Registration number:
Brandon Care Limited
for the Year Ended 31 October 2023
Brandon Care Limited
(Registration number: 04909187)
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Brandon Care Limited
(Registration number: 04909187)
Company Information
Directors |
W P Marsh J H Marsh D H Marsh W J Marsh |
Company secretary |
J H Marsh |
Registered office |
|
Solicitors |
|
Auditors |
|
Brandon Care Limited
(Registration number: 04909187)
Strategic Report for the Year Ended 31 October 2023
The directors present their strategic report for the year ended 31 October 2023.
Principal activity
The principal activity of the company is the provision of residential care.
Fair review of the business
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit before tax.
Overall the directors are satisfied with the profitability of the company, which can only be achieved as a result of the ongoing high level of service and care provided to the residents by the company and its staff.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£ |
3,825,330 |
3,378,484 |
Turnover growth |
% |
13 |
10 |
Profit before tax |
£ |
821,710 |
725,501 |
At the end of the year, the net assets totalled £4,694,061 (2022 - £4,131,964).
We consider our key non financial performance indicator to be the ratings awarded to each home by the Care Quality Commission, an independent regulator which monitors, inspects and regulates health and social care services. The three homes were assessed in prior financial years, with one achieving an "outstanding" overall rating and the other two achieving "good" ratings.
Principal risks and uncertainties
The board of directors undertake a regular review of the company and the board of directors have identified that the principal risks faced by Brandon Care Limited relates to competition within the local area, increased interest rates and recruitment of staff.
Approved by the
Company secretary and director
Brandon Care Limited
(Registration number: 04909187)
Directors' Report for the Year Ended 31 October 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise the bank balance, trade creditors, trade debtors, hire purchase agreements and bank loans. The main purpose of these instruments is to raise funds for the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respesct of bank balances, the liquidity risk is managed by maintaining a balance which is more than sufficient to cover current liabilities. All of the company's cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to residents and the monitoring of amounts outstanding.
The hire purchase agreements are provided by financial institutions at fixed rates of interest. The company ensures there are sufficient funds to meet these requirements.
Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Loans comprise loans from financial institutions. The interest rates and monthly payments are variable. The business manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Future developments
The directors do not envisage the business of the company changing in the foreseeable future.
Brandon Care Limited
(Registration number: 04909187)
Directors' Report for the Year Ended 31 October 2023
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
Company secretary and director
Brandon Care Limited
(Registration number: 04909187)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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.
Brandon Care Limited
(Registration number: 04909187)
Independent Auditor's Report to the Members of Brandon Care Limited
Opinion
We have audited the financial statements of Brandon Care Limited (the 'company') for the year ended 31 October 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 October 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 auditor 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 director's 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 original financial statements were 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
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Brandon Care Limited
(Registration number: 04909187)
Independent Auditor's Report to the Members of Brandon Care Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities [set out on page 5], 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 Responsibilities for the audit of the financial statements
Brandon Care Limited
(Registration number: 04909187)
Independent Auditor's Report to the Members of Brandon Care Limited
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.
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 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 discussions with directors and other management, and from our commercial knowledge and experience of the telecommunications 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 the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
• |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with industry regulators, 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. |
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 |
Brandon Care Limited
(Registration number: 04909187)
Independent Auditor's Report to the Members of Brandon Care Limited
• |
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, 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.
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 auditor's 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 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 an auditor’s 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.
For and on behalf of
1 Colleton Crescent
Devon
EX2 4DG
Brandon Care Limited
(Registration number: 04909187)
Profit and Loss Account for the Year Ended 31 October 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Statement of Comprehensive Income for Year Ended 31 October 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Brandon Care Limited
(Registration number: 04909187)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................
