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REGISTERED NUMBER: 11190530 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Amicura Holdings Limited

Amicura Holdings Limited (Registered number: 11190530)

Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 7

Independent Auditors' Report 9

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


Amicura Holdings Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C W Farebrother
M S Patel
J M Patel
M R Lingens





SECRETARY: J N Alflatt





REGISTERED OFFICE: 238 Station Road
Addlestone
Surrey
KT15 2PS





REGISTERED NUMBER: 11190530 (England and Wales)





AUDITORS: MHA
Statutory Auditors
Peterborough
United Kingdom

Amicura Holdings Limited (Registered number: 11190530)

Group Strategic Report
for the Year Ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group is the operation of care homes for the elderly.

REVIEW OF BUSINESS
These financial statements report the trading of the Amicura Holdings Group for the year ended 31 March 2024.

Despite the continuing challenges facing the UK care home sector and wider economy, the group is pleased to report increases to both revenues and gross profit. Turnover for the year amounted to £24,177,539 (2023 - £17,703,474), an increase of 36% on the figure for the previous year. The group has recorded an operating profit of £1,609,926 as newly opened homes now contribute positively to the group's overall position.

The group recorded a net pre-tax profit of £792,331 (2023 - loss of £1,390,533) after recognising depreciation and amortisation costs of £2,502,799 (2023 - £2,411,558), write back of previous impairments of £240,913 (2023 - £0) and interest costs of £827,542 (2023 - £718,912), resulting in EBITDA of £3,881,759 (2023 - £1,739,937).

FUTURE PROSPECTS
Trading since the balance sheet date has been encouraging and whilst the directors continue to seek improvements in performance they are satisfied with the performance of the group. The group's strategy is one of continued growth through appropriate acquisitions that would fit with its business model as well as extending and improving existing facilities.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of risks. The group has in place a risk management programme that analyses and monitors exposure to these risks using Key Performance Indicators (KPIs).

The group uses a range of key performance indicators, both financial and non financial, to monitor its business. Monthly dashboard reporting includes consideration of occupancy levels (including numbers admitted and discharged), ratios of self pay clients and government funded clients, average fees, staff cost percentages and other costs per bed as well as a range of operational compliance measures on a home by home basis.

Price risk

The group is exposed to supplier and labour price risk as a result of its operations. In particular, the board is conscious of the uncertainty in the market caused by rising inflation, conflict in Ukraine and high energy prices.The board welcomes the recent announcement of a price cap on energy costs for businesses across the coming winter as this will limit the increases in utility costs that were expected. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring and reviewing the suppliers' prices on a regular basis. In addition, the group has a well organised operational structure to ensure that labour is employed as effectively as possible. The group has no exposure to equity securities price risk as it holds no listed equity investments.

KPIs used:
EBITDA and profit margins
Cost per capita for key spending categories

We have measured the performance of these KPIs against our forecasts and past experience and are pleased with overall performance whilst recognising there is room for improvement in some areas of the business.

Amicura Holdings Limited (Registered number: 11190530)

Group Strategic Report
for the Year Ended 31 March 2024

Credit risk

The group contracts with publicly funded bodies or private individuals. Payment terms for private individuals are in advance as is usual in this type of business.

KPIs used:
Bad debt ratios
Debtor day measurement

Incidence of bad debt is, as expected, low given the customer base and payment terms.

Liquidity risk

As a result of positive cash flows from operating activities and a net current asset position (excluding equity shown as debt), the directors do not consider liquidity or cashflow risk to be an issue, although these areas are closely monitored to ensure the Group's procedures continue to operate effectively to minimise risks.

Quality and regulation risk

The group depends on its continued service quality and compliance with regulations and standards of the Care Quality Commission and similar regulatory bodies. Failure to comply could result in regulatory action which could include penalties or revocation of licences to operate as well as having a detrimental effect on occupancy and costs.

KPIs used;
CQC reports and ratings
Internal audit data
Staffing levels

The group continues to evolve and improve its internal audit systems which it considers fit for purpose when measuring quality and compliance.

Fire Safety Risk

The directors believe that staff and service users should be as safe as possible from the threat of fire or from injury in the case of an outbreak of fire and that the best way to ensure that safety exists is to:

- have robust fire policies and procedures in place
- ensure that appointed fire wardens are in place in accordance with the law
- ensure that staff are well trained to cope with an outbreak of fire or an alarm.

