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BALHOUSIE HOLDINGS LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
BALHOUSIE HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
Mr L Baten (resigned 13 August 2024)
Mr P A Cott 
Mr B De Pooter (appointed 24 November 2022)
Mr A R Banks (resigned 9 March 2023)
Mrs J Kerr (resigned 1 February 2023)




Registered number
SC278485



Registered office
Balhousie Care Group
Earn House

Lamberkine Drive

Perth

PH1 1RA




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
BALHOUSIE HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 4
Directors' Report
5 - 8
Independent Auditors' Report
9 - 12
Consolidated Statement of Comprehensive Income
13
Consolidated Statement of Financial Position
14
Company Statement of Financial Position
15
Consolidated Statement of Changes in Equity
16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18 - 19
Consolidated Analysis of Net Debt
20
Notes to the Financial Statements
21 - 39


 
BALHOUSIE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
Principal activity
The principal activity of the Group is the provision of care services including personal care for frail, elderly, nursing care, dementia care, learning disability support, mental health care, support and care for physically disabled adults, palliative care and Huntington’s care.

Financial key performance indicators
 
The Group has assessed their KPIs as:
• Occupancy Rates
• Average Fee Income per bed
• Care Quality Grades
• EBITDA % of Turnover
• Wages & Salaries % of Income
• Staff Turnover
In relation to KPIs, the Group is performing at or above regional sector averages when benchmarked to the sector.

Results
 
The Group recorded a profit before tax of £6,499k (2022 - £5,392k).
A more detailed analysis of the performance of the Group is provided in the Business Review below.

Business review
 
The Group has experienced a 5.99% increase in turnover from 2022, largely reflecting increased fee rates. Recruitment and retention of staff remain critical to the delivery of quality care, and the care sector as a whole continues to face challenges attracting and retaining high quality staff.  The use of agency staff and increases to staff wages has put pressure on margins.  Administration costs are closely monitored, however, these increased against 2022 as we invested in an increased headcount across our quality and operations teams.  
 
In September 2022, the entire share capital of Balhousie Holdings Limited was acquired by Selba Care Ltd.  

Page 1

 
BALHOUSIE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
The directors are responsible for risk assessment and management within the group. The main risks associated with the Group’s financial assets and liabilities are set out below:-
Financial Risks
As part of the acquisition by Selba Care Limited, the Balhousie Care Limited and Advanced Specialist Care Limited bank debt was repaid in its entirety. 
This was replaced by a group liability for the financial liabilities of the parent company. The parent company has a single investment in the Balhousie Group.  The senior / junior lenders have first / second ranked security over the assets. 
Credit risk is managed by invoicing private residents in advance and ensuring that all sales invoices are raised timeously. Appropriate credit control procedures are followed for all operations. Credit risk is also reduced by being in the advantageous position of having a significant level of income generated through local government across a variety of local authorities.   
Operational risks
The Group’s services are regulated by the Care Inspectorate which has significant enforcement powers against operators who do not comply with statutory requirements. Operational risk is managed by care home managers and the Group’s Operational Support Team. This is monitored internally by management, internal quality controls and externally by regular unannounced inspections by the Care Inspectorate. 

Corporate governance

The Group operates Care Governance and Audit & Remuneration Committees that provide oversight on key care quality, remuneration and audit issues impacting on the business.

Page 2

 
BALHOUSIE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
The Board consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year.
In doing so, section 172 requires a director to have regard, amongst other matters, to:
a)The likely consequences of any decision in the long term, 
b)The interests of the Group’s employees, 
c)The need to foster the Group’s business relationships with suppliers, customers and others, 
d)The impact of the Group’s operations on the community and the environment, 
e)The desirability of the Group maintaining a reputation for high standards of business conduct, and 
f)The need to act fairly as between members of the Group
 
Consequences of decisions
The Board promotes a strong culture of governance and installed and continues to monitor key performance indicators to increase the operational and financial performance of the Group.
Engagement with employees
The Group places a strong emphasis on ensuring the wellbeing of our employees and looks to share and communicate information to our staff using all possible means. This involves regular in house communications, staff meetings as well as monthly managers’ meetings and is designed to ensure that all staff are kept reasonably informed on all Group matters. The staff newsletter, “The Balhousie Buzz”, is a fortnightly publication, which is used as a communication tool, and a means of promoting the employee assistance programme and our staff benefits platform.
Disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Group continues and that appropriate training is arranged. It is the policy of the Group and the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Engagement with suppliers, customers and others
Our key customer is our residents and the monitoring of our compliance and Care Inspectorate ratings ensures we continue to provide a quality level of care. The Group's relationship with key business partners is integral to the success of the Group.
 
