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Registration number: 12230654

Ardenton Care Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Ardenton Care Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 31

 

Ardenton Care Holdings Limited

Company Information

Directors

M J Bradbury

P Crawford

K Makofka

M Williams

C Strong

Registered office

Calls Wharf C/O Pebbles Care Limited
Calls Wharf
2 The Calls
Leeds
England
LS2 7JU

Solicitors

Addleshaw Goddard
One St Peter's Square
Manchester
M2 3DE

Bankers

Yorkshire Bank
48-50 Market Street
Manchester
M1 1PW

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Ardenton Care Holdings Limited

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 group is that of a holding company. The group's principal activity is the provision of specialist support services for young people.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £26,412,451 (2022 - £24,017,101) and an operating loss of £43,380 (2022 - £299,289). At 31 December 2023 the company had total assets less current liabilities of £14,135,348 (2022 - £19,654,493). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Management use several key performance indicators to monitor the business. These include gross margin, debtor days and liquidity.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Gross margin

%

41

38

Debtor days

days

22

19

Cash

£

1,797,278

1,813,448

Principal risks and uncertainties

Business risk
Competitive pressures and local authority funding continue to be the major risk factors facing the group, but the directors believe that by continuing to offer a quality, niche service that delivers good outcomes for young people will help the group's exposure to these risks.

Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The group has several loan arrangements with its bankers and parent company. These loan arrangements carry an annual debt service requirement made up of principal and interest repayments. Strategic plans and cashflow forecasting are undertaken to ensure that sufficient cash reserves are maintained to service these repayment obligations.

Credit risk
The group's credit risk is primarily attributable to its trade debtors. Credit limits are reviewed by the directors on a regular basis in conjunction with debt aging and collection history.

Section 172(1) statement

Section 172 of the Companies Act 2006 recognises that while companies are run for the benefit of the shareholders, a business's long-term success and reputation are dependent upon maintaining relationships with stakeholders and an appreciation of the external impact of its activities.

The Directors are fully aware of their responsibilities to promote the success of the Group in accordance with section 172 of the Companies Act 2006 and are keen to ensure proper reflection on stakeholder engagement and issue at Board level and promote continuous reflection on opportunities for development.

The following serves as Ardenton Care Holdings Limited's section 172 statement.

Board structure and engagement with Stakeholders
The Statutory Board is comprised of Directors from both the executive management team and the Group's investors. The Board regularly reviews the business' principal stakeholders and how it engages with them including both the organisations and people it partners with. The approach of the Group is to dedicate time, resources, and expertise to create success for all stakeholders. The sections below set out a more detailed summary of the Group's relationships with its key stakeholders and how the business engages with those stakeholders.

Key Stakeholders
As the Board of Directors, our intention is to behave responsibly toward each of our key stakeholders and treat them fairly and equally so all stakeholders involved can benefit from the successful delivery of our plan to nurture long-term growth through the delivery of high-quality care to children and young people.

 

Ardenton Care Holdings Limited

Strategic Report for the Year Ended 31 December 2023

Investors
The board regularly engages with its external investors throughout the financial year and the investors are represented on the Board and attend all Board meetings. This ensures that they are kept up to date on the performance of the Group and our future plans.

Employees
Within the bounds of commercial confidentiality, staff at all levels are kept fully informed of matters that affect the progress of the Group and are of interest to them as employees. This is done through regular video blogs from the Group's CEO and announcements via the groups intranet. In addition, the CEO and Operations Director hold regional townhall meetings which senior management and home managers attend.

Customers
The Board are actively engaged with our local authority partners through regular meetings with existing customers and potential buyers of our services. The Board is committed to developing and maintaining relationships with its customer base to ensure that their needs are met. Members of the Board frequently meet with customers to explore our service offering and discuss their needs. The success of this approach is demonstrated by a proven track record of customer retention and repeat business.

Suppliers
The Board recognises the importance of our supply chain across the Group's portfolio. Given the nature of much of the goods and services we procure, many of our suppliers are located near to our homes and our local management teams continue to invest in the relationships with these suppliers. Updates on key suppliers are included in the monthly Board meetings where relevant.

