Registered number: SC166652
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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BALHOUSIE CARE LIMITED
COMPANY INFORMATION
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BALHOUSIE CARE LIMITED
CONTENTS
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BALHOUSIE CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The director, in preparing this strategic report, has complied with s414C of the Companies Act 2006.
Principal Activity The principal activity of the Company 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. The Company is a wholly owned subsidiary of Balhousie Holdings Limited ("The Group").
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.
The Company recorded a profit before tax of £3,694k (2022 £2,812k).
A more detailed analysis of the performance of the company is provided in the Business Review below.
The Company has experienced a 7% 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. Steps to mitigate agency use were implemented within the year and this has resulted in agency costs decreasing against 2022. Administration costs are closely monitored, however, our utility contract ended in September 2022 and our new contract saw a significant increase in cost across our homes.
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BALHOUSIE CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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.
The Group operates Care Governance and Audit & Remuneration Committees that provide oversight on key care quality, remuneration and audit issues impacting on the business.
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BALHOUSIE CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 Company 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.
a)In doing so, section 172 requires a director to have regard, amongst other matters, to:
b)The likely consequences of any decision in the long term,
c)The interests of the company’s employees,
d)The need to foster the company’s business relationships with suppliers, customers and others,
e)The impact of the company’s operations on the community and the environment,
f)The desirability of the company maintaining a reputation for high standards of business conduct, and
g)The need to act fairly as between members of the company
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 Company's relationship with key business partners is integral to the success of the Company.
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BALHOUSIE CARE LIMITED
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.
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BALHOUSIE CARE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The director presents his report and the financial statements for the year ended 30 September 2023.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company'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 Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £3,647k (2022 - £1,543k).
A dividend of £4,983k was paid during the year to Balhousie Holdings Limited (2022 - £5,560k)
The directors who served during the year were:
The Group is undertaking a program of investment in their current facilities to future proof them. Thereafter looking at growth opportunities within their current geographical area of operations.
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BALHOUSIE CARE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
Balhousie Care Limited has taken advantage of the exemption under Schedule 7, 20A(2) of SI 2018/1155 not to disclose information concerning greenhouse gas emissions, energy consumption and energy efficiency as this is included within the Balhousie Holdings Limited consolidated financial statements for the period.
There have been no significant events affecting the Company since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BALHOUSIE CARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE CARE LIMITED
We have audited the financial statements of Balhousie Care Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
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 it 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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the Company's ability to continue to adopt the going concern basis of accounting included consideration of post year end trading and the director's proposed solution to resolve the covenant breaches.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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BALHOUSIE CARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE CARE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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BALHOUSIE CARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE CARE LIMITED (CONTINUED)
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 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. 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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
DD1 3JA
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BALHOUSIE CARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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BALHOUSIE CARE LIMITED
REGISTERED NUMBER: SC166652
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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BALHOUSIE CARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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BALHOUSIE CARE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Balhousie Care Limited is a private company limited by shares and incorporated in Scotland. The registered office is located at Earn House, Lamberkine Drive, Perth, PH1 1RA.
2.Accounting policies
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 Company 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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23.
This information is included in the consolidated financial statements of Balhousie Holdings Limited and Selba Ventures Ltd as at 30 September 2023 and these financial statements may be obtained from Companies House.
Due to continued breaches of loan covenants in Group companies, the director acknowledges 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 director has a proposed solution and is confident that this will be agreed and resolve the current covenant breaches going forward.
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (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:
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 director considers that this accounting policy, which represents a departure from the statutory accounting rules, is necessary to provide a true and fair view.
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 freehold 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. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company 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 Company's Statement of Financial Position when the Company 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.
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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, asset 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.
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.
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The only factors affecting future tax charges are those imposed by HMRC.
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Cost or valuation at 30 September 2023 is as follows:
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 company in respect of the bank loan held within Selba Ltd, and loans held within Selba Ventures Ltd, both parent companies in the group.
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Revaluation reserve
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £392k (2022 - £410k). Contributions totaling £101k (2022 - £94k) were payable to the fund at the balance sheet date and are included in creditors.
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BALHOUSIE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The immediate parent undertaking is
The parent undertaking of the largest group to consolidate these financial statements is 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.
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