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Company registration number: 05645599







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CARE NETWORK SOLUTIONS LIMITED






































img1e10.png                        

 


CARE NETWORK SOLUTIONS LIMITED
 


 
COMPANY INFORMATION


Directors
A C De Changy 
C P Hartshorne (resigned 4 January 2023)
M Lefebvre 
H K Arora 
S T Foxall-Smith (appointed 4 January 2023)
M Heginbotham (appointed 17 November 2023)




Registered number
05645599



Registered office
1st Floor
1 Lakeside Headlands Business Park

Salisbury Road

Blashford Ringwood

United Kingdom

BH24 3PB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


CARE NETWORK SOLUTIONS LIMITED
REGISTERED NUMBER:05645599



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
377,322
144,815

  
377,322
144,815

Current assets
  

Debtors: amounts falling due within one year
 5 
2,615,025
1,995,180

Cash at bank and in hand
  
486,907
1,692,137

  
3,101,932
3,687,317

Creditors: amounts falling due within one year
 6 
(202,961)
(421,896)

Net current assets
  
 
 
2,898,971
 
 
3,265,421

Total assets less current liabilities
  
3,276,293
3,410,236

  

Net assets
  
3,276,293
3,410,236


Capital and reserves
  

Called up share capital 
 7 
200
200

Profit and loss account
 8 
3,276,093
3,410,036

  
3,276,293
3,410,236


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

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with 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 by: 




................................................
H K Arora
Director

Date: 22 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 


CARE NETWORK SOLUTIONS LIMITED
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
200
3,190,946
3,191,146


Comprehensive income for the year

Profit for the year
-
219,090
219,090



At 1 January 2023
200
3,410,036
3,410,236


Comprehensive income for the year

Loss for the year
-
(133,943)
(133,943)


At 31 December 2023
200
3,276,093
3,276,293


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


CARE NETWORK SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Care Network Solutions Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentational & functional currency of the financial statements is the Pound Sterling (£).
The financial statements reflect a 12 month reporting period for the current and prior year.

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
Page 3

 


CARE NETWORK SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Care Tree Holding Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Turnover

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

The company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the company does not adjust any of the transaction prices for the time value of money.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Turnover from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, turnover is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

Page 4

 


CARE NETWORK SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Computer equipment
-
33%
straight line
Improvements to property
-
20%
straight line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 


CARE NETWORK SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Financial Instruments

The company recognises financial instruments when it becomes a party to the contractual arrangements of the
instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms
expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised
cost, depending on the classification of the financial assets.
Debt instruments at amortised cost
Debt instruments are subsequently measured at amortised cost where they are financial assets held within a
business model whose objective is to hold financial assets in order to collect contractual cash flows and selling
the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is
calculated using the effective interest method and represents the amount measured at initial recognition less
repayments of principal plus the cumulative amortisation using the effective interest method of any difference
between the initial amount and the maturity amount, adjusted for any loss allowance.
The company recognises a loss allowance for expected credit losses on investments in debt instruments that
are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting
date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities
Fair value through profit and loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for
trading, or is designated as at fair value through profit or loss. This designation may be made if such
designation eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its
performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one
or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair
value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss
to the extent that they are not part of a designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for
trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost
using the effective interest method. This is a method of calculating the amortised cost of a financial liability and
of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments through the expected life of the financial liability, or where
appropriate a shorter period, to the amortised cost of a financial liability.
Financial assets and liabilities are made up of normal trading balances.

Page 6

 


CARE NETWORK SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
2,183,767
1,904,546

Social security costs
187,142
144,483

Cost of defined contribution scheme
40,723
30,467

2,411,632
2,079,496


The Directors do not receive remuneration from the Company.

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


        2023
        2022
            No.
            No.







Staff
86
76


4.


Tangible fixed assets





Motor vehicles
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
49,360
1,392
1,442,012
1,492,764


Additions
9,490
-
352,937
362,427



At 31 December 2023

58,850
1,392
1,794,949
1,855,191



Depreciation


At 1 January 2023
30,275
1,392
1,316,282
1,347,949


Charge for the year on owned assets
7,144
-
122,776
129,920



At 31 December 2023

37,419
1,392
1,439,058
1,477,869



Net book value



At 31 December 2023
21,431
-
355,891
377,322



At 31 December 2022
19,085
-
125,730
144,815

Page 7

 


CARE NETWORK SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
48,136
361,858

Amounts owed by group undertakings
2,561,575
1,615,212

Other debtors
4,350
18,110

Prepayments and accrued income
964
-

2,615,025
1,995,180


Balances with group undertakings carry no interest and are repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
35,580
44,159

Amounts owed to group undertakings
1
1

Corporation tax
-
88,452

Other taxation and social security
41,496
27,879

Other creditors
118,212
246,405

Accruals and deferred income
7,672
15,000

202,961
421,896


Balances with group undertakings carry no interest and are repayable on demand.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



190 (2022 - 190) Ordinary share - class A shares of £1.00 each
190
190
10 (2022 - 10) Ordinary share - class B shares of £1.00 each
10
10

200

200


The company has two classes of ordinary shares, which carry no right to fixed income. 


Page 8

 


CARE NETWORK SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses. 


9.


Pension commitments

The company operates a defined contribution scheme. The pension charge for the period represents contributions payable by the company to the scheme and amounted to £40,723 (2022 - £30,467). At the balance sheet date there were contributions outstanding of £8,573 (2022 - £4,041).


10.


Controlling party

The company's immediate parent undertaking is Milewood (Holdings) Ltd.
The company's ultimate parent undertaking is Care Tree Holding Ltd, a company incorporated in England and Wales and whose registered office is 1st Floor, 1 Lakeside Headlands Business Park, Salisbury Road, Blashford Ringwood, United Kingdom, BH24 3PB. Copies of group financial statements may be obtained from the Registrar of Companies for England & Wales.


11.


Contingent liabilities

The company has given a cross guarantee with other group members, Milewood Healthcare Ltd, Milewood (Holdings) Ltd, Care Tree Invest Ltd and Care Tree Holding Ltd over all the assets of the respective companies.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 July 2024 by Andrew Galliers FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 9