Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302023-09-30falsefalsefalse2032022-10-01false254 NI036524 2022-10-01 2023-09-30 NI036524 2021-04-01 2022-09-30 NI036524 2023-09-30 NI036524 2022-09-30 NI036524 2021-04-01 NI036524 c:Director1 2022-10-01 2023-09-30 NI036524 c:RegisteredOffice 2022-10-01 2023-09-30 NI036524 c:Agent1 2022-10-01 2023-09-30 NI036524 d:Buildings 2022-10-01 2023-09-30 NI036524 d:Buildings 2023-09-30 NI036524 d:Buildings 2022-09-30 NI036524 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI036524 d:Buildings d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 NI036524 d:MotorVehicles 2022-10-01 2023-09-30 NI036524 d:MotorVehicles 2023-09-30 NI036524 d:MotorVehicles 2022-09-30 NI036524 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI036524 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 NI036524 d:FurnitureFittings 2022-10-01 2023-09-30 NI036524 d:FurnitureFittings 2023-09-30 NI036524 d:FurnitureFittings 2022-09-30 NI036524 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI036524 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 NI036524 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI036524 d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 NI036524 d:Goodwill 2023-09-30 NI036524 d:Goodwill 2022-09-30 NI036524 d:ComputerSoftware 2023-09-30 NI036524 d:ComputerSoftware 2022-09-30 NI036524 d:OtherResidualIntangibleAssets 2022-10-01 2023-09-30 NI036524 d:CurrentFinancialInstruments 2023-09-30 NI036524 d:CurrentFinancialInstruments 2022-09-30 NI036524 d:Non-currentFinancialInstruments 2023-09-30 NI036524 d:Non-currentFinancialInstruments 2022-09-30 NI036524 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 NI036524 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 NI036524 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 NI036524 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 NI036524 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 NI036524 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 NI036524 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 NI036524 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-09-30 NI036524 d:ShareCapital 2023-09-30 NI036524 d:ShareCapital 2022-09-30 NI036524 d:ShareCapital 2021-04-01 NI036524 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 NI036524 d:RetainedEarningsAccumulatedLosses 2023-09-30 NI036524 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-09-30 NI036524 d:RetainedEarningsAccumulatedLosses 2022-09-30 NI036524 d:RetainedEarningsAccumulatedLosses 2021-04-01 NI036524 c:OrdinaryShareClass1 2022-10-01 2023-09-30 NI036524 c:OrdinaryShareClass1 2023-09-30 NI036524 c:OrdinaryShareClass1 2022-09-30 NI036524 c:FRS102 2022-10-01 2023-09-30 NI036524 c:Audited 2022-10-01 2023-09-30 NI036524 c:FullAccounts 2022-10-01 2023-09-30 NI036524 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 NI036524 d:Subsidiary1 2022-10-01 2023-09-30 NI036524 d:Subsidiary1 1 2022-10-01 2023-09-30 NI036524 d:Subsidiary2 2022-10-01 2023-09-30 NI036524 d:Subsidiary2 1 2022-10-01 2023-09-30 NI036524 d:Subsidiary3 2022-10-01 2023-09-30 NI036524 d:Subsidiary3 1 2022-10-01 2023-09-30 NI036524 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 NI036524 d:HirePurchaseContracts d:WithinOneYear 2022-09-30 NI036524 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 NI036524 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-30 NI036524 c:Consolidated 2023-09-30 NI036524 c:ConsolidatedGroupCompanyAccounts 2022-10-01 2023-09-30 NI036524 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2022-10-01 2023-09-30 NI036524 4 2022-10-01 2023-09-30 NI036524 6 2022-10-01 2023-09-30 NI036524 d:InternallyGeneratedIntangibleAssets 2022-10-01 2023-09-30 NI036524 d:Goodwill d:OwnedIntangibleAssets 2022-10-01 2023-09-30 NI036524 d:ComputerSoftware d:OwnedIntangibleAssets 2022-10-01 2023-09-30 NI036524 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI036524










M CARE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
M CARE LIMITED
 

COMPANY INFORMATION


Director
Patrick Eoin Miskelly 




Registered number
NI036524



Registered office
44-46 Main Street

Ballynahinch

BT24 8DN




Independent auditors
AAB Group Accountants Limited

1-3 Arthur Street

Belfast

Co. Antrim

BT1 4GA




Bankers
Danske Bank
Donegall Square West

Belfast

Co. Antrim

BT1 6JS




Solicitors
O'Hare Solicitors
37-41 High Street

Belfast

BT1 2AB





 
M CARE LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 33


 
M CARE LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The director presents the stragetic reporting for the period ended 30 September 2023.

