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Registered number: 07455354









HOMECARE4U LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
HOMECARE4U LIMITED
 
 
COMPANY INFORMATION


Directors
C K Donald 
J C Landucci-Harmey 




Registered number
07455354



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





 
HOMECARE4U LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 4
Directors' report
 
5 - 7
Directors' responsibilities statement
 
8
Independent auditors' report
 
9 - 13
Statement of comprehensive income
 
14
Statement of financial position
 
15
Statement of changes in equity
 
16 - 17
Notes to the financial statements
 
18 - 28


 
HOMECARE4U LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present the strategic report and the financial statements for the year ended 31 December 2022.

Business review
 
The Company is a technology-enabled home care provider operating throughout England, focused on our central mission; to empower people to live longer, better, healthier lives in their own homes.
As a result of the global (COVID-19) pandemic - both its primary and secondary effects - the past year has seen us increase the impact of our company to the benefit of the communities we support and society as a whole.
Throughout the pandemic, and at a time of unprecedented pressure in the healthcare space, we have provided invaluable support and care for our key stakeholders - including our care staff, our users and the NHS itself. As well as safeguarding the health and wellbeing of our community, we have also put thousands of people to work and recruited new talent into the sector.
Looking ahead, whilst the pandemic presented a range of challenges, it also greatly accelerated a number of key shifts in the healthcare market. More and more older people now look to receive care and support in their own homes, rather than care homes or hospitals,  and a greater range of healthcare services are now delivered remotely rather than in a central medical setting.
We have proven over the past five years that, through our technology, commerciality and ambition, we are uniquely positioned to respond to these changes and shape this new era for healthcare.
COVID-19
The safety of our employees is a major concern and the Company has followed governmental advice on safe working conditions and good business practice.

Page 1

 
HOMECARE4U LIMITED
 

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

Directors' section 172 statement
 
The directors of the Company must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006.
Under section 172 of the Companies Act 2006 the directors of the Company are required to act in a way which promotes the long-term success of the Company and in doing so to consider the interests of the Company's stakeholders.
Our relationships with our stakeholders are essential for us to deliver on our mission. This section summarises our key stakeholders and their interests, how we regularly engage with them, and the effect stakeholders have on board decision making.
Colleagues - Our people are our most important asset. They are a reflection of our culture and values and are essential to upholding our values and delivering on our mission.
Our priorities
 
Ensuring all staff can perform their roles safely 
Ensuring diversity and inclusion across our workforce
 Ensuring that all key positions are filled with the best person for the job 
 Maintaining high employee engagement
 Instilling our culture and values with rapid employee growth
 Developing skills and talents of our people
 Supporting the mental and physical health of our people.

How we engage and communicate
 
Safety  underpins  all  that  we  do.  Lessons  learned  and  safety  updates  are  shared  with employees across the entire business.
Colleagues are kept informed of performance and strategy through staff reviews and monthly meetings. All executives regularly engage with our colleagues around the business.
Our intranet provides regular updates of what is going on around the business, along with regular updates from the CEO.
E-Learning for you provides a learning and development tool for our colleagues, to provide people with a range of programmes to be accessed anywhere on any device.

Shareholders and Financial Institutions - Our shareholders support the growth of our business to achieve our long-term growth objectives. We rely on support from our banks to fund our ongoing working capital requirements to allow us to operate in the way in which we do.
Our priorities
 
Demonstrate  sound  financial  and  operational  performance,  in  line  with  the  Company strategy.
Develop long-term relations with a syndicate of banks and other institutions to support our ongoing business.

How we engage and communicate
 
 Attendance at board meetings.
Regular communications such as financial updates, investment plans and capital allocation. 
Annual all banks presentation on our results and outlook and strategy for the years ahead. 
Regular ad hoc meetings with all lenders to discuss business operations.