The group has an online estates management system with policy documents and certification on all fire systems for service and maintenance with alert dates to ensure compliance.

Individual fire risk assessment and actions plans are held locally and centrally. Fire training forms part of the group's mandatory training programme which is monitored via an online training matrix.

External fire risk assessors are used where required and a partnering scheme with West Yorkshire Fire Service is in place to assist and ensure compliance and to support continuous improvement A partnering arrangement with South Tyneside Building Control provides support in ensuring fire compliance for existing and new buildings.

Amicura Holdings Limited (Registered number: 11190530)

Group Strategic Report
for the Year Ended 31 March 2024

Risks related to infection and illness.

The group's elderly frail client group are particularly vulnerable to the effects of infection and illness. The risks to the group include a decline in occupancy and new admissions as well as the impact on the availability of staff if infections are contagious. The directors believe that its clients and staff should be protected as far as possible from the risk of infections and illness and has set policies to ensure environments and conditions are as safe as possible, including the provision of the necessary personal protective equipment and good infection control measures.

Staff resources risk

The group is reliant on its ability to attract and retain suitably qualified staff to ensure the continued provision of quality services. In doing so, it strives to provide pay rates in keeping with local market conditions, comprehensive training and monitoring of staff and providing good working conditions.

KPIs used;
Staff turnover levels
Ratios of employed staff against agency staff
Staff costs per client

The group's staff turnover levels remain within sector norms and continue to remain in line with group expectations. Ratios of agency staff were lower than forecast in the year and lower than last year reflecting the group's positive recruitment initiatives. The group continues to monitor levels of staff training and regularly reviews staff survey results.

Fee revenue risk

A significant proportion of the group's turnover is derived from government funded clients and as such the continuation of this policy and annual increases in fee rates is important for the group to maintain its margins. If fee rates do not rise in line with costs then the group is likely to suffer lower margins as a result.

KPIs used;
Ratios of private clients against government funded clients
Average fee rates
Occupancy rates

The group considers its average fee rates to be below the national average and that they offer value for money for service users. Increases in average fees during the year are mainly reflective of the highly inflationary nature of much of the group's cost base. Occupancy rates were on average slightly below expectations in the year reflecting the competitive nature of the market place. The ratio of private clients to Government funded clients increased slightly during the year.


Amicura Holdings Limited (Registered number: 11190530)

Group Strategic Report
for the Year Ended 31 March 2024

SECTION 172(1) STATEMENT
Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. The directors continue to have regard to the interests of the group's and the company's employees and other stakeholders, including the impact of its activities on the community, the environment and the group's reputation, when making decisions. Acting in good faith and fairly between members, the directors consider what is most likely to promote the success of the group and company for its members in the long term. Whilst the importance of giving due consideration to our stakeholders is not new, we are explaining in more detail this year how the board engages with our stakeholders, thus complying with the requirement to include a statement setting out how our directors have discharged this duty.

In this context we note the following:

The directors are fully aware of their responsibilities to promote the success of the group and company in accordance with S172 of the Companies Act 2006. To ensure the group and the company complies, the board regularly reflects on how the group engages with its stakeholders and opportunities for enhancement in the future.

The board regularly reviews our principal stakeholders and how we engage with them. The stakeholder voice is brought into the boardroom through information provided by management and also by direct engagement with stakeholders themselves. Such stakeholders include shareholders, employees, customers, residents and the wider community in which the group operates. Regular residents meetings are recorded and help steer the strategic direction of each home. This includes refurbishment plans, extensions to the home and marketing. Resident engagement has and will continue to be part of the company strategy. The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making.

The board continues to enhance its methods of engagement with the workforce.

We aim to work responsibly with our suppliers. The importance of supplier relationships is also recognised, as evidenced by paying suppliers to agreed terms.

The fundamental overriding principles in the governance of the group and the company is that of ensuring transparent conduct which reflects fairness in all dealings with shareholders, employees, customers and suppliers.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Matters relating to the group's engagement with suppliers, customers and others is included in the S172 statement above.

DISABLED EMPLOYEE POLICY
The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for development exist for each disabled person. Arrangements are made wherever possible for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitude and abilities.


Amicura Holdings Limited (Registered number: 11190530)

Group Strategic Report
for the Year Ended 31 March 2024

EMPLOYEE INVOLVEMENT
It is the group's policy that the selection of employees for recruitment, training, development and promotion should be determined solely on their skills, abilities and other requirements which are relevant to the job, regardless of their gender, race, religion or disability.

