Company Registration No. 10410616 (England and Wales)
Affordable Housing and Healthcare Group Limited
Annual report and
group financial statements
for the year ended 31 January 2024
Affordable Housing and Healthcare Group Limited
Company information
Directors
Julian Shaffer
David Hines
Stanley Fink
Loretta Leberknight
Secretary
Claire-Marie McKenna
Company number
10410616
Registered office
Third Floor, Tringham House
Deansleigh Road
Bournemouth
England
BH7 7DT
Independent auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Affordable Housing and Healthcare Group Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 42
Affordable Housing and Healthcare Group Limited
Strategic report
For the year ended 31 January 2024
1

The Directors present the strategic report for the year ended 31 January 2024.

Principal activity

Affordable Housing and Healthcare Group Limited (AHH) is a developer, constructor and operator of affordable shared ownership housing. AHH's mission is to address the UK's affordable housing crisis by offering innovative solutions that meet the needs of homeowners and institutional investors. Our model is built around two core objectives:

 

 

We believe that solving the housing crisis requires the delivery of shared ownership at scale across the country.

Through our wholly owned Registered Provider of Social Housing, we partner with local authorities to fulfil their affordable housing mandates. Our Platinum Skies brand offers affordable, high-quality retirement living, complete with lifestyle support, providing superior homes for the elderly.

 

By making quality homes and healthy communities more accessible, AHH is helping to reduce the growing demand for state-funded health and social care.

 

Business review

The directors report a consolidated EBITDA of (£2,519,574) and statutory net assets of £3,539,904 for the financial year ended 31 January 2024.

 

Several factors contributed to the company’s performance falling short of previous forecasts. Two key challenges were:

 

In response, the group took decisive action. In July 2024, AHH sold 99% of its subsidiary, Platinum Skies Holdings Ltd, for £44.8 million to Pasture Housing Limited, a joint venture with Meadow Partners. This sale allowed the group to fully repay its outstanding bank debt, strengthening its financial position.

 

Additionally, AHH used the 2024 financial year, and continues into 2025, to streamline its operations and enhance management capacity. As part of this process, the decision to outsource key operational services took effect in January 2024. This strategic move has provided both the group and its homeowners with access to economies of scale and enhanced industry expertise. The restructuring, alongside other management actions, also resulted in a significant reduction of internal headcount, from 148 employees to 40 by September 2024.

 

Market Opportunity

AHH is actively addressing the UK’s housing crisis by tackling the undersupply of new, high-quality homes and offering affordable ownership options that align with both public aspirations and government goals. At the same time, AHH’s developments meet investor demand for secure, inflation-linked income derived from social infrastructure.

 

In the near term, in partnership with Meadow Partners, AHH has secured a pipeline to deliver an additional 400 shared ownership homes. Over the next five years, the group plans to increase its delivery rate to approximately 500 new shared ownership homes annually, supporting its mission to provide affordable, sustainable housing at scale.

 

 

 

 

Affordable Housing and Healthcare Group Limited
Strategic report (continued)
For the year ended 31 January 2024
2
Key performance indicators

In addition to the adjusted net asset measure referred to above, the directors also use the following key performance indicators:

 

Other performance indicators

 

The directors remain satisfied with the business performance against these metrics.

Principal Risks and uncertainties
The principal risks and uncertainties and how they are mitigated are noted below:
Health and Safety
We are committed to ensuring full compliance with statutory health, safety, and building safety obligations for both existing and newly built properties. In addition, we take seriously our broader responsibilities, including fulfilling our legal duty of care to all staff, contractors, and outsourced service providers. Our approach is supported by robust health and safety policies, overseen by an experienced, designated 'responsible' person. We conduct regular health and safety audits and fire risk assessments, and we are proactive in addressing any issues identified through these processes to ensure the highest safety standards.
Regulation and legislation
Compliance with regulatory and statutory requirements The group has a skilled Board and senior staff with regulated sector knowledge. We have retained advisors with sector specific skills to advise on operational requirements to ensure compliance. An assurance framework is in place to ensure that regulatory standards are understood and met which includes compliance with all key legislation. A robust Board training programme in place to ensure that it is fully briefed on regulatory matters.
Regulatory compliance
The group is committed to compliance with all regulatory and statutory requirements. Our Board and senior staff are highly skilled, with in-depth knowledge of the regulated sector. We also work closely with retained advisors who bring sector-specific expertise to guide our operational practices and ensure full compliance. An assurance framework is in place to ensure regulatory standards are consistently understood and met, including adherence to all key legislation. Additionally, a robust Board training programme ensures that directors are fully briefed on current and emerging regulatory matters.
Liquidity and funding
The inability to access financing options and maintain adequate security could significantly impact the group's ability to fund development and growth. In July 2024, the group addressed this risk by selling 99% of its subsidiary, Platinum Skies Holdings Limited, to Pasture Housing Limited for £44.8 million. This transaction allowed for the full repayment of all outstanding debt owed to OakNorth Bank plc.
Diversification
The successful delivery of new tenures that meet the expectations of stakeholders, partners, investors, and customers is a key priority for AHH. Our shared ownership strategy focuses on working collaboratively with local authorities in a measured, low-volume approach. Currently, the group is partnering with a local authority on a large, multi-tenure project, which significantly mitigates the risks associated with planning, construction, and sales. AHH remains committed to building homes to nationally recognised standards, including HAPPI, Lifetime Homes, and Decent Homes, ensuring quality and longevity in our developments.
Affordable Housing and Healthcare Group Limited
Strategic report (continued)
For the year ended 31 January 2024
3
Stock quality and decarbonisation
To ensure housing stock is delivered and maintained to a high standard, AHH is committed to proactive management and swift response when issues arise. All AHH properties are less than eight years old and covered by guarantees or warranties. Comprehensive asset life cycle plans and sinking funds are in place across the portfolio to ensure long-term maintenance. Additionally, all new developments are designed to be carbon-neutral ready, aligning with future sustainability goals.