Page 2

 
HOMECARE4U LIMITED
 

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

Financial key performance indicators
 
Environment - Homecare4U Limited is committed to managing environmental issues and our commitment is to do no harm to people or place.
Our priorities
We recognise the urgent need to further reduce greenhouse gas emissions.
How we engage and communicate
 
Reducing the environmental impact of our activities by continued investment in process improvements at our services to improve efficiency of our operations.
Introduction of Sustainability Report to include detailed carbon reporting, increasing transparency of our operations.

Service Users & Local Authorities - The Company's mission is to empower people to live longer, better, healthier lives in their own homes. Everything else flows from this; our values and the way we behave, what we expect, and the way we work with each other to deliver our mission.
Our priorities
Our priorities to fulfil the three values of the Company:
 
Commit: We act with purpose and intent. We are committed to the communities we serve with the highest quality and standards and above all, courageously commit to the Company mission.
Connect: Technology is in our DNA. This, combined with kindness, helps us build real relationships. We connect with people across a diverse group of individuals.
Create: As creators we are visionary and solutions-driven. We innovate and seek creative solutions in everything we do. If it can be imagined, we make it possible.

How we engage and communicate
 
By living our mission, in every interaction we have.
Dedicated and engaged teams, who are available to our customers when they need us most. 
Our local customer care teams remain a key differentiator in our offer and allows us to support our customer when they need it most.

Suppliers - Our relationship with our suppliers allows us to meet the needs of our service users.
Our priorities
 
Build supply chain optionality through our relationship with our suppliers
Develop long-term relationships with suppliers who support our strategic growth objectives.

How we engage and communicate
 
By living our mission, in every interaction we have
Regular and timely communications, including financial and operational updates throughout the year. We understand the important role our suppliers and partners have in achieving our growth objectives.

Page 3

 
HOMECARE4U LIMITED
 

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

Communities - We  believe in supporting our communities.  Our charity  programme supports  our communities.
Our priorities
Through our charity programme, help fund a range of charity initiatives with a directly identifiable benefit.
How we engage and communicate
 
The total charity budget is determined by the Board, however the allocation of funds is nominated by charity teams that involve all employees of the Company, with the Charity Committee making the final decision.
Employees are encouraged to work closely with the charities to understand how funds will be used.
The Charity Committee is made up of volunteer staff  from each team within the business.

Government  & CQC - As  a social  care  provider supplier, we  maintain  close  relationships  with government bodies in the regions we operate.
Our priorities
Develop productive  relationships with government  bodies where we  provide a critical role in the provision of social care.
How we engage and communicate
 
Regular meetings and communications with our Government contacts to provide business updates.
Involvement in round table discussions and industry consultations.


This report was approved by the board on 23 April 2024 and signed on its behalf.



J C Landucci-Harmey
Director

Page 4

 
HOMECARE4U LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

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

Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate given the following assumptions.
Directors considered the operating nature of the entity and expectations for the future trading for a 12 month period from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides, the Company will have sufficient funds through funding from its ultimate parent Cera Care Limited to meet its liabilities as they fall due over that period.
Those forecasts are dependent on Cera Care Limited providing additional financial support during that period. Cera Care Limited has indicated its intention to continue to make available such funds as are needed by the company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of the financial statements, they have no reason to believe that it will not do so.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
Further details regarding the adoption of the going concern basis can be found in Note 2 to the financial statements.

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.

Directors

The directors who served during the year were:

N P Barker (resigned 6 October 2023)
C L Furey (resigned 21 November 2022)
D F Wells (appointed 8 August 2022, resigned 22 December 2022)
C K Donald (appointed 28 November 2022)
H G Marten (resigned 4 February 2022)
L De Curtis (appointed 19 October 2023, resigned 15 February 2024)

J C Landucci-Harmey ws appointed as a director on 15 February 2024.

