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REGISTERED NUMBER: 04304495 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHARING CARE LIMITED

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 5

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 18


CHARING CARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C Osman
C E Osman
S Osman



REGISTERED OFFICE: 368 Forest Road
London
E17 5JF



REGISTERED NUMBER: 04304495 (England and Wales)



SENIOR STATUTORY AUDITOR: Nicholas Jeffrey Klein



AUDITORS: Klein Evangelou
Chartered Certified Accountants
368 Forest Road
London
E17 5JF

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the Company and the Group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the group during the year was to own and manage residential and nursing care homes for the elderly. The homes are principally located in Kent. At 31 December 2023, the Group operated 5 homes with 235 beds.

The group operated in line with expectations. Consolidated sales, gross profit and profit before tax increased/ (decreased) by £1,723,448, £855,128 and £344,482 respectively in 2023 reflecting the continued demand for the group's services.

Both the level of business and the year end financial position were satisfactory and the director expects that the general level of activity will be sustained for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
The group faces a number of risks and uncertainties and the director believes that the key business risks are summarised below. In view of these risks and uncertainties, the director is aware that the development of the group may be affected by factors outside their control.

Competitive risks
The senior living sector is a growing market and competition from both national and local care home providers is forever prevalent. If a competitor develops a home in the location of one of the group homes this may have an impact on occupancy and the potential revenue generation at that home. The director is confident that the positioning of the brand and offering, the quality of buildings, market leading care provision plus the demographics of the ageing population will protect future income streams for the group.

Legislative risks
The homes from which the group earns revenues are subject to licensing and inspection from the Care Quality Commission (CQC). The director recognises that as regulations continue to change and evolve this may have the potential to impact the revenue of the homes if an inspection leads to a negative report. However, the director is confident that the strength of the internal care governance procedures and quality of management put in place by the group will have a positive impact on overall CQC compliance over the long term such that the regulatory landscape will not have a material impact on the group's revenue.

Financial risk management
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling. The group does not enter into any formally designated hedging arrangements.

The group continues to be financed from the sources shown within the financial statements including third party lenders and continues to be required to meet their ongoing lending requirements, in the normal way. The group does not use financial instruments to hedge against interest rate risks.

FUTURE DEVELOPMENTS
The director anticipates the business environment will remain competitive and believes that the Group is in a good financial position and that the risks that have been identified are being well managed, including any ongoing risks associated with Covid-19.

The Group continues to benefit from good levels of activity in the market. The focus of the business will be on maintaining and developing the existing homes.

EMPLOYEE INVOLVEMENT
The skill and support from its employees is extremely important to the Group. The director acknowledges the importance of good communications and employee relations and the Group devotes time and effort ensuring that all employees are well informed about those aspects of its business which may affect them. Employees are briefed on all matters relevant to their areas of operation and their views are sought and taken into account. The Group remains committed to employee involvement and equal opportunity.


CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The Group's key financial and other performance indicators during the year were as follows:

Unit 2023 2022
Turnover £ 10,681,198 8,957,750
Gross profit margin % 40 38
Profit before tax £ 2,085,391 1,740,909

Other performance indicator such as occupancy rate is monitored closely by the Director.

ON BEHALF OF THE BOARD:





C Osman - Director


24 September 2024

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 was £60,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
C Osman held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

C E Osman and S Osman were appointed as directors after 31 December 2023 but prior to the date of this report.

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

DISCLOSURE IN THE STRATEGIC REPORT
The principal activity of the group, a business review, likely future developments, description of employee involvement policies, financial instruments and the principal risks and uncertainties facing the group have not been included in this report as they are disclosed in the strategic report.

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, Klein Evangelou, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Osman - Director


24 September 2024

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023


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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING CARE LIMITED


Opinion
We have audited the financial statements of Charing Care Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Group's and of the Parent Company affairs as at 31 December 2023 and of the Group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING CARE LIMITED


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
- the Parent Company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING CARE LIMITED


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 a Report of the Auditors 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:

Based on our understanding of the company and the care services sector, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, pensions legislation, employment and health and safety regulation, anti-bribery, corruption and fraud, regulation regarding professional responsibilities and, money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
- Considering the risk of acts by the company which were contrary to the applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:
- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
- Gaining an understanding of the internal controls established to mitigate risks related to fraud;
- Discussing amongst the engagement team the risks of fraud; and
- Addressing the risks of fraud through management override of controls by performing journal entry testing.

