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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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. |
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: |
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 |
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 |
Investments | 9 |
CURRENT ASSETS |
Stocks |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
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 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 410,861 | 353,003 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
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 |
AMORTISATION |
At 1 November 2022 |
and 31 October 2023 |
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 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
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 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Other debtors | 112,314 | 122,069 |
715,658 | 760,847 |
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 |
Trade creditors | 1,033,816 | 976,423 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 139,534 | 130,672 |
Other creditors | 136,396 | 80,417 |
1,851,634 | 1,739,325 |
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 |
Amounts owed to group undertakings | - | - | 1,448,927 | 1,448,927 |
981,024 | 1,498,498 |
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). |