficient audit evidence to satisfy ourselves regarding the opening balances for the accounting period to 31 March 2022. Consequently, we were unable to determine whether any adjustments to these figures or the profit and loss account for the period ended 31 December 2022 were necessary. 
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 qualified 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 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.


Page 5

 
ALPENBEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matter described in the basis for the qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

Except for the matter described in the Basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
 
Arising solely from the limitation on the scope of our work relating to the opening balances, referred to above:
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether accurate accounting records have been kept.


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:


returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made.


Page 6

 
ALPENBEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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 an Auditors' 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations
We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows: 
 
°Companies Act 200
°FRS 102
°Tax legislation
°Employment legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
Page 7

 
ALPENBEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALPENBEST LIMITED (CONTINUED)


regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
 
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 Auditors' 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 2006Our 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 Auditors' 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.





Mark Hancock (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

1 March 2024
Page 8

 
ALPENBEST LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022

Period ended 31 December 2022
Year ended 31 March 2022
£
£

  

Turnover
 4 
10,261,538
12,341,851

Cost of sales
  
(9,681,232)
(10,944,324)

Gross profit
  
580,306
1,397,527

Administrative expenses
  
(926,284)
(762,036)

Other operating income
  
81,662
-

Operating (loss)/profit
 5 
(264,316)
635,491

Interest payable and similar expenses
  
(10,809)
-

(Loss)/profit before tax
  
(275,125)
635,491

Tax on (loss)/profit
 8 
(32,985)
(122,115)

(Loss)/profit for the financial period
  
(308,110)
513,376

Total comprehensive income for the period
  
(308,110)
513,376

The notes on pages 16 to 25 form part of these financial statements.

Page 9

 
ALPENBEST LIMITED
REGISTERED NUMBER: 06528232

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022


31 December

31 March

2022

2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 10 
2,760
83,155

Current assets
  

Debtors: amounts falling due within one year
 11 
1,863,809
2,251,779

Cash at bank and in hand
 12 
487,829
830,531

  
2,351,638
3,082,310

Creditors: amounts falling due within one year
 13 
(986,177)
(1,264,134)

Net current assets
  
 
 
1,365,461
 
 
1,818,176

Total assets less current liabilities
  
1,368,221
1,901,331

  

Net assets
  
1,368,221
1,901,331


Capital and reserves
  

Called up share capital 
 14 
10,000
10,000

Profit and loss account
  
1,358,221
1,891,331

  
1,368,221
1,901,331




The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




J C Landucci-Harmey
Director

The notes on pages 16 to 25 form part of these financial statements.

Page 10

 
ALPENBEST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
10,000
1,891,331
1,901,331


Comprehensive income for the period

Loss for the period
-
(308,110)
(308,110)
Total comprehensive income for the period
-
(308,110)
(308,110)


Contributions by and distributions to owners

Dividends: Equity capital
-
(225,000)
(225,000)


Total transactions with owners
-
(225,000)
(225,000)


At 31 December 2022
10,000
1,358,221
1,368,221


The notes on pages 16 to 25 form part of these financial statements.

Page 11

 
ALPENBEST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2021
10,000
1,940,455
1,950,455


Comprehensive income for the period

Profit for the period
-
513,376
513,376
Total comprehensive income for the period
-
513,376
513,376


Contributions by and distributions to owners

Dividends
-
(562,500)
(562,500)


Total transactions with owners
-
(562,500)
(562,500)


At 31 March 2022
10,000
1,891,331
1,901,331


The notes on pages 16 to 25 form part of these financial statements.

Page 12

 
ALPENBEST LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022

Period ended 31 December
Year ended 31 March 
2022
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial period
(308,110)
513,376

Adjustments for:

Depreciation of tangible assets
11,178
14,718

Loss on disposal of tangible assets
71,977
-

Government grants
(81,662)
-

Interest paid
10,809
-

Taxation charge
32,985
122,115

Decrease/(increase) in debtors
66,460
(79,702)

Decrease in amounts owed by related parties
342,850
-

(Decrease)/increase in creditors
(34,653)
116,430

Corporation tax (paid)
(297,629)
(85,595)

Net cash generated (used in)/generated from operating activities

(185,795)
601,342


Cash flows from investing activities

Purchase of tangible fixed assets
(2,760)
-

Government grants received
81,662
-

Net cash generated from investing activities

78,902
-
Page 13

 
ALPENBEST LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022

31 December
31 March

2022
2022

£
£



Cash flows from financing activities

Dividends paid
(225,000)
(562,500)

Interest paid
(10,809)
-

Net cash used in financing activities
(235,809)
(562,500)

Net (decrease)/increase in cash and cash equivalents
(342,702)
38,842

Cash and cash equivalents at beginning of period
830,531
791,689

Cash and cash equivalents at the end of period
487,829
830,531


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
487,829
830,531

487,829
830,531


The notes on pages 16 to 25 form part of these financial statements.