Lenders
The support of the Group's lenders is central to its growth ambitions. As such, in addition to the standard financial information that is commonly shared, the Board maintain regular dialogue to ensure that its lenders are kept up to date with both current activity and future plans.

Future developments

The Directors continued to be encouraged by the direction of the business and the opportunities for future growth.

Over the coming year, the company will continue to look to identify further opportunities for growth and development. The company will continue to evolve its service offering to keep pace with the evolving needs of both local authorities and the young people we support.

Approved by the Board on 11 September 2024 and signed on its behalf by:


C Strong
Director

 

Ardenton Care Holdings Limited

Directors' Report for the Year Ended 31 December 2023

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

Directors of the company

The directors who held office during the year were as follows:

M J Bradbury

P Crawford (appointed 1 March 2023)

K Makofka (appointed 1 March 2023)

J J M Hedge (resigned 29 April 2024)

M Williams

M A Walsh (resigned 22 May 2023)

The following director was appointed after the year end:

C Strong (appointed 28 March 2024)

Financial instruments

Objectives and policies

The company uses various financial instruments; these include cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments expose the company to a number of financial risks, which are described in the Strategic Report. No transactions of a speculative nature are undertaken.

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees matters likely to affect employees' interests.

Going concern

The balance sheet as at 31 December 2023 shows net liabilities of £9,732,442 (2022 - £6,002,665). The directors have considered the impact of the current economic environment on the future cashflows of the Group and their ability to meet liabilities as they fall due, being a period of not less than 12 months from the date of approving the financial statement, and are satisfied that it is appropriate to adopt the going concern basis.

Information included in the Strategic Report

Information is not shown in the group's directors report because it is shown in the Group Strategic Report instead under section 414c (11). Information shown is he review of the business, principal risks and uncertainties and future developments.

Disclosure of information to the auditor

Each director has taken the 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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Ardenton Care Holdings Limited

Directors' Report for the Year Ended 31 December 2023

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 11 September 2024 and signed on its behalf by:


C Strong
Director

 

Ardenton Care Holdings Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' 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 group and company and of the profit or loss of the group 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 UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ardenton Care Holdings Limited

Independent Auditor's Report to the Members of Ardenton Care Holdings Limited

Opinion

We have audited the financial statements of Ardenton Care Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's loss 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 group 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 group'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:

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.

 

Ardenton Care Holdings Limited

Independent Auditor's Report to the Members of Ardenton Care Holdings Limited

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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of 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 6, 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 group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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

We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Ardenton Care Holdings Limited

Independent Auditor's Report to the Members of Ardenton Care Holdings Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

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.





Stephanie Hayman (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

11 September 2024

 

Ardenton Care Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
 £

2022
 £

Turnover

3

26,412,451

24,017,101

Cost of sales

 

(15,562,798)

(15,012,402)

Gross profit

 

10,849,653

9,004,699

Administrative expenses

 

(10,893,033)

(9,303,988)

Operating loss

4

(43,380)

(299,289)

Interest payable and similar charges

5

(2,937,268)

(2,776,299)

Loss before tax

 

(2,980,648)

(3,075,588)

Taxation

9

(749,129)

(335,729)

Loss for the financial year

 

(3,729,777)

(3,411,317)

Profit/(loss) attributable to:

 

Owners of the company

 

(3,729,777)

(3,411,317)

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

Ardenton Care Holdings Limited

(Registration number: 12230654)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

10

19,321,206

22,622,816

Tangible assets

11

1,197,098

1,725,278

 

20,518,304

24,348,094

Current assets

 

Stocks

13

1,500

1,500

Debtors

14

1,946,211

1,570,423

Cash at bank and in hand

 

1,797,278

1,813,448

 

3,744,989

3,385,371

Creditors: Amounts falling due within one year

15

(10,127,945)

(8,078,972)

Net current liabilities

 

(6,382,956)

(4,693,601)