The group recognises the value of its employees and places importance on communications with employees which takes place at many levels throughout the organisation on both a formal and informal basis. The personal development of employees is closely monitored so that appropriate training programmes can be designed with a view to assisting employees to achieve their own objectives as well as those of the group.

ON BEHALF OF THE BOARD:





J N Alflatt - Secretary


6 September 2024

Amicura Holdings Limited (Registered number: 11190530)

Report of the Directors
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

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

C W Farebrother
M S Patel
J M Patel
M R Lingens

GOING CONCERN
The directors have reasonable expectation that the group has adequate resources to continue in operation for the foreseeable future. The group's provider of finance has confirmed its intention to continue to support the group for the foreseeable future. The directors therefore believe that it is appropriate to prepare the financial statements on a going concern basis. Further details for the basis of which the directors have formed this opinion are found in note 2 to the financial statements.

STREAMLINED ENERGY AND CARBON REPORTING
The Companies Act 2016 Regulations 2018 introduced requirements on streamlined energy and carbon reporting (SECR) for large unquoted companies to disclose their annual energy use and greenhouse gas emissions and related data.

Greenhouse Gas (GHG) Emissions
The group's calculated CO2 emissions for the year were 1,289 tCO2 (2023 - 1,299 tCO2), whilst energy consumption was 6,741,409 kWh (2023 - 6,387,312 kWh). The figures relating to the consumption of gas, electricity and other fuels are set out below;

Gas Electricity Other Fuels

Consumption in kWh 4,615,870 2,091,222 34,317
Carbon emissions in
tCO2

842

441

6

The group operated 11 properties throughout the year with an additional property acquired in January 2024. Consumption (on a pro-rata basis) is equivalent to 592,286 kWh (2023 - 580,665 kWh) per property. whilst carbon emissions are equivalent to 113 tCO2 (2023 - 118 tCO2) per property. Increases in consumption in the year relate to increasing occupancy through additional bed capacity in existing homes as well as the additional property acquired during the year, though carbon emissions have reduced pro-rata due to the change in mix of fuels.

Methodology
The group's consumption figures for electricity and gas were calculated by reference to a consumption report prepared for the group for the year ended 31 March 2024.

Increasing Energy Efficiency
The board is acutely aware of the impact of high energy costs on the business as well as the need to increase energy efficiency. The board has an ongoing policy and programme of updating its properties to ensure that they are as energy efficient as possible, including installation of energy efficient boilers, heating systems and windows, as well as communicating to home managers the need to carefully consider their use of fuel.

DISCLOSURE IN THE STRATEGIC REPORT
Certain information required to be disclosed in the directors' report has been shown instead in the strategic report as allowed under S414C (11) CA2016.


Amicura Holdings Limited (Registered number: 11190530)

Report of the Directors
for the Year Ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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

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

ON BEHALF OF THE BOARD:



J N Alflatt - Secretary


6 September 2024

Independent Auditors' Report to the Members of
Amicura Holdings Limited


Opinion
We have audited the financial statements of Amicura Holdings Limited (the 'parent Company') and its subsidiaries for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of cash flows 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).

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 31 March 2024 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the 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.

Independent Auditors' Report to the Members of
Amicura Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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 8, 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.

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 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 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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor's Report.

Independent Auditors' Report to the Members of
Amicura Holdings Limited


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.




Ian Jacobs BA FCA (Senior Statutory Auditor)
for and on behalf of MHA
Statutory Auditors
Peterborough
United Kingdom

6 September 2024

Amicura Holdings Limited (Registered number: 11190530)

Consolidated Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

REVENUE 3 24,177,539 17,703,474

Cost of sales 17,115,686 13,081,177
GROSS PROFIT 7,061,853 4,622,297

Administrative expenses 6,110,943 5,840,851
950,910 (1,218,554 )

Other operating income 418,103 546,933
Write back of impairment on tangible
fixed assets

240,913

-
OPERATING PROFIT/(LOSS) 5 1,609,926 (671,621 )

Interest receivable and similar income 9,947 -
1,619,873 (671,621 )

Interest payable and similar expenses 6 827,542 718,912
PROFIT/(LOSS) BEFORE TAXATION 792,331 (1,390,533 )

Tax on profit/(loss) 7 212,937 (478,465 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 579,394 (912,068 )
Profit/(loss) attributable to:
Owners of the parent 579,394 (912,068 )

Amicura Holdings Limited (Registered number: 11190530)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 579,394 (912,068 )