On behalf of the board

Julian Shaffer
Director
31 October 2024
Affordable Housing and Healthcare Group Limited
Directors' report
For the year ended 31 January 2024
4

The directors present their annual report and financial statements for the year ended 31 January 2024.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid in the year (2023: £nil). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Julian Shaffer
David Hines
Stanley Fink
Loretta Leberknight
Financial instruments

In addition to the risks identified in the Strategic report, the group's activities expose it to a number of financial risks including liquidity and credit risks. Details of these and how the group mitigates these risks are set out below.

 

Liquidity risk

Liquidity risk arises from the group's management of working capital and the finance charges on its debt instruments. It is the risk that the company will encounter difficulty in meeting its financial obligations when they fall due. The board receives regular cash flow projections as well as information regarding cash balances. The group sold 99% of Platinum Skies Holdings Limited to Pasture Housing Limited for £44.8 million which enabled the full repayment of all debt owed to Oak North Bank plc.

 

Credit risk

The group is dependent on a relatively small number of customers as transactions primarily relate to property sales. As such there is concentration of credit risk which could materially and adversely affect the group's financial results. The credit worthiness of the customers is continually monitored by management.

 

Future developments

Information on the future developments in the business of the Group has been included in the Strategic Report.

 

Auditor

In accordance with the company's articles, a resolution proposing that Saffery LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Affordable Housing and Healthcare Group Limited
Directors' report (continued)
For the year ended 31 January 2024
5
On behalf of the board
Julian Shaffer
Director
31 October 2024
Affordable Housing and Healthcare Group Limited
Directors' responsibilities statement
For the year ended 31 January 2024
6

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Affordable Housing and Healthcare Group Limited
Independent auditor's report
To the members of Affordable Housing and Healthcare Group Limited
7
Opinion

We have audited the financial statements of Affordable Housing and Healthcare Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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 FRS 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:

 

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 included in the annual report other than the financial statements and our auditor's report 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.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Affordable Housing and Healthcare Group Limited
Independent auditor's report (continued)
To the members of Affordable Housing and Healthcare Group Limited
8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the group and parent company operate.

Affordable Housing and Healthcare Group Limited
Independent auditor's report (continued)
To the members of Affordable Housing and Healthcare Group Limited
9

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, the Housing and Regeneration Act 2008 and UK Tax legislation. Additional frameworks applicable include the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and Accounting Direction for Private Registered Providers of Social Housing.

 

