Registered number |
Company Information |
Directors |
Secretary |
Auditors |
334 Slade Lane |
Manchester |
M19 2BL |
Bankers |
Registered office |
Parkway 5, Suite 1, Ground Floor |
300 Princess road |
Manchester |
M14 9HR |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and financial statements for the year ended |
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Principal activities | |||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
Directors' responsibilities |
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 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 and then apply them consistently; | ||||||
● | make judgements and 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
This report was approved by the board on |
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J PAREKH | |||||||
Director | |||||||
Strategic Report | ||
1. Enhance Service Efficiency: Implement clear and defined processes and technologies to streamline service delivery, focusing on the need to reduce administrative overhead, and improve overall efficiency not only for the services, but also all head office function. This will include digital record-keeping systems, automated scheduling, and online communication platforms to optimize staff productivity. •Continue to implement digital systems, such as Bob, Deputy and Moss to simplify and centralise records, data and processes. • Senior Management will look at company process, systems to reduce unnecessary duplication, i.e. digital systems are implemented to reduce workload, not to be completed alongside. • Implement Qualis within services throughout 2022-2023. The platform will replace service monitoring. • Re-instruction of Management meetings, to promote, communication, decision-making, problem solving, strategic planning. Accountability, feedback and reflection and establishing and cementing our values as a company. • Service planning and re-development. • Overhaul of company policy and procedures to include workflows and simplifies steps. • Re-establishing structure within the company. • Implementation of budgets within services, outside of staffing. |
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2. Improve Service Quality: Invest in staff training and development programs to ensure high-quality care and support for individuals with learning disabilities. This can involve ongoing education on best practices, specialized training for specific services, and certifications to enhance staff expertise. • Continue to develop our QNUK training centre by offering a wide range of dedicated and bespoke training opportunities within the company. • Training Co-ordinator roles and responsibilities directly linked to Operational needs of the business, i.e. fostering a greater synergy between operational feedback and training and development. • Our bespoke training has implemented core information into each of the courses to ensure our employees are suitably trained and informed regarding the way we work as a company. This will be further enhanced in 2024, • Continue to assess the structure of services and departments within the company to reevaluate roles and responsibilities. This is not a reflection on indivdual performance, but a recognition that our operational demand as a business exceeds what can be currently achieved, to position Standwalk for sustainable growth and success in the long term. |
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3. Expand Service Offerings: Identify opportunities to diversify service offerings to meet the evolving needs of clients and expand the customer base. This could involve introducing new programs, specialized services, or partnerships with other organizations to provide comprehensive support across different areas of learning disabilities. " Services have already commenced, customer specific activities and groups to help customers make new and meaningful relationships and friendships. " Estates Management and Management are working on introducing a working placement for customers within Standwalk. This should prove to be an invaluable working experience for some of our customers when looking to build on personal independence and work experience. |
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This report was approved by the board on 30 April 2024 and signed on its behalf. | ||
J PAREKH | ||
Director | ||
STANDWALK LIMITED | ||
Independent auditor's report | ||
to the members of STANDWALK LIMITED | ||
Opinion |
We have audited the financial statements of STANDWALK LIMITED (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 the 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 company's affairs as at 31 March 2023 and of its profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Emphasis of matter | ||
Our opinion is not modified in respect of this matter. |
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Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
Conclusions relating to going concern | ||
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. | ||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. | ||
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||
Other information | ||
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 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. | |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. | ||