Page 5

 
HOMECARE4U LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Matters covered in the strategic report

The company has chosen, in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be contained in the directors' report within the strategic report:
a) Business review; and
b) Future developments.
Engagement with suppliers, customers and others
The Company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Company. This is achieved through consultations with employee representatives and newsletters.
Data Protection
Protecting service user data is critical to the business. The Company could face financial loss, disruption, or damage to brand reputation arising from an attack on our systems by criminals, terrorists or foreign governments. If the Company does not adequately protect our service user and employee data, the Company could breach regulations and face penalties and loss of customer trust.
The Company ensures that it is up to date with industry standards and addresses industry standards. General Data Protection Regulation (GDPR) regulations that came into effect in May 2018 have been incorporated into operating and compliance practices.

Disabled employees

Applications for employment by disabled employees are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the Company may continue. It is the policy of the Company that training, career development and promotion opportunities should be available to all employees

Engagement with employees

The company keeps employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the company and the wider Cera Care Group.  This is achieved through consultations with employee representatives and newsletters.

Post balance sheet events

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

Auditors

The directors appointed Barnes Roffe LLP as auditors and they will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 6

 
HOMECARE4U LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

This report was approved by the board on 23 April 2024 and signed on its behalf.
 





J C Landucci-Harmey
Director

Page 7

 
HOMECARE4U LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

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.

Page 8

 
HOMECARE4U LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED
 

Qualified opinion


We have audited the financial statements of Homecare4u 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 changes in equity and the related notes, 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, 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 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 were appointed as auditors for the accounting year ended 31 December 2022, after the prior accounting period had a disclaimer of audit opinion. It has proved difficult to obtain sufficient audit evidence to satisfy ourselves regarding the opening balances for the accounting period to 31 December 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 9

 
HOMECARE4U LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U 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 Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Strategic report and the Directors' report for the financial year 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
 

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.


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:


adequate accounting records have not been kept, or 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; or
we have not received all the information and explanations we require for our audit.


Page 10

 
HOMECARE4U LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 8, 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 2006.
°FRS102.
°Employment legislation.
°Tax legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of; 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.
Page 11

 
HOMECARE4U LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED (CONTINUED)


 

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 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.
Page 12

 
HOMECARE4U LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMECARE4U LIMITED (CONTINUED)


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

24 April 2024
Page 13

 
HOMECARE4U LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

Year ended 31 December 2022
Period ended 31 December 2021
Note
£
£

  

Turnover
 4 
11,000,979
9,675,523

Cost of sales
  
(8,032,318)
(7,273,013)

Gross profit
  
2,968,661
2,402,510

Administrative expenses
  
(2,384,785)
(2,957,812)

Operating profit/(loss)
  
583,876
(555,302)

Interest receivable and similar income
 8 
194
29

Interest payable and similar expenses
 9 
(5,892)
(1,029)

Profit/(loss) before tax
  
578,178
(556,302)

Profit/(loss) for the financial year
  
578,178
(556,302)

Total comprehensive income for the year
  
578,178
(556,302)

The notes on pages 18 to 28 form part of these financial statements.

Page 14

 
HOMECARE4U LIMITED
REGISTERED NUMBER: 07455354

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 11 
9,282
3,149

Current assets
  

Debtors: amounts falling due within one year
 12 
3,521,746
3,905,316

Cash at bank and in hand
 13 
1,734,454
2,682,549

  
5,256,200
6,587,865

Creditors: amounts falling due within one year
 14 
(2,518,508)
(4,422,218)

Net current assets
  
 
 
2,737,692
 
 
2,165,647

Total assets less current liabilities
  
2,746,974
2,168,796

  

Net assets
  
2,746,974
2,168,796


Capital and reserves
  

Called up share capital 
 16 
402
402

Profit and loss account
 17 
2,746,572
2,168,394

  
2,746,974
2,168,796


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2024.




J C Landucci-Harmey
Director

The notes on pages 18 to 28 form part of these financial statements.

