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REGISTERED NUMBER: 03662801 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WINDMILL CARE LIMITED

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


WINDMILL CARE LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: Mrs R J Trickett
Miss L E Collacott
Mrs S L Ashcroft





REGISTERED OFFICE: The Meadows
Cranleigh Court Road
Yate
Bristol
BS37 5DW





REGISTERED NUMBER: 03662801 (England and Wales)





AUDITORS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

STRATEGIC REPORT
for the Year Ended 31 DECEMBER 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing residential care facilities for the elderly.

REVIEW OF BUSINESS

The company's turnover increased this year, with turnover for 2023 up to £5,932,464, a increase of £577,713 (10.7%).

The company continued to generate and retain strong profit levels from this increased level of trading activity as in the prior year, and the net asset position of the company continued to be strong, with net assets of £2.5m being retained at the year end after £700,000 dividends were paid (2022 - £2.4m net assets).

Both of the residential homes operated have maintained good occupancy levels during the year and continue to have an excellent reputation both in the community and with industry professionals. Both homes have received a 'Good' rating in their last inspections by the CQC, including the latest for Osbourne Court in April 2022.

The underlying cash generated from operations has been strong at £1.9m before payments made to the parent company of £1.2m (2022 - £1.8m generated), and is expected to remain strong in the year to 31 December 2024.

The directors are satisfied with the performance of the company during the year and with the position at the year end.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company finances its operations through the generation of cash from operating activities and bank borrowings are utilised to fund capital projects to enhance the property asset base of the company. The company therefore only has interest rate exposure on financial liabilities in relation to a long term loans secured on property. Management monitor the company's exposure to interest rate risk as market interest rates vary and against the value of the asset base of the company and consider the use of appropriate facilities such as interest rate caps to mitigate this risk.

Liquidity risk is managed through forecasting the future cash flow requirements of the business and maintaining sufficient cash at bank balances.

GOING CONCERN
No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

ON BEHALF OF THE BOARD:





Mrs S L Ashcroft - Director


2 September 2024

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

REPORT OF THE DIRECTORS
for the Year Ended 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £700,000.

The directors recommend that no final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs R J Trickett
Miss L E Collacott
Mrs S L Ashcroft

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding the principal activity of the company, the financial risk management objectives and policies of the company and a review of business has been included in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

REPORT OF THE DIRECTORS
for the Year Ended 31 DECEMBER 2023


AUDITORS
The auditors, Burnside, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs S L Ashcroft - Director


2 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINDMILL CARE LIMITED

Opinion
We have audited the financial statements of Windmill Care Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINDMILL CARE LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINDMILL CARE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

An understanding of the legal and regulatory framework applicable to the entity was obtained from management and those charged with governance of the entity, and the audit engagement team was confirmed to have the appropriate competence and capabilities to identify non-compliance with such a framework.

No significant instances of fraud, non-compliance with laws and regulations or other irregularities were communicated to the engagement team by management or those charged with governance, and no particular audit areas or legislation were identified that gave rise to any significant risks of material misstatement in respect of such irregularities.

Due to the size and nature of the entity, its susceptibility to material misstatement resulting from fraud, non-compliance with laws and regulations, or other irregularities is considered to be low, and the audit approach was appropriately planned so as to address this risk.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Stephen Burnside BA ACA (Senior Statutory Auditor)
for and on behalf of Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

2 September 2024

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

STATEMENT OF COMPREHENSIVE INCOME
for the Year Ended 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 5,932,464 5,354,751

Cost of sales 3,576,422 3,338,278
GROSS PROFIT 2,356,042 2,016,473

Administrative expenses 760,472 634,046
1,595,570 1,382,427

Other operating income - 321,789
OPERATING PROFIT 4 1,595,570 1,704,216

Interest receivable and similar income 5 18,599 16,678
1,614,169 1,720,894

Interest payable and similar expenses 6 495,757 240,176
PROFIT BEFORE TAXATION 1,118,412 1,480,718

Tax on profit 7 350,512 377,859
PROFIT FOR THE FINANCIAL YEAR 767,900 1,102,859

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

767,900

1,102,859

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 6,371,614 6,487,416
6,371,614 6,487,416