Total assets less current liabilities

 

14,135,348

19,654,493

Creditors: Amounts falling due after more than one year

15

(23,867,790)

(25,657,158)

Net liabilities

 

(9,732,442)

(6,002,665)

Capital and reserves

 

Called up share capital

18

50,000

50,000

Share premium reserve

5,070,698

5,070,698

Profit and loss account

(14,853,140)

(11,123,363)

Equity attributable to owners of the company

 

(9,732,442)

(6,002,665)

Total equity

 

(9,732,442)

(6,002,665)

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

C Strong
Director

 

Ardenton Care Holdings Limited

(Registration number: 12230654)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Investments

12

37,997,938

37,997,938

Current assets

 

Debtors

14

688,622

720,867

Cash at bank and in hand

 

177,380

5,053

 

866,002

725,920

Creditors: Amounts falling due within one year

15

(21,454,164)

(16,053,602)

Net current liabilities

 

(20,588,162)

(15,327,682)

Total assets less current liabilities

 

17,409,776

22,670,256

Creditors: Amounts falling due after more than one year

15

(23,867,790)

(25,657,158)

Net liabilities

 

(6,458,014)

(2,986,902)

Capital and reserves

 

Called up share capital

18

50,000

50,000

Share premium reserve

5,070,698

5,070,698

Profit and loss account

(11,578,712)

(8,107,600)

Total equity

 

(6,458,014)

(2,986,902)

The company made a loss after tax for the financial year of £3,471,112 (2022 - loss of £2,892,405).

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

C Strong
Director

 

Ardenton Care Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2023

50,000

5,070,698

(11,123,363)

(6,002,665)

Loss for the year

-

-

(3,729,777)

(3,729,777)

At 31 December 2023

50,000

5,070,698

(14,853,140)

(9,732,442)

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2022

50,000

5,070,698

(7,712,046)

(2,591,348)

Loss for the year

-

-

(3,411,317)

(3,411,317)

At 31 December 2022

50,000

5,070,698

(11,123,363)

(6,002,665)

 

Ardenton Care Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2023

50,000

5,070,698

(8,107,600)

(2,986,902)

Loss for the year

-

-

(3,471,112)

(3,471,112)

At 31 December 2023

50,000

5,070,698

(11,578,712)

(6,458,014)

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2022

50,000

5,070,698

(5,215,195)

(94,497)

Loss for the year

-

-

(2,892,405)

(2,892,405)

At 31 December 2022

50,000

5,070,698

(8,107,600)

(2,986,902)

 

Ardenton Care Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
 £

2022
 £

Cash flows from operating activities

Loss for the year

 

(3,729,777)

(3,411,317)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

3,540,776

3,543,247

Profit on disposal of tangible assets

(134,669)

(7,236)

Finance costs

5

2,937,268

2,776,299

Income tax expense

9

749,129

335,729

 

3,362,727

3,236,722

Working capital adjustments

 

(Increase)/decrease in trade debtors

14

(375,788)

41,908

Increase in trade creditors

15

8,763

41,343

Cash generated from operations

 

2,995,702

3,319,973

Income taxes (paid)/received

9

(389,066)

105,296

Net cash flow from operating activities

 

2,606,636

3,425,269

Cash flows from investing activities

 

Interest received

-

13

Acquisitions of tangible assets

(568,430)

(201,864)

Proceeds from sale of tangible assets

 

992,113

29,544

Net cash flows from investing activities

 

423,683

(172,307)

Cash flows from financing activities

 

Interest paid

 

(854,074)

(579,211)

Payments for purchase of own shares

 

(75,000)

-

Repayment of bank borrowing

 

(975,000)

(1,300,000)

Proceeds from other borrowing draw downs

 

-

350,000

Repayment of deferred consideration

 

(1,142,415)

(1,789,060)

Net cash flows from financing activities

 

(3,046,489)

(3,318,271)

Net decrease in cash and cash equivalents

 

(16,170)

(65,309)

Cash and cash equivalents at 1 January

 

1,813,448

1,878,757

Cash and cash equivalents at 31 December

 

1,797,278

1,813,448

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calls Wharf C/O Pebbles Care Limited
Calls Wharf
2 The Calls
Leeds
England
LS2 7JU

 

2

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 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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £3,471,112 (2022 - loss of £2,892,405).