Page 3

 
BALHOUSIE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Community and environment
The Group operates as part of the community providing work and homes for many of the local people. Initiatives across the group to collaborate with the wider community are often in place particularly with local group activities, schools and nurseries. The environmental impact is considered when making business decisions and actions taken with the most favourable environmental outcome are taken wherever possible.
High standard of conduct
The Group meets the needs of our residents through continuous internal monitoring by the Operational team and through the Care Inspectorate to continuously improve the Care that is provided.
Act fairly between members
The Senior Leadership team have installed regular meetings with Department Heads, Operational teams and Home Managers. Regularly visiting the homes and speaking with all staff.


This report was approved by the board on 17 September 2024 and signed on its behalf.



Mr P A Cott
Director

Page 4

 
BALHOUSIE HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group 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 for the Group's financial statements and then apply them consistently;

make judgments 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
BALHOUSIE HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Results and dividends

The profit for the year, after taxation, amounted to £6,424k (2022 -  £3,480 k).

Dividends of £9,364k were paid during the year (2022 - £5,710k).

Directors

The directors who served during the year were:

Mr L Baten (resigned 13 August 2024)
Mr P A Cott 
Mr B De Pooter (appointed 24 November 2022)
Mr A R Banks (resigned 9 March 2023)
Mrs J Kerr (resigned 1 February 2023)

Future developments

The Group is undertaking a program of investment to develop new nursing and specialist care facilities over the next three years, as well as refurbishment and extensions to two existing facilities.

Environmental matters

The Group recognises the importance of its environmental responsibilities and monitors its impact on the environment by implementing any policies necessary to reduce any damage that might be caused by the Group's activities.
The Group recognises the importance and implications of the Health & Safety at Work Act 1974, the Environmental Protection Legislation and all new Health & Safety legislation including that being introduced through EU directives.

Page 6

 
BALHOUSIE HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Greenhouse gas emissions, energy consumption and energy efficiency action

The UK Government’s Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019. The table below represents Balhousie Care Group’s energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ending 30 September 2023 and compared with the base year 2021/2022 reporting period.



UK Greenhouse gas emissions and energy use data for the period October 2022 to 30 September 2023.

2023
2022
       KWh
       KWh
Total Energy Consumption (KWh)

Natural gas

10,441,485

10,256,413

Electricity

2,840,185

3,394,421

Transport

236,174

187,471

Biomass pellets

1,758,514

1,415,873

Propane (LPG)

193,915

521,087

Burning oil

366,685

195,392


15,836,958

15,970,657


2023
2022
      tCO2e
      tCO2e
Scope 1 emissions in tCO2e

Biomass pellets

18.9

20.4

Propane (LPG)

41.5

111.6

Natural gas

1,190.0

1,878.6

Burning oil

90.5

48.2

Company transport

49.3

51.9


2,110.2

2,111.7

Scope 2 emissions in tCO2e

Electricity

588.1

720.7


2,698.4

2,832.4


Intensity ratio tCO2e per bed                                                                                              2.76               2.68                                                                                                                                                          

Page 7

 
BALHOUSIE HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

SECR Methodology Statement 2023
The SECR submission has been compiled using the 2019 HM Government Environmental Reporting Guidelines.
Emissions have been grouped according to the GHG Protocol Corporate Standard
We have used the following data sources for the report for the:
• Utility and Other Fuels Data - Energy Supplier billing and half hour interval data;
• Transport Data - Company mileage records.
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 September 2024 and signed on its behalf.
 





Mr P A Cott
Director

Page 8

 
BALHOUSIE HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Balhousie Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent Company's affairs as at 30 September 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that there is a material uncertainty relating to going concern due to the continued breaches of loan covenants in Group companies. The Group relies on these loans to allow them to continue to operate. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included consideration of post year end trading, and the directors' proposed solution to resolve the covenant breaches.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 9

 
BALHOUSIE HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 Directors' Responsibilities Statement set out on page 5, 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.

Page 10

 
BALHOUSIE HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.

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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above 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 would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Auditors' Report.

