Registration number:
Osborne Care Homes Limited
for the Year Ended 31 March 2024
Osborne Care Homes Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Osborne Care Homes Limited
Company Information
Directors |
Mr M B Slator Mr J A Slator |
Registered office |
|
Auditors |
|
Osborne Care Homes Limited
Strategic Report for the Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is the operation of care homes for the elderly
Fair review of the business
Turnover for the year has increased by 14.1% (2023 increase of 18.9%) to £5,412,118 from £4,744,932. Profit before tax during the period has increased to £554,580 (2023 - £357,605).
The directors continue to closely monitor occupancy levels at Ysguborwen House and Osborne House and continue to invest in capital infrastructure.
The nature of the revenue received by the company is variable, but a high proportion of costs are linked to this. There remains a number of fixed overheads which are monitored monthly against budgets and where it is thought necessary, measures are taken to control costs. However high levels of inflation have an on-going impact on overhead costs.
Non-financial information
Outlook
The directors do not foresee any material changes in the principal activities of the company.
Staff recruitment and retention continues to be a major problem for the sector with cost push impacting fee setting for both private and local authority placements. The company is a Real Living Wage employer across both homes for all front line care staff.
The company continues to make significant investment in its staff and in the physical buildings and environment of its homes and expects increases in occupancy to enable the company to maintain profitability for the foreseeable future.
Approved and authorised by the
......................................... |
Osborne Care Homes Limited
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company is exposed to price risk, credit risk, liquidity and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the directors review risk management strategies regularly.
The company is constantly looking for ways to improve its facilities and occupancy rates and strives to ensure the care homes provide the highest level of care by working closely with regulators, local authorities and family members. The directors believe this will put the company well placed to be the favoured care home when the need for the facilities it offers arises.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - the company is exposed to price risk as a result of its operations in the private sector. However, care fees are reviewed regularly against other providers and the facilities offered to ensure care facilities offered by the company represent value for money.
Credit risk - fees for residents funded by the public sector are remitted by local authorities both in advance and arrears and the risk arising from these as such is considered low. Fees for private residents are invoiced in advance and in line with industry commercial practice.
Liquidity and cash flow risk - the company's exposure to liquidity risk is minimal as the company has adequate net current assets.
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.
Reappointment of auditors
The auditors Milsted Langdon LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
|
Osborne Care Homes 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.
Osborne Care Homes Limited
Independent Auditor's Report to the Members of Osborne Care Homes Limited
Qualified opinion
We have audited the financial statements of Osborne Care Homes Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2024 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 qualified opinion on financial statements
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 qualified 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 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.
Osborne Care Homes Limited
Independent Auditor's Report to the Members of Osborne Care Homes Limited
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
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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 Strategic Report and 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.
Osborne Care Homes Limited
Independent Auditor's Report to the Members of Osborne Care Homes Limited
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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
Freshford House
Redcliffe Way
BS1 6NL
Osborne Care Homes Limited
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
689,866 |
488,228 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(211,679) |
(130,623) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Osborne Care Homes Limited
Statement of Comprehensive Income for the Year Ended 31 March 2024
2024 |
2023 |
|
Profit for the year |
|
|
Surplus on freehold land and buildings revaluation |
|
- |
Total comprehensive income for the year |
|
|
Osborne Care Homes Limited
(Registration number: 02336513)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
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 |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
Osborne Care Homes Limited
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Retained earnings |
Total |
|
At 1 April 2023 |
|
|
|
Profit for the year |
- |
|
|
Other comprehensive income |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2023 |
15,000 |
3,098,843 |
3,113,843 |
Osborne Care Homes Limited
Statement of Cash Flows for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
( |
|
Repayment of other borrowing |
( |
|
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
248,440 |
22,278 |
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
The principal place of business is:
Ysguborwen House
Llwydcoed
Aberdare
Rhondda Cynon Taff
CF44 0AX
Wales
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.
Statement of compliance
These financial statements have been prepared in accordance with The Financial Reporting Standard (FRS) 102 Section - 'The Financial Reporting Standard applicable in the UK 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 financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest pound.
Going concern
The directors have reviewed the company’s supply chains, key customers, capital resources and continues to operate within its budgets and forecasts following the year end.
The company made a profit before tax of £554,580 (2023 - £357,605) and had a bank balance of £248,440 (2023 – £22,278) at the year ended 31 March 2024.
Based on information available to the directors at the date of approval of these accounts the company has adopted the going concern basis when preparing these financial statements. The company has adequate resources to continue to trade for the foreseeable future for at least 12 months from the date of adoption of these financial statements.
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities arise in respect of the valuation of the freehold land & buildings and investment property, for which management are of the opinion require no impairment and hold at their market value. The carrying amount of freehold land & buildings is £6,880,000 (2023 - £4,669,320) and the carrying amount of investment property is £201,500 (2023 - £201,500).
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.
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;
- specific criteria have been met for each of the company's activities;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Government grants
Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to other operating income in the profit and loss account.
