REGISTERED NUMBER: 04738408 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SURE CARE (UK) LIMITED |
REGISTERED NUMBER: 04738408 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SURE CARE (UK) LIMITED |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 5 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
SURE CARE (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The director presents his strategic report of the company and the group for the year ended 31 October 2023. |
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31st October 2023. |
Background and Ownership Structure |
The subsidiary of the company is Surecare Health Limited, registration number 06758434 (England and Wales) |
The strategic review sets the performance for the company for the year-ended 31st October 2023 and of future developments. |
The Companies Act requires the Company to set out in their strategic report a fair review of the business of the company during the year-ended 31st October 2023, including an analysis of the position of the company at the end of the period and an analysis of the company's performance. |
Aims |
Sure Care (UK) Limited provides residential and nursing care services to over 200 residents across six homes in the United Kingdom. Over 250 employees provide this care. |
Sure Care (UK) Limited aim to provide care to all service users to a standard of excellence which embraces fundamental principles of good care practice, conduct and delivery of quality care. |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
REVIEW OF BUSINESS |
With ever increasing financial pressure on the care system, the year has been very challenging for the company as gross profits have decreased. This was predominately due to higher costs (especially agency staff) this year. The business is still reliant on using agency staff due to shortage of nurses in the sector but overheads are still being carefully managed. The main focus of this year has been to recruit staff from overseas and to implement robust policies & procedures through the use of IT products. The company has been successful in acquiring licences with Home Office for the recruitment of overseas staff. More tools have been introduced to enable managers to achieve good compliance ratings across the board. A key challenge for the company has been the increase in National Minimum Wage for most of our employees. |
By taking good care as we undertake our business in the present, we will ensure the long term sustainability of our business in the future. At the heart of our operation, we consider carefully how we interact with the service users, families, regulatory authorities and social services, work hard to minimise our impact and strive to make a positive contributions, taking on board the view of all of our key stakeholders. Corporate Responsibility is a specific business discipline that takes a proactive approach to forward thinking management. It recognises that business decisions have to take into account social and environmental factors alongside economic ones. We care about where our introductions come from, how the introductions are converted into occupancy, how they are cared for, the staff who provide the care and how excellent care standards are maintained. The main drivers affecting the operations at Sure Care are: |
" the number of beds and the occupancy rates at the care homes; |
" the level of weekly fee achievable for local authority and self funded residents; |
" the level of operating expenses, particularly staff costs given the current labour shortage across the sector; |
" the level of feedback received from the residents and their families on the services provided at Sure Care (UK)'s homes ; and |
" CQC and CIW quality ratings and in particular potential embargoes; |
Sure Care Group is focused on meeting the changing healthcare needs and concerns of its residents and society. By investing in its people and services, Sure Care Group will continue to address the health and care needs and the UK's growing ageing population whilst making the case for appropriate investment from national and local government in the health and social care system to meet the cost of delivering care. |
The UK aged care sector remains under pressure with increased costs including the ongoing impact of increases to the National Living Wage, first introduced in April 2016 which rose by 7.4% in April 2023 to £10.42. Likewise, the increase to Employer National insurance contributions adds to the pressure on staffing costs. Sure Care Group continues to take a disciplined approach to fee negotiations with local authorities and other commissioners in order to recover the true cost of care for publicly funded residents. |
The combination of a national shortage of appropriately qualified nurses, other staff and increased agency dependency across the sector, has seen the cost of nursing care increase. In response to this we have introduced new schemes to ensure long term availability of skilled workers, such as an apprenticeship programme. |
