Company registration number 03587165 (England and Wales)
G.P. HOMECARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
G.P. HOMECARE LIMITED
COMPANY INFORMATION
Directors
S R Patel
D R Patel
Secretary
S R Patel
Company number
03587165
Registered office
Mercia House
15 Galena Close
Tamworth
Staffordshire
B77 4AS
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Bucks
MK9 1BP
Bankers
Royal Bank of Scotland
24 Southernhay
Basildon
Essex
SS14 1ER
G.P. HOMECARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
G.P. HOMECARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The directors present the strategic report for the year ended 31 August 2023.

Fair review of the business

G P Homecare Limited (trading as Radis Community Care) predominantly provides care and support services in community settings across three reporting divisions: Domiciliary Care, Extra Care Housing and Specialist Services.

The company increased turnover to £50,224,525 (2022: £47,095,033). The increase in turnover was achieved through fee increases on existing contracts, significant growth in Extra Care consolidating on the growth from the prior year and new contracts and acquisitions in Supported Living.

Exceptional income in previous years was driven by additional income from Local Authorities specifically for COVID-19 to offset some of our additional costs. This exceptional income has substantially decreased in the year to £96,660 (2022: £2,180,190) as this funding stream has now finished.

While gross profit margin has increased slightly to 25.8% (2022: 24.7%), the business continued to experience pressure as costs continue to rise, particularly the additional increases in the cost of the National Living Wage and associated employment costs, with uplifts from local authorities and health boards not always keeping pace with these factors. This has resulted in some contracts becoming uneconomic. As a result, the business has undergone a full review of its contracts and in some cases has handed back services where they were loss making.

These losses have significantly impacted the operating result for this year with earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) falling to a loss of (£1,076,984) (2022: £762,099 profit).

The company has continued its investment in branch and support staff, funded by new contract implementations, IT expenditure and bore significant increases in a number of general cost lines. As a result, there was an increase in administrative expenses to £14,783,718 (2022: £13,473,630). We expect to see further investment in wages, IT costs and new contracts and services which the company believes will position it to continue its growth. The company will continue to manage the pressures on administrative costs as part of its business strategy.

The outlook for 2023/24 will see the benefits of the contract reviews undertaken in this year’s review and the removal of the loss-making contracts will mean that the business is expected to return to profitability. This will be enhanced by further new contract additions and the new Supported Living contracts we have maturing as the sites fill to capacity. We anticipate that existing contracts will continue to be affected by further erosion of margins due to inflationary pressures. As a result, the business will be continuing to review its contracts and will take appropriate actions to ensure continued profitability.

Principal risks and uncertainties

The principal risks and uncertainties continue to be the following:

Reliance on Local Authority customers

This risk is managed by maintaining close relations with those customers and looking for opportunities to expand into the private payer market. The company maintains a pipeline of tender opportunities to promote a diversity of contract and selectively tenders for sustainable contracts. The company has a good track record of winning new contracts and retaining contracts on renewal.

Compliance with regulations

The company employs suitably qualified staff and provides access to staff training to ensure they remain compliant with the regulations of the sector.

Retention and quality of staff

Recruitment and retention of good quality staff is an ongoing problem in a sector which is traditionally low paid. The company ensures it complies with the requirements of the Nation Minimum and Living Wages legislation.

Development and performance

Trading conditions are expected to continue to be difficult with the continuing pressure on margins, however, demand for care and support services continues to be high and we do expect to grow organically over the next 12 months.

G.P. HOMECARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Key performance indicators

The directors consider the key performance indicators to be turnover, gross margins, EBITDA (Earnings before Interest, Tax, Depreciation, Amortisation) and cash flow which are consistent with the size and complexity of the business.