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Going concern

Notwithstanding the net liability position shown on the balance sheet, the financial statements have been prepared on the going concern basis. The directors have considered the forecast cash flows and the cash requirements of the business in their assessment of going concern. As a result of this assessment it was concluded that the cash requirements of the business for the 12 months from signing will be met through a combination of operational cash flows and intergroup loans and thus the business is deemed to operate as a going concern.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of discounts and after eliminating sales within the group. The group 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 group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Nil

Leasehold property

Over the period of the lease

Improvements to property

2% reducing balance

Fixture, fittings and equipment

20% reducing balance / 20% straight line

Motor Vehicles

25% reducing balance / 20% straight line

Computer equipment

22% reducing balance

No depreciation is provided on freehold properties as it is the company's policy to maintain these assets so that they keep their previously assessed standard of performance. As the useful lives of these assets are of such length and the residual values are such that they are not materially different from the carrying amount any depreciation would not be material.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade 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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

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 group 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 group 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

26,412,451

24,017,101

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

239,166

241,579

Amortisation expense

3,301,610

3,301,609

Operating lease expense - property

927,051

690,340

Profit on disposal of property, plant and equipment

(134,669)

(7,236)

 

5

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

868,579

580,415

Interest expense on other borrowings

1,987,162

1,893,831

Other finance costs

81,527

302,053

2,937,268

2,776,299

 

6

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

14,985,192

13,159,367

Social security costs

1,499,944

1,333,503

Pension costs, defined contribution scheme

289,357

243,588

16,774,493

14,736,458

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Operations

441

379

Administrative

49

48

490

427

Company
The company incurred no staff costs and had no employees other than the directors.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

610,104

522,108

Contributions paid to money purchase schemes

5,834

3,525

615,938

525,633

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

3

In respect of the highest paid director:

2023
£

2022
£

Remuneration

181,701

191,350

 

8

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

44,520

42,000

Other fees to auditors

All other non-audit services

16,440

15,600


 

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

658,991

433,975

UK corporation tax adjustment to prior periods

90,138

(72,648)

749,129

361,327

Deferred taxation

Arising from origination and reversal of timing differences

4,252

(89,149)

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(4,252)

63,551

Total deferred taxation

-

(25,598)

Tax expense in the income statement

749,129

335,729

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Loss before tax

(2,980,648)

(3,075,588)

Corporation tax at standard rate

(701,078)

(584,362)

Effect of expense not deductible in determining taxable profit (tax loss)

1,414,082

955,682

Deferred tax credit relating to changes in tax rates or laws

(2,001)

(11,199)

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(3,791)

63,551

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

90,138

(72,648)

Tax decrease from effect of capital allowances and depreciation

(48,221)

(15,295)

Total tax charge

749,129

335,729

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

10

Intangible assets

Group

Goodwill
 £

Cost

At 1 January 2023 and at 31 December 2023

33,016,103

Amortisation

At 1 January 2023

10,393,287

Amortisation charge

3,301,610

At 31 December 2023

13,694,897

Carrying amount

At 31 December 2023

19,321,206

At 31 December 2022

22,622,816

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

11

Tangible assets

Group

Freehold property
£

Leasehold property
 £

Leasehold property improvements
£

Fixtures and fittings
 £

Computer Equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

748,559

135,564

436,188

637,917

158,000

342,411

2,458,639

Additions

-

63,434

96,937

3,509

56,076

348,474

568,430

Disposals

(748,559)

-

-

-

-

(185,155)

(933,714)

At 31 December 2023

-

198,998

533,125

641,426

214,076

505,730

2,093,355

Depreciation

At 1 January 2023

29,374

121,217

50,793

302,846

66,604

162,527

733,361

Charge for the year

-

68,463

7,904

71,189

43,717

47,893

239,166

Eliminated on disposal

(29,374)