We are an equal opportunities employer, committed to giving fair and equal treatment to all employees and job applicants in terms of recruitment, pay conditions, promotions, training and all employment matters regardless of their race, sex, ethnic background or religious beliefs, sexual orientation or disabilities. An equal opportunities policy is in force which aims to ensure that all employees are selected, trained, compensated, promotes and transferred solely on the strength of their ability, skills, qualifications and merit, we also believe that all employees have a right to work in an environment free from discrimination and bullying. |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company and its strategy are subject to a number of risks and uncertainties. Management consider that the key risks and uncertainties arise as a result of chronic underfunding of social care in the UK and policy changes such as continued increases in the National Living Wage, making it difficult to plan and mitigate for such policies effectively. |
The Covid 19 pandemic has led to considerable further financial pressure being placed on the already underfunded care sector, with significant additional costs incurred in meeting new infection control, staffing and data-sharing requirements imposed by the government maintain the increased funding seen over the last year. |
The UK's post Brexit relationship with the EU also brings uncertainties, Sure care group monitored political developments closely and prepared for the operational, commercial, and legal implications of the new UK-EU relationship. |
There remain risks regarding the UK government's wider migration policy. The Government's immigration plans more generally focus on high- skilled migrants, this will impact the health and social care sector's ability to recruit sufficient staff. while the addition of care workers to the shortage occupation list is a welcome shift, this is only temporary and we await further details of the Government's long term plan for the sector's workforce. |
The future of care needs to be shaped for the next decade considering an ageing population. |
This should all be viewed against a background of a rising number of older people within the local population, health inequalities and a significant number of people living with disabilities and long-term conditions. |
ON BEHALF OF THE BOARD: |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 October 2023 will be £ 4,000 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Thapers Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SURE CARE (UK) LIMITED |
Opinion |
We have audited the financial statements of Sure Care (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 October 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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. |
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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions on other matters 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SURE CARE (UK) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SURE CARE (UK) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our planning process: |
" We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud. |
" We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, the Care Homes Regulations 2001,health and safety, and employment law. |
" We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
" Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
" Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. |
" Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
" Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation. |
" Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation. |
" Testing key revenue lines, in particular cut-off, for evidence of management bias. |
" Performing a physical verification of key assets. |
" Obtaining third-party confirmation of material bank and loan balances. |
" Documenting and verifying all significant related party and consolidated balances and transactions. |
" Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. |
" Testing all material consolidation adjustments. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SURE CARE (UK) LIMITED |
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 Report of the Auditors. |
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 a Report of the Auditors 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 |
Chartered Accountants |
Harpal House |
14 Holyhead Road |
Handsworth |
Birmingham |
West Midlands |
B21 0LT |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ |
TURNOVER | 10,874,856 | 9,123,827 |
Cost of sales | 452,707 | 354,295 |
GROSS PROFIT | 10,422,149 | 8,769,532 |
Administrative expenses | 9,545,383 | 8,451,177 |
876,766 | 318,355 |
Other operating income | 36,259 | 128,200 |
OPERATING PROFIT | 4 | 913,025 | 446,555 |
Interest receivable and similar income | 9,645 | - |
922,670 | 446,555 |