 

2023
2022
Turnover
£50,224,525
£47,095,033
Gross margin
25.8%
24.7%
EBITDA
(£1,076,984)
£762,099
Promoting the success of the company

The directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 in exercising their duty to promote the success of the company for the benefit of its members as a whole. The directors consider the company’s key stakeholders to be its Shareholders, Employees, Customers, Suppliers, Funders and Regulators. The Board seeks to understand the respective interests of such groups so that these may be properly considered in the Board’s decisions. We do this through various methods, including: direct engagement by the appropriate Board members; receiving reports and updates from members of management who engage with such groups; and coverage in our Board papers of relevant stakeholder interests with regard to proposed courses of action.

In considering the likely long-term consequences of any strategic decisions they make, the directors recognise their understanding of the business and the evolving environment in which the company operates is critical. Through their day to day involvement in the business, the directors are able to keep pace with the changes and challenges faced and can ensure this is incorporated into their strategic plans.

By providing a safe and secure working environment for employees, the directors are mindful that the company’s employees are fundamental and core to the business and delivery of the Board’s strategic plans. The success of the business depends on attracting, developing, retaining and motivating employees. Delivering the strategy also requires good relationships with suppliers, clients, funders, and local communities and the directors work continuously to achieve this.

In order to maintain the company’s reputation for high standards of business conduct the directors review and approve clear plans, policies and frameworks periodically, and carry out regular reviews so they can ensure that those high standards are maintained across all relationships, internally and externally. This is complemented by the way the directors monitor ongoing changes with governance standards and adapt the company’s policies and procedures to reflect those that are relevant to the size and industry of the business. The company’s environmental impact is monitored by the directors and further details can be found in the Directors' Report.

Finally, the directors recognise their role is key through not just their words but their own actions in ensuring the desired culture is embedded in the values, attitudes and behaviours the company demonstrates through its external activities and stakeholder relationships.

On behalf of the board

S R Patel
Director
26 July 2024
G.P. HOMECARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2023.

Principal activities
The principal activity of the company continues to be the provision of care and support services to vulnerable people in the community.
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £108,000. The directors do not recommend payment of a final dividend.

Directors

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

S R Patel
D R Patel
Disabled persons

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person are available. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Employee involvement

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

 

Information of 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 company's performance.

Future developments
The company continues to seek further opportunities to develop the business and additional services.
Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

G.P. HOMECARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Energy and carbon report

The directors recognise that our operations have an environmental impact and we are committed to monitoring and reducing our emissions year on year. We are also aware of our reporting obligations under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. As such, we have included reporting of our energy and carbon to meet these requirements and increase the transparency with which we communicate about our environmental impact to our stakeholders.

 

2022/2023 Performance

 

Our carbon footprint for the 2022/2023 reporting year has been calculated based on our environmental impact across scope 1, 2 and some scope 3 emissions related to Business Miles covered in Employees vehicles, as we believe this to be a fair reflection of the energy used in the operation of the business.

 

Our emissions are 720 tCO2e, which is an average impact of 0.31 tCO2e per employee. We have calculated emission intensity metrics on the basis of FTE, which we will monitor to track performance in our subsequent environmental disclosures.

 

We look to continually maximise efficiencies by minimising the impact of our carbon footprint through monitoring of our energy usage. By the nature of our business, fuel consumption is the largest proportion of our environmental impact driven by our Visiting Care Services.

 

The reduction of 96 tCO2e or 12% in this year is directly related to a reduction in the Visiting Care services we are offering following a review of our contract financial viability. As a result, certain services have been handed back to the local authorities as they were not viable services for us to continue to offer.

 

For our other Visiting Care services, we try to maximise our efficiency by looking at our customers distribution profile and increasing the effectiveness of our planning. In addition, we aim to educate our employees to reduce consumption where possible.

 

Methodology

 

The CO2e calculations are based on the HMRC publications relating to greenhouse gas reporting conversion factors for 2023 and our internal records for orders of fuel and energy consumption statements.