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 5,329,600 1,500,000
Income tax relating to other
comprehensive income

(1,332,400

)

(332,296

)

OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

3,997,200

1,167,704
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

4,576,594

255,636

Total comprehensive income attributable to:
Owners of the parent 4,576,594 255,636

Amicura Holdings Limited (Registered number: 11190530)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 34,001 85,001
Property, plant and equipment 10 52,939,945 44,472,191
Investments 11 - -
52,973,946 44,557,192

CURRENT ASSETS
Inventories 12 22,000 17,000
Debtors 13 1,842,048 1,084,281
Cash at bank 1,592,913 454,714
3,456,961 1,555,995
CREDITORS
Amounts falling due within one year 14 (8,735,355 ) (5,240,962 )
NET CURRENT LIABILITIES (5,278,394 ) (3,684,967 )
TOTAL ASSETS LESS CURRENT LIABILITIES 47,695,552 40,872,225

CREDITORS
Amounts falling due after more than one
year

15

(32,884,417

)

(32,183,021

)

PROVISIONS FOR LIABILITIES 19 (2,998,695 ) (1,453,358 )
NET ASSETS 11,812,440 7,235,846

CAPITAL AND RESERVES
Called up share capital 20 105,200 1,052
Revaluation reserve 21 14,801,902 10,962,035
Retained earnings 21 (3,094,662 ) (3,727,241 )
SHAREHOLDERS' FUNDS 11,812,440 7,235,846

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





M S Patel - Director


Amicura Holdings Limited (Registered number: 11190530)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Property, plant and equipment 10 - -
Investments 11 8,385,370 8,385,270
8,385,370 8,385,270

CURRENT ASSETS
Debtors 13 30,689,457 26,236,116
Cash at bank 39,938 20
30,729,395 26,236,136
CREDITORS
Amounts falling due within one year 14 (5,706,774 ) (2,203,856 )
NET CURRENT ASSETS 25,022,621 24,032,280
TOTAL ASSETS LESS CURRENT LIABILITIES 33,407,991 32,417,550

CREDITORS
Amounts falling due after more than one
year

15

(32,884,417

)

(32,183,021

)
NET ASSETS 523,574 234,529

CAPITAL AND RESERVES
Called up share capital 20 105,200 1,052
Retained earnings 21 418,374 233,477
SHAREHOLDERS' FUNDS 523,574 234,529

Company's profit for the financial year 289,045 167,653

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





M S Patel - Director


Amicura Holdings Limited (Registered number: 11190530)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 1,052 (2,957,660 ) 9,936,818 6,980,210

Changes in equity
Transfer between reserves - 142,487 (142,487 ) -
Total comprehensive income - (912,068 ) 1,167,704 255,636
Balance at 31 March 2023 1,052 (3,727,241 ) 10,962,035 7,235,846

Changes in equity
Transfer between reserves - 157,333 (157,333 ) -
Bonus issue of shares 104,148 (104,148 ) - -
Total comprehensive income - 579,394 3,997,200 4,576,594
Balance at 31 March 2024 105,200 (3,094,662 ) 14,801,902 11,812,440

Amicura Holdings Limited (Registered number: 11190530)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1,052 65,824 66,876

Changes in equity
Total comprehensive income - 167,653 167,653
Balance at 31 March 2023 1,052 233,477 234,529

Changes in equity
Bonus issue of shares 104,148 (104,148 ) -
Total comprehensive income - 289,045 289,045
Balance at 31 March 2024 105,200 418,374 523,574

Amicura Holdings Limited (Registered number: 11190530)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 26 3,551,224 1,587,208
Interest paid (112,537 ) -
Net cash from operating activities 3,438,687 1,587,208

Cash flows from investing activities
Purchase of tangible fixed assets (5,349,040 ) (2,714,879 )
Interest received 9,947 -
Net cash from investing activities (5,339,093 ) (2,714,879 )

Cash flows from financing activities
Loan finance received 3,038,605 -
Share issue - 920,000
Net cash from financing activities 3,038,605 920,000

Increase/(decrease) in cash and cash equivalents 1,138,199 (207,671 )
Cash and cash equivalents at beginning
of year

27

454,714

662,385

Cash and cash equivalents at end of
year

27

1,592,913

454,714

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with Financial Reporting Standard 102 (FRS102) issued by the Financial Reporting Council.