Interest payable and similar expenses | 5 | 199,862 | 113,523 |
PROFIT BEFORE TAXATION | 722,808 | 333,032 |
Tax on profit | 6 | 163,371 | 38,427 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 559,437 | 294,605 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 559,437 | 294,605 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
559,437 |
294,605 |
Total comprehensive income attributable to: |
Owners of the parent | 559,437 | 294,605 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
CONSOLIDATED BALANCE SHEET |
31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 5,763,043 | 5,623,978 |
Investments | 10 | - | - |
5,763,043 | 5,623,978 |
CURRENT ASSETS |
Debtors | 11 | 22,531 | 214,065 |
Cash at bank and in hand | 2,105,686 | 1,361,007 |
2,128,217 | 1,575,072 |
CREDITORS |
Amounts falling due within one year | 12 | 1,762,585 | 1,280,221 |
NET CURRENT ASSETS | 365,632 | 294,851 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,128,675 |
5,918,829 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(2,915,339 |
) |
(3,326,784 |
) |
PROVISIONS FOR LIABILITIES | 16 | (141,266 | ) | (75,412 | ) |
NET ASSETS | 3,072,070 | 2,516,633 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 1,000 | 1,000 |
Retained earnings | 18 | 3,071,070 | 2,515,633 |
SHAREHOLDERS' FUNDS | 3,072,070 | 2,516,633 |
The financial statements were approved by the director and authorised for issue on 9 July 2024 and were signed by: |
S Bedi - Director |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
COMPANY BALANCE SHEET |
31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 241,011 | 255,315 |
The financial statements were approved by the director and authorised for issue on |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 | 1,000 | 2,225,028 | 2,226,028 |
Changes in equity |
Dividends | - | (4,000 | ) | (4,000 | ) |
Total comprehensive income | - | 294,605 | 294,605 |
Balance at 31 October 2022 | 1,000 | 2,515,633 | 2,516,633 |
Changes in equity |
Dividends | - | (4,000 | ) | (4,000 | ) |
Total comprehensive income | - | 559,437 | 559,437 |
Balance at 31 October 2023 | 1,000 | 3,071,070 | 3,072,070 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,930,868 | 1,078,722 |
Interest paid | (199,862 | ) | (113,523 | ) |
Tax paid | (4,295 | ) | (171,223 | ) |
Net cash from operating activities | 1,726,711 | 793,976 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (563,180 | ) | (481,062 | ) |
Sale of tangible fixed assets | 11,000 | - |
Interest received | 9,645 | - |
Net cash from investing activities | (542,535 | ) | (481,062 | ) |
Cash flows from financing activities |
Loan repayments in year | (435,468 | ) | (452,806 | ) |
Amount introduced by directors | 2,200 | 2,644 |
Amount withdrawn by directors | (2,229 | ) | (589 | ) |
Equity dividends paid | (4,000 | ) | (4,000 | ) |
Net cash from financing activities | (439,497 | ) | (454,751 | ) |
Increase/(decrease) in cash and cash equivalents | 744,679 | (141,837 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,361,007 |
1,502,844 |
Cash and cash equivalents at end of year | 2 | 2,105,686 | 1,361,007 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/10/23 | 31/10/22 |
£ | £ |
Profit before taxation | 722,808 | 333,032 |
Depreciation charges | 412,374 | 324,348 |
Loss on disposal of fixed assets | 740 | - |
Government grants | (15,860 | ) | - |
Finance costs | 199,862 | 113,523 |
Finance income | (9,645 | ) | - |
1,310,279 | 770,903 |
Decrease/(increase) in trade and other debtors | 191,534 | (24,566 | ) |
Increase in trade and other creditors | 429,055 | 332,385 |
Cash generated from operations | 1,930,868 | 1,078,722 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 2,105,686 | 1,361,007 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 1,361,007 | 1,502,844 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,361,007 | 744,679 | 2,105,686 |
1,361,007 | 744,679 | 2,105,686 |
Debt |
Debts falling due within 1 year | (139,900 | ) | 39,884 | (100,016 | ) |
Debts falling due after 1 year | (3,326,784 | ) | 411,445 | (2,915,339 | ) |
(3,466,684 | ) | 451,329 | (3,015,355 | ) |
Total | (2,105,677 | ) | 1,196,008 | (909,669 | ) |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Sure Care (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04738408 and registered office address is Peak House, Farm House Way, Great Barr, Birmingham, West Midlands, B43 7SE. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
31/10/23 | 31/10/22 |
£ | £ |
Wages and salaries | 7,334,729 | 6,804,552 |
The average number of employees during the year was as follows: |
31/10/23 | 31/10/22 |
Care Assistants | 156 | 204 |
Domestic | 27 | 45 |
Cooks | 17 | 15 |
Others | 18 | 33 |
Manager | 8 | 6 |
Administration | 12 | 11 |
Nurses | 21 | - |
The average number of employees by undertakings that were proportionately consolidated during the year was 259 (2022 - 314 ) . |
31/10/23 | 31/10/22 |
£ | £ |
Director's remuneration | 75,000 | 75,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/10/23 | 31/10/22 |