Page 14

 
ALPENBEST LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2022




At 1 April 2022
Cash flows
At 31 December 2022
£

£

£

Cash at bank and in hand

830,531

(342,702)

487,829


830,531
(342,702)
487,829

The notes on pages 16 to 25 form part of these financial statements.

Page 15

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Alpenbest Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Crown House Stephenson Road, Severalls Industrial Park, Colchester, England, CO4 9QR.
The company specialises in providing care services to the elderly in their own homes within the vicinity of south-west London covering Sutton, Merton, Surrey, Kingston, Richmond and Croydon.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 16

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehenosve income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors do not believe any of the accounting policy judgements have a significant impact on the results. In addition there are no significant sources of estimation uncertainty. 

Page 18

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

Period ended 31 December 2022
Year ended 31 March 2022
£
£

Sales
10,261,538
12,341,851

10,261,538
12,341,851


All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

Period ended 31 December 2022
Year ended 31 March 2022
£
£

Depreciation expense
11,178
14,718

Loss on disposal of tangible assets
71,977
-

Page 19

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Employees

Period ended 31 December 2022
Year ended 31 March 2022
£
£

Wages and salaries
9,195,623
10,343,981

Other post-employment benefit costs
504,398
593,068

Other employee expense
-
14,244

9,700,021
10,951,293


The average monthly number of employees, including the directors, during the period was as follows:


Period ended 31 December 2022
Year ended 31 March 2022
            No.
            No.







Administration and support
353
605


7.


Directors' remuneration

Period ended 31 December 2022
Year ended 31 March 2022
£
£

Remuneration
18,789
36,929

18,789
36,929


Page 20

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

8.


Taxation


Period ended 31 December 2022
Year ended 31 March 2022
£
£

Corporation tax


Current tax on profits for the year
32,985
122,115


32,985
122,115


Total current tax
32,985
122,115

Deferred tax

Total deferred tax
-
-


Tax on (loss)/profit
32,985
122,115

Factors affecting tax charge for the period

The tax assessed for the period is the same as (year ended 31 March 2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

Period ended 31 December 2022
Year ended 31 March 2022
£
£


(Loss)/profit on ordinary activities before tax
(275,125)
635,491


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (year ended 31 March 2022 - 19%)
(52,274)
120,743

Effects of:


Tax increase (decrease) from effect of capital allowances and depreciation
85,259
1,372

Total tax charge for the period
32,985
122,115



Page 21

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

9.


Dividends

Period ended 31 December
Year ended 31 March
2022
2022
£
£


Interim dividend
225,000
562,500

225,000
562,500


10.


Tangible fixed assets







Office equipment

£



Cost


At 1 April 2022
231,670


Additions
2,760


Disposals
(231,670)



At 31 December 2022

2,760



Depreciation


At 1 April 2022
148,515


Charge for the period on owned assets
11,178


Disposals
(159,693)



At 31 December 2022

-



Net book value



At 31 December 2022
2,760



At 31 March 2022
83,155

Page 22

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

11.


Debtors

31 December
31 March
2022
2022
£
£


Trade debtors
1,072,605
1,343,647

Amounts owed by related parties
-
342,850

Other debtors
62,887
62,321

Prepayments and accrued income
728,317
502,961

1,863,809
2,251,779



12.


Cash and cash equivalents

31 December
31 March
2022
2022
£
£

Cash at bank and in hand
487,829
830,531

487,829
830,531



13.


Creditors: Amounts falling due within one year

31 December
31 March
2022
2022
£
£

Trade creditors
170,028
65,095

Corporation tax
-
265,210

Other taxation and social security
155,394
-

Other creditors
55,903
60,095

Accruals and deferred income
604,852
873,734

986,177
1,264,134


Page 23

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

14.


Share capital

31 December
31 March
2022
2022
£
£
Allotted, called up and fully paid



7,500  Ordinary A shares of £1 each
7,500
7,500
2,500 Ordinary B shares of £1 each
2,500
2,500

10,000

10,000



15.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £504,398 (31 March 2022 - £593,068).


16.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
31 March
2022
2022
£
£

Land and buildings


Not later than 1 year
73,400
-

Later than 1 year and not later than 5 years
252,767
-

326,167
-


17.


Related party transactions

The company paid dividends of £225,000 (31 March 2022 - £562,500) to Natick Holdings Ltd, the original parent company.
The company have provided loans during the period ended 31 December 2022 totaling £Nil
 (31 March 2022 -  £161,401) to Alpencare Ltd, a group company.


18.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 24

 
ALPENBEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

19.


Parent and ultimate parent undertaking

The company's immediate parent was Natick Holdings Ltd, a company incorporated in England and Wales. The registered office of Natick Holdings Ltd is 46 Syon Lane, Isleworth, England, TW7 5NQ.
From 20 January 2023, the company’s immediate parent company is Cera Care Operations Holdings Limited.
The ultimate parent company of the group is Cera Care Limited, by virtue of its 100% shareholding of Cera Cera Operations Holdings Limited. There is no ultimate controlling party.
 
Page 25