CURRENT ASSETS
Debtors 11 4,630,552 4,198,271
Cash at bank and in hand 282,533 671,033
4,913,085 4,869,304
CREDITORS
Amounts falling due within one year 12 1,685,465 880,670
NET CURRENT ASSETS 3,227,620 3,988,634
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,599,234

10,476,050

CREDITORS
Amounts falling due after more than
one year

13

(6,772,454

)

(7,785,788

)

PROVISIONS FOR LIABILITIES 16 (306,949 ) (238,331 )
NET ASSETS 2,519,831 2,451,931

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Retained earnings 2,518,831 2,450,931
SHAREHOLDERS' FUNDS 2,519,831 2,451,931

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





Mrs S L Ashcroft - Director


WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 2,448,072 2,449,072

Changes in equity
Dividends - (1,100,000 ) (1,100,000 )
Total comprehensive income - 1,102,859 1,102,859
Balance at 31 December 2022 1,000 2,450,931 2,451,931

Changes in equity
Dividends - (700,000 ) (700,000 )
Total comprehensive income - 767,900 767,900
Balance at 31 December 2023 1,000 2,518,831 2,519,831

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

CASH FLOW STATEMENT
for the Year Ended 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,356,836 2,377,675
Government grants received - 64,789
Tax paid (101,828 ) (388,999 )
Net cash from operating activities 1,255,008 2,053,465

Cash flows from investing activities
Interest received 3,599 64,803
Net cash from investing activities 3,599 64,803

Cash flows from financing activities
Loan repayments in year (451,350 ) (451,350 )
Interest paid (495,757 ) (242,515 )
Equity dividends paid (700,000 ) (1,100,000 )
Net cash from financing activities (1,647,107 ) (1,793,865 )

(Decrease)/increase in cash and cash equivalents (388,500 ) 324,403
Cash and cash equivalents at
beginning of year

2

671,033

346,630

Cash and cash equivalents at end
of year

2

282,533

671,033

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,118,412 1,480,718
Depreciation charges 115,802 117,095
Government grants - (64,789 )
Finance costs 495,757 240,176
Finance income (18,599 ) (16,678 )
1,711,372 1,756,522
(Increase)/decrease in trade and other debtors (471,423 ) 594,407
Increase in trade and other creditors 116,887 26,746
Cash generated from operations 1,356,836 2,377,675

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 282,533 671,033
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 671,033 346,630


WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 671,033 (388,500 ) 282,533
671,033 (388,500 ) 282,533
Debt
Debts falling due within 1 year (451,350 ) (561,984 ) (1,013,334 )
Debts falling due after 1 year (7,785,788 ) 1,013,334 (6,772,454 )
(8,237,138 ) 451,350 (7,785,788 )
Total (7,566,105 ) 62,850 (7,503,255 )

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Windmill Care Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services supplied to customers during the year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business on 25 November 1998 has been written off in full.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Government grants
The company has received Government grants during the period from the Workforce Development Fund towards quality training. In the previous year grants were also received from the Adult social care infection control fund to support care homes through the coronavirus outbreak. Grants receivable and relating to the accounting period have been recognised as Other Operating Income under the accruals method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive income except to the extent that it relates to items directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The company has been profitable for each of the last two years. The company had healthy net current assets and net assets at the Balance Sheet date. The company has remained profitable in the period up to the signing of these financial statements.

In our opinion, the company is a going concern and the period over which we have considered its ability to continue as a going concern is at least 12 months from the date of signing the financial statements.

This assessment is based upon knowledge of occupancy levels and the company's on-going cost base projecting performance, cash generation and the availability of banking and other facilities to meet the needs of the business.

We fully expect that the company will remain a going concern and we will endeavour to ensure that the company has sufficient working capital to meet its requirements for the foreseeable future. We will continue to carefully monitor the situation and have alternative plans in place should the need arise.

In light of the above, we have reviewed the going concern status of the business for the foreseeable future to the best of our abilities and have concluded that we have a reasonable expectation that the company has more than adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Interest bearing bank loans, overdrafts and other loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Non-basic financial instruments are held at fair value and revalued at each period end. Any gains or losses on the fair value of non-basic financial instruments is recorded through profit and loss.