Page 11

 
BALHOUSIE HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE HOLDINGS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.




Douglas Rae (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants & Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

20 September 2024
Page 12

 
BALHOUSIE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£000
£000

  

Turnover
 4 
54,261
51,196

Cost of sales
  
(35,189)
(32,729)

Gross profit
  
19,072
18,467

Administrative expenses
  
(12,160)
(10,893)

Exceptional administrative expenses
  
(422)
(718)

Operating profit
 5 
6,490
6,856

Interest receivable and similar income
 9 
9
6

Interest payable and similar expenses
 10 
-
(1,470)

Profit before taxation
  
6,499
5,392

Tax on profit
 11 
(75)
(1,912)

Profit for the financial year
  
6,424
3,480

  

Unrealised surplus on revaluation of tangible fixed assets
  
-
7,616

Deferred tax on revaluation
  
-
(3,529)

Other comprehensive income for the year
  
-
4,087

Total comprehensive income for the year
  
6,424
7,567

Profit for the year attributable to:
  

Owners of the parent Company
  
6,424
3,480

  
6,424
3,480

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 21 to 39 form part of these financial statements.

Page 13

 
BALHOUSIE HOLDINGS LIMITED
REGISTERED NUMBER: SC278485

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
£000
£000

Fixed assets
  

Tangible fixed assets
 14 
88,226
87,991

  
88,226
87,991

Current assets
  

Stocks
 16 
46
35

Debtors: amounts falling due within one year
 17 
8,510
5,720

Cash at bank and in hand
  
1,898
4,881

  
10,454
10,636

Creditors: amounts falling due within one year
 18 
(12,759)
(6,941)

Net current (liabilities)/assets
  
 
 
(2,305)
 
 
3,695

Total assets less current liabilities
  
85,921
91,686

Provisions for liabilities
  

Deferred taxation
 20 
(9,919)
(9,844)

  
 
 
(9,919)
 
 
(9,844)

Net assets
  
76,002
81,842


Capital and reserves
  

Called up share capital 
 21 
1
1

Revaluation reserve
 22 
24,987
24,987

Capital contribution reserve
 22 
37,207
40,107

Profit and loss account
 22 
13,807
16,747

Equity attributable to owners of the parent Company
  
76,002
81,842


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




Mr P A Cott
Director

The notes on pages 21 to 39 form part of these financial statements.

Page 14

 
BALHOUSIE HOLDINGS LIMITED
REGISTERED NUMBER: SC278485

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
£000
£000

Fixed assets
  

Tangible fixed assets
 14 
182
175

Investments
 15 
5,058
5,058

  
5,240
5,233

Current assets
  

Debtors: amounts falling due within one year
 17 
39,487
34,127

Cash at bank and in hand
  
212
2,439

  
39,699
36,566

Creditors: amounts falling due within one year
 18 
(7,727)
(1,683)

Net current assets
  
 
 
31,972
 
 
34,883

Total assets less current liabilities
  
37,212
40,116

  

  

Net assets
  
37,212
40,116


Capital and reserves
  

Called up share capital 
 21 
1
1

Capital contribution reserve
 22 
37,207
40,107

Profit and loss account
 22 
4
8

  
37,212
40,116


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




Mr P A Cott
Director

The notes on pages 21 to 39 form part of these financial statements.

Page 15

 
BALHOUSIE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital contribution reserve
Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 October 2021
1
-
20,900
18,977
39,878


Comprehensive income for the year

Profit for the year
-
-
-
3,480
3,480

Surplus on revaluation of freehold property
-
-
7,616
-
7,616

Deferred tax on revaluations
-
-
(3,529)
-
(3,529)
Total comprehensive income for the year
-
-
4,087
3,480
7,567

Dividends: Equity capital
-
-
-
(5,710)
(5,710)

Capital contribution
-
40,107
-
-
40,107



At 1 October 2022
1
40,107
24,987
16,747
81,842


Comprehensive income for the year

Profit for the year
-
-
-
6,424
6,424

Dividends: Equity capital
-
-
-
(9,364)
(9,364)

Capital contribution
-
(2,900)
-
-
(2,900)


At 30 September 2023
1
37,207
24,987
13,807
76,002


The notes on pages 21 to 39 form part of these financial statements.