Business review
 
The director is satisfied with the results for the year ended 30 September 2023. Gross profit has increased to 29.5% for the year ended 30 September 2023 compared to 28.3% for the 18 months ended 30 September 2022. Turnover for the year ended 30 September 2023 was £6.7m compared to £11.3m for the 18 months ended 30 September 2022. During the year there was an exceptional item amounting to £97,709 (2022: £819,422) due to a write off of a debtor that was deemed irrecoverable. Net assets for the year ended 30 September 2023 were £670k (2022: £557k).
The directors consider the results for the year to be satisfactory given the level of annualised turnover and increase in operating profits.
The directors have reviewed future cash forecasts for the group’s activities and believe that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
The directors are committed to long term creation of shareholder value by increasing the group’s market share 

Principal risks and uncertainties
 
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risk is to ensure continued profitability whilst continuing to meet the demands of the service commissioners. This risk is effected by changes in national living wage and pension increases.
The group's operations expose it to a variety of financial risks that includes interest rate risk, liquidity risks. The group has a risk management program that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs. These policies are set out below:
Interest rate risk - the group has interest bearing liabilities that relate to terms loans and overdrafts. The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. 
Liquidity risk - The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The group's policy is to ensure that sufficient resources are available either from cash balances and cash flow to ensure all obligations can be met.
Inflation risk - As a result of the rising rate of inflation the company has seen the impact of this through rising costs. The company have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.

Financial key performance indicators
 
The company's key performance indicators are as follows:

2023
2022
Turnover

£6.7m

£11.3m
 
Gross profit margin

29.5%

28.3%
 
Shareholder's equity

£670k

£557k
 

Page 1

 
M CARE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


This report was approved by the board on 22 July 2024 and signed on its behalf.



Patrick Eoin Miskelly
Director

Page 2

 
M CARE LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The director presents his report and the financial statements for the year ended 30 September 2023.

Principal activity

The principal activity of the group continued to be that of the provision of Domiciliary Care and Childcare.

Results and dividends

The profit for the year, after taxation, amounted to £112,685 (2022 - loss £327,279).

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

Director

The director who served during the year and up to the date of signing the financial statements was:

Patrick Eoin Miskelly 

Auditors

The auditor, AAB Group Accountants Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Future developments

The director intends to grow the business further by capitalising on the increasing demand for community care and specialist community care. The demand for these services continues to increase due to the ageing population and increased life expectancy.

Page 3

 
M CARE LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Engagement with employees

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.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

This report was approved by the board on 22 July 2024 and signed on its behalf.
 





Patrick Eoin Miskelly
Director

Page 4

 
M CARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M CARE LIMITED
 

Opinion


We have audited the financial statements of M Care Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 September 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
M CARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M CARE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


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 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:


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 directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, 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 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 have no realistic alternative but to do so.


Page 6

 
M CARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M CARE LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' 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 2006Our 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 Auditors' 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.





Teresa Campbell (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
1-3 Arthur Street
Belfast
Co. Antrim
BT1 4GA

22 July 2024
Page 7

 
M CARE LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12 months ended
30 September
18 months ended
30 September
2023
2022
Note
£
£

  

Turnover
 4 
6,741,072
11,252,752

Cost of sales
  
(4,755,796)
(8,066,936)

Gross profit
  
1,985,276
3,185,816

Administrative expenses
  
(1,515,900)
(2,835,321)

Exceptional administrative expenses
  
-
(1,495,273)

Other operating income
 5 
57,401
345,461

Exceptional other operating charges
  
(97,709)
675,851

Operating profit/(loss)
 6 
429,068
(123,466)

Interest payable and similar expenses
 10 
(247,587)
(203,813)

Profit/(loss) before taxation
  
181,481
(327,279)

Tax on profit/(loss)
 11 
(68,796)
-

Profit/(loss) for the financial year
  
112,685
(327,279)

Profit/(loss) for the year attributable to:
  

Owners of the parent company
  
112,685
(327,279)

  
112,685
(327,279)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 33 form part of these financial statements.

