REGISTERED NUMBER: 06243029 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 January 2024 |
for |
Moor Park Home Holdings Limited |
REGISTERED NUMBER: 06243029 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 January 2024 |
for |
Moor Park Home Holdings Limited |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Moor Park Home Holdings Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Group Strategic Report |
for the Year Ended 31 January 2024 |
The directors present their strategic report of the company and the group for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
The results for the year ended 31 January 2024 are set out on page 9 . These results show a total fee income of £6,517,463 compared to £5,349,090 for 2023, resulting in an operating profit of £1,218,968 compared to £959,692 for 2023 and a net profit after taxation of £699,849 compared to £693,896 for 2023. Turnover has increased as the Home's service mix has continued to become more nursing orientated [during the year], occupancy has improved and fee rates have also benefitted from higher than normal inflationary increases. |
These results represent encouraging progress and provide further validation of the strategy to offer an increased mix of higher complexity services, reflecting the strong market demand for these services. Nationwide pressures on staffing continue but the successful recruitment of non-European staff has helped to make up for the loss of European nationals. However, as a result of increased competition for staff and continued inflationary pressures, the Group has been subject to significant increases in wage rates. The measures that the Group has put in place over the past few years have continued to be applied and these have ensured that the business is as resilient as possible to such continuing challenges. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As last year it remains the case that staffing will continue to pose a challenge, but Moor Park Home Holdings Limited strives to ensure that it is the employer of choice by providing the best training and the best opportunities for career development. Whilst the UK base rate has recently been cut by 0.25%, UK government finances will continue to be adversely affected by high interest rates placing pressure on public spending. It is not yet known what the recent change of Government will mean for the funding of health and social care. |
Post balance sheet, the Home has coped well with significant external factors such as rising inflation and high interest rates, through its continued strong occupancy and high fees. The business is confident of its viability with continued strong cash reserves and liquidity. |
The care provider market is largely sheltered from much of this disruption, as demographic pressures continue to lead to increasing demand for care home places. The management continue to develop business with specialist referrers. Funding for the Group is not considered to be a risk, as the Moor Park Home Holdings Limited Group has a strong balance sheet with secure long term funding agreements and excellent relationships with its bankers. |
ON BEHALF OF THE BOARD: |
21 October 2024 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of operating a specialised nursing home. |
DIVIDENDS |
A dividend of £1,700 per share was paid on 14 March 2023. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 January 2024 will be £170,000. |
FUTURE DEVELOPMENTS |
Subject to the external risks placed on the group, demand for care placements is expected to remain constant and the group anticipates capitalising on this as a result of the quality of service being provided to the residents and the group's rapport with local authorities and NHS contracting teams. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
Treasury operations and financial instruments |
The group neither has nor needs to use an overdraft facility, relying instead on effective management of financial resources. In addition to cash, the group's working capital comprises trade debtors and trade creditors that arise solely from its care home operations. |
Liquidity risk |
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business. |
Interest rate risk |
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on variable rate borrowings and finance loans. The group had no fixed rate borrowings for the year ended 31 January 2024. |
Credit risk |
Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Report of the Directors |
for the Year Ended 31 January 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
During the year, Rushtons have expressed their willingness to continue as the auditor of the group. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Moor Park Home Holdings Limited |
Opinion |
We have audited the financial statements of Moor Park Home Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 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 January 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 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 and the Report of the Directors, 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. |
The prior year figures for Moor Park Home Holdings Limited and the consolidated figures were unaudited. |
Report of the Independent Auditors to the Members of |
Moor Park Home Holdings Limited |
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. |
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 four, 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 |
Moor Park Home Holdings 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: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- | The nature of the industry and sector, control environment and business performance. |
- | Enquiring of management, including obtaining and reviewing supporting documentation, concerning the group's policies and procedures relating to: |
- | Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
- | Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud, and; |
- | Obtaining an understanding of the legal and regulatory frameworks that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the company, including the General Data Protection requirements, Anti-bribery and corruption policies and Environmental laws and regulations pertaining to this industry. |
In addition to the above, our procedures to respond to risks identified included the following: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | Enquiring of management concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | Reading available minutes of meetings of those charged with governance; and |
- | Testing journal entries to identify unusual transactions. |
We also communicated relevant 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. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Moor Park Home Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 |
Chartered Accountants |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Consolidated |
Income Statement |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 6,517,463 | 5,349,090 |
Cost of sales | 4,415,333 | 3,749,940 |
GROSS PROFIT | 2,102,130 | 1,599,150 |
Administrative expenses | 884,494 | 695,646 |
1,217,636 | 903,504 |
Other operating income | 1,332 | 56,188 |
OPERATING PROFIT | 5 | 1,218,968 | 959,692 |
Interest receivable and similar income | 523 | 52 |
1,219,491 | 959,744 |
Interest payable and similar expenses | 6 | 217,564 | 126,172 |
PROFIT BEFORE TAXATION | 1,001,927 | 833,572 |
Tax on profit | 7 | 302,078 | 139,676 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 699,849 | 693,896 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 699,849 | 693,896 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
699,849 |
693,896 |
Total comprehensive income attributable to: |
Owners of the parent | 699,849 | 693,896 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Consolidated Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 3,922,822 | 3,873,221 |
Investments | 12 | - | - |
3,922,822 | 3,873,221 |
CURRENT ASSETS |
Stocks | 13 | 5,000 | 5,000 |
Debtors | 14 | 1,064,760 | 745,423 |
Cash at bank and in hand | 1,322,287 | 956,136 |
2,392,047 | 1,706,559 |
CREDITORS |
Amounts falling due within one year | 15 | 1,368,402 | 1,016,683 |
NET CURRENT ASSETS | 1,023,645 | 689,876 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,946,467 |
4,563,097 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,645,303 |
) |
(2,858,967 |
) |
PROVISIONS FOR LIABILITIES | 19 | (151,650 | ) | (84,465 | ) |
NET ASSETS | 2,149,514 | 1,619,665 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 100 | 100 |
Retained earnings | 21 | 2,149,414 | 1,619,565 |
SHAREHOLDERS' FUNDS | 2,149,514 | 1,619,665 |
The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by: |
S Bonnard - Director |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Company Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 170,000 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 | 100 | 925,669 | 925,769 |
Changes in equity |
Total comprehensive income | - | 693,896 | 693,896 |
Balance at 31 January 2023 | 100 | 1,619,565 | 1,619,665 |
Changes in equity |
Dividends | - | (170,000 | ) | (170,000 | ) |
Total comprehensive income | - | 699,849 | 699,849 |
Balance at 31 January 2024 | 100 | 2,149,414 | 2,149,514 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Company Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Consolidated Cash Flow Statement |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,208,302 | 884,203 |
Interest paid | (217,564 | ) | (126,172 | ) |
Tax paid | (161,540 | ) | (80,527 | ) |
Net cash from operating activities | 829,198 | 677,504 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (132,639 | ) | (131,177 | ) |
Interest received | 523 | 52 |
Net cash from investing activities | (132,116 | ) | (131,125 | ) |
Cash flows from financing activities |
Loan repayments in year | (160,931 | ) | (191,044 | ) |
Equity dividends paid | (170,000 | ) | - |
Net cash from financing activities | (330,931 | ) | (191,044 | ) |
Increase in cash and cash equivalents | 366,151 | 355,335 |
Cash and cash equivalents at beginning of year |
2 |
956,136 |
600,801 |
Cash and cash equivalents at end of year |
2 |
1,322,287 |
956,136 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,001,927 | 833,572 |
Depreciation charges | 83,039 | 82,192 |
Finance costs | 217,564 | 126,172 |
Finance income | (523 | ) | (52 | ) |
1,302,007 | 1,041,884 |
Increase in trade and other debtors | (319,337 | ) | (218,573 | ) |
Increase in trade and other creditors | 225,632 | 60,892 |
Cash generated from operations | 1,208,302 | 884,203 |
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 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 1,322,287 | 956,136 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 956,136 | 600,801 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 956,136 | 366,151 | 1,322,287 |
956,136 | 366,151 | 1,322,287 |
Debt |
Debts falling due within 1 year | (318,494 | ) | (52,734 | ) | (371,228 | ) |
Debts falling due after 1 year | (2,858,967 | ) | 213,664 | (2,645,303 | ) |
(3,177,461 | ) | 160,930 | (3,016,531 | ) |
Total | (2,221,325 | ) | 527,081 | (1,694,244 | ) |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Moor Park Home Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the General Information page, |
The presentational currency of the financial statements is the Pound Sterling (£) and rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company, Moor Park Home Holdings LImited, together with the entity controlled by the parent company (its subsidiary). |
