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REGISTERED NUMBER: 06412439 (England and Wales)















Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 October 2023

for

Yorcare Limited

Yorcare Limited (Registered number: 06412439)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Notes to the Consolidated Financial Statements 8


Yorcare Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Ms J L Fox
C E S Fox





SECRETARY: Ms J Melsom





REGISTERED OFFICE: 7-9 High Street
Tadcaster
North Yorkshire
LS24 9AP





REGISTERED NUMBER: 06412439 (England and Wales)

Yorcare Limited (Registered number: 06412439)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of dispensing pharmacies.

RESEARCH AND DEVELOPMENT
The company has not undertaken and R&D activities.

FUTURE DEVELOPMENTS
The director considers the need to consolidate the business position to be the priority following the recent acquisitions and changes to the government contracts as outlined in the strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Ms J L Fox
C E S Fox

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C E S Fox - Director


29 July 2024

Yorcare Limited (Registered number: 06412439)

Consolidated Income Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 8,110,249 7,344,683

Cost of sales 5,840,173 5,277,197
GROSS PROFIT 2,270,076 2,067,486

Administrative expenses 1,718,857 1,616,955
551,219 450,531

Other operating income 3 11,744 12,262
OPERATING PROFIT 5 562,963 462,793


Interest payable and similar expenses 98,719 57,963
PROFIT BEFORE TAXATION 464,244 404,830

Tax on profit 92,279 122,806
PROFIT FOR THE FINANCIAL YEAR 371,965 282,024

Profit attributable to:
Owners of the parent 378,628 294,169
Non-controlling interests (6,663 ) (12,145 )
371,965 282,024

Yorcare Limited (Registered number: 06412439)

Consolidated Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 760,583 854,428
Investments 9 - -
760,583 854,428

CURRENT ASSETS
Stocks 536,169 501,245
Debtors 10 715,658 760,847
Cash at bank and in hand 295,780 245,099
1,547,607 1,507,191
CREDITORS
Amounts falling due within one year 11 1,851,634 1,739,325
NET CURRENT LIABILITIES (304,027 ) (232,134 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

456,556

622,294

CREDITORS
Amounts falling due after more than
one year

12

(981,024

)

(1,498,498

)

PROVISIONS FOR LIABILITIES (103,339 ) (123,568 )
NET LIABILITIES (627,807 ) (999,772 )

Yorcare Limited (Registered number: 06412439)

Consolidated Balance Sheet - continued
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (627,090 ) (1,005,718 )
SHAREHOLDERS' FUNDS (626,990 ) (1,005,618 )

NON-CONTROLLING INTERESTS (817 ) 5,846
TOTAL EQUITY (627,807 ) (999,772 )

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





C E S Fox - Director


Yorcare Limited (Registered number: 06412439)

Company Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 757,456 849,682
Investments 9 6,862,278 6,862,278
7,619,734 7,711,960

CURRENT ASSETS
Stocks 495,614 462,452
Debtors 10 622,447 656,619
Cash at bank and in hand 229,557 208,403
1,347,618 1,327,474
CREDITORS
Amounts falling due within one year 11 1,724,149 1,669,696
NET CURRENT LIABILITIES (376,531 ) (342,222 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,243,203

7,369,738

CREDITORS
Amounts falling due after more than
one year

12

(2,429,951

)

(2,947,425

)

PROVISIONS FOR LIABILITIES (102,744 ) (122,666 )
NET ASSETS 4,710,508 4,299,647

Yorcare Limited (Registered number: 06412439)

Company Balance Sheet - continued
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,710,408 4,299,547
SHAREHOLDERS' FUNDS 4,710,508 4,299,647

Company's profit for the financial year 410,861 353,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





C E S Fox - Director


Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Yorcare 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as goodwill on consolidation has been written off over 5 years. The goodwill arose on the purchase of pharmacies and the current market values are as good as those paid by Yorcare Ltd. The loans to service the acquisition are all paid on time and per the original agreement. Cash inflows from operating activities for the year were £521,567 (2022- £580,407).