-

-

-

-

(46,896)

(76,270)

At 31 December 2023

-

189,680

58,697

374,035

110,321

163,524

896,257

Carrying amount

At 31 December 2023

-

9,318

474,428

267,391

103,755

342,206

1,197,098

At 31 December 2022

719,185

14,347

385,395

335,071

91,396

179,884

1,725,278

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

12

Investments

Company

2023
£

2022
£

Investments in subsidiaries

37,997,938

37,997,938

Subsidiaries

£

Cost and carrying amount

At 1 January 2023 and at 31 December 2023

37,997,938

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Pebbles Holdco Limited*

England and Wales

Ordinary

100%

100%

Ardenton Care Propco Limited

England and Wales

Ordinary

100%

100%

Care Holdings Limited

England and Wales

Ordinary

100%

100%

Pebbles Care Limited

England and Wales

Ordinary

100%

100%

Partners in Care Limited

England and Wales

Ordinary

100%

100%

Radical Services Limited

England and Wales

Ordinary

100%

100%

A Significant Other Limited

England and Wales

Ordinary

100%

100%

Crossway Services Limited

England and Wales

Ordinary

100%

100%

No, 57 Limited

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Pebbles Holdco Limited*

The principal activity of Pebbles Holdco Limited* is that of a intermediate holding company.

Ardenton Care Propco Limited

The principal activity of Ardenton Care Propco Limited is that of a holding company.

Care Holdings Limited

The principal activity of Care Holdings Limited is that of an intermediate holding company.

Pebbles Care Limited

The principal activity of Pebbles Care Limited is the provision of specialist support service for young people.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Partners in Care Limited

The principal activity of Partners in Care Limited is the provision of specialist support service for young people.

Radical Services Limited

The principal activity of Radical Services Limited is the provision of specialist support service for young people.

A Significant Other Limited

The principal activity of A Significant Other Limited is that of a dormant company.

Crossway Services Limited

The principal activity of Crossway Services Limited is that of a dormant company.

No, 57 Limited

The principal activity of No, 57 Limited is that of a dormant company.

*These shares are directly held.

The registered address for all subsidiaries is the same as the company.

For the year ending 31 December 2023 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:

Pebbles Holdco Limited

Care Holdings Limited

Pebbles Care Limited

Partners in Care Limited

Radical Services Limited

 

13

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Other inventories

1,500

1,500

-

-

 

14

Debtors

 

Group

Company

2023
 £

2022
 £

2023
 £

2022
 £

Trade debtors

1,600,592

1,240,447

-

-

Other debtors

98,885

167,370

86,559

148,100

Prepayments

246,734

162,606

16,259

-

Corporation tax asset

-

-

585,804

572,767

 

1,946,211

1,570,423

688,622

720,867

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

15

Creditors

   

Group

Company

Note

2023
 £

2022
 £

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

16

6,869,994

5,189,847

6,869,994

5,189,847

Trade creditors

 

380,330

393,120

-

-

Amounts owed to group undertakings

 

-

-

14,454,090

10,780,685

Amounts owed to parent undertakings

21

-

38,710

-

-

Social security and other taxes

 

665,570

707,265

-

-

Outstanding defined contribution pension costs

 

60,092

46,441

-

-

Other creditors

 

157,510

141,693

-

-

Accrued expenses

 

579,750

507,260

130,080

83,070

Corporation tax liability

 

1,414,699

1,054,636

-

-

 

10,127,945

8,078,972

21,454,164

16,053,602

Due after one year

 

Loans and borrowings

16

23,867,790

24,596,270

23,867,790

24,596,270

Other creditors

 

-

1,060,888

-

1,060,888

 

23,867,790

25,657,158

23,867,790

25,657,158

Other creditors includes deferred consideration of £Nil (2022 - £1,060,888). Interest was charged at 12% above base rate per annum up to October 2022 and 15% per annum from this date up to the date of repayment in July 2023. The liability was previously shown as due after one year in line with the previous terms which were amended during the year.
 

