Registration number:
Your Health Limited
for the Year Ended 29 November 2023
Your Health Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Notes to the Financial Statements |
Your Health Limited
Company Information
Directors |
V Weller Mr D Shaw Mrs B J Davison-Shaw |
Registered office |
|
Auditors |
|
Your Health Limited
Directors' Report for the Year Ended 29 November 2023
The directors present their report and the financial statements for the year ended 29 November 2023.
Directors of the company
The directors who held office during the year were as follows:
Employment of disabled persons
The company's policy is to promote equaility of opportunity in recruitment, employment continuity, training and career development. The company takes full account of the needs of people with disabilities and follows set policies and procedures to support reasonable adjustments in the workplace.
Your Health Limited
Directors' Report for the Year Ended 29 November 2023
Employee involvement
The comapny recognises the importance of its employess and is commiteed to effective two-way communication and consultation. The company recognises the rights of every employee to join a trade union and participate in its activities.
The company recognises its duties to make proper provision for the health, safety and welfare at work of its employees. There are regular meetings of employee representatives and managers to consider all aspects of health and saefty.
Social and community issues
We endeavour to put the rights of our clients at the forefront of our philosophy of care. We strive to maintain those rights in all aspects of the services we provide.
Our standards are based around six recognised principles outlined by the Care Quality Commission, which are Privacy, Dignity, Independence, Choice, Rights and Fulfilment.
We aim to ensure that our service users enjoy a freedom of lifestyle, while receiving excellent levels of care.
We take great pride in introducing our care homes and domiciliary care service to you. At every turn we ensure the maximum comfort, wellbeing and happiness of our service users, while special attention is paid to the importance of respect for each resident and the continuance of their personal dignity.
We recognise the intrinsic value of people, and respect all of our residents’ uniqueness and varying needs. We provide plenty of enjoyment and, even more essentially, lots of tender, loving care.
Our carers and support staff members are truly dedicated, highly motivated and committed to maintaining excellent standards of care. All of our passionate staff members are encouraged to embrace residents’ requirements to ensure maximum comfort, wellbeing and happiness.
Going concern
Based on current performance and business plans for the future, the directors the company will continue as a going concern for the forseeable future. This is due to the improved occupancy rates over the year.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Your Health Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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.
Your Health Limited
Independent Auditor's Report to the Members of Your Health Limited
Opinion
We have audited the financial statements of Your Health Limited (the 'company') for the year ended 29 November 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 29 November 2023 and of its 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 auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
Your Health Limited
Independent Auditor's Report to the Members of Your Health Limited
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' 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 Statement of Directors' Responsibilities [set out on page 4], 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 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:
Your Health Limited
Independent Auditor's Report to the Members of Your Health Limited
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 management and the directors of the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006 and the Financial Reporting Standard 102. We made enquiries of the directors of the company to obtain further understanding of risks of non-compliance.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
• agreement of the financial statement disclosures to underlying supporting documentation;
• enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;
• review of minutes of the director and management board meetings throughout the year; and
• obtaining an understanding of the control environment in place to prevent and detect irregularities.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are
inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
......................................
For and on behalf of
Old Police Station
Church Street
Derbyshire
DE11 8LN
Your Health Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 29 November 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Gain on financial assets at fair value through profit and loss |
|
- |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar charges |
( |
( |
|
61,604 |
(50,000) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
2,997,906 |
2,229,211 |
|
Retained earnings carried forward |
3,705,579 |
2,997,906 |
Your Health Limited
(Registration number: 03087838)
Balance Sheet as at 29 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,250,002 |
1,250,002 |
|
Retained earnings |
3,705,579 |
2,997,906 |
|
Shareholders' funds |
4,955,581 |
4,247,908 |
Approved and authorised by the
......................................... |
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below:
Asset depreciation
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is British pounds rounded to the nearest £1.
Summary of disclosure exemptions
The comapny has taken advantage of provisions in FRS 102 relating to 100% owned group companies which include:
Requirements under section 7 to prepare a cash flow statement;
Requirement under section 414 to prepare a strategic report;
Reqiurement to disclose key management personal compensation under section 33.7..
Going concern
The financial statements have been prepared on a going concern basis.
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities within the care home industry. Turnover also includes services performed in the management of the accounting function for associated companies and related parties. Turnover also includes monies received as rental payment for the investment property owned by the company. Turnover is shown net of rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Deferred tax assets are only recognised where it is more likely than not that they will be recovered.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% on cost after year of acquisition |
Other property, plant and equipment |
10% on cost after year of acquisition |
Freehold Property |
2% on cost after year of acquisition |
Motor Vehicles |
25% on cost after year of acquisition |
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Preference shares have been allocated 50% equity and 50% liabilities in accordance with current guidelines.
Defined contribution pension obligation
The company has a work place pension scheme which operates under a defined contribution basis. During the year the cost for this was £105,441 (2022 £94,318). At the year end there was £58,842 (2022 £28,778) of outstanding contributions within the balance sheet.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Rental income from investment property |
|
|
Grants received |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Related company cost recoveries |
57,464 |
43,757 |
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain/loss on disposal of property, plant and equipment |
- |
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - other |
6,831 |
4,349 |
Profit on disposal of property, plant and equipment |
- |
( |
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other post-employment benefit costs |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from changes in tax rates and laws |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Total tax charge |
|
|
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 30 November 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
( |
At 29 November 2023 |
|
|
|
|
|
Depreciation |
|||||
At 30 November 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
At 29 November 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 29 November 2023 |
|
|
|
|
|
At 29 November 2022 |
|
|
|
|
|
Included within the net book value of land and buildings above is £3,219,243 (2022 - £3,301,841) in respect of freehold land and buildings.
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Investment properties |
2023 |
|
At 30 November |
|
Fair value adjustments |
|
At 29 November |
|
There has been no valuation of investment property by an independent valuer.
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Income tax asset |
|
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
|
|
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 30 November 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 29 November 2023 |
|
|
|
Deferred tax provision is due to accelerated capital allowances.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
|
|
1,250,000 |
|
1,250,000 |
|
|
|
|
Redeemable preference shares
The |
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
|
Redeemable preference shares |
|
|
Other borrowings
Preference shares is denominated in sterling with a nominal interest rate of 4%, and the final instalment is due on 30 November 2023. The carrying amount at year end is £1,250,000 (2022 - £1,250,000).
Repayable within one year or on demand.
Contingent liabilities |
The company is party to an unlimited cross-guarantee in respect of group borrowings. There are currently no borrowings in the group to report.
Related party transactions |
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Summary of transactions with other related parties
Loans to related parties
2023 |
Parent |
Other related parties |
Total |
At start of period |
( |
|
( |
Advanced |
|
|
|
Repaid |
( |
- |
( |
At end of period |
|
|
|
|
2022 |
Parent |
Other related parties |
Total |
At start of period |
( |
|
( |
Advanced |
- |
|
|
Repaid |
( |
- |
( |
At end of period |
( |
|
( |
|
Your Health Limited
Notes to the Financial Statements for the Year Ended 29 November 2023
Loans from related parties
2023 |
Key management |
Other related parties |
Total |
At start of period |
( |
( |
( |
Advanced |
|
|
|
At end of period |
( |
( |
( |
|
2022 |
Key management |
Other related parties |
Total |
At start of period |
( |
( |
( |
Advanced |
|
- |
|
Repaid |
- |
|
|
At end of period |
( |
( |
( |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of Farrowdale Properties Ltd is: