Company registration number SC284861 (Scotland)
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
COMPANY INFORMATION
Directors
Mr P McCormick FCCA
Miss K Wood RGN RM BSC MSC
Mrs C Allen RGN RMA
Secretary
Mr P McCormick FCCA
Company number
SC284861
Registered office
2nd Floor
6 Redheughs Rigg
South Gyle
Edinburgh
EH12 9DQ
Auditor
Thomson Cooper
22 Stafford Street
Edinburgh
EH3 7BD
Bankers
HSBC Bank plc
76 Hanover Street
Edinburgh
EH2 1HQ
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
The directors believe the trading performance of the company continues to be a good level in the current market conditions. Turnover has increased from the previous year because fees continue to rise in both public sector and privately funded fees and pay increases mirrored that. Our new care home at Livingston continues to establish itself. Last year we reported that we expected to see the full effects in this Financial Year. Our 2024 accounts show this, and the home has experienced strong occupancy levels though Agency costs continued to be high with difficulty filling all vacancies in the current care home jobs market. While agency levels have remained high, the directors believe that their policy on staff remuneration has kept these levels well below industry averages.
While all Directors and Staff remain mindful of the Coronavirus Pandemic, there were no homes closed to admissions in the year. The procedures from the pandemic around Personal Protective Equipment, Cleaning, Infection Control, Medical, covering COVID Staff sickness and absence, etc. remain in place and are now seen as normal practice across the company.
Profits for the year are higher than the previous years as Kirk Lane report similar occupancy levels as to the other homes across the group.
Despite the significant changes and challenges affecting the whole care sector, the directors expect underlying profit of the seven nursing homes to be maintained, if not bettered next year as our seven homes report high levels of occupancy.
While we note that the tax charge is substantially higher this year than last, this was to be expected. The chargeable rate of corporation tax for the year has increased as announced in the budget of Spring 2021.
The directors continue to investigate new sites and we are progressing planning for a new 20 bed care home at one of our nursing homes. The Directors are hopeful of achieving planning by the end of this Financial Year. Should planning be achieved the Directors will then work towards appointing a contractor to carry out works on the new property.
Management and directors have regular meetings with employees and meetings with residents and their relatives.
The company has processes in place to meet the various environmental requirements. In this year. The company continues to follow the plan to achieve a reduction in carbon use and look at ways to generate our own electricity to use at our properties.
Principal risks and uncertainties
The directors have an appropriate risk management structure in place to identify and manage and mitigate business risk. Risk evaluation is carried out throughout the year and the directors are not aware of any such matters which may have a material impact on the company's financial position.
The company operates within a highly regulated environment and changes to the many regulations that apply may have a future impact on performance.
The Scottish Government have previously initiated a review of the care sector. This review is still ongoing. A National Care Service Bill has progressed to the second stage in the Scottish Parliament. However, at today’s date there is no further detail on the Governments plans, or if the National Care Service will be implemented.
Again, this year, there continues to be a shortage of Qualified nursing staff across the industry. The Directors continue to monitor the situation and take steps to migrate the risk. While agency use has increased over the years our staff retention and recruitment as well as the use of the Home Office Sponsorship Licence to recruit nurses form abroad allows us to limit the use of agency staff.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key Performance Indicators
The key performance indicators for the company are:
Section 172 (1) statement
As Directors of the Company we have acted, and continue to act, in a way that we consider to be most likely to promote the continuing success of the Company for the benefits of its members. In doing so we have had regard, amongst other matters, to:
The likely consequences of any decision in the long term; The directors strive to balance social, economic and environmental factors when making decisions. An emphasis is placed upon safety, ethical practice and sustainable working practices to promote the success of the company in the long term.
The interests of the Company’s employees; The directors are committed to providing an engaging and inclusive environment and a thriving, happy workforce who are positive advocates of the company. Our staff policies reflect the changing needs of our employees with a range of flexible options to ensure our employees can balance their work and home lives.
The need for engagement with the regulators; In addition to the company’s internal governance framework, there is a robust external governance framework in the form of The Care Act 2014 and the Care Inspectorate. The directors continue to foster strong working relationships with the regulators, driving the best quality of care.
The need to foster the Company’s business relationships with suppliers, customers and others; The Company’s relationships with customers and suppliers are critical to maintaining high-quality standards that the Company prides itself on. The directors and management regularly engage with our residents and relatives to ask for feedback, which we use to develop action plans for continuous improvement.
The impact of the Company’s operations on the community; The Company is committed to engaging with all the communities within which it operates. It has a long history of investing in those communities and commits funds each year to support local good causes.
The desirability of the Company maintaining a reputation for high standards of business conduct; The directors meet regularly to review feedback from residents and relatives and have a robust staff training regime to ensure the highest standards of resident care. The Directors continuously review quality and safety in the workplace and ensure compliance with all regulatory requirements.
The need to act fairly as between members of the company; The Board of Directors meet quarterly during which key strategic, operational and business risks are discussed. In addition, the Executive team meet bi-weekly to discuss and plan for key strategic and operational activities of the business.
Mr P McCormick FCCA
Director
11 September 2024
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of the ownership and operation of private nursing homes.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £4,937,319. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P McCormick FCCA
Miss K Wood RGN RM BSC MSC
Mrs C Allen RGN RMA
Disabled persons
The company has continued its policy regarding the employment of disabled persons. Full and fair consideration is given to applications for employment made by disabled persons having regard to their particular aptitudes and abilities. Appropriate training is arranged for disabled persons, including retraining for alternative work of employees who become disabled, to promote their career development within the organisation.
Employee involvement
Regular staff meetings are held within each home at which staff are able to discuss the company's affairs with management.
Auditor
The auditor, Thomson Cooper, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
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Associated Greenhouse gas emissions Tonnes CO2 equivalent | | |
Intensity ratio Emissions per £M | | |
Compliance Overview
This report covers Randolph Hill for the financial year 1 April 2023 to 31 March 2024. The report details annual GHG emissions (Scope 1 & 2) from activities for which the company is directly responsible. Having considered the production metrics within the business, we have concluded that Annual Turnover (£M) is the most appropriate to achieve a benchmark which aligns with the carbon reduction policy and methodology that Randolph Hill are currently working towards. The facilities owned by Randolph Hill comprises of Offices and Nursing Homes where client needs are managed and delivered. There is a fleet of company vehicles. The key environmental risks identified include waste management and provision of utilities. The management recognise their responsibility to monitor and control the impact of these risks.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Methodology and Estimates
The methodology used to calculate total energy consumption and carbon emissions has been through the extraction of consumption data from invoices and meter reads for the financial years stated. Where data was not available, estimates have been calculated using historical profiles and details kept in the client's evidence pack. Energy and fuel consumption has been converted to carbon (TCO2e) using 2023 DEFRA published conversion factors. Fuel for Transportation has been converted using statistical data sets published by Department of Transport (www.gov.uk/government/statistical-datasets/energy-and-environment-data-tables-env).
Energy Performance Benchmarking
Randolph Hill seek to minimise the detrimental impact of our operations on the environment. Due to the size and nature of the Group, an external environmental audit is not required. This area will be reassessed as the Group grows in conjunction with any new legislative developments. The Group's Environmental Policy aims to reduce the energy our business uses by:
• Conserving energy and other natural resources and improving efficient use of those resources
• Improving the efficiency of materials used
• Reducing waste and increasing reuse and recycling wherever possible
• Reducing the need for travel and encouraging the use of alternative means of transport, for example, public transport, cycle to work schemes and car sharing
• Promoting flexible working to reduce the impact on local infrastructures
• Providing all colleagues with relevant environmental training and guidance
Energy Efficiency Action Taken
We have already taken the necessary steps to show our commitment to reducing GHG emissions and continue to undertake measures that can reduce our carbon footprint further, examples are smart lighting, water reduction (auto taps etc).
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
On behalf of the board
Mr P McCormick FCCA
Director
11 September 2024
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
- 6 -
Opinion
We have audited the financial statements of Randolph Hill Nursing Homes (Scotland) Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 4, 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was capable of detecting irregularities, including fraud
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).