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
3,008,979
3,368,470
G.P. HOMECARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
11.00
13.00
- Fuel consumed for owned transport
124.00
103.00
135.00
116.00
Scope 2 - indirect emissions
- Electricity purchased
38.00
34.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
547.00
666.00
Total gross emissions
720.00
816.00
Intensity ratio
Tonnes CO2e per employee
0.31
0.36
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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
S R Patel
Director
26 July 2024
G.P. HOMECARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

G.P. HOMECARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G.P. HOMECARE LIMITED
- 7 -
Opinion

We have audited the financial statements of G.P. Homecare Limited (the 'company') for the year ended 31 August 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 directors' 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 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 directors 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 directors are 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:

G.P. HOMECARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G.P. HOMECARE LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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 directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, tax legislation and the requirements of the Care Quality Commission.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, 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 non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

G.P. HOMECARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G.P. HOMECARE LIMITED
- 9 -

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.

Andrew Lawes MA MSc FCA
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
26 July 2024
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Bucks
MK9 1BP
G.P. HOMECARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
50,224,525
47,095,033
Cost of sales
(37,270,925)
(35,446,573)
Gross profit
12,953,600
11,648,460
Administrative expenses
(14,783,718)
(13,473,630)
Other operating income
400,353
178,662
Exceptional income
4
96,660
2,180,190
Operating (loss)/profit
5
(1,333,105)
533,682
Interest receivable and similar income
8
51,925
20,315
(Loss)/profit before taxation
(1,281,180)
553,997
Tax on (loss)/profit
9
138,836
(99,553)
(Loss)/profit for the financial year
(1,142,344)
454,444

The profit and loss account has been prepared on the basis that all operations are continuing operations.

G.P. HOMECARE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
66,650
185,154
Tangible assets
12
803,016
928,000
Investments
13
2,625,778
2,625,778
3,495,444
3,738,932
Current assets
Debtors
15
7,521,178
7,980,576
Cash at bank and in hand
985,978
297,476
8,507,156
8,278,052
Creditors: amounts falling due within one year
16
(6,966,708)
(5,624,084)
Net current assets
1,540,448
2,653,968
Total assets less current liabilities
5,035,892
6,392,900
Provisions for liabilities
Deferred tax liability
17
2,740
109,404
(2,740)
(109,404)
Net assets
5,033,152
6,283,496
Capital and reserves
Called up share capital
19
2
2
Profit and loss reserves
5,033,150
6,283,494
Total equity
5,033,152
6,283,496
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
S R Patel
Director
Company registration number 03587165 (England and Wales)
G.P. HOMECARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2021
2
6,031,050
6,031,052
Year ended 31 August 2022:
Profit and total comprehensive income
-
454,444
454,444
Dividends
10
-
(202,000)
(202,000)
Balance at 31 August 2022
2
6,283,494
6,283,496
Year ended 31 August 2023:
Loss and total comprehensive income
-
(1,142,344)
(1,142,344)
Dividends
10
-
(108,000)
(108,000)
Balance at 31 August 2023
2
5,033,150
5,033,152
G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
1
Accounting policies
Company information

G.P. Homecare Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mercia House, 15 Galena Close, Tamworth, Staffordshire, B77 4AS.

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. The principal accounting policies adopted are set out below.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Radis Limited. These consolidated financial statements are available from its registered office Mercia House, 15 Galena Close, Tamworth, B77 4AS.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Business combinations

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.

 

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.

G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern

At the time of approving the the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Detailed trading cash flow forecasts have been prepared covering a period of greater than 12 months from the date of approval of these financial statements.true The forecasts indicate that the company will have adequate resources to continue to trade for the foreseeable future without the need for additional sources of funds.

1.4
Turnover
Turnover represents amounts receivable for goods and services and is exempt from VAT.

Revenue from the provision of services is recognised by reference to the date of provision of the related services.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
3 years straight line
Contracts
5 years straight line
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:

Land and buildings freehold
50 years straight line
Fixtures, fittings & equipment
5 years straight line
Computer equipment
3 years straight line
Motor vehicles
5 years straight line

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 credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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 company 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 company's balance sheet when the company 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 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.