Page 16

 
BALHOUSIE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 October 2021
1
-
68
69


Comprehensive income for the year

Profit for the year
-
-
5,650
5,650

Dividends: Equity capital
-
-
(5,710)
(5,710)

Capital contribution
-
40,107
-
40,107



At 1 October 2022
1
40,107
8
40,116


Comprehensive income for the year

Profit for the year
-
-
9,360
9,360

Dividends: Equity capital
-
-
(9,364)
(9,364)

Capital contribution
-
(2,900)
-
(2,900)


At 30 September 2023
1
37,207
4
37,212


The notes on pages 21 to 39 form part of these financial statements.

Page 17

 
BALHOUSIE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£000
£000

Cash flows from operating activities

Profit for the financial year
6,424
3,480

Adjustments for:

Depreciation of tangible fixed assets
1,114
1,109

Impairment of tangible fixed assets
-
255

Loss on disposal of tangible fixed assets
127
29

Interest paid
-
1,470

Interest received
(9)
(6)

Taxation charge
75
1,912

(Increase)/decrease in stocks
(11)
(3)

(Increase)/decrease in debtors
(526)
2,751

(Increase)/decrease in amounts owed by group companies
(974)
-

(Increase)/decrease in amounts owed by associates
(268)
2,377

Increase/(decrease) in creditors
1,061
(6,672)

Increase/(decrease) in amounts owed to group companies
4,968
-

Corporation tax (paid)
(1,239)
(1,564)

Net cash generated from operating activities

10,742
5,138


Cash flows from investing activities

Purchase of tangible fixed assets
(1,480)
(2,483)

Sale of tangible fixed assets
4
87

Interest received
9
6

Net cash from investing activities

(1,467)
(2,390)
Page 18

 
BALHOUSIE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2023
2022

£000
£000



Cash flows from financing activities

Repayment of loans
-
(41,751)

Dividends paid
(9,364)
(5,710)

Interest paid
-
(1,470)

Capital contribution received/(repaid)
(2,900)
40,107

Net cash used in financing activities
(12,264)
(8,824)

Net (decrease) in cash and cash equivalents
(2,989)
(6,076)

Cash and cash equivalents at beginning of year
4,881
10,957

Cash and cash equivalents at the end of year
1,892
4,881


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,898
4,881

Bank overdrafts
(6)
-

1,892
4,881


Page 19

 
BALHOUSIE HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023




At 1 October 2022
Cash flows
At 30 September 2023
£000

£000

£000

Cash at bank and in hand

4,881

(2,983)

1,898

Bank overdrafts

-

(6)

(6)

Debt due within 1 year

(135)

(1)

(136)


4,746
(2,990)
1,756

The notes on pages 21 to 39 form part of these financial statements.

Page 20

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Balhousie Holdings Limited is a private company limited by shares and incorporated in Scotland. The registered office is Earn House, Lamberkine Drive, Perth, PH1 1RA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The functional and presentational currency of the Group is GBP sterling (£). The balances reported in the financial statements have been rounded to the nearest thousand.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

 
2.3

Going concern

Due to continued breaches of loan covenants in Group companies, the directors acknowledge the material uncertainty regarding the going concern of the Group. At the date of signing the financial statements, despite not having a confirmed agreement in place, the directors have a proposed solution and are confident that this will be agreed and resolve the current covenant breaches going forward. 

Page 21

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover represents fee income receivable from care services provided. Turnover is recognised in the year in which the Group obtains the right to consideration as the services provided under contracts have been delivered and is recorded at the value of the consideration due. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of the Creditors due within one year. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 October 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 22

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 23

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Long-term leasehold property
-
straight line over the term of the lease
Motor vehicles
-
12.5% straight line, 20% - 25% reducing balance
Fixtures and fittings
-
12.5% - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation is provided on freehold property in the current or prior year. The directors consider that this accounting policy, which represents a departure from the statutory accounting rules is necessary to provide a true and fair view as permitted under FRS 102.
The Group has a policy and practice of regular maintenance and repairs (charges for which are recognised in the profit and loss account) such that the feehold property is kept to its previously assessed standards of performance. As a result the property maintains a high residual value and any depreciation is not considered material.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence and are normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 24

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at cost. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced. The impairment loss is recognised immediately in profit or loss to its recoverable amount.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 25

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible Fixed Assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Assets are considered for indications of impairment, if required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit.
Recoverability of debtors
Bad debts are provided where, in the opinion of the directors, there is objective evidence of the need for a provision.


