REGISTERED NUMBER: 09734885 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ELEANOR HEALTH CARE GROUP LIMITED |
REGISTERED NUMBER: 09734885 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ELEANOR HEALTH CARE GROUP LIMITED |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 6 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
ELEANOR HEALTH CARE GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
409-411 Croydon Road |
Beckenham |
Kent |
BR3 3PP |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
In 2023/24, the UK care sector experienced significant challenges due to a turbulent economic environment. Rising inflation, increased operational costs, and workforce shortages presented substantial difficulties for care providers. The cost-of-living crisis, higher wages, and recruitment difficulties made it increasingly hard to attract and retain skilled workers. These challenges were compounded by new regulatory demands and growing expectations for more personalized, high-quality care to meet the needs of an aging population. |
Despite these pressures, Eleanor Healthcare Group demonstrated resilience, navigating these challenges while remaining committed to exceptional patient care. By investing in innovative care models and technology, we improved operational efficiency and enhanced access to care. The year marked a pivotal period of transformation and growth for the Group, as we expanded services, deepened our commitment to patient-centricity, and focused on operational excellence and sustainability. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's principal uncertainties are the challenging environment in the health and social care sector due to austerity cuts by the government, and the general squeeze on company margins. |
PRINCIPAL ACTIVITIES |
Eleanor Healthcare Group continues to provide residential nursing care, focusing on both general and specialized care services. Our portfolio spans over 385 registered beds in 10 facilities across the UK. The Group is dedicated to delivering personalized, high-quality care, with a strategic focus on expanding our private pay market share and broadening services to include specialized care sectors like rehabilitation and prison healthcare. |
Core Strategies: |
Sustained Growth: Growth was driven through new care facilities, acquisitions, and service enhancements. |
Technology Integration: We focused on digital transformation to streamline operations, enhancing service quality and patient outcomes. |
Expansion into New Care Areas: Diversification into specialized services such as rehabilitation and prison care to capture new revenue streams. |
BUSINESS REVIEW |
Operational Performance: |
In 2024, Eleanor Healthcare Group successfully executed several key initiatives aimed at improving operational efficiency and service quality. By embracing digital transformation, we streamlined administrative processes, reduced inefficiencies, and enhanced real-time data management. These improvements directly impacted service user satisfaction, contributing to a notable increase in satisfaction rates and a measurable improvement in clinical outcomes. |
Moreover, our expansion into specialized care areas, including rehabilitation services and prison care, enabled us to broaden our service offering while diversifying revenue streams, allowing us to adapt to changing market conditions. |
Regulatory and Quality Standards: |
Our strong relationship with regulatory bodies, particularly the Care Quality Commission (CQC), was critical in maintaining high standards of care. In 2023-24, Eleanor Healthcare Group enhanced its internal compliance frameworks, ensuring staff were well-trained and services met evolving regulatory requirements. Our commitment to compliance and excellence resulted in improved quality ratings across several facilities. |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
FINANCIAL PERFORMANCE AND KPI |
Financial Performance: |
Eleanor Healthcare Group delivered a robust financial performance in 2024, despite the pressures of inflation and workforce shortages. Revenue grew by £4.9m and profitability increased by £1.1m, underpinned by prudent financial management and cost-control measures. Investments in specialized care services, such as rehabilitation and prison care, created new revenue streams and mitigated risks posed by public sector funding constraints. |
Key Financial Indicators: |
Revenue growth: 10% |
EBITDAR: £13.5m |
Care home Occupancy rate: 90%. |
Private occupancy rate: 55% |
Strategic Risks and Key Performance Indicators: |
The Board closely monitors strategic risks and evaluates performance through Key Performance Indicators (KPIs) to ensure alignment with the Group's long-term objectives. |