The parent company is included in the consolidated financial statements and it is considered to be a qualifying entity under FRS102 paragraphs 1.8 to 1.12. On that basis it has taken advantage of the exemption not to present a separate parent company cash flow statement with related notes.

The principal activities of the company and its subsidiaries (the group) and the nature of the group's operations are set out in the strategic report on pages two to five.

Going concern
The directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements.

The group has made good progress in generating positive cash flows over the past year, as well as improving occupancy and turnover. The group works closely with Local Authorities and Clinical Commissioning Groups to manage and monitor demand and supply.

The directors have performed a going concern assessment for a period of 12 months following the date of approval of these financial statements, including detailed cash flow forecasts, which indicate that, taking account of reasonably predictable downsides, the group will have sufficient funds to continue as a going concern. In carrying out that assessment, the directors considered the fact that the group had net current liabilities at 31 March 2024 and the impact that those liabilities have on their view of going concern.

Moreover, the directors are confident that, should it be required, further funding would be available from existing lenders, who are supportive of the group's business plan and its management team. The directors are also confident that the group's existing lenders will not seek repayment of their loans until the group is able to comfortably finance such repayment.

Based on the above the Directors believe it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

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 any subsidiaries acquired or disposed of during the period are included in the Consolidated Income Statement and the Consolidated Other Comprehensive Income Statement, 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 in line with those of the group. All intra-group transactions, balances, income and expenditure are eliminated on consolidation.

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 acquired entities recognised at the date of acquisition is recognised as goodwill arising on the acquisition of an entity.

Significant judgements and estimates
In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgement, estimates, and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors considered to be applicable. Due to the inherent subjectivity in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.

Assessing indicators of impairment
Non-financial assets

An 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 of which the goodwill is a part. Any impairment loss in respect of a cash generating unit ("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.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial assets

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below;

Going concern
The preparation of the financial statements on a going concern basis is based on the assessment of the forecast performance of the business for a period of 12 months following the date of approval of these financial statements. This assessment includes a degree of judgement in terms of key areas including occupancy levels, fee rates and the timing of cash flows. In undertaking this assessment, the directors have made assumptions and estimates relating to these key areas and applied sensitivity analysis to ascertain the impact of those sensitivities on their forecasts.

Determining residual values and useful economic lives of tangible fixed assets
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, life cycles and maintenance programmes.

Judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value, management aim to assess the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Revenue
Revenue is the total amount receivable by the group for resident fees, excluding value added tax, for the services provided during the year.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following condition are satisfied:

- The amount of revenue can be measured reliably,
- It is probable that the company will receive the consideration due under the contract,
- The stage of completion of the contract at the end of the reporting period can be measured reliably and
- The costs incurred and the costs to complete the contract can be measured reliably.

Business combinations and goodwill
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the group.

The cost of a business combination is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the group in exchange for control and the costs directly attributable to the business combination. The consideration transferred includes the estimate of any asset or liability resulting from a contingent consideration arrangement where the transfer of further consideration is probable and can be measured reliably. Identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date. Contingent liabilities are only recognised where the fair value can be measured reliably.

The group measures goodwill at the acquisition date as the excess of the cost of the business combination over the acquirer's interest in the net amount of the identifiable assets, liabilities and contingent liabilities recognised.

When the excess is negative, the negative goodwill arising is recognised separately on the face of the balance sheet and released up to the fair value of the non-monetary assets as the non-monetary assets are recovered and otherwise in the periods expected to be benefited.

Goodwill is amortised evenly over its estimated useful life of 5 years.

Intangible assets
Separately acquired intangible assets are initially recognised at cost and are subsequently amortised over their useful economic lives.

Intangible assets acquired in a business combination are recognised separately from goodwill when it is probable that the expected future economic benefits that are attributable to the asset will flow to the group and the asset is separable or arises from contractual or other legal rights. Such intangibles are initially recognised at fair value at the date of acquisition and are subsequently amortised over their useful economic lives.

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.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Fixtures & fittings - 25% on cost

Land is not depreciated.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the group's cash management.

Derivative financial instruments are classified as other financial instruments. They are measured at fair value on initial recognition and at the end of each reporting period, with changes in fair value recognised in profit or loss.

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

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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


Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


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

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

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

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

Fixed asset investments
Investments in equity shares of subsidiaries of Amicura Holdings Limited are measured at cost less any impairment.

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

3. REVENUE

The group's revenue is all derived from the provision of care services. The directors are of the opinion that the group has no substantially different classes of business nor does it supply substantially different geographical markets.

