Company registration number 08420775 (England and Wales)
LOVEN CARE HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
LOVEN CARE HOMES LIMITED
COMPANY INFORMATION
Director
Mr A L Levison
Company number
08420775
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Bondcare House
18 Lodge Road
London
NW4 4EF
LOVEN CARE HOMES LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
LOVEN CARE HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 29 December 2023.

Review of the business

The results for the period and the financial position at the balance sheet date are considered satisfactory by the directors who expect continued growth in the foreseeable future. During the year the company transferred out three of its subsidiary companies to a non-connected third party and acquired one new subsidiary.

Principal risks and uncertainties

The directors continually take steps to identify, manage and mitigate potential business risks, by, inter-alia, evaluating controls and establishing and executing action plans.

The directors, in their opinion, have identified the key risks as:

- Human resources. It is essential that the group of companies continue to recruit, retain and motivate high calibre personnel, particularly those appointed to senior management positions in the care homes.

- Management of Operations. The group continues to ensure it is bringing consistency to the management of its services. The group takes steps to manage the risks associated with its information technology systems at each of its care homes (including continuity and recovery plans); and works to retain relationships with key employees, the homes' residents and local authorities. Policies and procedures exist to ensure adequate credit control is in place in order facilitate the efficient recovery of trade debt. The directors consider the group is not significantly exposed to credit risk as a high proportion of the care home income is derived from publicly funded authorities. The directors continually strive to provide a high quality of care in order to secure the groups ongoing trading position against any possible risks and uncertainties.

Development and performance

The position of the group at the balance sheet date remains reasonably strong, is in line with with directors expectations and can be summarised as follows:

Gross assets - £15.40 million (2022: £17.69 million)

Shareholders funds - £2.97 million (2022: £3.27 million)

Key performance indicators

The group monitors cash flow as part of its day to day control procedures. Current cash position and future cash requirements are closely tracked to ensure appropriate facilities are available as and when required.

Other financial key performance indicators include turnover, gross profit margin and operating profit which are summarised below:

Turnover £13,745,199 (2022: 13,546,825)

Gross profit £3,820,740 (2022: £3,159,052)

Operating profit £1,668,836 (2022: £1,409,173)

Other performance indicators

Other key performance indicators include home occupancy levels, charge rates, staffing hours and changes to rates of pay.

On behalf of the board

Mr A L Levison
Director
10 July 2024
LOVEN CARE HOMES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 29 DECEMBER 2023
- 2 -

The director presents his annual report and financial statements for the year ended 29 December 2023.

Principal activities

The company is the holding company of a group whose principal activity is the operation of residential and nursing homes caring for the elderly.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A L Levison
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

 

LOVEN CARE HOMES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 3 -
Auditor

Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A L Levison
Director
10 July 2024
LOVEN CARE HOMES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 DECEMBER 2023
- 4 -

The director is responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LOVEN CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOVEN CARE HOMES LIMITED
- 5 -
Opinion

We have audited the financial statements of Loven Care Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

LOVEN CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOVEN CARE HOMES LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 is 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 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 parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

 

 

 

 

 

 

LOVEN CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOVEN CARE HOMES LIMITED
- 7 -

 

 

Due 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. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Jonathan Brodie FCA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
10 July 2024
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
LOVEN CARE HOMES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
13,745,199
13,546,825
Cost of sales
(9,924,459)
(10,387,773)
Gross profit
3,820,740
3,159,052
Administrative expenses
(2,220,215)
(2,115,782)
Other operating income
68,311
365,903
Operating profit
4
1,668,836
1,409,173
Interest payable and similar expenses
7
(731,252)
(252,465)
Amounts written off/written back on current asset loans
8
3,255,145
-
Profit before taxation
4,192,729
1,156,708
Tax on profit
9
(425,738)
(254,405)
Profit for the financial year
3,766,991
902,303
Profit for the financial year is attributable to:
- Owners of the parent company
3,780,617
803,574
- Non-controlling interests
(13,626)
98,729
3,766,991
902,303
LOVEN CARE HOMES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
3,766,991
902,303
Other comprehensive income
-
-
Total comprehensive income for the year
3,766,991
902,303
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,780,617
803,574
- Non-controlling interests
(13,626)
98,729
3,766,991
902,303
LOVEN CARE HOMES LIMITED
GROUP BALANCE SHEET
AS AT
29 DECEMBER 2023
29 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
11,143,535
11,455,210
Current assets
Debtors
14
4,148,331
4,769,147
Cash at bank and in hand
107,140
1,461,659
4,255,471
6,230,806
Creditors: amounts falling due within one year
15
(3,914,996)
(8,341,027)
Net current assets/(liabilities)
340,475
(2,110,221)
Total assets less current liabilities
11,484,010
9,344,989
Creditors: amounts falling due after more than one year
16
(8,475,000)
(6,026,352)
Provisions for liabilities
Deferred tax liability
18
40,303
44,829
(40,303)
(44,829)
Net assets
2,968,707
3,273,808
Capital and reserves
Called up share capital
20
2,000
2,000
Other reserves
-
0
3,402,062
Profit and loss reserves
2,939,541
(171,046)
Equity attributable to owners of the parent company
2,941,541
3,233,016
Non-controlling interests
27,166
40,792
2,968,707
3,273,808