Clinical Quality and Patient Safety: |
Ensuring high-quality care is central to our operations. We have made significant investments in clinical governance, care delivery frameworks, and staff training. Our specialist teams and advanced monitoring systems ensure we deliver consistent, high-standard care. |
KPIs used: |
Regulatory compliance (CQC ratings), |
Clinical well-being indicators, |
Patient satisfaction scores. |
WORKFORCE |
Workforce Development: |
In 2023/24, we prioritized workforce development by launching initiatives to support employee well-being, professional development, and retention. Recognizing the competitive healthcare labour market, we focused on attracting diverse talent and fostering a strong culture of professional growth. These efforts have significantly reduced turnover rates and improved staff morale. |
KPIs used: |
Staff turnover rates, |
Training participation, |
Number of hours for staffing (employed and agency). |
Health & Safety: |
Providing a safe environment for residents and staff remains a priority. In 2024, we strengthened our health and safety policies and improved training programs to ensure full compliance with regulatory safety standards. |
KPIs used: |
Accident statistics, |
Notifiable accident frequency. |
Cost Base Inflation: |
Inflationary pressures, especially in staffing, energy, and food, posed challenges in 2023-24. However, our cost control measures, including centralized procurement and operational efficiency programs, helped mitigate these risks. |
KPIs used: |
EBITDA and EBITDAR per bed, |
Costs per resident per day. |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
EMISSIONS |
Greenhouse gas emissions, energy consumption and energy efficiency action: |
Eleanor Healthcare Group Ltd is pleased to report its current UK based annual energy usage and associated annual greenhouse gas (GHG') emissions pursuant to the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ('the 2018 Regulations') that came into force 1 April 2019. |
Organisational boundary: |
In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those assets owned or operated in the UK only. This includes Care homes, supported living houses, head office, and a number of rented/ leased office premises used for office admin work for domiciliary care, together with company and personal vehicles used for business mileage ('grey fleet'). |
Reporting period: |
The annual reporting period is 1 April to 31 March each year and carbon emissions are aligned to this period. |
Electricity: 892,384 kWh = 21.25% |
Gas: 3,162,227 kWh = 75.32% |
Transport: 144,025 kWh = 3.43% |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
Energy efficiency action during the current financial year: |
Eleanor Healthcare Group has a designated Environmental Officer and board to ward strategy to actively implement and manage Environmental projects. |
The 2019 Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed. The 2021 UK Government GHG Conversion Factors for Company Reporting were used in emissions calculations. |
The electricity and gas consumption has been compiled from invoice records. Sample mileage and fuel claims were used to calculate energy usage associated with company cars and the grey fleet. Commuting has been estimated based on a sample of commuting journeys. Gross calorific values were used except for grey fleet mileage energy calculations as per Government GHG Conversion Factors. |
Energy efficiency action planning: |
The company publishes an annual Carbon Reduction Plan to illustrate company initiatives contributing towards delivering a net zero target for 2040. On an annual basis high-level policy and projects pipeline is implemented and overseen by our Net Zero Lead. |
Future Prospects: |
Looking ahead to 2024/25, Eleanor Healthcare Group remains committed to expanding its service offering and driving innovation in care delivery. We will continue investing in operational efficiency and maintaining financial strength to navigate ongoing economic challenges. As we pursue new growth opportunities, our focus will remain on regulatory compliance, sustainability, and quality care. |
Key areas of focus: |
Expanding specialized care services. |
Strengthening digital capabilities to improve operational performance. |
Enhancing sustainability efforts to reduce our environmental impact. |
ON BEHALF OF THE BOARD: |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 is £180,000. |
DIRECTOR |
CHARITABLE DONATIONS AND EXPENDITURE |