4.


Turnover

The whole of the turnover and profit before taxation relates to continuing activities and is attributable to the provision of care facilities for the elderly and infirm.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation of tangible fixed assets owned by the company
1,114
1,110

Other operating lease rentals
2,150
2,218


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
45
42

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
15
18

Page 26

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£000
£000


Wages and salaries
27,664
24,909

Social security costs
1,914
1,656

Cost of defined contribution scheme
503
501

30,081
27,066


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Care home employees
1,402
1,416



Directors and administration
55
50

1,457
1,466



8.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
83
215

Group contributions to defined contribution pension schemes
6
20

89
235


During the year retirement benefits were accruing to 1 director (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £83k (2022 - £113k).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6k (2022 - £15k).

Page 27

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Interest receivable

2023
2022
£000
£000


Other interest receivable
9
6

9
6


10.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
-
1,390

Other loan interest payable
-
80

-
1,470


11.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
-
1,147

Adjustments in respect of previous periods
-
(21)


Total current tax
-
1,126

Deferred tax


Origination and reversal of timing differences
75
150

Changes to tax rates
-
636

Total deferred tax
75
786


Taxation on profit on ordinary activities
75
1,912
Page 28

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 22% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
6,499
5,392


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2022 - 19%)
1,430
1,024

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
81
345

Capital allowances for year in excess of depreciation
(115)
(213)

Adjustments to tax charge in respect of prior periods
-
(21)

Short term timing difference leading to an increase (decrease) in taxation
-
150

Changes in provisions leading to an increase (decrease) in the tax charge
75
636

Unrelieved tax losses carried forward
7
-

Other tax charge (relief) on exceptional items
-
(9)

Group relief
(1,403)
-

Total tax charge for the year
75
1,912

The corporation tax rate increased from 19% to 25% with effect from 1 April 2023.


Factors that may affect future tax charges

The only factors affecting future tax charges are those imposed by HMRC.

Page 29

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Dividends

2023
2022
£000
£000


Dividends paid - Ordinary A Shares
9,364
5,710

9,364
5,710


13.


Exceptional items

2023
2022
£000
£000


Exceptional items
422
718

422
718

Page 30

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 October 2022
83,665
299
58
13,133
97,155


Additions
537
-
-
943
1,480


Disposals
-
-
(30)
(258)
(288)



At 30 September 2023

84,202
299
28
13,818
98,347



Depreciation


At 1 October 2022
-
166
57
8,941
9,164


Charge for the year on owned assets
-
21
-
1,093
1,114


Disposals
-
-
(30)
(127)
(157)



At 30 September 2023

-
187
27
9,907
10,121



Net book value



At 30 September 2023
84,202
112
1
3,911
88,226



At 30 September 2022
83,665
133
1
4,192
87,991

Page 31

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           14.Tangible fixed assets (continued)

The directors have reviewed the freehold property and leasehold property improvements and do not believe that there have been any significant changes from the valuation provided by Jones Lang Lasalle (members of the Royal Institute of Chartered Surveyors) in June 2022. 

Cost or valuation at 30 September 2023 is as follows:

Land and buildings
£000


At cost
52,667
At valuation:

May 2014, November 2016, August 2017, and June 2022
31,834



84,501

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£000
£000

Group


Cost
52,667
52,130

Accumulated depreciation
(187)
(166)

Net book value
52,480
51,964

Page 32

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           14.Tangible fixed assets (continued)


Company






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£000
£000
£000
£000

Cost or valuation


At 1 October 2022
185
29
1,449
1,663


Additions
-
-
103
103


Disposals
-
(28)
-
(28)



At 30 September 2023

185
1
1,552
1,738



Depreciation


At 1 October 2022
122
29
1,337
1,488


Charge for the year on owned assets
16
-
80
96


Disposals
-
(28)
-
(28)



At 30 September 2023

138
1
1,417
1,556



Net book value



At 30 September 2023
47
-
135
182



At 30 September 2022
63
-
112
175





The net book value of land and buildings may be further analysed as follows:


2023
2022
£000
£000

Long leasehold
47
63

47
63


Page 33

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           14.Tangible fixed assets (continued)


Cost or valuation at 30 September 2023 is as follows:

Land and buildings
£000


At cost
311
At valuation:

May 2014, November 2016, May 2022
(126)



 185

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows: 


2023
2022
£000
£000

Company


Cost
311
311

Accumulated depreciation
(138)
(122)

Net book value
173
189

Page 34

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 October 2022
5,058



At 30 September 2023
5,058





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Advanced Specialist Care Limited
Care home
Ordinary
100%
Balhousie Care Limited
Care home
Ordinary
100%


16.