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 10 July 2024
10 July 2024
Mr A L Levison
Director
Company registration number 08420775 (England and Wales)
LOVEN CARE HOMES LIMITED
COMPANY BALANCE SHEET
AS AT 29 DECEMBER 2023
29 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
11
3,148,705
4,079,162
Current assets
Debtors
14
5,355,132
8,973,929
Cash at bank and in hand
16
10,339
5,355,148
8,984,268
Creditors: amounts falling due within one year
15
(1,803,616)
(5,199,728)
Net current assets
3,551,532
3,784,540
Total assets less current liabilities
6,700,237
7,863,702
Creditors: amounts falling due after more than one year
16
(8,475,000)
(6,026,352)
Net (liabilities)/assets
(1,774,763)
1,837,350
Capital and reserves
Called up share capital
20
2,000
2,000
Profit and loss reserves
(1,776,763)
1,835,350
Total equity
(1,774,763)
1,837,350

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £3,612,113 (2022 - £442,537 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 10 July 2024
10 July 2024
Mr A L Levison
Director
Company registration number 08420775 (England and Wales)
LOVEN CARE HOMES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2023
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 30 December 2021
2,000
3,402,062
(974,620)
2,429,442
(57,937)
2,371,505
Year ended 29 December 2022:
Profit and total comprehensive income
-
-
803,574
803,574
98,729
902,303
Balance at 29 December 2022
2,000
3,402,062
(171,046)
3,233,016
40,792
3,273,808
Year ended 29 December 2023:
Profit and total comprehensive income
-
-
3,780,617
3,780,617
(13,626)
3,766,991
Reserves adjustment on transfer out of subsidiaries
-
-
(4,072,092)
(4,072,092)
-
(4,072,092)
Other movements
-
(3,402,062)
3,402,062
-
-
-
Balance at 29 December 2023
2,000
-
2,939,541
2,941,541
27,166
2,968,707
LOVEN CARE HOMES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 30 December 2021
2,000
1,392,813
1,394,813
Year ended 29 December 2022:
Profit and total comprehensive income for the year
-
442,537
442,537
Balance at 29 December 2022
2,000
1,835,350
1,837,350
Year ended 29 December 2023:
Profit and total comprehensive income
-
(3,612,113)
(3,612,113)
Balance at 29 December 2023
2,000
(1,776,763)
(1,774,763)
LOVEN CARE HOMES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,655,239
2,286,513
Interest paid
(731,252)
(252,465)
Income taxes paid
(273,797)
(323,373)
Net cash inflow from operating activities
650,190
1,710,675
Investing activities
Purchase of tangible fixed assets
(3,831,797)
(191,790)
Loans made to other entities
(350,000)
-
Net cash used in investing activities
(4,181,797)
(191,790)
Financing activities
Proceeds from new bank loans
9,100,000
-
Repayment of bank loans
(6,967,319)
(693,867)
Net cash generated from/(used in) financing activities
2,132,681
(693,867)
Net (decrease)/increase in cash and cash equivalents
(1,398,926)
825,018
Cash and cash equivalents at beginning of year
1,461,659
636,641
Cash and cash equivalents at end of year
62,733
1,461,659
Relating to:
Cash at bank and in hand
107,140
1,461,659
Bank overdrafts included in creditors payable within one year
(44,407)
-
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Loven Care Homes Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, England, M3 5FS.