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 14,103,816 10,177,587
Social security costs 1,143,424 817,247
Other pension costs 250,824 183,740
15,498,064 11,178,574

The average number of employees during the year was as follows:
31.3.24 31.3.23

Operations 703 488
Administrative 17 13
720 501

31.3.24 31.3.23
£    £   
Directors' remuneration - -

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 2,451,799 2,403,115
Goodwill amortisation 51,000 8,444
Auditors' remuneration 25,500 25,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Loan interest 827,542 718,912

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Deferred tax 212,937 (478,465 )
Tax on profit/(loss) 212,937 (478,465 )

UK corporation tax has been charged at 25 % (2023 - 25 %).

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

31.3.24 31.3.23
£    £   
Profit/(loss) before tax 792,331 (1,390,533 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 25 %)

198,083

(347,633

)

Effects of:
Expenses not deductible for tax purposes - 50,000
Adjustments to tax charge in respect of previous periods 10,528 37,056
Depreciation exceeding (exceeded by) capital allowances 51,804 (156,082 )
Amortisation of goodwill not allowable for tax purposes 12,750 2,111
Effect of tax rate change and super deduction - (63,917 )
Revaluation of freehold property (60,228 ) -
Total tax charge/(credit) 212,937 (478,465 )

Tax effects relating to effects of other comprehensive income

31.3.24
Gross Tax Net
£    £    £   
Revaluation of freehold property 5,329,600 (1,332,400 ) 3,997,200

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


7. TAXATION - continued

31.3.23
Gross Tax Net
£    £    £   
Revaluation of freehold property 1,500,000 (332,296 ) 1,167,704
Depreciation charge relating to revalued
element of freehold property
1,500,000 (332,296 ) 1,167,704

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 127,221
AMORTISATION
At 1 April 2023 42,220
Amortisation for year 51,000
At 31 March 2024 93,220
NET BOOK VALUE
At 31 March 2024 34,001
At 31 March 2023 85,001

The company does not have any intangible fixed assets.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


10. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 42,556,394 8,493,223 51,049,617
Additions 4,456,093 892,947 5,349,040
Revaluations 5,570,513 - 5,570,513
At 31 March 2024 52,583,000 9,386,170 61,969,170
DEPRECIATION
At 1 April 2023 2,058,842 4,518,584 6,577,426
Charge for year 793,593 1,658,206 2,451,799
At 31 March 2024 2,852,435 6,176,790 9,029,225
NET BOOK VALUE
At 31 March 2024 49,730,565 3,209,380 52,939,945
At 31 March 2023 40,497,552 3,974,639 44,472,191

Included in cost or valuation of land and buildings is freehold land of £6,334,920 (2023 - £5,484,920) which is not depreciated.

The company does not have any property. plant and equipment.

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2020 6,834,710 - 6,834,710
Valuation in 2021 345,128 - 345,128
Valuation in 2022 5,157,582 - 5,157,582
Valuation in 2023 1,500,000 - 1,500,000
Valuation in 2024 5,570,513 - 5,570,513
Cost 33,175,067 9,386,170 42,561,237
52,583,000 9,386,170 61,969,170

If freehold property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 33,175,067 28,718,974
Aggregate depreciation 2,038,351 1,556,972

Value of land in freehold land and buildings 6,334,920 5,484,920

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


10. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Freehold property was valued on an open market basis on 1 October 2021 by Cushman and Wakefield with an additional valuation by Knight Frank LLP taking place on 24 January 2024.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 April 2023 8,385,270
Additions 100
At 31 March 2024 8,385,370
NET BOOK VALUE
At 31 March 2024 8,385,370
At 31 March 2023 8,385,270


Acquisition of subsidiary undertakings

During the year, the company formed a new wholly owned subsidiary, Amicura Birmingham Limited, with £100 of share capital.