Page 8

 
M CARE LIMITED
REGISTERED NUMBER: NI036524

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
275,242
127,814

Tangible assets
 14 
2,980,772
3,213,209

  
3,256,014
3,341,023

Current assets
  

Stocks
 16 
2,500
2,500

Debtors
 17 
2,181,682
2,492,476

Cash at bank and in hand
 18 
8,393
9,685

  
2,192,575
2,504,661

Creditors: amounts falling due within one year
 19 
(3,030,202)
(3,156,611)

Net current liabilities
  
 
 
(837,627)
 
 
(651,950)

Total assets less current liabilities
  
2,418,387
2,689,073

Creditors: amounts falling due after more than one year
 20 
(1,748,692)
(2,132,063)

Provisions for liabilities
  

Net assets excluding pension asset
  
669,695
557,010

Net assets
  
669,695
557,010


Capital and reserves
  

Called up share capital 
 23 
2
2

Profit and loss account
  
669,693
557,008

Equity attributable to owners of the parent company
  
669,695
557,010

  
669,695
557,010


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2024.




Patrick Eoin Miskelly
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 9

 
M CARE LIMITED
REGISTERED NUMBER: NI036524

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
275,242
127,814

Tangible assets
 14 
1,018,038
1,211,885

Investments
 15 
4
4

  
1,293,284
1,339,703

Current assets
  

Stocks
 16 
2,500
2,500

Debtors
 17 
6,784,982
6,902,373

Cash at bank and in hand
 18 
415
431

  
6,787,897
6,905,304

Creditors: amounts falling due within one year
 19 
(1,834,509)
(1,991,105)

Net current assets
  
 
 
4,953,388
 
 
4,914,199

Total assets less current liabilities
  
6,246,672
6,253,902

  

Creditors: amounts falling due after more than one year
 20 
(1,097,297)
(1,401,040)

  

Net assets excluding pension asset
  
5,149,375
4,852,862

Net assets
  
5,149,375
4,852,862


Capital and reserves
  

Called up share capital 
 23 
2
2

Profit and loss account brought forward
  
4,852,860
7,029,985

Profit/(loss) for the year
  
296,513
(2,177,125)

Profit and loss account carried forward
  
5,149,373
4,852,860

  
5,149,375
4,852,862


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2024.


Patrick Eoin Miskelly
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
M CARE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
2
884,287
884,289


Comprehensive income for the period

Loss for the period
-
(327,279)
(327,279)



At 1 October 2022
2
557,008
557,010


Comprehensive income for the year

Profit for the year
-
112,685
112,685


At 30 September 2023
2
669,693
669,695


The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
M CARE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
2
7,029,985
7,029,987


Comprehensive income for the period

Loss for the period
-
(2,177,125)
(2,177,125)



At 1 October 2022
2
4,852,860
4,852,862


Comprehensive income for the period

Profit for the year
-
296,513
296,513


At 30 September 2023
2
5,149,373
5,149,375


The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
M CARE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
112,685
(327,279)

Adjustments for:

Amortisation of intangible assets
31,452
7,826

Depreciation of tangible assets
143,862
202,009

Loss on disposal of tangible assets
(19,768)
63,778

Interest paid
247,587
203,813

Taxation charge
68,796
-

Decrease in debtors
151,989
433,057

(Decrease)/increase in creditors
(79,728)
237,298

Corporation tax (paid)
(44,680)
(294,270)

Net cash generated from operating activities

612,195
526,232


Cash flows from investing activities

Purchase of intangible fixed assets
(178,880)
(135,640)