During the year, the group made charitable donations of £40,521. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he 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, Edwards Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP LIMITED |
Opinion |
We have audited the financial statements of Eleanor Health Care Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures can detect irregularities, including fraud is detailed below: |
Our approach was as follows: |
a) We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and relevant tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
b) We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
c) We examined the company's regulatory and legal correspondence and discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations. |
d) We assessed the risks of material misstatement in respect of fraud as follows: |
i) We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks |
ii) The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion. |
iii) In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. |
iv) We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures. |
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including: |
Designing audit procedures to address, for example: |
a) The possibility of fraudulent or corrupt payments made through third parties. |
b) The risk of bribery and corruption. |
c) The opportunity to segregate duties within the entity. |
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. |
Using our general commercial and sector experience and through discussions with management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either because of fraud or error. |
The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP LIMITED |
Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. |
We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet. |
We considered the extent to which the audit was considered capable of detecting irregularities: There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
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. |
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. |
for and on behalf of |
Statutory Auditor |
409-411 Croydon Road |
Beckenham |
Kent |
BR3 3PP |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 56,490,824 | 51,515,792 |
Cost of sales | 27,507,870 | 26,332,496 |
GROSS PROFIT | 28,982,954 | 25,183,296 |
Administrative expenses | 19,495,143 | 18,445,109 |
9,487,811 | 6,738,187 |
Other operating income | 131,337 | 10,005 |
OPERATING PROFIT | 4 | 9,619,148 | 6,748,192 |
Interest receivable and similar income | 8,515 | 11,462 |
9,627,663 | 6,759,654 |
Interest payable and similar expenses | 5 | 2,235,057 | 1,288,722 |
PROFIT BEFORE TAXATION | 7,392,606 | 5,470,932 |
Tax on profit | 6 | 2,258,733 | 1,421,641 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 5,133,873 | 4,049,291 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 5,133,873 | 4,049,291 |
OTHER COMPREHENSIVE INCOME |
Revaluation eliminated on disposals | - | (383,000 | ) |
Revaluation in the year | 65,454,862 | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
65,454,862 |
(383,000 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
70,588,735 |
3,666,291 |
Total comprehensive income attributable to: |
Owners of the parent | 70,588,735 | 3,666,291 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 2,633,069 | 4,340,325 |
Tangible assets | 10 | 90,359,774 | 22,205,549 |
Investments | 11 | 19,430,243 | 21,970,942 |
112,423,086 | 48,516,816 |
CURRENT ASSETS |
Stocks | 12 | 8,500 | 8,500 |
Debtors | 13 | 13,601,068 | 12,802,362 |
Cash at bank and in hand | 5,259,700 | 1,890,647 |
18,869,268 | 14,701,509 |
CREDITORS |
Amounts falling due within one year | 14 | 11,430,069 | 11,072,168 |
NET CURRENT ASSETS | 7,439,199 | 3,629,341 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
119,862,285 |
52,146,157 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(24,373,571 |
) |
(27,134,764 |
) |
PROVISIONS FOR LIABILITIES | 18 | (290,719 | ) | (222,133 | ) |
NET ASSETS | 95,197,995 | 24,789,260 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 10,002 | 10,002 |
Share premium | 20 | 100,000 | 100,000 |
Revaluation reserve | 20 | 66,150,302 | 695,440 |
Retained earnings | 20 | 28,937,691 | 23,983,818 |
SHAREHOLDERS' FUNDS | 95,197,995 | 24,789,260 |
The financial statements were approved by the director and authorised for issue on 5 September 2024 and were signed by: |
M V Santhiapillai - Director |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (270,817 | ) | (10,880 | ) |
The financial statements were approved by the director and authorised for issue on |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 10,002 | 20,114,527 | 100,000 | 1,078,440 | 21,302,969 |