Details of undertakings

Details of the investments in subsidiaries in which the company holds any class of share capital are as follows:

Amicura Limited
Amicura Morecambe Limited
Amicura Cleveland Park Limited
Amicura Scarborough Limited
Amicura Kettering Limited
Amicura Nuneaton Limited
Roseway Care Limited
Amicura Chorley Limited
Amicura Haslingden Limited
Chorley Lodge Limited
Haslingden Hall and Lodge Limited
Amicura Services Limited
Amicura Redruth Limited
Amicura Glasgow Limited
Amicura Edinburgh Limited
Amicura Knottingley Limited
Amicura Birmingham Limited

All of the above companies are registered in England and Wales. Amicura Holdings Limited holds, directly or indirectly, 100% of the issued share capital and voting rights in each subsidiary. All companies have their registered office at 238 Station Road, Addlestone, Surrey, KT15 2PS.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


12. INVENTORIES

Group
31.3.24 31.3.23
£    £   
Inventories 22,000 17,000

The company does not carry any inventory.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 1,546,990 877,924 - -
Amounts owed by group undertakings - - 30,689,357 26,236,016
Other debtors 30,793 24,052 100 100
Prepayments 264,265 182,305 - -
1,842,048 1,084,281 30,689,457 26,236,116

Amounts owed by group companies are unsecured, interest free and repayable on demand.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Other loans (see note 16) 2,040,365 2,026,756 2,040,365 2,026,756
Trade creditors 812,599 905,727 - -
Amounts owed to group undertakings - - 581,409 177,100
Social security and other taxes 458,317 187,552 - -
VAT 125,175 85,438 - -
Other creditors 3,567,095 15,479 3,000,000 -
Accruals and deferred income 1,731,804 2,020,010 85,000 -
8,735,355 5,240,962 5,706,774 2,203,856

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Other loans (see note 16) 32,884,417 32,183,021 32,884,417 32,183,021

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Amounts falling due within one year or on demand:
Other loans 1,120,365 1,106,756 1,120,365 1,106,756
Preference shares 920,000 920,000 920,000 920,000
2,040,365 2,026,756 2,040,365 2,026,756
Amounts falling due between two and five years:
Other loans 32,884,417 32,183,021 32,884,417 32,183,021

The directors have considered the terms and rights attached to the A preference shares and concluded that they need to be recognised as a liability in the balance sheet.

A preference shares attract a cumulative dividend at a rate of 2% above the base rate of the Bank of England from time to time.

A preference shares are redeemable in the following circumstances:
- The company giving the holder at least 30 days' notice in writing stating its wish to redeem.
- The appointment of an administrative receiver.
- Holders of not less than 75% of the A preference shares serving notice on the company.
- On the date of any sale or listing.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
920,000 A Preference £1 920,000 920,000

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Other loans 23,837,432 23,350,571

Other loans are secured by a group wide debenture in favour of the lender, created on 6 July 2020.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


18. FINANCIAL INSTRUMENTS

Group Company
31.03.2024 31.03.2023 31.03.2024 31.03.2023
£ £ £ £
Financial assets

Financial assets that are debt instruments
measured at undiscounted cost

1,577,783

901,976

30,689,457

26,236,116
1,577,783 901,976 30,689,457 26,236,116
Financial liabilities

Financial liabilities measured at
undiscounted cost

41,036,280

37,150,993

38,591,191

34,386,877
41,036,280 37,150,993 38,591,191 34,386,877
Financial assets measured at undiscounted cost comprise trade debtors, amounts owed by group undertakings and other debtors.

Financial liabilities measured at undiscounted cost comprise trade creditors, amounts owed to group companies, other loans, accruals and deferred income.

19. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 2,998,695 1,453,358

Group
Deferred
tax
£   
Balance at 1 April 2023 1,453,358
Charge to Income Statement during year 212,937
Deferred tax on revalued
freehold property 1,332,400
Balance at 31 March 2024 2,998,695

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
105,200 Ordinary £1 105,200 1,052

104,148 ordinary shares were issued by way of a bonus issue from reserves on 11 September 2023.

All shares issued are non-redeemable and entitled to one vote per share in any circumstances. Each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 (3,727,241 ) 10,962,035 7,234,794
Profit for the year 579,394 579,394
Freehold property revaluation - 5,329,600 5,329,600
Tax effect of revaluation - (1,332,400 ) (1,332,400 )
Transfer between reserves 157,333 (157,333 ) -
Bonus issue of shares (104,148 ) - (104,148 )
At 31 March 2024 (3,094,662 ) 14,801,902 11,707,240

Company
Retained
earnings
£   

At 1 April 2023 233,477
Profit for the year 289,045
Bonus issue of shares (104,148 )
At 31 March 2024 418,374


22. ULTIMATE PARENT COMPANY

Khushi Holdings Limited (incorporated in Jersey ) is regarded by the directors as being the company's ultimate parent company.