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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 resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Jamie Lane (Senior Statutory Auditor)
For and on behalf of Saffery LLP
31 October 2024
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Affordable Housing and Healthcare Group Limited
Group statement of comprehensive income
For the year ended 31 January 2024
10
2024
2023
as restated
Notes
£
£
Turnover
3
11,489,415
35,911,760
Cost of sales
(17,679,849)
(42,991,298)
Gross loss
(6,190,434)
(7,079,538)
Administrative expenses
(19,407,912)
(24,451,417)
Other operating income
11,218,364
11,507,075
Operating loss
4
(14,379,982)
(20,023,880)
Interest receivable and similar income
8
1,543
2,102
Interest payable and similar expenses
9
(10,089,795)
(8,017,123)
Other gains and losses
10
7,379,207
8,929,843
Loss before taxation
(17,089,027)
(19,109,058)
Tax on loss
11
-
0
1,264,417
Loss for the financial year
26
(17,089,027)
(17,844,641)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Affordable Housing and Healthcare Group Limited
Group statement of financial position
As at 31 January 2024
31 January 2024
11
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
13
267,180
267,180
Negative goodwill
13
(474,778)
(896,708)
Net goodwill
(207,598)
(629,528)
Tangible assets
14
100,595,264
93,344,591
100,387,666
92,715,063
Current assets
Stocks
17
32,374,571
44,014,246
Debtors falling due after more than one year
18
-
2,091,000
Debtors falling due within one year
18
21,233,634
18,033,865
Cash at bank and in hand
5,322,449
14,095,961
58,930,654
78,235,072
Creditors: amounts falling due within one year
19
(54,837,744)
(55,358,491)
Net current assets
4,092,910
22,876,581
Total assets less current liabilities
104,480,576
115,591,644
Creditors: amounts falling due after more than one year
20
(100,940,672)
(94,962,713)
Net assets
3,539,904
20,628,931
Capital and reserves
Called up share capital
25
35,000,100
35,000,100
Other reserves
26
811,649
531,892
Profit and loss reserves
26
(32,271,845)
(14,903,061)
Total equity
3,539,904
20,628,931
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
Julian Shaffer
Director
Company registration number 10410616 (England and Wales)
Affordable Housing and Healthcare Group Limited
Company statement of financial position
As at 31 January 2024
31 January 2024
12
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
14
341,913
266,163
Investments
15
305
305
342,218
266,468
Current assets
Debtors
18
79,237,355
71,813,104
Cash at bank and in hand
3,950,944
9,753,854
83,188,299
81,566,958
Creditors: amounts falling due within one year
19
(62,689,451)
(72,906,275)
Net current assets
20,498,848
8,660,683
Total assets less current liabilities
20,841,066
8,927,151
Creditors: amounts falling due after more than one year
20
(36,226,225)
(11,373,281)
Net liabilities
(15,385,159)
(2,446,130)
Capital and reserves
Called up share capital
25
35,000,100
35,000,100
Profit and loss reserves
26
(50,385,259)
(37,446,230)
Total equity
(15,385,159)
(2,446,130)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £12,939,029 (2023 - £19,236,077 loss).

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
Julian Shaffer
Director
Company registration number 10410616 (England and Wales)
Affordable Housing and Healthcare Group Limited
Group statement of changes in equity
For the year ended 31 January 2024
13
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 January 2023:
Balance at 1 February 2022
35,000,100
181,875
3,288,114
38,470,089
Year ended 31 January 2023:
Loss and total comprehensive income
-
-
(17,844,641)
(17,844,641)
Transfers
-
350,017
(346,534)
3,483
Balance at 31 January 2023
35,000,100
531,892
(14,903,061)
20,628,931
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
(17,089,027)
(17,089,027)
Transfers
-
279,757
(279,757)
-
Balance at 31 January 2024
35,000,100
811,649
(32,271,845)
3,539,904
Affordable Housing and Healthcare Group Limited
Company statement of changes in equity
For the year ended 31 January 2024
14
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 January 2023:
Balance at 1 February 2022
35,000,100
(18,210,152)
16,789,948
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
(19,236,078)
(19,236,078)
Balance at 31 January 2023
35,000,100
(37,446,230)
(2,446,130)
Year ended 31 January 2024:
Profit and total comprehensive income
-
(12,939,029)
(12,939,029)
Balance at 31 January 2024
35,000,100
(50,385,259)
(15,385,159)
Affordable Housing and Healthcare Group Limited
Group statement of cash flows
For the year ended 31 January 2024
15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
8,002,557
25,359,699
Income taxes refunded
-
785,767
Net cash inflow from operating activities
8,002,557
26,145,466
Investing activities
Purchase of tangible fixed assets
(4,888,142)
(14,120,647)
Proceeds from disposal of tangible fixed assets
17,254
499
Loans made to other entities
-
2,290,150
Interest received
1,543
2,102
Net cash used in investing activities
(4,869,345)
(11,827,896)
Financing activities
Repayment of borrowings
(11,755,844)
(4,126,822)
Proceeds of new loans
9,938,915
3,895,414
Interest paid
(10,089,795)
(8,017,123)
Net cash used in financing activities
(11,906,724)
(8,248,531)
Net (decrease)/increase in cash and cash equivalents
(8,773,512)
6,069,039
Cash and cash equivalents at beginning of year
14,095,961
8,026,922
Cash and cash equivalents at end of year
5,322,449
14,095,961
Affordable Housing and Healthcare Group Limited
Notes to the financial statements
For the year ended 31 January 2024
16
1
Accounting policies
Company information

Affordable Housing and Healthcare Group Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, Tringham House, Deansleigh Road, Bournemouth, England, BH7 7DT.