Changes in equity |
Dividends | - | (180,000 | ) | - | - | (180,000 | ) |
Total comprehensive income | - | 4,049,291 | - | (383,000 | ) | 3,666,291 |
Balance at 31 March 2023 | 10,002 | 23,983,818 | 100,000 | 695,440 | 24,789,260 |
Changes in equity |
Dividends | - | (180,000 | ) | - | - | (180,000 | ) |
Total comprehensive income | - | 5,133,873 | - | 65,454,862 | 70,588,735 |
Balance at 31 March 2024 | 10,002 | 28,937,691 | 100,000 | 66,150,302 | 95,197,995 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2024 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 10,816,100 | 10,753,795 |
Interest paid | (2,235,057 | ) | (1,288,722 | ) |
Tax paid | (951,358 | ) | (556,802 | ) |
Net cash from operating activities | 7,629,685 | 8,908,271 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (190,700 | ) | (1,769,693 | ) |
Purchase of tangible fixed assets | (3,589,317 | ) | (7,586,275 | ) |
Purchase of fixed asset investments | (1 | ) | (12,939,993 | ) |
Sale of tangible fixed assets | 342 | 795,636 |
Sale of fixed asset investments | 2,540,700 | - |
Interest received | 8,515 | 11,462 |
Net cash from investing activities | (1,230,461 | ) | (21,488,863 | ) |
Cash flows from financing activities |
New loans in year | - | 10,537,811 |
Loan repayments in year | (2,850,171 | ) | - |
Equity dividends paid | (180,000 | ) | (180,000 | ) |
Net cash from financing activities | (3,030,171 | ) | 10,357,811 |
Increase/(decrease) in cash and cash equivalents | 3,369,053 | (2,222,781 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,890,647 |
4,113,428 |
Cash and cash equivalents at end of year | 2 | 5,259,700 | 1,890,647 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 7,392,606 | 5,470,932 |
Depreciation charges | 2,793,424 | 2,206,936 |
Loss on disposal of fixed assets | - | 56,878 |
Finance costs | 2,235,057 | 1,288,722 |
Finance income | (8,515 | ) | (11,462 | ) |
12,412,572 | 9,012,006 |
Increase in trade and other debtors | (798,706 | ) | (434,897 | ) |
(Decrease)/increase in trade and other creditors | (797,766 | ) | 2,176,686 |
Cash generated from operations | 10,816,100 | 10,753,795 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 5,259,700 | 1,890,647 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,890,647 | 4,113,428 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,890,647 | 3,369,053 | 5,259,700 |
1,890,647 | 3,369,053 | 5,259,700 |
Debt |
Debts falling due within 1 year | (2,944,916 | ) | 83,122 | (2,861,794 | ) |
Debts falling due after 1 year | (27,134,764 | ) | 2,761,193 | (24,373,571 | ) |
(30,079,680 | ) | 2,844,315 | (27,235,365 | ) |
Total | (28,189,033 | ) | 6,213,368 | (21,975,665 | ) |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Eleanor Health Care Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 32,012,365 | 30,714,852 |
Social security costs | 2,547,123 | 2,558,756 |
Other pension costs | 575,427 | 559,833 |
35,134,915 | 33,833,441 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Direct and administrative |
2024 | 2023 |
£ | £ |
Director's remuneration | 96,000 | 100,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 47,252 | 44,375 |
Equipment hire | 405,511 | 550,779 |
Depreciation - owned assets | 889,612 | 1,042,732 |
Loss on disposal of fixed assets | - | 56,878 |
Goodwill amortisation | 1,897,956 | 1,164,204 |
Auditor's remuneration | 48,630 | 46,770 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 2,182,052 | 1,267,991 |
Other interest | 53,005 | 20,731 |
2,235,057 | 1,288,722 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 2,190,147 | 1,476,629 |
Deferred tax | 68,586 | (54,988 | ) |
Tax on profit | 2,258,733 | 1,421,641 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation eliminated on disposals |
Revaluation in the year | 65,454,862 | - | 65,454,862 |
65,454,862 | - | 65,454,862 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation eliminated on disposals | (383,000 | ) | - | (383,000 | ) |
7. | 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. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final | 180,000 | 180,000 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 | 6,637,026 |
Additions | 190,700 |
At 31 March 2024 | 6,827,726 |
AMORTISATION |
At 1 April 2023 | 2,296,701 |
Amortisation for year | 1,897,956 |
At 31 March 2024 | 4,194,657 |
NET BOOK VALUE |
At 31 March 2024 | 2,633,069 |
At 31 March 2023 | 4,340,325 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 22,956,005 | 466,027 | 27,812 |
Additions | 2,369,320 | - | - |
Disposals | - | - | - |
Revaluations | 65,454,862 | - | - |
At 31 March 2024 | 90,780,187 | 466,027 | 27,812 |
DEPRECIATION |
At 1 April 2023 | 1,784,740 | 83,527 | 22,656 |