Consolidation
The financial statements consolidate the financial statements of Yorcare Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

In the company accounts the loans from the subsidiary companies are shown at their value in creditors due in more than one year and they represent the undistributed reserves of those companies.

Determining residual values and useful economic lives of tangible fixed assets.

The company depreciates tangible assets over their estimated useful lives. The estimate of the useful lives of tangible assets is based on historic performance as well as expectations of future use. Assumptions of the future use of assets are made by relating the assets to the future plans of the company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line
Long leasehold property - Over the lease period
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Equipment - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.

Cash and cash equivalents comprise cash at bank and on hand.

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority's share of changes in equity since the date of the combination.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. OTHER OPERATING INCOME
31.10.23 31.10.22
£    £   
Other income 11,744 12,262

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2022 - 56 ) .

5. OPERATING PROFIT

The operating profit is stated after charging:

31.10.23 31.10.22
£    £   
Depreciation - owned assets 93,845 111,734

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

7. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 7,754,017
AMORTISATION
At 1 November 2022
and 31 October 2023 7,754,017
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

Company
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 2,420,013
AMORTISATION
At 1 November 2022
and 31 October 2023 2,420,013
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

8. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 388,846 1,108,489 1,497,335
DEPRECIATION
At 1 November 2022 56,555 586,352 642,907
Charge for year 7,728 86,117 93,845
At 31 October 2023 64,283 672,469 736,752
NET BOOK VALUE
At 31 October 2023 324,563 436,020 760,583
At 31 October 2022 332,291 522,137 854,428

Company
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 388,846 1,085,705 1,474,551
DEPRECIATION
At 1 November 2022 56,555 568,314 624,869
Charge for year 7,728 84,498 92,226
At 31 October 2023 64,283 652,812 717,095
NET BOOK VALUE
At 31 October 2023 324,563 432,893 757,456
At 31 October 2022 332,291 517,391 849,682

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 6,862,278
NET BOOK VALUE
At 31 October 2023 6,862,278
At 31 October 2022 6,862,278


Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:


Subsidiary undertakings
Class of
share
Percentage of shares
held

Marketmain Ltd Ordinary 100
C&A Brack Ltd Ordinary 100
FJH Wrothwell Ltd Ordinary 100
DH & G Treharne Ltd Ordinary 100
South Milford Associates Ltd Ordinary 83

All subsidiaries are dormant with the exception of South Millford Associates Ltd which is trading as a pharmacy.

The registered office for all subsidiaries is 7-9 High Street, Tadcaster, North Yorkshire, England, LS24 9AP.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Trade debtors 603,344 638,778 528,796 554,413
Other debtors 112,314 122,069 93,651 102,206
715,658 760,847 622,447 656,619

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Bank loans and overdrafts 541,888 551,813 541,888 551,813
Trade creditors 1,033,816 976,423 892,088 861,864
Amounts owed to group undertakings - - 22,770 57,770
Taxation and social security 139,534 130,672 136,652 124,958
Other creditors 136,396 80,417 130,751 73,291
1,851,634 1,739,325 1,724,149 1,669,696

The bank borrowings are secured by a debenture over the assets of the company together with a personal guarantee from CES Fox.

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Bank loans 981,024 1,498,498 981,024 1,498,498
Amounts owed to group undertakings - - 1,448,927 1,448,927
981,024 1,498,498 2,429,951 2,947,425

Amounts falling due in more than five years:

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Repayable by instalments
Bank loans more 5 yr by instal 181,812 174,919 181,812 174,919

The bank borrowings are secured by a debenture over the assets of the company together with a personal guarantee from CES Fox.

There are two loans with repayment terms with instalments due in more than 5 years. Both loans are at an interest rate of 1.7% over base rate and are being repaid in equal monthly instalments. One loan is for 10 years and the other for 20 years. The loans are secured by a debenture over the group assets

Yorcare Limited (Registered number: 06412439)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

13. CONTROLLING PARTY

The company was under the control of Mr CES Fox throughout the current and previous year. Mr CES Fox is the managing director and majority shareholder.

14. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £53,029 (2022: £17,308).