 

The group consists of Affordable Housing and Healthcare Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value.

The company has taken advantage of the exemption allowed under section 408 of the Companies act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

 

The consolidated financial statements of the group are consolidated in the financial statements of Quantum Group Holdings Limited, the ultimate parent company. These consolidated financial statements are available from its registered office: Third Floor, Tringham House, Deansleigh Road, Bournemouth, BH7 7DT.

 

The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
17

The consolidated group financial statements consist of the financial statements of the parent company Affordable Housing and Healthcare Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

On 11th July 2024 99% of Platinum Skies Holdings Limited was sold to Pasture Housing Limited for £44,779,910. Part of this consideration was used to repay OakNorth bank loan facilities in full. In addition, AHH has entered a Joint Venture arrangement for future developments.

 

Taking the above into consideration, the directors believe the company has enough funds available to continue as a going concern and have confirmed the company and the group have sufficient funds to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
18
1.4
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Below is a summary of the specific recognition criteria relevant to the Group's sources of revenue.

 

Turnover

 

The Group's turnover comprises income earned from:

 

 

Sale of properties can take place either as a direct sale of the Group or on an agency basis.

A direct sale is regarded as one where the Group has the ability to determine price and is exposed to other factors including, but not limited to inventory and credit risk. Where direct sales arise, the Group recognises the full value of the sale on exchange as this is the point where the group has transferred the significant risks and rewards of ownership to the buyer.

 

An agency sale arises where the Group is acting on behalf of another party and the Group does not have the commercial development and credit risk. Where such sales arise the gross sales value and associated cost of sale are excluded from the financial statements. The commission or other sales incentive earned from facilitating the sale is recognised when the sale of the underlying property is regarded as unconditional and the Group has fulfilled its agency obligations and has thus earned the right to its commission.

 

Other operating income

 

Other operating income relates to ancillary income earned from the Group's activities and includes service charge income, rental income and grant income.

 

Rent and service charge income are recognised as earned under the terms of the underlying agreement.

 

Grant income is recognised as the awarding criteria are met.

 

1.5
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

 

Negative goodwill represents excess over cost of acquirer's interest in the net fair value of acquiree's net assets. Subsequent to initial recognition the amount is released in the profit and loss in the periods in which the non-monetary assets are recovered. In preparing these financial statements management expect the non-monetary assets to be recovered over periods between one and five years. This assessment is re-appraised each year and negative goodwill is amortised in accordance with that assessment.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
19
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land is not depreciated. For other assets, depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Housing Properties
Between 2% and 20% straight line
Leasehold land and buildings
20% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
20
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
21
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
22
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
23
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Government grants

Government grants include grants receivable from Homes England (HE) for the provision of affordable housing. A grant which does not impose specific future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specific future performance related obligations on the Group or one of its subsidiaries is only recognised when those conditions are met. A grant received before those performance criteria are satisfied are recognised as a liability.

 

Grants due from government organisations or received in advance are included in on the balance sheet within current liabilities. Where performance criteria for grants received extent over a period in excess of one year at the balance sheet date, the relevant proportion of the grant is shown in long term liabilities.

 

By agreement with HE, grants received for the provision of affordable housing are subordinated to development financing loans. Government grants are repayable when the property for which the grant was received is no longer classed as affordable housing.

 

If there is no requirement to repay the grant, any unamortised grant remaining within creditors is released and recognised as income in the statement of comprehensive income.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
24
1.19

Finance costs

Finance costs are charged to the consolidated statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 

Where eligible, finance costs directly attributable to the construction of tangible fixed assets, stock and work in progress are capitalised within those balance sheet categories.

1.20

Housing properties

Housing properties are properties held for the provision of social housing or to otherwise provide social benefit.

 

Completed housing and share ownership properties are stated at fair value at the date of valuation less subsequent accumulated depreciation and accumulated impairment losses. Fair value of the asset is based on anticipated discounted cash flows generated by the asset. This takes into account the regulated nature of the future expected rent reviews. Revaluations are made with sufficient regularity to ensure the carrying amount does not materially differ from the fair value of the properties as at the year end. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.21

Sale and leaseback

Where the group enters into a sale and leaseback transaction, consideration is given to the substance of the transaction. The group applies various 'tests' when considering whether to derecognise an asset, or whether the transaction should be treated as a financing transaction. These 'tests' include: the duration of the lease, whether ownership options exist at the end of the lease, the risks and rewards which exist which may indicate ownership.