Company secretary and director
Brandon Care Limited
(Registration number: 04909187)
Statement of Changes in Equity for the Year Ended 31 October 2023
Share capital |
Retained earnings |
Total |
|
At 1 November 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 October 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 November 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 October 2022 |
|
|
|
Brandon Care Limited
(Registration number: 04909187)
Statement of Cash Flows for the Year Ended 31 October 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 November |
|
|
|
Cash and cash equivalents at 31 October |
1,825,109 |
1,705,625 |
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
Over 100 years |
Fixtures and fittings |
10% straight line |
Motor vehicles |
25% straight line |
Computer equipment |
33% straight line |
Furniture and fittings |
15% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Written off over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Rendering of services |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Miscellaneous other operating income |
|
- |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Government grants |
The amount of grants recognised in the financial statements was £Nil (2022 - £
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Care providers |
|
|
|
|
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
146,340 |
144,441 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
( |
186,903 |
128,693 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Total tax charge |
|
|
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s
financial year straddles this date, a blended corporation tax rate of 22.52% has been applied which is
calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial
year for which each main tax rate was applicable.
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Difference between accumulated depreciation, amortisation and capital allowances |
|
|
2022 |
Liability |
Difference between accumulated depreciation, amortisation and capital allowances |
|
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
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At 1 November 2022 |
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|
At 31 October 2023 |
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Amortisation |
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At 1 November 2022 |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
- |
- |
At 31 October 2022 |
- |
- |
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Furniture and fittings |
Total |
|
Cost or valuation |
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At 1 November 2022 |
|
|
|
|
|
|
Additions |
|
|
- |
|
|
|
Disposals |
- |
( |
( |
( |
( |
( |
At 31 October 2023 |
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|
|
|
|
|
Depreciation |
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At 1 November 2022 |
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|
|
|
|
|
Charge for the year |
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|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
( |
At 31 October 2023 |
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|
|
|
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Included within the net book value of land and buildings above is £6,616,746 (2022 - £6,601,561) in respect of freehold land and buildings.
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Motor vehicles |
41,248 |
66,673 |
Restriction on title and pledged as security
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
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Loans and borrowings |
|
|
|
Trade creditors |
|
|
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Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
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Other creditors |
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Accruals |
|
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Corporation tax liability |
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Due after one year |
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Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 November 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 October 2023 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Reserves |
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Profit and loss account
Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
2023 |
2022 |
|
Non-current loans and borrowings |
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Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Bank borrowings
The The loan is secured by way of a fixed and floating charges over the undertaking and all property and assets present and future of the company. |
Included in the loans and borrowings are the following amounts due after more than five years:
2023 |
2022 |
|
After more than five years by instalments |
|
|
- |
- |
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
|
Less: finance charges allocated to future periods |
(3,542) |
(6,429) |
50,808 |
61,431 |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Final dividend of £ |
65,000 |
67,500 |
||
Analysis of changes in net debt |
At 1 November 2022 |
Financing cash flows |
At 31 October 2023 |
|
Cash and cash equivalents |
|||
Cash |
1,705,625 |
122,668 |
1,828,293 |
Borrowings |
|||
Long term borrowings |
(2,942,852) |
99,222 |
(2,843,630) |
Short term borrowings |
(181,554) |
56,483 |
(125,071) |
(3,124,406) |
155,705 |
(2,968,701) |
|
( |
|
( |
|
|
Brandon Care Limited
(Registration number: 04909187)
Notes to the Financial Statements for the Year Ended 31 October 2023
Related party transactions |
Transactions with directors |
2023 |
At 1 November 2022 |
Advances to director |
Repayments by director |
At 31 October 2023 |
Director 1 Interest free loan due from the company |
|
|
( |
|
Director 2 Interest free loan due from the company |
|
|
( |
|
Director 3 Interest free loan due from the company |
|
- |
( |
- |
2022 |
At 1 November 2021 |
Advances to director |
Repayments by director |
At 31 October 2022 |
Director 1 Interest free loan due from the company |
|
|
( |
|
Director 2 Interest free loan due from the company |
|
|
( |
|
Director 3 Interest free loan due from the company |
|
- |
- |
|
Loans from related parties
Terms of loans from related parties