£ | £ |
Hire of plant and machinery | 16,284 | 13,672 |
Other operating leases | 40,133 | 31,730 |
Depreciation - owned assets | 412,375 | 324,349 |
Loss on disposal of fixed assets | 740 | - |
Auditors' remuneration | 6,600 | 6,600 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/10/23 | 31/10/22 |
£ | £ |
Bank loan interest | 199,862 | 113,523 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/10/23 | 31/10/22 |
£ | £ |
Current tax: |
UK corporation tax | 97,517 | 4,295 |
Deferred tax | 65,854 | 34,132 |
Tax on profit | 163,371 | 38,427 |
7. | 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. |
8. | DIVIDENDS |
31/10/23 | 31/10/22 |
£ | £ |
Interim | 4,000 | 4,000 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST |
At 1 November 2022 | 6,173,707 | 76,761 | 1,646,918 |
Additions | - | - | 315,728 |
Disposals | - | - | - |
At 31 October 2023 | 6,173,707 | 76,761 | 1,962,646 |
DEPRECIATION |
At 1 November 2022 | 1,216,601 | 7,909 | 1,232,106 |
Charge for year | 123,474 | 1,536 | 182,635 |
At 31 October 2023 | 1,340,075 | 9,445 | 1,414,741 |
NET BOOK VALUE |
At 31 October 2023 | 4,833,632 | 67,316 | 547,905 |
At 31 October 2022 | 4,957,106 | 68,852 | 414,812 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 | 173,501 | 133,042 | 8,203,929 |
Additions | 233,533 | 13,919 | 563,180 |
Disposals | (11,740 | ) | - | (11,740 | ) |
At 31 October 2023 | 395,294 | 146,961 | 8,755,369 |
DEPRECIATION |
At 1 November 2022 | 67,993 | 55,342 | 2,579,951 |
Charge for year | 81,825 | 22,905 | 412,375 |
At 31 October 2023 | 149,818 | 78,247 | 2,992,326 |
NET BOOK VALUE |
At 31 October 2023 | 245,476 | 68,714 | 5,763,043 |
At 31 October 2022 | 105,508 | 77,700 | 5,623,978 |
Company |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 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 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Investments (neither listed nor unlisted) were as follows: |
31/10/23 | 31/10/22 |
£ | £ |
Investment in subsidiary | 1,000 | 1,000 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/10/23 | 31/10/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/10/23 | 31/10/22 | 31/10/23 | 31/10/22 |
£ | £ | £ | £ |
Trade debtors | (52,351 | ) | 59,525 | ( |
) |
Inter Company Account | - | - | 327,163 | 375,361 |
Salary Advance | 442 | 944 | 442 | 944 |
Avatar SWH Ltd | - | 77,321 | - | 77,321 |
Prepayments | 74,440 | 76,275 |
22,531 | 214,065 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
12. | 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 (see note 14) | 100,016 | 139,900 |
Trade creditors | 758,318 | 629,751 |
Tax | 97,517 | 4,295 |
Social security and other taxes | 90,141 | 74,006 |
Other creditors | 4,517 | 3,824 |
No description | 50,756 | - | 50,756 | - |
Pension Fund | 18,218 | 15,102 | 18,218 | 15,102 |
Net Wages Control | 419,997 | 355,292 | 350,774 | 294,718 |
Pension Liability | 3,202 | 3,320 | - | - |
Directors' current accounts | 4,026 | 4,055 | 4,026 | 4,055 |
Deferred income | 175,616 | 26,313 |
Accrued expenses | 40,261 | 24,363 |
1,762,585 | 1,280,221 |
13. | 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 (see note 14) | 2,915,339 | 3,326,784 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31/10/23 | 31/10/22 | 31/10/23 | 31/10/22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 100,016 | 139,900 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 100,016 | 100,016 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 300,049 | 383,148 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,515,274 | 2,843,620 | 2,515,274 | 2,843,620 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
31/10/23 | 31/10/22 |
£ | £ |
Bank loans |
16. | PROVISIONS FOR LIABILITIES |
Group | Company |
31/10/23 | 31/10/22 | 31/10/23 | 31/10/22 |
£ | £ | £ | £ |
Deferred tax | 141,266 | 75,412 | 141,266 | 75,412 |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2022 | 75,412 |
Provided during year | 65,854 |
Balance at 31 October 2023 | 141,266 |
Company |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Provided during year |
Balance at 31 October 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/10/23 | 31/10/22 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
SURE CARE (UK) LIMITED (REGISTERED NUMBER: 04738408) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 November 2022 | 2,515,633 |
Profit for the year | 559,437 |
Dividends | (4,000 | ) |
At 31 October 2023 | 3,071,070 |
Company |
Retained |
earnings |
£ |
At 1 November 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2023 |
19. | RELATED PARTY DISCLOSURES |
Bedi Family Trust |
On 06 September 2018 Sure Care (UK) Ltd took a loan of £215,000 from Bedi Family Trust. This is repayable in equal monthly instalments of £4,057.32 including interest and is based on 5% fixed annual interest rate. |
Avatar Property Holdings Limited |
During the year, Avatar Property Holdings limited charged Surecare Uk Limited a management charge of £489,366 his amount is included within the Creditors - Trade Creditors. |