We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
- 8 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Andrew Croxford (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
Date: 11 September 2024
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
29,802,155
24,892,970
Cost of sales
(20,012,285)
(17,987,203)
Gross profit
9,789,870
6,905,767
Administrative expenses
(5,141,723)
(4,740,525)
Other operating income
337,467
Operating profit
4
4,648,147
2,502,709
Interest receivable and similar income
7
1,348
1,498
Interest payable and similar expenses
8
(1,376,112)
(963,096)
Profit before taxation
3,273,383
1,541,111
Tax on profit
9
43,210
(613,667)
Profit for the financial year
3,316,593
927,444
The profit and loss account has been prepared on the basis that all operations are continuing operations.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit for the year
3,316,593
927,444
Other comprehensive income
Tax relating to other comprehensive income
(684,067)
Total comprehensive income for the year
3,316,593
243,377
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
65,882,069
65,593,152
Current assets
Stocks
12
18,800
13,520
Debtors
13
858,024
868,665
Cash at bank and in hand
1,505,489
479,762
2,382,313
1,361,947
Creditors: amounts falling due within one year
14
(5,845,173)
(5,250,411)
Net current liabilities
(3,462,860)
(3,888,464)
Total assets less current liabilities
62,419,209
61,704,688
Creditors: amounts falling due after more than one year
15
(35,942,239)
(32,851,635)
Provisions for liabilities
18
(3,306,926)
(4,062,283)
Net assets
23,170,044
24,790,770
Capital and reserves
Called up share capital
20
2
2
Revaluation reserve
11,461,160
11,461,160
Profit and loss reserves
11,708,882
13,329,608
Total equity
23,170,044
24,790,770
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Mr P McCormick FCCA
Director
Company Registration No. SC284861
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
2
12,145,227
12,402,164
24,547,393
Year ended 31 March 2023:
Profit for the year
-
-
927,444
927,444
Other comprehensive income:
Tax relating to other comprehensive income
-
(684,067)
(684,067)
Total comprehensive income for the year
-
(684,067)
927,444
243,377
Balance at 31 March 2023
2
11,461,160
13,329,608
24,790,770
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
3,316,593
3,316,593
Dividends
10
-
-
(4,937,319)
(4,937,319)
Balance at 31 March 2024
2
11,461,160
11,708,882
23,170,044
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
8,543,493
2,593,497
Interest paid
(1,376,112)
(963,096)
Income taxes (paid)/refunded
(115,114)
192,236
Net cash inflow from operating activities
7,052,267
1,822,637
Investing activities
Purchase of tangible fixed assets
(1,055,090)
(1,271,013)
Interest received
1,348
1,498
Net cash used in investing activities
(1,053,742)
(1,269,515)
Financing activities
Repayment of borrowings
(7,460)
(362,515)
Payment of finance leases obligations
(28,019)
(28,909)
Dividends paid
(4,937,319)
Net cash used in financing activities
(4,972,798)
(391,424)
Net increase in cash and cash equivalents
1,025,727
161,698
Cash and cash equivalents at beginning of year
479,762
318,064
Cash and cash equivalents at end of year
1,505,489
479,762
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Randolph Hill Nursing Homes (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 2nd Floor, 6 Redheughs Rigg, South Gyle, Edinburgh, EH12 9DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Based on the current financial projections the directors are satisfied the company has sufficient sources of current and future funding for the company's needs, and that it is therefore appropriate for the financial statements to be prepared on a going concern basis. The directors have considered a period of at least twelve months from the date of approval of the accounts.true
1.3
Turnover
Turnover represents amounts chargeable in respect of the provision of nursing services and residential care. Revenue from contracts for the provision of nursing services and residential care is recognised by reference to the number of days of care provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
No depreciation is provided on freehold land. Freehold properties are not depreciated as the directors have assessed the current residual values of the buildings are such that any depreciation charge required would not be material. This will be reflected in subsequent valuations. Carrying values are reviewed for impairment annually.
The directors have adopted an accounting policy of obtaining regular professional valuation of the properties. In addition, the company has a policy and practice of regular maintenance and repair (charges for which are recognised in the profit and loss account) such that the asset is kept to its previously assessed standard.
Depreciation is provided on all other tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life. No depreciation is charged in the year of acquisition. Depreciation is provided as follows:
Land and buildings Freehold
nil
Fixtures, fittings & equipment
4-25% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
No depreciation is provided on freehold land. Freehold properties are not depreciated where the directors are of the opinion that the buildings concerned are currently sufficiently well maintained to ensure the residual value of such properties, which are appraised on the basis of prices prevailing at the times of acquisition or subsequent valuation, are not less than the carrying values and accordingly annual depreciation would not be material to the financial statements. Carrying values are reviewed for impairment annually.
Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Nursing Home income
29,802,155
24,892,970
2024
2023
£
£
Other significant revenue
Interest income
1,348
1,498
Coronavirus support grants
-
337,467
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
29,802,155
24,892,970
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(337,467)
Fees payable to the company's auditor for the audit of the company's financial statements
20,500
18,500
Depreciation of owned tangible fixed assets
728,125
659,788
Depreciation of tangible fixed assets held under finance leases
30,338
30,151
Loss on disposal of tangible fixed assets
7,710
-
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Admin and support
23
22
Other departments
629
591
Total
652
613
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
16,185,506
14,139,197
Social security costs
1,481,494
1,322,375
Pension costs
499,015
458,006
18,166,015
15,919,578
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
488,184
481,075
Company pension contributions to defined contribution schemes
35,583
33,754
523,767
514,829
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
263,401
244,639
Company pension contributions to defined contribution schemes
18,507
17,601
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
1,348
1,498
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,372,620
959,469
Other finance costs:
Interest on finance leases and hire purchase contracts
3,492
3,627
1,376,112
963,096
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
712,148
114,911
Adjustments in respect of prior periods
(20,172)
Total current tax
712,148
94,739
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
115,791
260,663
Changes in tax rates
258,265
Adjustment in respect of prior periods
(871,149)
Total deferred tax
(755,358)
518,928
Total tax (credit)/charge
(43,210)
613,667
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,273,383
1,541,111
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
818,346
292,811
Tax effect of expenses that are not deductible in determining taxable profit
2,902
Adjustments in respect of prior years
(20,172)
Depreciation on assets not qualifying for tax allowances
4,086
Other non-reversing timing differences
2,605
(551)
Other permanent differences
(34,295)
Deferred tax adjustments in respect of prior years
(871,149)
38,829
Enhanced capital allowances
(32,200)
Change in deferred tax rate
369,245
Taxation (credit)/charge for the year
(43,210)
613,667
In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Change in deferred tax rate
-
684,067
Total tax recognised in other comprehensive income
684,067
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Dividends
2024
2023
£
£
Final paid
4,937,319
11
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2023
61,574,261
7,359,051
299,830
69,233,142
Additions
284,732
770,358
1,055,090
Disposals
(346,974)
(346,974)
At 31 March 2024
61,858,993
7,782,435
299,830
69,941,258
Depreciation and impairment
At 1 April 2023
3,390,175
249,815
3,639,990
Depreciation charged in the year
727,900
30,563
758,463
Eliminated in respect of disposals
(339,264)
(339,264)
At 31 March 2024
3,778,811
280,378
4,059,189
Carrying amount
At 31 March 2024
61,858,993
4,003,624
19,452
65,882,069
At 31 March 2023
61,574,261
3,968,876
50,015
65,593,152
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
19,452
49,790
The properties were revalued on 24 March 2022. The valuation was undertaken by Coldwell Banker Richard Ellis, Chartered Surveyors, who are external to the company. The basis of the valuation was as fully equipped operational entities having regard to trading potential. As such, the valuation included the fixtures, fittings and equipment held within each of these homes at that date. For the purpose of the table above, fixtures, fittings and equipment have been included at depreciated historic cost and the balance of the valuation has been attributed to the freehold land and buildings.
The historical cost of properties revalued in the accounts are as follows :
2024
2023
£
£
Cost and carrying value
48,350,009
48,089,039
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Tangible fixed assets
(Continued)
- 23 -
12
Stocks
2024
2023
£
£
Raw materials and consumables
18,800
13,520
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
784,859
738,310
Prepayments and accrued income
73,165
130,355
858,024
868,665
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
15,297
28,115
Other borrowings
16
7,460
Trade creditors
1,080,037
1,193,500
Amounts owed to group undertakings
2,430,009
2,330,010
Corporation tax
712,148
115,115
Other taxation and social security
326,124
282,303
Accruals and deferred income
1,281,558
1,293,908
5,845,173
5,250,411
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
15,201
Amounts owed to group undertakings
35,942,239
32,836,434
35,942,239
32,851,635
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
16
Loans and overdrafts
2024
2023
£
£
Loans from related parties
7,460
Payable within one year
7,460
The loan from related parties is interest free.
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
15,297
28,115
In two to five years
15,201
15,297
43,316
Finance lease payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
581,411
1,336,768
Revaluation of properties
2,725,515
2,725,515
3,306,926
4,062,283
2024
Movements in the year:
£
Liability at 1 April 2023
4,062,283
Credit to profit or loss
(755,357)
Liability at 31 March 2024
3,306,926
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Deferred taxation
(Continued)
- 25 -
The deferred tax liability in relation to accelerated capital allowances set out above is expected to reverse within 3 years. The deferred tax which relates to the revaluation of properties will reverse when the properties are sold.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
499,015
458,006
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
21
Financial commitments, guarantees and contingent liabilities
The company has provided standard securities over its land and buildings, as well as a floating charge over all the company's assets, to its parent company bankers for all sums due to the bank by the parent. At the balance sheet date the amount owing to the parent company's bankers was £29,054,893 (2023 - £28,895,423).
22
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
442,359
514,829
RANDOLPH HILL NURSING HOMES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
3,316,593
927,444
Adjustments for:
Taxation (credited)/charged
(43,210)
613,667
Finance costs
1,376,112
963,096
Investment income
(1,348)
(1,498)
Loss on disposal of tangible fixed assets
7,710
-
Depreciation and impairment of tangible fixed assets
758,463
689,939
Movements in working capital:
(Increase)/decrease in stocks
(5,280)
261
Decrease in debtors
10,641
276,848
Increase/(decrease) in creditors
3,123,812
(876,260)
Cash generated from operations
8,543,493
2,593,497
24
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
479,762
1,025,727
1,505,489
Borrowings excluding overdrafts
(7,460)
7,460
-
Obligations under finance leases
(43,316)
28,019
(15,297)
428,986
1,061,206
1,490,192
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