In preparing the financial statements, the directors are responsible for assessing the 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. | ||
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the Senior Statutory Auditor ensured that the audit 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 discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery and corruption legislation, anti slavery and employment legislation, environmental, (including Care Quality Commission Regulations), other industry specific accreditations and health and safety legislation within the industry; |
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- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the 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 considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and -considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; -assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and -investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -agreeing financial statement disclosures to underlying supporting documentation; -reading the minutes of meetings of those charged with governance; -enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
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A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Other matters which we are required to address During the preceding accounting period, the company's directors opted for audit exemption pursuant to Section 477 of the Companies Act. Consequently, the financial statements for the previous period were not audited. 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. |
(Senior Statutory Auditor) | ||
for and on behalf of | ||
ARK Accountants and Auditors Limited | ||
Income Statement | ||||||||
for the year ended |
||||||||
Notes | 2023 | 2022 | ||||||
£ | £ | |||||||
Turnover | 2 | |||||||
Cost of sales | ( |
( |
||||||
Gross profit | ||||||||
Administrative expenses | ( |
( |
||||||
Other operating income | ||||||||
Operating profit | 3 | |||||||
Interest payable | 6 | ( |
( |
|||||
Profit on ordinary activities before taxation | ||||||||
Tax on profit on ordinary activities | 7 | ( |
( |
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Profit for the financial year | ||||||||
Statement of Financial Position | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 8 | ||||||
Current assets | |||||||
Debtors | 9 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 10 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 11 | ( |
( |
||||
Provisions for liabilities | |||||||
Deferred taxation | 13 | ( |
- | ||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 14 | ||||||
Other reserves | 15 | ||||||
Profit and loss account | 16 | ||||||
Total equity | |||||||
J PAREKH | |||||||
Director | |||||||
Approved by the board on |
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Statement of Changes in Equity | |||||||||
for the year ended |
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Share | Other | Profit | Total | ||||||
capital | reserves | and loss | |||||||
account | |||||||||
£ | £ | £ | £ | ||||||
At 1 April 2021 | |||||||||
Profit for the financial year | 1,167,760 | 1,167,760 | |||||||
Dividends | ( |
( |
|||||||
At 31 March 2022 | 100 | 1,116,000 | 7,069,919 | 8,186,019 | |||||
At 1 April 2022 | |||||||||
Profit for the financial year | |||||||||
Dividends | ( |
( |
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At 31 March 2023 | |||||||||
Statement of Cash Flows | |||||
for the year ended |
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Notes | 2023 | 2022 | |||
£ | £ | ||||
Operating activities | |||||
Profit for the financial year | 1,629,090 | 1,167,760 | |||
Adjustments for: | |||||
Interest payable | 53,329 | 30,166 | |||
Tax on profit on ordinary activities | 422,946 | 262,816 | |||
Depreciation | 53,891 | - | |||
(Increase)/decrease in debtors | (965,916) | 190,761 | |||
Increase in creditors | 152,855 | - | |||
Interest paid | ( |
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Corporation tax paid | ( |
( |
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Cash generated by operating activities | |||||
Investing activities | |||||
Payments to acquire tangible fixed assets | ( |
( |
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Cash used in investing activities | ( |
( |
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Financing activities | |||||
Equity dividends paid | ( |
( |
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Repayment of loans | ( |
( |
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Capital element of finance lease payments | ( |
- | |||
Cash used in financing activities | ( |
( |
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Net cash generated | |||||
Cash generated by operating activities | |||||
Cash used in investing activities | ( |
( |
|||
Cash used in financing activities | ( |
( |
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Net cash generated | |||||
Cash and cash equivalents at 1 April | 1,495,533 | 922,656 | |||
Cash and cash equivalents at 31 March | 2,024,268 | 1,495,533 | |||
Cash and cash equivalents comprise: | |||||
Cash at bank | |||||
Bank overdrafts | 10 | ( |
( |
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2,024,268 | 1,495,533 | ||||
STANDWALK LIMITED | ||||||||
Notes to the Accounts | ||||||||
for the year ended 31 March 2023 | ||||||||