The financial statements for all members of the group have been made up to 31 January 2024. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
The subsidiary has been consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the supply of care services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of payables due within one year. |
Goodwill |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. | 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: |
2024 | 2023 |
£ | £ |
Rendering of services | 6,517,463 | 5,349,090 |
6,517,463 | 5,349,090 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,885,074 | 2,531,239 |
Social security costs | 221,925 | 185,695 |
Other pension costs | 49,313 | 42,054 |
3,156,312 | 2,758,988 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 4 | 4 |
Management | 4 | 4 |
Staff | 169 | 139 |
The average number of employees by undertakings that were proportionately consolidated during the year was 149 (2023 - 143 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | - | - |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Agency staff | 1,095,686 | 873,994 |
Depreciation - owned assets | 83,038 | 82,192 |
Auditors' remuneration | 9,600 | 9,600 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 210,297 | 119,876 |
Other interest paid | 7,267 | 6,296 |
217,564 | 126,172 |
7. | 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 | 234,893 | 161,540 |
Deferred tax | 67,185 | (21,864 | ) |
Tax on profit | 302,078 | 139,676 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | 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: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,001,927 | 833,572 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.030 % (2023 - 19 %) |
240,763 |
158,379 |
Effects of: |
Expenses not deductible for tax purposes | 2,811 | 116 |
Capital allowances in excess of depreciation | (8,681 | ) | - |
Depreciation in excess of capital allowances | - | 3,045 |
Accelerated/(decelerated) capital allowances | 67,185 | (21,864 | ) |
Total tax charge | 302,078 | 139,676 |
The tax rate applicable for the year ended 31 January 2024 has increased following the change in the main rate of corporation tax from 19% to 25% on 01 April 2023. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Dividends | 170,000 | - |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 79,851 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 | 79,851 |
NET BOOK VALUE |
At 31 January 2024 | - |
At 31 January 2023 | - |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 February 2023 | 4,278,050 | 1,298 | 399,303 |
Additions | 114,241 | 2,046 | 14,249 |
At 31 January 2024 | 4,392,291 | 3,344 | 413,552 |
DEPRECIATION |
At 1 February 2023 | 504,984 | 271 | 309,131 |
Charge for year | 54,666 | 367 | 24,039 |
At 31 January 2024 | 559,650 | 638 | 333,170 |
NET BOOK VALUE |
At 31 January 2024 | 3,832,641 | 2,706 | 80,382 |
At 31 January 2023 | 3,773,066 | 1,027 | 90,172 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 | 30,492 | 34,585 | 4,743,728 |
Additions | - | 2,103 | 132,639 |
At 31 January 2024 | 30,492 | 36,688 | 4,876,367 |
DEPRECIATION |
At 1 February 2023 | 24,784 | 31,337 | 870,507 |
Charge for year | 1,427 | 2,539 | 83,038 |
At 31 January 2024 | 26,211 | 33,876 | 953,545 |
NET BOOK VALUE |
At 31 January 2024 | 4,281 | 2,812 | 3,922,822 |
At 31 January 2023 | 5,708 | 3,248 | 3,873,221 |
Freehold land and buildings with a carrying value of £3,832,641 (2023: £3,773,066) have been pledged to secure the borrowings of the group. |
Included within freehold land and buildings is non-depreciable land of £1,951,302 (2023: £1,951,302). |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Moor Park House, 81-83 Garstang Road, Preston, Lancashire, PR1 1LD |
Nature of business: |
% |
Class of shares: | holding |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 5,000 | 5,000 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 520,925 | 207,731 |
Other debtors | 4,025 | 17,601 |
Prepayments | 539,810 | 520,091 |
1,064,760 | 745,423 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 371,228 | 318,494 |
Trade creditors | 160,721 | 191,429 |
Amounts owed to group undertakings | - | - |
Tax | 234,893 | 161,540 |
Social security and other taxes | - | 36,499 |
Other creditors | 321,873 | 101,070 |
Accrued expenses | 279,687 | 207,651 |
1,368,402 | 1,016,683 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | 2,645,303 | 2,858,967 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 371,228 | 318,494 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 2,645,303 | 2,858,967 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 3,016,531 | 3,177,461 |
Lloyds Bank plc holds a mortgage and debenture over the assets of the group. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 151,650 | 84,465 |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2023 | 84,465 |
Provided during year | 67,185 |
Balance at 31 January 2024 | 151,650 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 February 2023 | 1,619,565 |
Profit for the year | 699,849 |
Dividends | (170,000 | ) |
At 31 January 2024 | 2,149,414 |
Company |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
22. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from the group in an independently administered fund. |
The charge to the Income Statement in respect of pension contributions was £49,313 (2023: £42,054). |
At the balance sheet date, £28,842 (2023: £614) was outstanding as is included in other creditors. |
23. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £170,000 were paid to the directors . |
Moor Park Home Holdings Limited (Registered number: 06243029) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
24. | ULTIMATE CONTROLLING PARTY |
No ultimate controlling party is deemed to exist, as the shares are held in equal proportions by the members. |