The primary responsibility for the prevention and detection of irregularities including fraud rests with management.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARING CARE 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 a Report of the Auditors 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.




Nicholas Jeffrey Klein (Senior Statutory Auditor)
for and on behalf of Klein Evangelou
Chartered Certified Accountants
368 Forest Road
London
E17 5JF

24 September 2024

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 10,681,198 8,957,750

Cost of sales (6,434,895 ) (5,566,575 )
GROSS PROFIT 4,246,303 3,391,175

Administrative expenses (1,774,460 ) (1,566,304 )
2,471,843 1,824,871

Other operating income 195,250 266,547
OPERATING PROFIT 5 2,667,093 2,091,418

Interest receivable and similar income 2,838 1,739
2,669,931 2,093,157

Interest payable and similar expenses 7 (584,540 ) (352,248 )
PROFIT BEFORE TAXATION 2,085,391 1,740,909

Tax on profit 8 (568,159 ) (419,297 )
PROFIT FOR THE FINANCIAL YEAR 1,517,232 1,321,612
Profit attributable to:
Owners of the parent 1,517,232 1,321,612

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,517,232 1,321,612


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,517,232

1,321,612

Total comprehensive income attributable to:
Owners of the parent 1,517,232 1,321,612

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1 1
Tangible assets 12 7,973,236 7,616,023
Investments 13 - -
7,973,237 7,616,024

CURRENT ASSETS
Debtors 14 11,014,424 10,567,618
Cash at bank and in hand 4,910,144 4,255,819
15,924,568 14,823,437
CREDITORS
Amounts falling due within one year 15 2,458,611 1,989,914
NET CURRENT ASSETS 13,465,957 12,833,523
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,439,194

20,449,547

CREDITORS
Amounts falling due after more than one
year

16

(6,426,549

)

(7,012,850

)

PROVISIONS FOR LIABILITIES 20 (432,219 ) (313,503 )
NET ASSETS 14,580,426 13,123,194

CAPITAL AND RESERVES
Called up share capital 21 1,700 1,700
Retained earnings 22 14,578,726 13,121,494
SHAREHOLDERS' FUNDS 14,580,426 13,123,194

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





C Osman - Director


CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 400 800
400 800

CURRENT ASSETS
Debtors 14 11,022,023 11,152,023
Cash at bank and in hand 122,643 72,800
11,144,666 11,224,823
CREDITORS
Amounts falling due within one year 15 15,221 15,021
NET CURRENT ASSETS 11,129,445 11,209,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,129,845

11,210,602

CAPITAL AND RESERVES
Called up share capital 21 1,700 1,700
Retained earnings 22 11,128,145 11,208,902
SHAREHOLDERS' FUNDS 11,129,845 11,210,602

Company's loss for the financial year (20,757 ) (21,455 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





C Osman - Director


CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,700 12,879,882 12,881,582

Changes in equity
Dividends - (1,080,000 ) (1,080,000 )
Total comprehensive income - 1,321,612 1,321,612
Balance at 31 December 2022 1,700 13,121,494 13,123,194

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 1,517,232 1,517,232
Balance at 31 December 2023 1,700 14,578,726 14,580,426

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,700 12,310,357 12,312,057

Changes in equity
Dividends - (1,080,000 ) (1,080,000 )
Total comprehensive loss - (21,455 ) (21,455 )
Balance at 31 December 2022 1,700 11,208,902 11,210,602

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive loss - (20,757 ) (20,757 )
Balance at 31 December 2023 1,700 11,128,145 11,129,845

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,046,423 2,481,152
Interest paid (584,540 ) (352,248 )
Tax paid (283,137 ) (351,826 )
Net cash from operating activities 2,178,746 1,777,078