 

The group consists of Loven Care Homes Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Loven Care Homes Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 29 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line on the building element
Fixtures and fittings
25% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fees from operating nursing homes in the UK
13,745,199
13,546,825
2023
2022
£
£
Other revenue
Grants received
10,364
365,153
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(10,364)
(365,153)
Depreciation of owned tangible fixed assets
429,015
440,572
(Profit)/loss on disposal of tangible fixed assets
-
2,431
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 21 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,360
5,580
Audit of the financial statements of the company's subsidiaries
42,060
50,000
48,420
55,580
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Head office administration
1
1
-
-
Carehome staff
520
429
-
-
Total
521
430
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,101,333
6,843,624
-
0
-
0
Social security costs
534,033
499,806
-
-
Pension costs
126,533
104,447
-
0
-
0
7,761,899
7,447,877
-
0
-
0
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
588,655
252,465
Other finance costs:
Other interest
142,597
-
Total finance costs
731,252
252,465
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 22 -
8
Amounts written off/written back on current asset loans
2023
2022
£
£
Amounts written off current loans
(350,000)
-
Amounts written back on parent company loan
3,605,145
-
3,255,145
-

The parent loan write back relate to balances written back due to the original parent company, Loven Holdings Limited. As the parent company's figures are not included in the consolidated of Loven Care Homes Limited, theses are not eliminated on consolidation.

9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
148,476
256,249
Adjustments in respect of prior periods
-
0
272
Total current tax
148,476
256,521
Deferred tax
Origination and reversal of timing differences
277,262
(2,116)
Total tax charge
425,738
254,405

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,192,729
1,156,708
Expected tax charge based on the standard rate of corporation tax in the UK of 23.49% (2022: 19.00%)
984,872
219,775
Tax effect of expenses that are not deductible in determining taxable profit
(569,601)
4,477
Adjustments in respect of prior years
-
0
272
Permanent capital allowances in excess of depreciation
10,467
31,997
Other non-reversing timing differences
-
0
(2,116)
Taxation charge
425,738
254,405
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 23 -
10
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 30 December 2022
16,342,517
574,443
76,695
16,993,655
Additions
3,480,336
338,511
12,950
3,831,797
Disposals
-
0
(136,446)
-
0
(136,446)
Transfers out on disposal of subsidiaries
(4,238,632)
(158,240)
(40,000)
(4,436,872)
At 29 December 2023
15,584,221
618,268
49,645
16,252,134
Depreciation and impairment
At 30 December 2022
5,197,368
293,726
47,351
5,538,445
Depreciation charged in the year
235,471
188,676
4,868
429,015
Eliminated in respect of disposals
-
0
(136,446)
-
0
(136,446)
Transfers out on disposal of subsidiaries
(625,570)
(79,671)
(17,174)
(722,415)
At 29 December 2023
4,807,269
266,285
35,045
5,108,599
Carrying amount
At 29 December 2023
10,776,952
351,983
14,600
11,143,535
At 29 December 2022
11,145,149
280,717
29,344
11,455,210
The company had no tangible fixed assets at 29 December 2023 or 29 December 2022.
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
3,148,705
4,079,162
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 December 2022
4,079,162
Disposals
(930,457)
At 29 December 2023
3,148,705
Carrying amount
At 29 December 2023
3,148,705
At 29 December 2022
4,079,162
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 24 -
12
Subsidiaries

Details of the company's subsidiaries at 29 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bondcare (Ambassador) Limited
England & Wales
Ordinary
100.00
Care Worldwide (Bradford) Limited
England & Wales
Ordinary
100.00
Loven Larchwood Limited
England & Wales
Ordinary
100.00
Loven Management Limited
England & Wales
Ordinary
51.00
Loven Richden Park Limited
England & Wales
Ordinary
100.00
13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,941,025
4,597,962
5,262,736
8,953,226
Carrying amount of financial liabilities
Measured at amortised cost
12,053,617
13,673,427
10,278,616
11,226,080
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,395,225
1,738,055
-
0
-
0
Corporation tax recoverable
25,063
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
3,472,736
7,603,226
Other debtors
2,522,090
2,490,043
1,790,000
1,350,000
Prepayments and accrued income
205,953
541,049
92,396
20,703
4,148,331
4,769,147
5,355,132
8,973,929
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
499,407
770,967
455,000
770,967
Trade creditors
743,515
1,460,720
-
0
-
0
Amounts owed to group undertakings
-
0
3,605,143
-
0
4,318,879
Corporation tax payable
26,719
256,249
-
0
-
0
Other taxation and social security
130,693
96,593
-
-
Deferred income
178,967
341,110
-
0
-
0
Other creditors
1,723,964
535,462
1,278,000
73,000
Accruals and deferred income
611,731
1,274,783
70,616
36,882
3,914,996
8,341,027
1,803,616
5,199,728