Purchase of tangible fixed assets
(35,527)
(311,073)

Sale of tangible fixed assets
12,111
-

HP interest paid
(7,073)
(17,532)

Net cash from investing activities

(209,369)
(464,245)

Cash flows from financing activities

New secured loans
-
1,500,000

Repayment of loans
(347,642)
(748,504)

Repayment of/new finance leases
(26,491)
(91,787)

Loans due from/(repaid to) directors
134,689
(181,301)

Interest paid
(240,514)
(186,281)

Net cash used in financing activities
(479,958)
292,127

Net (decrease)/increase in cash and cash equivalents
(77,132)
354,114

Cash and cash equivalents at beginning of year
(588,066)
(942,180)

Cash and cash equivalents at the end of year
(665,198)
(588,066)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,393
9,685

Bank overdrafts
(673,591)
(597,751)

(665,198)
(588,066)


Page 13

 
M CARE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023






At 1 October 2022
Cash flows
New finance leases
Other non-cash changes
At 30 September 2023
£

£

£

£

£

Cash at bank and in hand

9,685

(1,292)

-

-

8,393

Bank overdrafts

(597,751)

(75,840)

-

-

(673,591)

Debt due after 1 year

(1,931,754)

367,203

-

-

(1,564,551)

Debt due within 1 year

(1,530,160)

(101,678)

-

-

(1,631,838)

Finance leases

(250,505)

26,491

(21,750)

153,509

(92,255)


(4,300,485)
214,884
(21,750)
153,509
(3,953,842)

The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

M Care Limited ("the company") is a private company limited by shares incorporated in Northern Ireland. The registered office is 44-46 Main Street, Ballynahinch, Co. Down, Northern Ireland, BT24 8DN.  
The principal activity of the group continued to be that of the provision of Domiciliary Care and Childcare.
The group consists of M Care Limited and all of its subsidaries detailed in note 15

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where
the parent of that group prepares publicly available consolidated financial statements, including this
company, which are intended to give a true and fair view of the assets, liabilities, financial position
and profit or loss of the group. The company has therefore taken advantage of exemptions from the
following disclosure requirements for parent company information presented within the consolidated
financial statements:
 
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
 
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; and
 
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

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

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

Page 16

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
10
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Motor vehicles
-
20%
Reducing Balance
Fixtures and fittings
-
20%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 17

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash
Page 18

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 19

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.


4.


Turnover

An analysis of turnover by class of business is as follows:


12 months ended
30 September
18 months ended
30 September
2023
2022
£
£

Domicilliary and care services
5,994,287
10,360,801

Childcare services
746,785
891,951

6,741,072
11,252,752


Analysis of turnover by country of destination:

12 months ended
30 September
18 months ended
30 September
2023
2022
£
£

United Kingdom
6,741,072
11,252,752

6,741,072
11,252,752


Page 20

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Other operating income

12 months ended
30 September
18 months ended
30 September
2023
2022
£
£

Other operating income
6,666
268,751

Management charge income
50,735
76,710

57,401
345,461



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

12 months ended
30 September
18 months ended
30 September
2023
2022
£
£

Depreciation of owned tangible fixed assets
126,723
143,055

Depreciation of tangible fixed assets held under finance leases
17,139
58,954

(Profit)/Loss on disposal of tangible fixed assets
(19,768)
63,778

Amortisation of intangible assets
31,452
7,826

Other operating lease rentals
48,145
91,658


7.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


12 months ended
30 September
18 months ended
30 September
2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
17,800
17,600

Page 21

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,612,792
8,090,820
4,081,149
7,462,372

Social security costs
397,780
643,539
362,993
607,389

Cost of defined contribution scheme
84,035
122,840
84,035
122,454

5,094,607
8,857,199
4,528,177
8,192,215


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



Group
Group
Company
Company
  12 months ended
     30 September
   18 months ended
     30 September
  12 months ended
     30 September
   18 months ended
     30 September
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administration
14
19
14
19



Care staff
218
264
189
235

232
283
203
254


9.


