Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrueOperating a care hometrue98truetruetruetruetruetruetruetruetruetruetruetruetrue2023-01-01false118 04017871 2023-01-01 2023-12-31 04017871 2022-01-01 2022-12-31 04017871 2023-12-31 04017871 2022-12-31 04017871 2022-01-01 04017871 c:Director1 2023-01-01 2023-12-31 04017871 c:Director2 2023-01-01 2023-12-31 04017871 c:Director3 2023-01-01 2023-12-31 04017871 c:Director3 2023-12-31 04017871 c:Director4 2023-01-01 2023-12-31 04017871 c:Director5 2023-01-01 2023-12-31 04017871 c:Director5 2023-12-31 04017871 c:Director6 2023-01-01 2023-12-31 04017871 c:Director6 2023-12-31 04017871 c:RegisteredOffice 2023-01-01 2023-12-31 04017871 d:FurnitureFittings 2023-01-01 2023-12-31 04017871 d:FurnitureFittings 2023-12-31 04017871 d:FurnitureFittings 2022-12-31 04017871 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04017871 d:CurrentFinancialInstruments 2023-12-31 04017871 d:CurrentFinancialInstruments 2022-12-31 04017871 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04017871 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04017871 d:ShareCapital 2023-01-01 2023-12-31 04017871 d:ShareCapital 2023-12-31 04017871 d:ShareCapital 2022-01-01 2022-12-31 04017871 d:ShareCapital 2022-12-31 04017871 d:ShareCapital 2022-01-01 04017871 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 04017871 d:OtherMiscellaneousReserve 2023-12-31 04017871 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 04017871 d:OtherMiscellaneousReserve 2022-12-31 04017871 d:OtherMiscellaneousReserve 2022-01-01 04017871 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04017871 d:RetainedEarningsAccumulatedLosses 2023-12-31 04017871 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04017871 d:RetainedEarningsAccumulatedLosses 2022-12-31 04017871 d:RetainedEarningsAccumulatedLosses 2022-01-01 04017871 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04017871 c:OrdinaryShareClass1 2023-12-31 04017871 c:OrdinaryShareClass1 2022-12-31 04017871 c:FRS101 2023-01-01 2023-12-31 04017871 c:Audited 2023-01-01 2023-12-31 04017871 c:FullAccounts 2023-01-01 2023-12-31 04017871 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04017871 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04017871 d:CurrentFinancialInstruments 7 2023-12-31 04017871 d:CurrentFinancialInstruments 7 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 04017871







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


MGB CARE SERVICES LIMITED






































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MGB CARE SERVICES LIMITED
 


 
COMPANY INFORMATION


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




Registered number
04017871



Registered office
1st Floor
1 Lakeside Headlands Business Park

Salisbury Road

Blashford

Ringwood

BH24 3PB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


MGB CARE SERVICES LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 11


 


MGB CARE SERVICES LIMITED
REGISTERED NUMBER:04017871



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
656,933
305,090

  
656,933
305,090

Current assets
  

Debtors: amounts falling due within one year
 5 
228,010
127,028

Cash at bank and in hand
 6 
244,233
34,253

  
472,243
161,281

Creditors: amounts falling due within one year
 7 
(1,360,335)
(234,512)

Net current liabilities
  
 
 
(888,092)
 
 
(73,231)

Total assets less current liabilities
  
(231,159)
231,859

  

  

  

Net (liabilities)/assets
  
(231,159)
231,859

Page 1

 


MGB CARE SERVICES LIMITED
REGISTERED NUMBER:04017871


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 8 
266
266

Other reserves
 9 
(176,938)
(176,938)

Profit and loss account
 9 
(54,487)
408,531

  
(231,159)
231,859


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 4 to 11 form part of these financial statements.

Page 2

 


MGB CARE SERVICES LIMITED
 



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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
266
(176,938)
327,172
150,500


Comprehensive income for the year

Profit for the year
-
-
81,359
81,359
Total comprehensive income for the year
-
-
81,359
81,359



At 1 January 2023
266
(176,938)
408,531
231,859


Comprehensive income for the year

Loss for the year
-
-
(463,018)
(463,018)
Total comprehensive income for the year
-
-
(463,018)
(463,018)


At 31 December 2023
266
(176,938)
(54,487)
(231,159)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 


MGB CARE SERVICES LIMITED
 


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

1.


General information

MGB Care Services 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 principal activity of the Company in the year under review was that of the operation of care home facilities for
the disabled and infirmed in the U.K.

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 judgment 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 requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
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
Page 4

 


MGB CARE SERVICES 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 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
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

Going concern

The company has net liabilities at the year end of £231,159. This is heavily impacted by amounts owed to group undertakings of £945,327, which will not be recalled until the Company is in a financial position to be able to repay this amount. On this basis, the Directors consider the Company to be a going concern at the year end. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue 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.

Rendering of services

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

For fixed-price contracts, revenue 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 5

 


MGB CARE SERVICES LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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.

 
2.7

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, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33% 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 6

 


MGB CARE SERVICES LIMITED
 


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

2.Accounting policies (continued)

  
2.8

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.
Fair value through profit or loss
All of the Company's financial assets other than those which meet the criteria to be measured at amortised cost are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 
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.
Impairment of financial assets
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.
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Fair value through profit or 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.
 
Page 7

 


MGB CARE SERVICES LIMITED
 


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

2.Accounting policies (continued)


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.


3.


Employees

2023
2022
£
£

Wages and salaries
2,815,938
2,777,796

Social security costs
232,566
154,415

Cost of defined contribution scheme
58,261
47,796

3,106,765
2,980,007


No Directors receive remuneration from this Company.

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


        2023
        2022
            No.
            No.







Average number of employees
118
98

Page 8

 


MGB CARE SERVICES LIMITED
 


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

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
348,538


Additions
470,604



At 31 December 2023

819,142



Depreciation


At 1 January 2023
43,448


Charge for the year on owned assets
118,761



At 31 December 2023

162,209



Net book value



At 31 December 2023
656,933



At 31 December 2022
305,090


5.


Debtors

2023
2022
£
£


Trade debtors
211,714
112,121

Amounts owed by group undertakings
-
13,967

Other debtors
14,907
940

Prepayments and accrued income
1,389
-

228,010
127,028


Balances with group companies are repayable on demand.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
244,233
34,253

244,233
34,253


Page 9

 


MGB CARE SERVICES LIMITED
 


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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
161,579
82,624

Amounts owed to group undertakings
945,327
56,905

Corporation tax
-
19,869

Other taxation and social security
50,174
38,695

Lease liabilities
-
1,314

Other creditors
201,063
23,105

Accruals and deferred income
2,192
12,000

1,360,335
234,512


Balances with group companies are repayable on demand.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



266 (2022 - 266) Ordinary shares of £1.00 each
266
266

Each ordinary share has equal voting and dividend rights.



9.


Reserves

Other reserves

This reserve holds non-distributable amounts transferred following the purchase of the company's own shares.

Profit and loss account

This reserve records retained earnings and accumulated losses.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £51,834 (2022 - £46,778). Contributions totalling £12,696 (2022 - £12,428) were payable to the fund at the reporting date and are included in creditors.

Page 10

 


MGB CARE SERVICES LIMITED
 


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

11.


Controlling party

The company's immediate parent undertaking is Care Tree Invest 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, BH23 3PB. Copies of group financial statements may be obtained from the Registrar of Companies for England & Wales.

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 11