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, except for Freehold property, which is held at valuation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Any revaluation increase arising on the revaluation is credited to the revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in which case the increase is credited to the income statement to the extent of the decrease previously expensed. A decrease in carrying amount arising on the revaluation is charged as an expense to the extent that it exceeds the balance, if any, held in the revaluation reserve relating to a previous revaluation of that asset.
On the subsequent sale or scrappage of a revalued asset, the attributable revaluation surplus remaining in the revaluation reserve is transferred directly to retained earnings.
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 |
Freehold land and buildings |
nil |
Fixtures, fittings and equipment |
20% straight line |
Motor vehicles |
25% reducing balance |
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
No depreciation is provided on freehold land and buildings which is a departure from the requirements of the Companies Act 2006. These properties are held solely for the trade of the company and in the opinion of the directors, their fair value significantly exceeds their book value, although the assets continue to be held at historic cost. Any measure of consumption to depreciate them is therefore not considered to be true and fair reflection of the asset held.
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or 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 cost of usage within the business. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its cost of usage within the business; the impairment loss is recognised immediately in the profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Financial instruments
Recognition and measurement
Impairment
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of care services |
|
|
All income recognised in the current and preceding year arose from services provided in the United Kingdom.
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Local Authority grants |
|
|
Sub lease rental income |
|
|
Miscellaneous other operating income |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting):
2024 |
2023 |
|
Depreciation expense |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
|
|
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Other interest expense |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs |
|
|
Agency costs |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Directors |
|
|
Care and support |
|
|
Administration |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
76,245 |
35,863 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under defined benefit pension scheme |
|
|
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the income statement:
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
- |
|
107,262 |
7,276 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Tax increase from effect of capital allowances and depreciation |
- |
|
Tax decrease from other short-term timing differences |
- |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
( |
Total tax charge |
|
|
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Freehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 April 2023 |
|
|
|
|
Revaluations |
|
- |
- |
|
Additions |
|
|
- |
|
Disposals |
- |
( |
- |
( |
At 31 March 2024 |
|
|
|
|
Depreciation |
||||
At 1 April 2023 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
Eliminated on revaluation |
( |
- |
- |
( |
At 31 March 2024 |
- |
|
|
|
Carrying amount |
||||
At 31 March 2024 |
|
|
|
|
At 31 March 2023 |
|
|
|
|
Revaluation
The fair value of the company's Freehold land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Investment properties |
2024 |
|
At 1 April 2023 and 31 March 2024 |
|
Investment property comprises of a holiday home in Cornwall. It is included in the balance sheet at the fair value as at 31 March 2024. The fair value of the property is that determined by an external valuation undertaken for the directors by Knight Frank in April 2015 and the directors considered this to still be equal to its carrying value.
The directors consider that there has been no material change in the value of the property in the year ended 31 March 2024.
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Stocks |
2024 |
2023 |
|
Stocks |
|
|
Impairment of stocks
The amount of reversal of impairment recognised in profit or loss is £Nil (2023 - £Nil).
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Trade debtors are stated after the provision for impairment of £Nil (2023 - £Nil)
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax liability |
120,273 |
126,522 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Bank loans are denominated in GBP with interest payable at a fixed amount over the Bank of England base rate.
The bank has the following charges over the company and security therefrom:
- Fixed and floating charge over all assets and property of the company;
- Fixed charge over Ysguborwen House, Llwydcoed, Aberdare, CF44 0AX;
- Fixed charge over Osborne House, 16 Bay Road, Clevedon, Bristol, BS21 7BT; and
- Fixed and floating charge over Flat 4, The Ridges, Maenporth, Falmouth, TR11 5HN;
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
Additional provisions |
|
|
At 31 March 2024 |
|
|
|
Provisions for liabilities were in respect of accelerated capital allowances and other short term timing differences in the current and preceding year.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
15,000 |
|
15,000 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions:
Ordinary shares carry one voting right per share and the right to dividends.
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
|
||
Commitments |
Other financial commitments
The total amount of other financial commitments not provided in the financial statements was £
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Mr M B Slator |
||||
|
|
|
( |
|
|
|
|
- |
|
1,201,844 |
84,320 |
(28,768) |
1,257,396 |
|
Mr J A Slator |
||||
|
|
|
- |
|
|
- |
|
- |
|
5,085 |
10,132 |
- |
15,217 |
|
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
Mr M B Slator |
||||
|
|
|
( |
|
|
|
|
( |
|
1,165,068 |
94,408 |
(57,632) |
1,201,844 |
|
Mr J A Slator |
||||
|
|
- |
- |
|
5,085 |
- |
- |
5,085 |
|
Loans to directors are repayable on demand and interest is charged at the official HMRC rate where applicable.
Expenditure with and payables to related parties
2024 |
Key management |
Dividends |
|
|
2023 |
Key management |
Dividends |
|
|
Osborne Care Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Terms of loans to related parties
Financial instruments |
Categorisation of financial instruments
2024 |
2023 |
|
Financial assets measured at fair value through profit or loss |
|
|
Financial liabilities measured at fair value through profit or loss |
|
|