Director's remuneration

12 months ended
30 September
18 months ended
30 September
2023
2022
£
£

Director's emoluments
84,000
126,000

84,000
126,000


Page 22

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Interest payable and similar expenses

12 months ended
30 September
18 months ended
30 September
2023
2022
£
£


Bank interest payable
187,858
110,762

Finance leases and hire purchase contracts
7,073
17,532

Other interest payable
52,656
75,519

247,587
203,813


11.


Taxation


12 months ended
30 September
18 months ended
30 September
2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
68,796
-


68,796
-


Total current tax
68,796
-

Deferred tax

Total deferred tax
-
-


Tax on profit/(loss)
68,796
-
Page 23

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 22% (2022 - 19%). The differences are explained below:

12 months ended
30 September
18 months ended
30 September
2023
2022
£
£


Profit/(loss) on ordinary activities before tax
181,481
(327,279)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2022 - 19%)
39,926
(62,183)

Effects of:


Capital allowances for year/period in excess of depreciation
(12,215)
(49,302)

Utilisation of tax losses
(63,573)
-

Adjustments to tax charge in respect of prior periods
68,976
-

Unrelieved tax losses carried forward
35,682
111,485

Total tax charge for the year/period
68,796
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

12 months ended
30 September
18 months ended
30 September
2023
2022
£
£


Debt write off
97,709
819,422

97,709
819,422

During the year there was an exceptional item totalling £97,709 related to a debtor that was deemed irrecoverable as the company has now been dissolved. During the prior period there was an exceptional item related to the write off of accrued income that was deemed irrecoverable.

Page 24

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 October 2022
135,640
46,000
181,640


Additions - internal
178,880
-
178,880



At 30 September 2023

314,520
46,000
360,520



Amortisation


At 1 October 2022
7,826
46,000
53,826


Charge for the year on owned assets
31,452
-
31,452



At 30 September 2023

39,278
46,000
85,278



Net book value



At 30 September 2023
275,242
-
275,242



At 30 September 2022
127,814
-
127,814



Page 25

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
           13.Intangible assets (continued)

Company




Computer software
Goodwill
Total

£
£
£



Cost


At 1 October 2022
135,640
46,000
181,640


Additions - internal
178,880
-
178,880



At 30 September 2023

314,520
46,000
360,520



Amortisation


At 1 October 2022
7,826
46,000
53,826


Charge for the year
31,452
-
31,452



At 30 September 2023

39,278
46,000
85,278



Net book value



At 30 September 2023
275,242
-
275,242



At 30 September 2022
127,814
-
127,814

Page 26

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2022
3,037,187
597,302
1,030,717
4,665,206


Additions
-
21,750
35,527
57,277


Disposals
-
(273,000)
-
(273,000)



At 30 September 2023

3,037,187
346,052
1,066,244
4,449,483



Depreciation


At 1 October 2022
379,236
295,217
777,544
1,451,997


Charge for the year on owned assets
30,018
39,273
57,432
126,723


Charge for the year on financed assets
-
17,139
-
17,139


Disposals
-
(127,148)
-
(127,148)



At 30 September 2023

409,254
224,481
834,976
1,468,711



Net book value



At 30 September 2023
2,627,933
121,571
231,268
2,980,772



At 30 September 2022
2,657,951
302,085
253,173
3,213,209

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
95,543
269,808

95,543
269,808

Page 27

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           14.Tangible fixed assets (continued)


Company






Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£

Cost or valuation


At 1 October 2022
708,073
427,103
627,384
1,762,560


Additions
-
21,750
31,110
52,860


Disposals
-
(273,000)
-
(273,000)



At 30 September 2023

708,073
175,853
658,494
1,542,420



Depreciation


At 1 October 2022
-
137,529
413,146
550,675


Charge for the year on owned assets
-
36,478
47,238
83,716


Charge for the year on financed assets
-
17,139
-
17,139


Disposals
-
(127,148)
-
(127,148)



At 30 September 2023

-
63,998
460,384
524,382



Net book value



At 30 September 2023
708,073
111,855
198,110
1,018,038



At 30 September 2022
708,073
289,574
214,238
1,211,885






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
95,543
269,808

95,543
269,808

Page 28

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
4



At 30 September 2023
4





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Happy Children Day Nursery Limited
Northern Ireland
Ordinary
100%
M Construction N.I Limited
Northern Ireland
Ordinary
100%
Ballynahinch Creche Limited
Northern Ireland
Ordinary
100%


16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods
2,500
2,500
2,500
2,500

2,500
2,500
2,500
2,500


The difference between purchase price and their replacement cost is not material.

Page 29

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£



Trade debtors
467,822
618,970
446,005
520,409

Amounts owed by group undertakings
-
-
5,252,845
5,125,612

Amounts owed by related undertakings
406,756
414,323
406,756
414,323

Other debtors
604,122
730,268
17,765
143,911

Prepayments and accrued income
702,982
704,799
661,611
674,002

Tax recoverable
-
24,116
-
24,116

2,181,682
2,492,476
6,784,982
6,902,373


Amounts owed by group and related undertakings are unsecured, interest free and repayable on demand.
Included in other debtors is an amount of £Nil owed from the director (2022: £134,689).


18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
8,393
9,685
415
431

Less: bank overdrafts
(673,591)
(597,751)
(673,591)
(597,751)

(665,198)
(588,066)
(673,176)
(597,320)


Page 30

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
673,591
597,751
673,591
597,751

Bank loans
390,361
480,698
293,771
373,897

Trade creditors
126,501
90,504
75,646
55,176

Amounts owed to group undertakings
-
-
88,180
77,872

Amounts owed to related undertakings
726
726
-
-

Other taxation and social security
337,511
616,761
317,358
600,754

Obligations under finance lease and hire purchase contracts
18,012
50,196
18,012
50,196

Other creditors
1,145,608
1,062,556
95,116
12,064

Accruals and deferred income
337,892
257,419
272,835
223,395

3,030,202
3,156,611
1,834,509
1,991,105


Amounts owed to group and related undertakings are unsecured, interest free and repayable on demand. 
Bank overdrafts and loans are secured by way of a fixed and floating charge over the assets of the company and undertakings of the group as well as an inter company cross guarantee.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,674,449
1,931,754
1,023,054
1,200,731

Net obligations under finance leases and hire purchase contracts
74,243
200,309
74,243
200,309

1,748,692
2,132,063
1,097,297
1,401,040



The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
Group
2023
2022
£
£


Repayable by instalments
266,716
302,232

266,716
302,232

The balance due in more than five years, is repayable by quaterly instalments. Interest is charged at a fixed rate of 3.85% above LIBOR.

Page 31

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
390,361
480,698
293,771
373,897


390,361
480,698
293,771
373,897


Amounts falling due 2-5 years

Bank loans
1,407,733
1,629,522
1,023,054
1,200,731


1,407,733
1,629,522
1,023,054
1,200,731

Amounts falling due after more than 5 years

Bank loans
266,716
302,232
-
-

266,716
302,232
-
-

2,064,810
2,412,452
1,316,825
1,574,628



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
18,012
50,196
18,012
50,196

Between 1-5 years
74,243
200,309
74,243
200,309

92,255
250,505
92,255
250,505

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Page 32

 
M CARE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



24.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £84,035 (2022 - £122,840). Contributions totalling £45,140 (2022 - £25,160) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

The group and the company had no commitments under non-cancellable operating leases at the balance sheet date.


26.


Related party transactions

The company has availed of the exemption under FRS 102 not to disclose transactions with companies that are wholly owned within the group.
During the year the company entered into the following transactions with related parties and the following amounts were outstanding at the reporting end date:


2023
2022
£
£

Sales to related parties
Ring Dufferin Care (N.I.) Limited
50,735
229,902
Pulse Care Agency Ltd
880,280
248,000
Amounts owed from related parties
Ring Dufferin Care (N.I.) Limited
32,476
166,323
Pulse Care Agency Ltd
374,280
248,000
Amounts owed to related parties
Ring Dufferin Care (N.I.) Limited
726
726


27.


Controlling party

The ultimate controlling party of M Care Limited is Mr Patrick Eoin Miskelly.

Page 33