Cash flows from investing activities
Purchase of tangible fixed assets (650,788 ) (541,108 )
Sale of fixed asset investments 1,489 -
Interest received 2,838 1,739
Net cash from investing activities (646,461 ) (539,369 )

Cash flows from financing activities
Loans to connected undertakings (429,200 ) 71,550
Loan repayments in year (388,760 ) (475,680 )
Amount introduced by directors - 6,861
Equity dividends paid (60,000 ) (1,080,000 )
Net cash from financing activities (877,960 ) (1,477,269 )

Increase/(decrease) in cash and cash equivalents 654,325 (239,560 )
Cash and cash equivalents at beginning
of year

2

4,255,819

4,495,379

Cash and cash equivalents at end of year 2 4,910,144 4,255,819

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit for the financial year 1,517,232 1,321,612
Depreciation charges 293,574 275,546
Profit on disposal of fixed assets (1,489 ) -
Finance costs 584,540 352,248
Finance income (2,838 ) (1,739 )
Taxation 568,159 419,297
2,959,178 2,366,964
Increase in trade and other debtors (17,606 ) (105,751 )
Increase in trade and other creditors 104,851 219,939
Cash generated from operations 3,046,423 2,481,152

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,910,144 4,255,819
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 4,255,819 4,495,379


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 4,255,819 654,325 4,910,144
4,255,819 654,325 4,910,144
Debt
Debts falling due within 1 year 9,454,328 230,109 9,684,437
Debts falling due after 1 year (7,012,850 ) 586,301 (6,426,549 )
2,441,478 816,410 3,257,888
Total 6,697,297 1,470,735 8,168,032

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Charing Care 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
These financial statements consolidate the financial statements of Charing Care Limited and all of its subsidiary undertakings.

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

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
For the disposed subsidiaries, the results for the period up to the disposals are immaterial and have not been included in the consolidated group accounts.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised.

Care related services

Turnover from a contract to provide care related services is recognised in the period in which services are provided on an accruals basis. Turnover recognised is dependent upon the type of care and funding that a resident receives. Any fees invoiced in advance are included within deferred income until the service is completed.

Goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - Straight line over 10 years

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
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 and Straight line over 50 years
Fixtures, fittings and equipment - 25% on reducing balance and 15% on reducing balance

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 10,681,198 8,957,750
10,681,198 8,957,750

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 10,681,198 8,957,750
10,681,198 8,957,750

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,398,844 4,598,212
Social security costs 370,130 306,933
Other pension costs 83,010 65,211
5,851,984 4,970,356

The average number of employees during the year was as follows:
2023 2022

Care Assistants 254 250
Managers 9 8
Administrative 8 8
271 266

2023 2022
£    £   
Director's remuneration - -

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 794 1,446
Depreciation - owned assets 293,574 275,542
Profit on disposal of fixed assets (1,489 ) -
Goodwill amortisation - 4

6. AUDITORS' REMUNERATION

2023 2022
£    £   

Fees payable to the Company’s auditor for the audit of the parent Company
and the Group’s consolidated financial statements

8,760

8,160

Fees payable to the Company’s auditor for other services:
- Audit of the Company’s subsidiaries 33,840 32,520
- All other non-audit services 3,459 4,788
Total amount payable to the Company's auditor 46,059 45,468

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 580,603 352,248
Other interest 3,937 -
584,540 352,248

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 449,443 297,445

Deferred tax 118,716 121,852
Tax on profit 568,159 419,297

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TAXATION - continued

Reconciliation of total tax charge 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:

2023 2022
£    £   
Profit before tax 2,085,391 1,740,909
Profit multiplied by the standard rate of corporation tax in the UK of 23.520
% (2022 - 19 %)

490,484

330,773

Effects of:
Expenses not deductible for tax purposes 6,602 372
Income not taxable for tax purposes (146 ) (372 )
Capital allowances in excess of depreciation (47,497 ) (33,783 )
Deferred tax 118,716 121,852
Unused tax losses - 455
Total tax charge 568,159 419,297

Factors that may affect future tax charges

The main UK Corporation Tax rate of 25% has been used throughout and the deferred tax balances have been calculated using the same rate.