G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 16 -
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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
Taxation

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

G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 17 -
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 company’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 when the company has 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

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

 

The company participates in two multi-employer defined benefit pension schemes, the Local Government Pension scheme and the NHS Pension scheme. Under the TUPE arrangements for employees who were already members of these schemes when their employment contracts were transferred to the company, the company's obligations are to pay current contributions but have been indemnified by the relevant local authority to contribute towards any scheme deficit that may exist.

 

As such, the schemes have been accounted for a defined contribution pension scheme and the pension costs in respect of these schemes represent contributions payable in the period.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 18 -
1.16
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.

2
Judgements 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Additional funding from Local Authorities

During the year the company received additional payments from a number of the Local Authorities to which it provides services. In some case the terms attached to this additional funding are not clear and there may be the potential for amounts to be clawed back by the Local Authorities in question. The directors have reviewed the position and have only recorded income where they believe that any conditions attached to the income have been met and where there is not the potential for claw back.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad and doubtful debts

The directors review trade receivables at each balance sheet date for impairment. Impairment of individually significant balances is assessed with an appropriate impairment provision being made when it is probable that the cash due will not be received in full. Individual non-significant balances are measured on a portfolio basis and assessed for impairment using historical loss experience.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Provision of care and support services
50,224,525
47,095,033
G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
3
Turnover and other revenue
(Continued)
- 19 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
50,224,525
47,095,033
2023
2022
£
£
Other revenue
Interest income
51,925
20,315
Grants received
137,903
126,662
Void rent income
154,910
-
0
Insurance receipts
55,540
-
0
Sundry other income
52,000
52,000
4
Exceptional item
2023
2022
£
£
Exceptional income connected with COVID-19
96,660
2,180,190

Exceptional income relates to additional income received to assist the company in dealing with the effects of the COVID-19 pandemic.

5
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
(137,903)
(126,662)
Fees payable to the company's auditor for the audit of the company's financial statements
39,800
34,000
Depreciation of owned tangible fixed assets
213,211
194,859
Loss on disposal of tangible fixed assets
75,594
-
Amortisation of intangible assets
42,910
33,558
Operating lease charges
420,120
426,579
G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 20 -
6
Employees

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

2023
2022
Number
Number
Carers
2,178
2,080
Office and support staff
161
158
2,339
2,238

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
40,100,730
38,052,160
Social security costs
2,978,711
2,817,864
Pension costs
906,961
912,501
43,986,402
41,782,525
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
199,772
205,006
Company pension contributions to defined contribution schemes
9,253
9,253
209,025
214,259

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
101,726
103,726
Company pension contributions to defined contribution schemes
3,702
5,653
G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
12,950
754
Other interest income
38,975
19,561
Total income
51,925
20,315
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
32,172
Adjustments in respect of prior periods
(32,172)
(2,219)
Total current tax
(32,172)
29,953
Deferred tax
Origination and reversal of timing differences
(106,664)
69,600
Total tax (credit)/charge
(138,836)
99,553