In 2022, the amounts owed to group undertakings are in respect of the amount due to the immediate parent company Loven Holdings Limited a company registered in Gibraltar.

16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
8,475,000
6,026,352
8,475,000
6,026,352
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
8,930,000
6,797,319
8,930,000
6,797,319
Bank overdrafts
44,407
-
0
-
0
-
0
8,974,407
6,797,319
8,930,000
6,797,319
Payable within one year
499,407
770,967
455,000
770,967
Payable after one year
8,475,000
6,026,352
8,475,000
6,026,352
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
17
Loans and overdrafts
(Continued)
- 26 -

The group refinanced during the year taking out two loan facilities with Barclays PLC. An initial loan facility of £6,800,000 repayable by the 5th anniversary of drawdown with an interest rate of Margin of 2.5% plus Bank Of England Base rate. A further loan facility of £2,300,000 repayable by the 5th anniversary of drawdown with an interest rate of Margin of 2.65% plus Fixed Rate for 3 years of 5.7% before reverting to a floating rate. The total amount outstanding at the balance sheet date amounted to £8,930,000 (2022 loan with Santander UK PLC of £6,797,318).

 

The bank loans are guaranteed by Loven Care Homes Limited and the following subsidiaries:

Loven Larchwood Limited

Care Worldwide (Bradford) Limited

Loven Richden Park Limited

Bondcare (Ambassador) Limited

Loven Management Limited

Loven Green Lane Limited

 

The loan is secured by a cross guarantee and debenture in favour of Barclays Bank PLC and a first legal charge over the properties owned by the above entities.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
40,303
44,829
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 30 December 2022
44,829
-
Credit to profit or loss
(4,526)
-
Liability at 29 December 2023
40,303
-
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
126,533
104,447
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
19
Retirement benefit schemes
(Continued)
- 27 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
21
Disposals

The group has disposed of 3 of its wholly owned subsidiaries during the year for a total consideration of £3.

 

Included in theses financial statements are profits of £260,344 arising from the company's interest in Loven Spinney Limited, Bestcare UK Limited and Care Worldwide (Bradford) Limited, up to the date of its disposal.

22
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
-
3,605,143
Connected party loan (interest free)
1,154,044
50,105
Company
Connected party loan (interest free)
1,205,000
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Connected party loan (interest free)
359,979
173,169
Company
Connected party loan (interest free)
440,000
-
23
Controlling party

The immediate parent company is Barkwell Limited, a company incorporated in Gibraltar.

LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
23
Controlling party
(Continued)
- 28 -

The ultimate controlling parties are Mr Alan Goldstein and Mrs Sarah Goldstein.

24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,766,991
902,303
Adjustments for:
Taxation charged
425,738
254,405
Finance costs
731,252
252,465
(Gain)/loss on disposal of tangible fixed assets
-
2,431
Depreciation and impairment of tangible fixed assets
429,015
440,572
Other gains and losses
(418,695)
-
Movements in working capital:
Decrease/(increase) in debtors
645,879
(937,929)
(Decrease)/increase in creditors
(3,762,798)
1,254,535
(Decrease)/increase in deferred income
(162,143)
117,731
Cash generated from operations
1,655,239
2,286,513
25
Analysis of changes in net debt - group
30 December 2022
Cash flows
29 December 2023
£
£
£
Cash at bank and in hand
1,461,659
(1,354,519)
107,140
Bank overdrafts
-
0
(44,407)
(44,407)
1,461,659
(1,398,926)
62,733
Borrowings excluding overdrafts
(6,797,319)
(2,132,681)
(8,930,000)
(5,335,660)
(3,531,607)
(8,867,267)
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