 

Where the asset remains on the balance sheet, it will be accounted for according to FRS 102, with a liability being recognised for the fair value of future lease payments, discounted at the rate implicit within the lease.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

- The carrying value of freehold land and buildings

 

- The useful economic life of goodwill and the period over which to write off negative goodwill

 

- The carrying value of work in progress

 

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
25
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Property Sales
11,465,500
35,470,390
Design and construction fees
23,915
441,370
11,489,415
35,911,760
2024
2023
£
£
Other revenue
Interest income
1,543
2,102
Grants received
1,077,540
5,587,669
Rent and similar income
2,869,319
3,225,592
Other income including management fees
7,271,504
2,693,814
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
580
-
Government grants
(1,077,540)
(5,587,669)
Depreciation of owned tangible fixed assets
4,900,045
3,938,690
Impairment of owned tangible fixed assets
79,954
-
Loss/(profit) on disposal of tangible fixed assets
19,355
(105)
Amortisation of intangible assets
(421,930)
119,009
Operating lease charges
231,659
179,556
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,750
22,550
Audit of the financial statements of the company's subsidiaries
107,434
102,250
128,184
124,800
For other services
Taxation compliance services
26,245
27,050
All other non-audit services
33,625
34,425
59,870
61,475
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
26
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
2
2
2
Administration and Operations
64
74
64
74
Other
52
72
52
72
Total
118
148
118
148

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,212,638
9,360,128
6,212,638
9,360,128
Social security costs
750,855
1,299,844
750,855
1,299,844
Pension costs
95,139
114,767
95,139
114,767
7,058,632
10,774,739
7,058,632
10,774,739

During the period staff cost directly attributable to the development of tangible fixed assets, stock and work in progress of £nil (2023: £1,770,950) have been capitalised within those balances.

 

The total remuneration of £nil (2023: £11.2m) includes £nil (2023: £0.45m) of retention bonuses paid to staff during the period and includes a provision for restructuring costs of £nil (2023: £0.8m).

7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
300,000
650,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
187,500
500,000
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
27
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,543
2,102
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
2,415,233
1,817,700
Bank and other interest
7,674,562
6,199,423
Total finance costs
10,089,795
8,017,123
10
Other gains and losses
2024
2023
£
£
Changes in the fair value of properties
7,379,207
8,929,843
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
28
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
303,166
Adjustments in respect of prior periods
-
0
(1,567,583)
Total current tax
-
0
(1,264,417)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(17,089,027)
(19,109,058)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
(4,101,366)
(3,630,721)
Tax effect of expenses that are not deductible in determining taxable profit
3,180,603
2,840,494
Unutilised tax losses carried forward
(9,678)
(159)
Adjustments in respect of prior years
-
0
(1,840,304)
Permanent capital allowances in excess of depreciation
-
(13,746)
Depreciation on assets not qualifying for tax allowances
1,060,449
1,092,625
Amortisation on assets not qualifying for tax allowances
-
0
22,612
Effect of revaluations of investments
(1,150,404)
(725,848)
Other non-reversing timing differences
-
0
(9,095)
Adjustments in respect of debt provisions
1,019,797
999,725
Other adjustments
599
-
0
Taxation charge/(credit)
-
(1,264,417)
Tax losses of £361k have been carried forward.
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
14
79,954
-
Recognised in:
Administrative expenses
79,954
-
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
12
Impairments (continued)
29

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
3,591,409
(3,340,105)
251,304
Amortisation and impairment
At 1 February 2023
3,324,229
(2,443,397)
880,832
Amortisation charged for the year
-
0
(421,930)
(421,930)
At 31 January 2024
3,324,229
(2,865,327)
458,902
Carrying amount
At 31 January 2024
267,180
(474,778)
(207,598)
At 31 January 2023
267,180
(896,708)
(629,528)
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
30
14
Tangible fixed assets
Group
Housing Properties
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2023
93,073,418
-
0
471,239
45,984
93,590,641
Additions
4,673,143
189,331
25,668
-
0
4,888,142
Disposals
-
0
(19,355)
(37,844)
(22,058)
(79,257)
Revaluation
2,506,789
-
0
-
0
-
0
2,506,789
At 31 January 2024
100,253,350
169,976
459,063
23,926
100,906,315
Depreciation and impairment
At 1 February 2023
-
0
-
0
219,245
26,805
246,050
Depreciation charged in the year
4,792,396
17,103
85,992
4,554
4,900,045
Impairment losses
79,954
-
0
-
0
-
0
79,954
Eliminated in respect of disposals
-
0
-
0
(29,487)
(13,161)
(42,648)
Revaluation
(4,872,350)
-
0
-
0
-
0
(4,872,350)
At 31 January 2024
-
0
17,103
275,750
18,198
311,051
Carrying amount
At 31 January 2024
100,253,350
152,873
183,313
5,728
100,595,264
At 31 January 2023
93,073,418
-
0
251,994
19,179
93,344,591
Company
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2023
-
0
451,733
45,984
497,717
Additions
189,331
24,563
-
0
213,894
Disposals
(19,355)
(17,233)
(22,058)
(58,646)
At 31 January 2024
169,976
459,063
23,926
652,965
Depreciation and impairment
At 1 February 2023
-
0
204,749
26,805
231,554
Depreciation charged in the year
17,103
82,375
4,554
104,032
Eliminated in respect of disposals
-
0
(11,373)
(13,161)
(24,534)
At 31 January 2024
17,103
275,751
18,198
311,052
Carrying amount
At 31 January 2024
152,873
183,312
5,728
341,913
At 31 January 2023
-
0
246,984
19,179
266,163
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
14
Tangible fixed assets (continued)
31