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

2023
2022
£
£
(Loss)/profit before taxation
(1,281,180)
553,997
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 21.52% (2022: 19.00%)
(275,710)
105,259
Tax effect of expenses that are not deductible in determining taxable profit
2,191
-
0
Losses carried back
36,431
-
0
Change in unrecognised deferred tax assets
61,748
-
0
Effect of change in deferred tax rate
(23,468)
16,618
Group relief surrendered
87,417
-
0
Permanent capital allowances in excess of depreciation
4,727
(20,467)
Under/(over) provided in prior years
(32,172)
(2,219)
Deferred tax adjustments in respect of prior years
-
0
362
Taxation (credit)/charge for the year
(138,836)
99,553
G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 22 -
10
Dividends
2023
2022
£
£
Interim paid
108,000
202,000
11
Intangible fixed assets
Goodwill
Software
Contracts
Total
£
£
£
£
Cost
At 1 September 2022
1,863,191
218,710
64,059
2,145,960
Disposals
-
0
(89,981)
-
0
(89,981)
At 31 August 2023
1,863,191
128,729
64,059
2,055,979
Amortisation and impairment
At 1 September 2022
1,863,191
33,558
64,057
1,960,806
Amortisation charged for the year
-
0
42,910
-
0
42,910
Disposals
-
0
(14,387)
-
0
(14,387)
At 31 August 2023
1,863,191
62,081
64,057
1,989,329
Carrying amount
At 31 August 2023
-
0
66,648
2
66,650
At 31 August 2022
-
0
185,152
2
185,154
12
Tangible fixed assets
Land and buildings freehold
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
590,000
170,918
915,903
7,500
1,684,321
Additions
-
0
37,728
50,499
-
0
88,227
At 31 August 2023
590,000
208,646
966,402
7,500
1,772,548
Depreciation and impairment
At 1 September 2022
31,769
100,535
616,517
7,500
756,321
Depreciation charged in the year
29,500
22,515
161,196
-
0
213,211
At 31 August 2023
61,269
123,050
777,713
7,500
969,532
Carrying amount
At 31 August 2023
528,731
85,596
188,689
-
0
803,016
At 31 August 2022
558,231
70,383
299,386
-
0
928,000
G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
2,625,778
2,625,778
14
Subsidiaries

Details of the company's subsidiaries at 31 August 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
County Homecare Services Limited
England & Wales
Ordinary
100.00
Greenslade Services Limited
England & Wales
Ordinary
100.00
Radis Staff Solutions Limited
England & Wales
Ordinary & Preference
100.00
Focus Care Services Limited
England & Wales
Ordinary
100.00
Lucy Glyn Support Services Limited
England & Wales
Ordinary
100.00
DEEP Properties Limited
England & Wales
Ordinary
100.00

 

 

15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,184,935
4,018,417
Corporation tax recoverable
196,136
123,964
Amounts owed by group undertakings
272,542
680,631
Other debtors
45,955
101,734
Prepayments and accrued income
2,859,637
2,436,269
6,559,205
7,361,015
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
961,973
619,561
Total debtors
7,521,178
7,980,576
G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
16
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
572,886
531,321
Amounts owed to group undertakings
1,217,862
717,990
Taxation and social security
656,908
404,919
Other creditors
1,142,030
887,895
Accruals and deferred income
3,377,022
3,081,959
6,966,708
5,624,084
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
62,315
116,253
Tax losses
(54,575)
-
Retirement benefit obligations
-
(6,849)
Other short term timing differences
(5,000)
-
2,740
109,404
2023
Movements in the year:
£
Liability at 1 September 2022
109,404
Credit to profit or loss
(106,664)
Liability at 31 August 2023
2,740
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
906,961
912,501

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also makes contributions to two multi-employer defined benefit pension schemes as described in note 1.14. Contributions to these schemes are accounted for as defined benefit schemes.

G.P. HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 25 -
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
20
Financial commitments, guarantees and contingent liabilities

There is a cross company guarantee and debenture in place in respect of the group overdraft facility and borrowings totalling £1,382,352 (2022: £2,866,655). At the year end date, all assets within the group are held as security against this.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
210,080
179,920
Between two and five years
120,815
88,902
In over five years
4,752
7,920
335,647
276,742
22
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in in the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

The company also paid rent to Ridge/Patel Partnership amounting to £44,000 (2022: £44,000), a partnership in which D R Patel, a shareholder in Radis Limited is a partner.

At the year end, a loan of £961,973 (2022: £619,561) was owed by Baringo Properties Limited, a company controlled by the directors and shareholders S R Patel and D R Patel and is included in 'Other Debtors' (note 15). The loan is unsecured and is interest bearing of 5% per annum rolled up for 3 years.

23
Ultimate controlling party

The ultimate parent company is Radis Limited, a company registered in England and Wales. This company is controlled by the directors S R Patel and D R Patel and other family members. Consolidated financial statements can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

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