Employee benefits
Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered. Contributions to defined pension schemes are charged to the income statement as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet.

Significant judgements and estimates
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the year. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date are discussed below.

Tangible fixed assets
Determining the period over which to depreciate different classes of tangible assets requires management to make an estimate of the useful economic life of these assets. Management are also required to estimate the residual value of property, which will have an effect on the amount of depreciation charged.

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,604,612 2,179,255
Social security costs 185,619 161,340
Other pension costs 86,855 39,228
2,877,086 2,379,823

The average number of employees during the year was as follows:
2023 2022

Directors and management 3 3
Residential care staff 143 124
146 127

2023 2022
£    £   
Directors' remuneration 37,492 56,163
Directors' pension contributions to money purchase schemes 831 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 115,802 117,095
Auditors' remuneration 4,810 6,320
Other non- audit services 11,349 11,678

5. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Bank interest 864 308
Other interest receivable 17,735 16,370
18,599 16,678

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HM Revenue & Customs interest - (2,339 )
Loan interest 495,757 242,515
495,757 240,176

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 281,894 286,886
Prior year - 86,292
Total current tax 281,894 373,178

Deferred tax 68,618 4,681
Tax on profit 350,512 377,859

UK corporation tax has been charged at 23.52% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,118,412 1,480,718
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

263,051

281,336

Effects of:
Depreciation in excess of capital allowances 14,455 11,674
Group relieved losses received (1,863 ) (1,443 )
Prior year underprovided - 86,292
Deferred tax at different rates 74,869 -
Total tax charge 350,512 377,859

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 700,000 1,100,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 20,000
AMORTISATION
At 1 January 2023
and 31 December 2023 20,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 7,818,949 35,138 265,736 26,262 8,146,085
DEPRECIATION
At 1 January 2023 1,357,220 33,793 241,656 26,000 1,658,669
Charge for year 110,651 269 4,816 66 115,802
At 31 December 2023 1,467,871 34,062 246,472 26,066 1,774,471
NET BOOK VALUE
At 31 December 2023 6,351,078 1,076 19,264 196 6,371,614
At 31 December 2022 6,461,729 1,345 24,080 262 6,487,416

The freehold properties are subject to a legal charge held by the bank as security for the loan.

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 226,621 280,252
Other debtors 4,403,931 3,863,877
Corporation tax recoverable - 54,142
4,630,552 4,198,271

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) 1,013,334 451,350
Trade creditors 94,837 63,325
Corporation tax 125,924 -
Social security and other taxes 48,518 39,682
Other creditors 285,138 202,060
Accruals and deferred income 117,714 124,253
1,685,465 880,670

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) 6,772,454 7,785,788

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,013,334 451,350

Amounts falling due between one and two years:
Bank loans 236,399 7,785,788

Amounts falling due between two and five years:
Bank loans 6,536,055 -

WINDMILL CARE LIMITED (REGISTERED NUMBER: 03662801)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 7,785,788 8,237,138

The bank loans are secured by charges on the freehold properties.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 318,493 239,043
Other timing differences (11,544 ) (712 )
306,949 238,331

Deferred
tax
£   
Balance at 1 January 2023 238,331
Charge to Statement of Comprehensive Income during year 68,618
Balance at 31 December 2023 306,949

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

18. RELATED PARTY DISCLOSURES

The company was wholly owned by Windmill Care Group Limited throughout the year. At the year end date the company was owed £3,713,900 (2022 - £3,186,900) by Windmill Care Group Limited.

At the year end, an amount of £600,000 (2022 - £600,000) was owed to the company by Windmill Care (2015) Limited, a company in which Windmill Care Group Limited has a significant minority shareholding. This amount is unsecured and subject to informal repayment terms, with interest being charged at 2.5% per annum. During the year interest of £15,000 (2022 - £15,000) was charged to Windmill Care (2015) Limited.

During the year the company made a management charge of £Nil (2022 - £257,000) to Windmill Care (2015) Limited for services provided.