Stocks

Group
Group
2023
2022
£000
£000

Care home consumables
46
35

46
35


Page 35

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000


Trade debtors
2,435
2,021
558
405

Amounts owed by group undertakings
974
-
37,858
33,161

Amounts owed by joint ventures and associated undertakings
353
85
353
85

Other debtors
24
52
24
52

Prepayments and accrued income
3,702
3,562
637
363

Tax recoverable
1,022
-
-
-

Deferred taxation
-
-
57
61

8,510
5,720
39,487
34,127



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Bank overdrafts
6
-
-
-

Trade creditors
1,414
469
1,414
469

Amounts owed to group undertakings
4,968
-
4,968
-

Corporation tax
-
217
-
-

Other taxation and social security
1,025
898
581
534

Other creditors
2,626
2,544
146
169

Accruals and deferred income
2,720
2,813
618
511

12,759
6,941
7,727
1,683



19.


Security

National Westminster Bank Plc and Kroll Trustee Services Limited, via intercreditor agreement, hold a fixed standard security over the fixed asset properties, and a floating charge over the assets of the group in respect of the bank loan held within Selba Care Ltd and other loans held within Selba Ventures Ltd, both parent companies in the Group.

Page 36

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

20.


Deferred taxation


Group



2023


£000






At beginning of year
(9,844)


Charged to profit or loss
(75)



At end of year
(9,919)

Company


2023


£000






At beginning of year
61


Charged to profit or loss
(4)



At end of year
57

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Accelerated capital allowances
(2,932)
(2,849)
55
59

Short term timing differences
57
49
2
2

Capital gains/(losses)
(7,044)
(7,044)
-
-

(9,919)
(9,844)
57
61


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary A shares of £1.00 each
1,000
1,000


Page 37

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

22.


Reserves

Revaluation reserve

The reserve comprises of revaluations of freehold properties.

Capital contribution reserve

The capital contribution reserve represents monies paid by group companies that are not loans or share capital.

Profit and loss account

Includes all current and prior period retained profits and losses.


23.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £503k (2022 - £501k). Contributions totalling £136k (2022 - £135k) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 30 September 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Land & buildings

Not later than 1 year
2,118
1,895
125
125

Later than 1 year and not later than 5 years
8,170
7,454
500
374

Later than 5 years
27,760
26,638
124
-

38,048
35,987
749
499


Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Other fixed assets

Not later than 1 year
157
156
48
86

Later than 1 year and not later than 5 years
115
136
22
105

272
292
70
191

Page 38

 
BALHOUSIE HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

25.


Transactions with directors

At 30 September 2023 there were no balances owed by directors (2022 - £28k). Repayments of £28k were made in the year and there were no advances made.


26.
Related party transactions

The directors consider themselves to be the only key management personnel and remuneration is disclosed per note 8. 


2023 Purchases 
2023 
Sales
2022
Purchases
2022 
Sales

£000
£000
£000
£000


Transactions with related parties

Entities with control, joint control
 or significant influence over the entity
-
-
125
-


-
-
125
-

2023
2022
£000
£000

Amounts owed by related parties


Entities with control, joint control or significant influence over the entity
-
85

Other related parties
353
-

353
85

The Group has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose details of transactions between two or more members of the Group on the basis that the subsidiaries are wholly owned.


27.


Controlling party

The immediate parent undertaking is Selba Care Ltd, a company incorporated in the United Kingdom. The ultimate parent undertaking is Zamoli Ventures AG, a company incorporated in Leichtenstein.
The parent undertaking of the largest group to consolidate these financial statements is Selba Ventures Ltd, a company incorporated in the United Kingdom. Copies of the Selba Ventures Ltd financial statements can be obtained from 84 Brook Street, London, England, W1K 5EH and are publicly available on Companies House.
The ultimate controlling party is The Olivetree Foundation, by virtue of the share ownership held in Zamoli Ventures AG. The registered address of The Olivetree Foundation is Bangarten 10, FL-9490 Vaduz, Leichtenstein.

Page 39