23. CONTINGENT LIABILITIES

The Company is providing certain wholly owned UK subsidiaries (as disclosed in note 29 and which are included within these Group consolidated financial statements) with guarantees of their respective debts in the form prescribed by Section 479C of the Companies Act 2006 ("The Act") such that they can claim exemption from requiring an audit in accordance with Section 479A of the Act. These guarantees cover all of the outstanding actual and contingent liabilities of these companies at 31 March 2024.

24. CAPITAL COMMITMENTS

There were no capital commitments at the balance sheet date.

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


25. RELATED PARTY DISCLOSURES

At the year end the group owed £23,837,432 (2023 - £23,350,572) to The Mahesh and Alka Patel 2003 Trust, a family trust settled by Mahesh Patel and whose beneficiaries include Mahesh and Alka Patel. The loan includes accrued interest of £2,258,336 (2023 - £1,771,475). From the 1st April 2019 the applicable rate of interest was amended to the HMRC official rate for beneficial loans as varied from time to time. The loan is repayable on 28 March 2025.

At the year end the group owed £8,982,170 (2023 - £8,781,315) to Wisteria Investments Ltd, an investment company controlled by a family trust whose beneficiaries include Mahesh Patel. The loan includes accrued interest of £50,105 (2023 - £281,315).

During the year Mr Patel and his spouse transferred shares in Amicura Holdings Ltd to Khushi Holdings Ltd, a newly established Jersey registered company and now the ultimate parent company, in exchange for shares in Khushi Holdings Ltd.

Amicura Ltd received short term working capital advances from Minster Care Management Ltd a company with the same ultimate parent. Total advances during the year were £429,860 (2023 - £338,738). At the year end Amicura Ltd owed Minster Care Management Ltd £38,605 (2023 - £Nil).

Amicura Ltd made short term working capital advances to Emscott Holdings Ltd a company controlled by a Trust benefitting members of the Patel family. Total advances during the year were £825,000. At the year end the balance owed to Amicura Ltd by Emscott Holdings Ltd was £nil.

During the year Amicura Ltd received an advance of £3,000,000 from Minster Care Group Ltd. This sum is repayable on demand and remained due at year end.

At the year end Amicura Holdings Ltd owed £971,134 (2023 - £1,157,890) to members of the Patel family. The loans accrue interest at 10% per annum. Interest of £149,231 (2023 - £186,756) was outstanding at the year end.

Management consider Mr MS Patel and his spouse to be the ultimate controlling party through their ownership of the ultimate parent company.

26. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.3.24 31.3.23
£    £   
Profit/(loss) before taxation 792,331 (1,390,533 )
Depreciation charges 2,502,799 2,411,558
Gain on revaluation of fixed assets (240,913 ) -
Finance costs 827,542 718,912
Finance income (9,947 ) -
3,871,812 1,739,937
Increase in inventories (5,000 ) -
Increase in trade and other debtors (757,767 ) (344,149 )
Increase in trade and other creditors 442,179 191,420
Cash generated from operations 3,551,224 1,587,208

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


27. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,592,913 454,714
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 454,714 662,385


28. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 454,714 1,138,199 1,592,913
454,714 1,138,199 1,592,913
Debt
Debts falling due within 1 year (2,026,756 ) (13,609 ) (2,040,365 )
Debts falling due after 1 year (32,183,021 ) (701,396 ) (32,884,417 )
(34,209,777 ) (715,005 ) (34,924,782 )
Total (33,755,063 ) 423,194 (33,331,869 )

Amicura Holdings Limited (Registered number: 11190530)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


29. AUDIT EXEMPTION FOR SUBSIDIARIES

For the year ended 31 March 2024 the following subsidiaries of the company were entitled to exemption from audit under S479A of the Companies Act 2006 relating to subsidiary companies:


Subsidiary Name
Companies House
Registration Number

Amicura Limited 07793106
Roseway Care Limited 11673875
Amicura Morecambe Limited 11189234
Amicura Cleveland Park Limited 11390928
Amicura Scarborough Limited 11510160
Amicura Nuneaton Limited 11861823
Amicura Chorley Limited 09369156
Amicura Haslingden Limited 09598484
Chorley Lodge Limited 11310175
Haslingden Hall and Lodge Limited 11311535
Amicura Redruth Limited 13087446
Amicura Kettering Limited 11535462
Amicura Services Limited 12698389
Amicura Edinburgh Limited 13357928
Amicura Knottingley Limited 13549543
Amicura Glasgow Limited 13357962
Amicura Birmingham Limited 14719972