Charge for year | 412,744 | 45,000 | 2,271 |
Eliminated on disposal | - | - | - |
At 31 March 2024 | 2,197,484 | 128,527 | 24,927 |
NET BOOK VALUE |
At 31 March 2024 | 88,582,703 | 337,500 | 2,885 |
At 31 March 2023 | 21,171,265 | 382,500 | 5,156 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 2,331,670 | 193,397 | 214,046 | 26,188,957 |
Additions | 1,198,304 | - | 21,693 | 3,589,317 |
Disposals | (455 | ) | - | - | (455 | ) |
Revaluations | - | - | - | 65,454,862 |
At 31 March 2024 | 3,529,519 | 193,397 | 235,739 | 95,232,681 |
DEPRECIATION |
At 1 April 2023 | 1,813,275 | 124,889 | 154,321 | 3,983,408 |
Charge for year | 363,765 | 30,391 | 35,441 | 889,612 |
Eliminated on disposal | (113 | ) | - | - | (113 | ) |
At 31 March 2024 | 2,176,927 | 155,280 | 189,762 | 4,872,907 |
NET BOOK VALUE |
At 31 March 2024 | 1,352,592 | 38,117 | 45,977 | 90,359,774 |
At 31 March 2023 | 518,395 | 68,508 | 59,725 | 22,205,549 |
Cost or valuation at 31 March 2024 is represented by: |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Valuation in 2024 | 65,454,862 | - | - |
Cost | 25,325,325 | 466,027 | 27,812 |
90,780,187 | 466,027 | 27,812 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2024 | - | - | - | 65,454,862 |
Cost | 3,529,519 | 193,397 | 235,739 | 29,777,819 |
3,529,519 | 193,397 | 235,739 | 95,232,681 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 25,325,325 | - |
Aggregate depreciation | (2,197,484 | ) | - |
Freehold land and buildings were valued on an open market basis on 31 March 2024 by the director . |
Company |
Freehold |
property |
£ |
COST OR VALUATION |
Additions |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
Cost or valuation at 31 March 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2024 | 1,000,000 |
Cost | 750,000 |
1,750,000 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 750,000 | - |
Freehold land and buildings were valued on an open market basis on 31 March 2024 by the director . |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 20,046,261 | 1,924,681 | 21,970,942 |
Additions | 1 | - | 1 |
Disposals | (2,540,700 | ) | - | (2,540,700 | ) |
At 31 March 2024 | 17,505,562 | 1,924,681 | 19,430,243 |
NET BOOK VALUE |
At 31 March 2024 | 17,505,562 | 1,924,681 | 19,430,243 |
At 31 March 2023 | 20,046,261 | 1,924,681 | 21,970,942 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 8,500 | 8,500 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 6,625,341 | 5,162,028 |
Other debtors | 6,570,783 | 6,354,734 |
Prepayments and accrued income | 404,944 | 1,285,600 |
13,601,068 | 12,802,362 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 2,861,794 | 2,944,916 |
Trade creditors | 1,379,032 | 1,311,872 |
Amounts owed to group undertakings | - | - |
Tax | 3,304,178 | 2,065,389 |
Social security and other taxes | 556,140 | 1,286,704 |
VAT | 395,234 | 405,366 | - | - |
Other creditors | 1,335,856 | 1,736,420 |
Accruals and deferred income | 1,597,835 | 1,321,501 |
11,430,069 | 11,072,168 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 24,373,571 | 27,134,764 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 2,861,794 | 2,944,916 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 24,373,571 | 27,134,764 | 1,333,333 | 2,333,333 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 19,459 | 7,187 |
Between one and five years | 92,000 | 61,020 |
111,459 | 68,207 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 290,719 | 222,133 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 222,133 |
Charge to Income Statement during year | 68,586 |
Balance at 31 March 2024 | 290,719 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 10,002 | 10,002 |
20. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 23,983,818 | 100,000 | 695,440 | 24,779,258 |
Profit for the year | 5,133,873 | 5,133,873 |
Dividends | (180,000 | ) | (180,000 | ) |
Arising in the year | - | - | 65,454,862 | 65,454,862 |
At 31 March 2024 | 28,937,691 | 100,000 | 66,150,302 | 95,187,993 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 818,528 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Arising in the year | - | 1,000,000 | 1,000,000 |
At 31 March 2024 | 1,367,711 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | TRANSACTIONS WITH DIRECTORS |
During the year, the group voted dividends of £180,000 to the director. |
At the balance sheet date, the group was owed the following amounts from entities under the control of the director: |
£613,600 by Santhiapillai Investments Limited |
£4,415,736 by Eleanor Healthcare Holdings Limited |
£821,293 by Eleanor Properties LLP |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is M V Santhiapillai. |