9. 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.


10. DIVIDENDS
2023 2022
£    £   
Interim 60,000 1,080,000

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 580,001
AMORTISATION
At 1 January 2023
and 31 December 2023 580,000
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

12. TANGIBLE FIXED ASSETS

Group
Fixtures,
fittings
Freehold and
property equipment Totals
£    £    £   
COST
At 1 January 2023 8,915,513 2,215,702 11,131,215
Additions 499,338 151,449 650,787
At 31 December 2023 9,414,851 2,367,151 11,782,002
DEPRECIATION
At 1 January 2023 1,795,741 1,719,451 3,515,192
Charge for year 176,765 116,809 293,574
At 31 December 2023 1,972,506 1,836,260 3,808,766
NET BOOK VALUE
At 31 December 2023 7,442,345 530,891 7,973,236
At 31 December 2022 7,119,772 496,251 7,616,023

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 800
Disposals (400 )
At 31 December 2023 400
NET BOOK VALUE
At 31 December 2023 400
At 31 December 2022 800

The Group or the Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Charing Gardens Limited
Registered office: 368 Forest Road, London, E17 5JF
Nature of business: Residential care and Nursing home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,266,372 111,317
Profit for the year 1,155,055 960,204

Charing Vale Limited
Registered office: 368 Forest Road, London, E17 5JF
Nature of business: Residential care home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,090,788 991,881
Profit for the year 98,907 42,055

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. FIXED ASSET INVESTMENTS - continued

Charing Wells Limited
Registered office: 368 Forest Road, London, E17 5JF
Nature of business: Non-trading
%
Class of shares: holding
Ordinary
2023 2022
£    £   
Aggregate capital and reserves - (886 )
Loss for the year - (402 )

On 31 March 2023, Charing Care Limited disposed of its entire shareholding in Charing Wells Limited to C Osman (Director).

Charing Healthcare Ltd
Registered office: 368 Forest Road, London, E17 5JF
Nature of business: Non-trading
%
Class of shares: holding
Ordinary
2023 2022
£    £   
Aggregate capital and reserves - (660 )
Loss for the year - (30 )

On 31 March 2023, Charing Care Limited disposed of its entire shareholding in Charing Wells Limited to C Osman (Director).

Charing Park Investments Limited
Registered office: 368 Forest Road, London, E17 5JF
Nature of business: Residential care home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (105,111 ) (81,773 )
(Loss)/profit for the year (23,338 ) 107,509

Charing Oast Limited
Registered office: 368 Forest Road, London, E17 5JF
Nature of business: Residential care home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,199,230 893,514
Profit for the year 305,716 233,733


CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 300,634 284,510 - -
Amounts owed by group undertakings - - 1,070,000 1,070,000
Amounts owed by connected undertakings 10,691,223 10,262,023 9,952,023 10,082,023
Prepayments 22,567 21,085 - -
11,014,424 10,567,618 11,022,023 11,152,023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 1,006,786 809,246 - -
Trade creditors 112,891 120,716 - -
Tax 307,612 141,306 - -
Social security and other taxes 120,712 98,759 - -
Other creditors 719,844 635,108 - -
Directors' current accounts 6,861 6,861 6,461 6,861
Accrued expenses 99,116 92,452 8,760 8,160
Fees received in advance 84,789 85,466 - -
2,458,611 1,989,914 15,221 15,021

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

Group
2023 2022
£    £   
Bank loans (see note 17) 6,426,549 7,012,850

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,006,786 809,246
Amounts falling due between one and two years:
Bank loans 1,006,786 809,246
Amounts falling due between two and five years:
Bank loans 2,745,721 2,278,113
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 2,674,042 3,925,491

Loan 1:

Charing Oast Limited has Coronavirus Business Interruption Loan Scheme (CBILS) loan of £103,333 (2022: £143,333) and is repayable over the period until June 2026.

The rate of interest payable on the debt is 1.95% per annum over the Bank Base Rate.