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts:

Group
Company
2024
2023
2024
2023
£
£
£
£
Housing properties
64,980,250
65,002,750
-
-

More information on impairment movements in the year is given in note 12.

Interest costs of £nil (2023: £1,094,910) were capitalised within land and buildings during the period.

Included within land and buildings above are shared ownership housing properties with a value of £100,253,350 (2023: £93,073,418) which are held by the Group's subsidiary, Affordable Housing Communities Limited, a 'for profit' registered housing provider. These properties were revalued at 31 January 2024 by the directors by reference to sales prices achieved on unit sales to third parties and independent valuations undertaken by Savills (UK) Limited between December 2022 and December 2023.

Completed shared ownership housing properties with a carrying amount of £100,253,350 were revalued at the reporting date by the directors by reference to sales prices achieved on unit sales to 3rd parties and independent valuations undertaken by Savills (UK) Limited between December 2022 and December 2023.

If previously revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Group
Cost
71,185,844
63,926,844
Accumulated depreciation
(8,634,425)
(3,842,029)
Carrying value
62,551,419
60,084,815
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
305
305
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
15
Fixed asset investments (continued)
32
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
305
Carrying amount
At 31 January 2024
305
At 31 January 2023
305
16
Subsidiaries

Details of the group's subsidiaries at 31 January 2024 are as follows:

The entities listed below have the same registered office as the parent undertaking.
Name of undertaking
Nature of business
Class of
% Held
shares held
Platinum Skies Holdings Ltd
Holding company
Ordinary
100.00
Platinum Skies Management Ltd
Property management
Ordinary
100.00
Affordable Housing Communities Limited
Registered provider
Ordinary
100.00
Platinum Skies Chapters (Salisbury) Limited
Developer
Ordinary
100.00
Platinum Skies Chapters LLP
Developer
Members equity
100.00
Platinum Skies Esprit LLP
Developer
Members equity
100.00
Platinum Skies Quantock House LLP
Developer
Members equity
100.00
Quantum Sherborne LLP
Developer
Members equity
100.00
Encore Surrey LLP
Developer
Members equity
99.00
Encore Reading Ltd
Developer
Ordinary
100.00
Mount Road Care Home LLP
Care home
Members equity
100.00
Affordable Housing and Healthcare Investment Management Limited
Infrastructure investment
Ordinary
100.00
Community Partners Not For Profit Ltd
Provider of registered social housing
Ordinary
100.00
Affordable Care Club Ltd
Social care
Ordinary
100.00
Quantum Homes Limited
Key worker housing provider
Ordinary
100.00
Affordable Estates Agents Limited
Estate agents
Ordinary
100.00
Platinum Skies Crawley Limited
Developer
Ordinary
100.00
Affordable Retirement Communities Limited
Dormant
Ordinary
100.00
Platinum Skies Lyngford House LLP
Developer
Members equity
100.00
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
16
Subsidiaries (continued)
33

On 11 July 2024, the company sold its interests in the following entities to Pasture Housing Limited for £44,779,910:

 

 

17
Stocks
Group
2023
Company
2024
as restated
2024
2023
£
£
£
£
Work in progress and part-exchange properties
32,374,571
44,014,246
-
-

Borrowing costs of £135,072 (2023: £71,500) have been allocated to stock during the period.