Page 15

 
HOMECARE4U LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
402
2,168,394
2,168,796


Comprehensive income for the year

Profit for the year
-
578,178
578,178
Total comprehensive income for the year
-
578,178
578,178


Total transactions with owners
-
-
-


At 31 December 2022
402
2,746,572
2,746,974


The notes on pages 18 to 28 form part of these financial statements.

Page 16

 
HOMECARE4U LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 3 March 2021
402
2,724,696
2,725,098


Comprehensive income for the period

Loss for the period
-
(556,302)
(556,302)
Total comprehensive income for the period
-
(556,302)
(556,302)


Total transactions with owners
-
-
-


At 31 December 2021
402
2,168,394
2,168,796


The notes on pages 18 to 28 form part of these financial statements.

Page 17

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Homecare4U Limited is a company limited by shares incorporated in the England and Wales. The registered office is Crown House Stephenson Road, Severalls Industrial Park, Colchester, CO4 9QR.
The Company's principal activity continues to be that of the provision of domiciliary services.

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 Company has taken advantage of the following exemptions:

the requirement to present a statement of cash flows and the related notes;  
financial instrument disclosures  
disclosing Group undertakings transactions

The following principal accounting policies have been applied:

  
2.2

Going concern

The directors have prepared cashflow forecasts for the period for 12 months from the date of approval of these financial statements. Whilst considering the severe but plausible downsides, the company will have sufficient funds through funding from its ultimate parent Cera Care Limited to meet its liabilities as they fall due over that period.
Cera Care Limited has indicated its intention to continue to make available such funds as are needed by the Company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of the financial statements, they have no reason to believe that it will not do so.
The directors believe that in the current economic climate, with the Company offering enhanced healthcare at home, that they are in a strong position to secure new commercial opportunities as well as be in a position to close future fund raises if required.

  
2.3

Cashflow exemption

The Company has taken exemption from producing a cashflow as it is included in the ultimate parent company's consolidated financial statements.

Page 18

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The Company recognises revenue when:

The amount of revenue can be reliably measured;  
it is probable that future economic benefits will flow to the entity;  
and specific criteria have been met for each of the Company's activities.
 
Turnover is recognised when the actual care has been delivered and is generally based on a price per time period of care delivered. Turnover relating to care delivered and not invoiced is accrued and disclosed within trade and other receivables. Certain l block' contracts guarantee a certain level of turnover. Turnover attributable to any unused capacity under block contracts, where the Company is able to invoice for contracted services not provided, is recognised when the recovery of income is considered virtually certain. There is minimal scope for judgement based on the care process.
The Company utilises rostering systems to manage care. These systems allow for planning a rota for each staff member, together with the corresponding pay and bill rates for the particular service type, length of service and time of delivery. These results are very accurate in the calculation of billable time, income and corresponding employee pay for a particular contract, branch or region.
Accrued income is determined by applying an average historical billing rate to the number of unbilled hours delivered at the balance sheet date. Variances are reviewed in the following month once actual billing is known. The rostering systems allow unbilled hours to be calculated based on planned, rostered and actual visits along with the corresponding pay and bill rates for the particular service type, length of service and time of delivery. These results are very accurate in the calculation of billable time, income and corresponding employee pay for a particular contract, branch or region.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.6

Exceptional items

The Company treats any items that are outside of the normal revenue-generating activities as exceptional and discloses them as such on the profit and loss account.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

Page 19

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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 profit or loss 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.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold property improvements
-
over the period of the lease
Fixtures, fittings and equipment
-
25% reducing balance

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 comprehensive income.

 
2.11

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.

 
2.12

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.

Page 20

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future could differ from such estimated. The directors do  not consider there to be any critical accounting judgements or key sources of estimation uncertainty in preparing the Company's financial statements.

Page 21

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company and arose in the United Kingdom.


5.


Operating profit/(loss)

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

Year ended 31 December 2022
Period ended 31 December 2021
£
£

Depreciation
5,190
7,398

Other operating lease rentals
141,679
131,192


6.