Loan 2:

Charing Vale Limited has Coronavirus Business Interruption Loan Scheme (CBILS) loan of £113,667 (2022: £157,667) and is repayable over the period until June 2026.

The rate of interest payable on the debt is 3.05% per annum over the Bank Base Rate.

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Secured Debts 7,216,336 7,521,096

Loan 1:

Charing Gardens Limited has bank loan secured by way of a fixed charge over its freehold property and a fixed and floating charge over all assets of the company.

The bank loans of £6,130,476 (2022: £6,339,063) are repayable over the period until June 2026. The rate of interest payable on the debt is 2.85% per annum over the Bank Base Rate.

Loan 2:

Charing Park Investments Limited has bank loan secured by way of a fixed charge over its freehold property and a fixed and floating charge over all assets of the company.

The bank loan of £927,500 (2022: £982,658) is repayable over the period until November 2032. The rate of interest payable on the debt is 3.5% per annum over the Bank Base Rate.

Loan 3:

Charing Park Investments Limited has Coronavirus Business Interruption Loan Scheme (CBILS) loan secured by way of a fixed charge over its freehold property and a fixed and floating charge over all assets of the company.

CBILS of £158,360 (2022: £199,375) is repayable over the period until April 2027. The rate of interest payable on the debt is 3.53% per annum over the Floating Rate.

19. FINANCIAL INSTRUMENTS

Carrying amount of financial assets and liabilities:

2023 2022
£    £   
Financial assets measured at amortised cost 15,924,570 14,823,438
Financial liabilities measured at amortised cost 7,546,226 7,942,812


Financial assets measured at amortised cost comprise of trade debtors, cash at bank and in hand, prepayments and amounts owed by connected undertakings.

Financial liabilities measured at amortised cost comprise of trade creditors, bank loans and other loans.

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 432,219 313,503

Group
Deferred
tax
£   
Balance at 1 January 2023 313,503
Provided during year 118,716
Balance at 31 December 2023 432,219

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,700 Ordinary £1 1,700 1,700

22. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 13,121,494
Profit for the year 1,517,232
Dividends (60,000 )
At 31 December 2023 14,578,726

Company
Retained
earnings
£   

At 1 January 2023 11,208,902
Deficit for the year (20,757 )
Dividends (60,000 )
At 31 December 2023 11,128,145


CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


23. RELATED PARTY DISCLOSURES

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


23. RELATED PARTY DISCLOSURES - continued

Group

During the year the group entered into the following transactions with related parties:

2023 2022
£    £   
Amounts owed by Connected Undertakings 10,691,223 10,262,023
Amounts owed by/ (to) C Osman (Director) (6,861 ) (6,861 )


2023 2022
£    £   
Management services charged to Connected Undertakings 104,622 88,344


Company

During the year the company entered into the following transactions with related parties:

2023 2022
£    £   
Amounts owed by Group Undertakings 1,070,000 1,070,000
Amounts owed by Connected Undertakings 9,952,023 10,082,023
Amounts owed by/ (to) C Osman (Director) (6,461 ) (6,861 )

2023 2022
£    £   
Amounts written off amounts owed by Group Undertakings - 1,959
Amounts written off amounts owed by Connected Undertakings 2,400 -
Dividends from Group Undertakings 60,000 1,080,000


Related Party Relationship:

Group Undertakings:
Charing Oast Limited
Charing Healthcare Limited (until 31/03/2023)
Charing Wells Limited (until 31/03/2023)

Connected Undertakings:
Eleiko (UK) Limited
CHC Assets Limited
Charing Investments Limited
Charing Hill Limited
Charing Court Investments Limited
Charing Healthcare Limited (from 01/04/2023)
Charing Wells Limited (from 01/04/2023)


Connected Undertakings
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company.

CHARING CARE LIMITED (REGISTERED NUMBER: 04304495)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


24. POST BALANCE SHEET EVENTS

No significant events are noted after the period ended 31 December 2023 to the date of signing this report.

25. ULTIMATE CONTROLLING PARTY

The controlling party is C Osman.