18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
460,572
1,201,981
81,275
25,446
Corporation tax recoverable
-
0
91,402
279,042
279,042
Amounts owed by group undertakings
-
-
73,795,713
66,207,412
Other debtors
20,054,672
15,632,207
2,466,622
2,642,875
Prepayments and accrued income
718,390
1,108,275
2,614,703
2,658,329
21,233,634
18,033,865
79,237,355
71,813,104
Amounts falling due after more than one year:
Other debtors
-
0
2,091,000
-
0
-
0
Total debtors
21,233,634
20,124,865
79,237,355
71,813,104
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
34
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
31,674,052
43,429,896
-
0
23,400,399
Obligations under finance leases
22
99,220
264,547
-
0
-
0
Other borrowings
21
5,380,891
-
0
4,188,509
-
0
Trade creditors
849,893
1,455,019
435,096
443,126
Amounts owed to group undertakings
-
0
-
0
48,848,030
39,076,255
Other taxation and social security
261,311
707,997
214,371
648,064
Government grants
23
1,204,000
2,308,000
-
0
-
0
Other creditors
10,099,631
2,145,687
6,273,380
5,442,903
Accruals and deferred income
5,268,746
5,047,345
2,730,065
3,895,528
54,837,744
55,358,491
62,689,451
72,906,275
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
22
64,714,447
64,675,403
-
0
-
0
Other borrowings
21
36,226,225
30,287,310
36,226,225
11,373,281
100,940,672
94,962,713
36,226,225
11,373,281

The bank loans are secured by fixed and floating charges over various of the groups assets.

 

The bank loan bears interest at 6% plus SONIA and is due for repayment in November 2023 and is secured on the group's assets.

 

On 11 July 2024, the bank loans were settled in full upon sale of Platinum Skies Holdings Limited to Pasture Housing Limited. As part of this transaction all debt due to OakNorth Bank Plc were settled in full.

 

The other borrowings terms are disclosed in note 21.

 

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
35
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
31,674,052
43,429,896
-
0
23,400,399
Other borrowings
36,226,225
30,287,310
36,226,225
11,373,281
Other loans
5,380,891
-
0
4,188,509
-
0
73,281,168
73,717,206
40,414,734
34,773,680
Payable within one year
37,054,943
43,429,896
4,188,509
23,400,399
Payable after one year
36,226,225
30,287,310
36,226,225
11,373,281

The bank loans are secured by fixed and floating charges over various of the group's assets.

 

The other borrowings are secured by fixed and floating charges over various of the group's assets and carries interest at 10.5% per annum.

 

The group is party to a group bank facility of which the company has utilised £nil (2023: £23,400,399). The group balance outstanding was £31,408,300 (2023: £43,429,896). A guarantee has been provided by the company for the full funding by way of a fixed and floating charge over its assets. This is due for repayment on 2 July 2024.

 

Under the Deed of Novation, Amendment and Restatement, the exiting borrower's loans have transferred each of their rights in respect of, and assumption by the new borrower of each of the liabilities and obligations of each exiting borrower under each of the existing loan agreements.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,119,682
2,093,678
-
0
-
0
In two to five years
8,478,728
8,478,728
-
0
-
0
In over five years
301,185,307
303,246,112
-
0
-
0
311,783,717
313,818,518
-
-
Less: future finance charges
(246,970,050)
(248,878,568)
-
0
-
0
64,813,667
64,939,950
-
0
-
0

In July 2021 the group entered into a sale and leaseback transaction with a third party, whereby the completed properties and the group's share in OPSO property would be sold and a lease entered into for a term of 150 years. At the end of the lease term the group can pay a peppercorn amount to re-purchase the properties. Given the risks and rewards afforded by the lease under the transaction, the directors have accounted for the transaction as a financing transaction, recognising the net present value of the future lease payments, discounted at the rate implicit within the lease.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
36
23
Government grants

Deferred government grant income is included in the financial statements as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
1,204,000
2,308,000
-
-
1,204,000
2,308,000
-
-
Current liabilities
1,204,000
2,308,000
-
0
-
0
1,204,000
2,308,000
-
-
Group
2024
2023
£
£
Social Housing assistance
Held as deferred income as at 1 February 2023
2,308,000
6,367,250
Social housing grant received or receivable in the year
-
1,528,419
Released in year
(1,104,000)
(5,587,669)
Held as deferred income as at 31 January 2024
1,204,000
2,308,000
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,139
114,767

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
Ordinary A shares of £1 each
35,000,000
35,000,000
35,000,000
35,000,000
35,010,000
35,010,000
35,000,100
35,000,100
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
25
Share capital (continued)
37

Ordinary A shares do not have voting rights, but rights to dividends.

 

Ordinary shares carry voting rights and rights to dividends.

 

26
Reserves
Other reserves

The other reserves represents transfers made to a sinking fund reserve by one of the subsidiaries.

Profit and loss account

This reserve represents the accumulated profits on distributable reserves.