Auditors' remuneration

Audit fees for the period 1 January 2022 to 31 December 2022 of £12,500 (period 4 March 2021 to 31 December 2021: £12,500) have been borne by the ultimate parent company Cera Care Limited.




7.


Employees

Staff costs were as follows:


Year ended 31 December 2022
Period ended 31 December 2021
£
£

Wages and salaries
7,638,692
7,441,403

Social security costs
559,591
450,090

Cost of defined contribution scheme
132,615
131,889

8,330,898
8,023,382


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


        2022
        2021
            No.
            No.







800
776

Page 22

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Interest receivable

Year ended 31 December 2022
Period ended 31 December 2021
£
£


Other interest receivable
194
29

194
29


9.


Interest payable and similar expenses

Year ended 31 December 2022
Period ended 31 December 2021
£
£


Bank interest payable
-
2

Other loan interest payable
5,892
1,027

5,892
1,029


10.


Taxation


Year ended 31 December 2022
Period ended 31 December 2021
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on profit/(loss)
-
-
Page 23

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

Year ended 31 December 2022
Period ended 31 December 2021
£
£


Profit/(loss) on ordinary activities before tax
578,178
(556,302)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
65,649
(105,697)

Effects of:


Fixed assets differences
-
1,449

Expenses not deductible for tax purposes
10,661
93,314

Group relief (utilised)/surrendered
(76,310)
10,934

Total tax charge for the year/period
-
-

Page 24

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Taxation (continued)


Factors that may affect future tax charges

In the March 2021 Budget it was announced that the UK corporation tax rate would increase to 25% from 1 April 2023 for profits over £250,000. There are no other significant factors that may affect future tax charges.


11.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2022
10,547


Additions
5,869


Disposals
(3,279)



At 31 December 2022

13,137



Depreciation


At 1 January 2022
7,398


Charge for the year
2,670


Disposals
(6,213)



At 31 December 2022

3,855



Net book value



At 31 December 2022
9,282



At 31 December 2021
3,149

Page 25

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Debtors

2022
2021
£
£


Trade debtors
914,661
715,114

Amounts owed by group undertakings
2,296,474
2,593,946

Other debtors
24,735
307,164

Prepayments and accrued income
285,876
289,092

3,521,746
3,905,316



13.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,734,454
2,682,549

1,734,454
2,682,549



14.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
973,152
20,139

Amounts owed to group undertakings
37,366
2,307,812

Corporation tax
402,707
402,707

Other taxation and social security
210,299
144,382

Other creditors
501,301
777,619

Accruals and deferred income
393,683
769,559

2,518,508
4,422,218


Page 26

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets that are debt instruments measured at amortised costs
3,505,171
3,616,224


Financial liabilities


Financial liabilities measured at amortised costs
1,266,409
3,105,570


Financial assets that are debt instruments measured at amortised costs comprise trade and other debtors and amounts due from group undertakings.
Financial liabilities measured at amortised costs comprise trade and other creditors and amounts due to group undertakings.


16.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



400 Ordinary shares of £1 each
400
400
1 Ordinary B share of £1
1
1
1 Ordinary C share of £1
1
1

402

402

All shares are separate classes of shares for the purpose of declaration of dividends; the Ordinary shares have full voting rights, the B Ordinary shares and C Ordinary shares have no rights; all classes of share rank pari passu in all other respects.



17.


Reserves

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.


18.


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 £132,257 (Period ended 31 December 2021 - £131,889). Contributions totalling £45,976 (2021 - £55,413) were payable to the fund at the reporting date.

Page 27

 
HOMECARE4U LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

19.


Related party transactions

The Company has taken exemption allowed under FRS102 not to disclose any transactions and balances with wholly owned members of the group.


20.


Ultimate controlling party

The immediate parent undertaking is Cera Care Operations Holdings Limited and the ultimate parent company is Cera Care Limited in which the company's financial statements are consolidated, and which can be obtained from Companies House.
In the opinion of the directors there is no, one ultimate controlling party.

 
Page 28