1 | Summary of significant accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
Freehold land and buildings | Not depreciated | |||||||
Plant and machinery | 25% written down value | |||||||
Motor Vehicles | 25% written down value |
Investment property | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Leased assets | ||||||||
Pensions | ||||||||
2 | Analysis of turnover | 2023 | 2022 | |||||
£ | £ | |||||||
Services rendered | ||||||||
By geographical market: | ||||||||
UK | ||||||||
3 | Operating profit | 2023 | 2022 | |||||
£ | £ | |||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets | ||||||||
Auditors' remuneration for audit services | - | |||||||
4 | Directors' emoluments | 2023 | 2022 | |||||
£ | £ | |||||||
Emoluments | ||||||||
5 | Staff costs | 2023 | 2022 | |||||
£ | £ | |||||||
Wages and salaries | ||||||||
Social security costs | ||||||||
Other pension costs | ||||||||
Average number of employees during the year | Number | Number | ||||||
Administration | ||||||||
Development | ||||||||
6 | Interest payable | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
7 | Taxation | 2023 | 2022 | |||||
£ | £ | |||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period | ||||||||
Deferred tax: | ||||||||
Origination and reversal of timing differences | - | |||||||
Tax on profit on ordinary activities | ||||||||
Factors affecting tax charge for period | ||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Profit on ordinary activities before tax | ||||||||
£ | £ | |||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax | ||||||||
Effects of: | ||||||||
Expenses not deductible for tax purposes | ( |
( |
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Current tax charge for period | ||||||||
Factors that may affect future tax charges | ||||||||
8 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery | Motor Vehicles | Total | |||||
At valuation | At cost | At cost | ||||||
£ | £ | £ | £ | |||||
Cost or valuation | ||||||||
At 1 April 2022 | ||||||||
Additions | - | - | ||||||
Revaluation | - | - | ||||||
At 31 March 2023 | ||||||||
Depreciation | ||||||||
At 1 April 2022 | - | |||||||
Charge for the year | - | |||||||
At 31 March 2023 | - | |||||||
Carrying amount | ||||||||
At 31 March 2023 | ||||||||
At 31 March 2022 | 3,269,597 | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Carrying amount of land and buildings on cost basis | ||||||||
9 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Corporation Tax Pre Paid | 357,207 | 160,025 | ||||||
Loan to participators | 200,000 | - | ||||||
Inter company loans | 4,133,634 | 3,812,661 | ||||||
Other debtors | ||||||||
Prepayments and accrued income | ||||||||
10 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank overdrafts | ||||||||
Bank loans | ||||||||
Obligations under finance lease and hire purchase contracts | ||||||||
Trade creditors | ||||||||
Directors Account | - | 100 | ||||||
Corporation tax | ||||||||
Other taxes and social security costs | - | |||||||
Other creditors | ||||||||
Accruals and deferred income | - | |||||||
11 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans | ||||||||
Intercompany loans | 72,503 | - | ||||||
Other creditors | ||||||||
12 | Obligations under finance leases and hire purchase | 2023 | 2022 | |||||
contracts | £ | £ | ||||||
Amounts payable: | ||||||||
Within one year | ||||||||
13 | Deferred taxation | 2023 | 2022 | |||||
£ | £ | |||||||
Accelerated capital allowances | - | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Charged to the profit and loss account | - | |||||||
At 31 March | - | |||||||
14 | Share capital | Nominal | 2023 | 2023 | 2022 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
£ |
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15 | Other reserves | 2023 | 2022 | |||||
Revaluation reserve | £ | £ | ||||||
At 1 April | ||||||||
At 31 March | ||||||||
16 | Profit and loss account | 2023 | 2022 | |||||
£ | £ | |||||||
At 1 April | ||||||||
Profit for the financial year | ||||||||
Dividends | ( |
( |
||||||
At 31 March | ||||||||
- | ||||||||
17 | Dividends | 2023 | 2022 | |||||
£ | £ | |||||||
Dividends on ordinary shares (note 16) | ||||||||
18 | Related party transactions | |||||||
Amounts due from related parties at the balance sheet date £4,133,634 (2022 £3,812,661) Amounts due to related parties at the balance sheet date £72,503 (2022 £nil) |
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19 | Controlling party | |||||||
20 | Presentation currency | |||||||
21 | Legal form of entity and country of incorporation | |||||||
STANDWALK LIMITED is a private company limited by shares and incorporated in England. | ||||||||
22 | Principal place of business | |||||||
The address of the company's principal place of business and registered office is: | ||||||||
Parkway 5, Suite 1 (Ground Floor), 300 Princess Road, Manchester, England, M14 7HR |
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23 | Cross Guarantees | |||||||
There are cross guarantees between the company, Grantley Properties (Manchester) Limited, Carlton House Care Limited, Promising Futures Limited, Roselands House Limited for the bank funding. | ||||||||
24 | Secured Debts | |||||||
The following secured debts are included within creditors: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Bank loans | 998,133 | 1,159,388 |