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

16

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,812,822

2,158,625

2,812,822

2,158,625

Other borrowings

4,057,172

3,031,222

4,057,172

3,031,222

6,869,994

5,189,847

6,869,994

5,189,847

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

6,500,000

8,125,000

6,500,000

8,125,000

Other borrowings

17,367,790

16,471,270

17,367,790

16,471,270

23,867,790

24,596,270

23,867,790

24,596,270

The bank loans are repayable by quarterly instalment up to November 2024, with a bullet repayment to November 2024 or to May 2025. Interest is charged at 3.5%, 3.75% or 3.9% above the Bank of England reference date. The loan is secured over the assets of the company and its subsidiaries.

Other borrowings are repayable in 2025 and 2029 and interest is charged at 12% and 15% per annum. Interest is payable monthly and is therefore shown as a current liability.

 

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £289,357 (2022 - £243,588).

Contributions totalling £60,092 (2022 - £46,441) were payable to the scheme at the end of the year and are included in creditors.

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

18

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £0.01 each

4,925,000

49,250

4,500,000

45,000

Ordinary B shares of £0.01 each

75,000

750

100,000

1,000

Ordinary C shares of £0.01 each

-

-

325,000

3,250

 

5,000,000

50,000

4,925,000

49,250

Allotted, called up and not fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary B shares of £0.01 each

-

-

75,000

750

         

During the year, 100,000 Ordinary B shares and 325,000 Ordinary C shares were re-designated as 425,000 Ordinary A shares.

During the year, 75,000 Ordinary B shares were purchased which were previously shown as allotted but not paid for.

The group and company have two classes of ordinary shares which carry no right to fixed income.

The A and B shares are entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including distribution from a winding up of the company.

 

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

741,404

640,498

Later than one year and not later than five years

2,765,994

2,376,042

Later than five years

1,566,812

2,199,768

5,074,210

5,216,308

The amount of non-cancellable operating lease payments recognised as an expense during the year was £694,743 (2022 - £646,148).

 

Ardenton Care Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

20

Analysis of changes in net debt

Group

At 1 January 2023
£

Financing cash flows
£

Other non-cash changes
£

At 31 December 2023
£

Cash and cash equivalents

Cash

1,813,448

(16,170)

-

1,797,278

Borrowings

Bank borrowings - current

(2,158,625)

-

(2,102)

(2,160,727)

Bank borrowings - non-current

(8,125,000)

(975,000)

2,095

(9,097,905)

Other borrowings - current

(3,069,932)

-

(987,240)

(4,057,172)

Other borrowings - non-current

(16,471,270)

-

(896,520)

(17,367,790)

(29,824,827)

(975,000)

(1,883,767)

(32,683,594)

 

(28,011,379)

(991,170)

(1,883,767)

(30,886,316)

Other non-cash changes reflect accrued interest.

 

21

Related party transactions

Group

Summary of transactions with parent

During the year, the immediate parent company, Ardenton UK Limited, advanced the company £Nil (2022 - £350,000) in the form of loan notes. At 31 December 2023, £21,424,962 remained outstanding (2022 - £19,541,172) of which £5,241,586 (2022 - £3,357,796) relates to accrued interest.

During the year, the company was charged management fees totalling £288,000 (2022 - £207,000) from its immediate parent company, Ardenton UK Limited.

 

Company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 7 to the financial statements.
 

 

22

Non adjusting events after the financial period

On the 16th February 2024, Ardenton Care Holdings Limited acquired 100% of the share capital of BDT Care Solutions Limited for consideration of £6,000,000.

 

23

Parent and ultimate parent undertaking

The company's immediate parent is Ardenton UK Limited, incorporated in England and Wales.

 The ultimate controlling party is Ardenton UK Limited, incorporated in England and Wales which has no single ultimate controlling party.

The largest group in which the results of the entity are consolidated is this set of financial statements. The smallest group in which the results of the entity are consolidated is this set of consolidated financial statements.