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Registered number: 04885191










INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
H Holman 
F D'Alonzo (resigned 7 June 2023)
B D Adams (resigned 7 March 2023)
S G Blackmore (appointed 16 November 2023)




Company secretary
M Duggan



Registered number
04885191



Registered office
3rd Floor, South Building
200 Aldersgate Street

London

EC1A 4HD




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

Tyne and Wear

NE2 1QP





 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 12


 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the Company is to act as the parent of Integrated Care Solutions (East Kent) Limited.
Integrated Care Solutions (East Kent) Limited is responsible for the provision and maintenance of social and healthcare centres under a 28 year Private Finance Initiative (PFI) contract term with Kent County Council.

Results and dividends

The profit for the year, after taxation, amounted to £215k (2022 - £550k).

The Company paid interim dividends of £215k (2022 - £550k) during the year. 

Directors

The directors who served during the year were:

H Holman 
F D'Alonzo (resigned 7 June 2023)
B D Adams (resigned 7 March 2023)
S G Blackmore (appointed 16 November 2023)

Directors' responsibilities statement

The directors are responsible for preparing 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;

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 1

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

The Company has net assets of £130k (2022 - £130k) as at 31 December 2023.
The directors see the going concern status of the company as being closely linked to the performance of the project as a whole, through the subsidiary company. The directors have reviewed the future liquidity requirements and considered the cash flow forecasts of the company as set out in the operational model, which show that the project will continue to operate profitably and be cash generative, operating well within its means. Based on this review, and the future business prospects of the project, despite the current economic conditions (which include the impact of the Ukraine war) the directors believe the company will be able to meet its liabilities as they fall due and as such does not expect it to be significantly affected by these events.
The directors are also mindful of the relationship with the local authority and ensures that this is carefully monitored and maintained. There have been no instances during the year, or since, of non-compliance of the Project Agreement, and a good working relationship with the local authority remains. Furthermore, the directors closely monitor the performance of the Facilities Management contractor, ensuring they are able to continue to perform.  
Having regards to the above and after enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Qualifying third party indemnity provisions

The company did not provide any indemnity insurance for the directors during the year (2022 - £nil).

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.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 30 April 2024 and signed on its behalf.
 





H Holman
Director

Page 2

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Integrated Care Solutions (East Kent) Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 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 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 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 3

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS 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
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 laws and regulations, was as follows:
•  the Responsible Individual 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 discussions with directors and    other management, and from our commercial knowledge and experience of the sector;
•  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 Companies Act 2006, taxation    legislation, data protection, anti-bribery and employment legislation;
•  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;
•  considered the above laws and regulations and how they impact on the subsidiary company.
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.
Page 5

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED (CONTINUED)



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; and
•  assessed whether judgements and assumptions made in determining accounting estimates were     indicative of potential bias.
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 and the company’s legal advisors, along with    discussing laws and regulations with those who are responsible for compliance.
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.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.





Andrew Cameron (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
Tyne and Wear
NE2 1QP

30 April 2024
Page 6

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£000
£000

  

Income from shares in group undertakings
  
215
550

Profit before taxation
  
215
550

Profit for the financial year
  
215
550

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 12 form part of these financial statements.

Page 7

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
REGISTERED NUMBER: 04885191

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investments
 7 
130
130

  
130
130

  

Total assets less current liabilities
  
 
130
 
130

  

Net assets
  
130
130


Capital and reserves
  

Called up share capital 
 8 
130
130

Equity attributable to owners of the parent Company
  
130
130

  
130
130


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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2024.




H Holman
Director

The notes on pages 10 to 12 form part of these financial statements.

Page 8

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
130
-
130



Profit for the year
-
550
550

Dividends: Equity capital
-
(550)
(550)



At 1 January 2023
130
-
130



Profit for the year
-
215
215

Dividends: Equity capital
-
(215)
(215)


At 31 December 2023
130
-
130


The notes on pages 10 to 12 form part of these financial statements.
Page 9

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Integrated Care Solutions (East Kent) Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, South Building, 200 Aldersgate Street, London, EC1A 4HD. 
The Company's registered number is 04885191. The principal activities of the company are set out in the Director's report. 

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000. 
The following principal accounting policies have been applied:

The following principal accounting policies have been applied:

  
2.2

Going concern

The Company has net assets of £130k (2022 - £130k) as at 31 December 2023.
The directors see the going concern status of the company as being closely linked to the performance of the project as a whole, through the subsidiary company. The directors have reviewed the future liquidity requirements and considered the cash flow forecasts of the company as set out in the operational model, which show that the project will continue to operate profitably and be cash generative, operating well within its means. Based on this review, and the future business prospects of the project, despite the current economic conditions (which include the impact of the Ukraine war) the directors believe the company will be able to meet its liabilities as they fall due and as such does not expect it to be significantly affected by these events.
The directors are also mindful of the relationship with the local authority and ensures that this is carefully monitored and maintained. There have been no instances during the year, or since, of non-compliance of the Project Agreement, and a good working relationship with the local authority remains. Furthermore, the directors closely monitor the performance of the Facilities Management contractor, ensuring they are able to continue to perform.  
Having regards to the above and after enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 10

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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

Given the simple nature of the Company's operations there are no such areas noted. 


4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


5.


Income from investments

The company has received dividends from investments totalling £215k (2022 - £550k).










6.


Dividends

2023
2022
£000
£000


Dividends
215
550

215
550

Dividend per share is £1.65 (2022: £4.23).

Page 11

 
INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Fixed asset investments


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Integrated Care Solutions (East Kent) Limited
3rd Floor, South Building, 200 Aldersgate, London, EC1A 4HD
Ordinary
100%

The company owns the entire issued share capital of Integrated Care Solutions (East Kent) Limited, a company incorporated in England and Wales, with the same registered office as the holding company. The company's principal activity  during the year was the operation of social services and community buildings (including library facilities) under a 28 year Private Finance Initiative (PFI) contract term with East Kent County Council.


8.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



130,000 (2022 - 130,000) Ordinary shares of £1 each
130
130

All shares rank parri passu. 



9.


Related party transactions

As a wholly owned subsidiary of the Equitix Fund 1 LP group, the Company has taken the exemption to disclose related party transactions with 100% group companies. 


10.


Controlling party

The Company's immediate parent company is Kent Vanwall Limited, a company incorporated in England and Wales.
The Company's ultimate parent and controlling entity is Equitix Fund 1 LP. 

Page 12