 

27
Financial commitments, guarantees and contingent liabilities

On 31 May 2019 the Group acquired 100% of the members equity of Platinum Skies Vista LLP (Formerly Mount Road Care Homes LLP). The Group is not entitled to any of the profits of the business purchased, this being split between the exiting members and a related party. The financial statements have been adjusted for a contingent liability of £nil (2023: £nil) in respect of this to adjust the net assets of the subsidiary acquired at fair value.

 

A reservation of rights letter was received from Homes England on 4th April 2022, in respect of errors in lease agreements which were not in accordance with Homes England grant funding requirements.

 

The directors assessed the issue, took the necessary legal advice, and rectified the leases. £236k was paid to HE on 13 February 2024 in relation to this issue.

 

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
38
28
Operating lease commitments
Lessee

At 31 January 2024 the Group did not have any commitments under non-cancellable operating leases. The Group operates from premises under a licence to occupy and pays rent and associated charges to a related party details of which are shown in note 29. The license agreement has no fixed term and is reviewed annually.

Lessor

The operating leases represent Older Persons Shared ownership leases to third parties. The leases are negotiated over terms of 125 years. All leases include a provision for annual inflationary rent reviews.There are no options in place for either party to extend the lease terms.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
3,174,111
2,621,501
-
-
Between two and five years
12,696,446
10,486,003
-
-
In over five years
374,025,959
310,858,052
-
-
389,896,516
323,965,556
-
-
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
39
29
Related party transactions

The company has taken exemption from disclosing transactions with wholly owned subsidiaries.

 

Affordable Housing and Healthcare Group Secured Lending Limited (a related party by virtue of common directorships) repaid under a facility agreement with Group companies amounts totalling £10,388,398 (2023: £1,675,000). At the year end the loan balance outstanding totalled £34,983.325 (2023: £24,594,927). The contract rate of interest on the advance is 10.5% per annum. Total interest charged on the advances amounted to £2,977,557 (2023: £2,417,638). During the year loan amounts owed by group entities to Affordable Housing and Healthcare Group Secured Lending Limited were transferred in full to Affordable Housing and Healthcare Group Limited.

 

As at the year end a loan of £1,750,000 (2023: £1,750,000) was due from Affordable Housing and Healthcare Group Secured Lending LLP to one of the group entities.                            

 As at the year end the total amount owed to Quantum Group (Management) Limited (a related party by virtue of common control) from group entities was £747,500 (2023: £498,691).

 

A loan of £5,610,735 (2023: £2,345,000) was due from Encore Care Homes Ltd (a related party by virtue of common control). This balance has been fully provided as a bad debt by the group.

 

A loan of £1,468,426 (2023: £50,737) was due from Encore Care Homes Management Ltd (a related party by virtue of common control). This balance has been fully provided as a bad debt by the group.

 

As at year end a loan of £177,312 (2023: £nil) was due from The Park Gate Care Home LLP (a related party by virtue of common control). This balance has been fully provided as a bad debt by the group.

        

As at year end a loan of £199,789 (2023: £nil) was due from Christchurch Fairmile Village LLP (a related party by virtue of common control). This balance has been fully provided as a bad debt by the group.                        

A loan of £1,530,120 (2023: £1,530,120) was due from AHH SET Ltd (a related party by virtue of common control).

 

Included in trade debtors is an amount of £284,147 (2023: £128,702) due from Bournemouth Care LLP (a related party by virtue of common control) this balance has been fully provided as a bad debt by the group. During the year, expenses of £34,559 (2023: £98,758) were recharged from Bournemouth Care LLP to group entities. Expenses of £nil (2023: £nil) were recharged by group entities to Bournemouth Care LLP.

 

Included in trade debtors is an amount of £nil (2023: £439,160) due from Encore Care Homes Limited (a related party by virtue of common control) this balance has been fully provided as a bad debt by the group. During the year, expenses of £439,160 (2023: £132) were recharged by group entities to Encore Care Homes Limited.

 

Included in trade debtors is an amount of £551,693 (2023: £928,068) due from Encore Care Homes Management Limited (a related party by virtue of common control) this balance has been fully provided as a bad debt by the group. During the year, expenses of £448,815 (2023: £720,147) were recharged by group entities to Encore Care Homes Management Limited.

 

Included in trade debtors is an amount of £66,582 (2023: £136,917) due from Encore Oakdale Poole Ltd (a related party by virtue of common control) this balance has been fully provided as a bad debt by the group. During the year, expenses of £70,266 (2023: £131,360) were recharged by group entities to Encore Oakdale Poole Ltd.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
29
Related party transactions (continued)
40

Included in trade debtors is an amount of £89,267 (2023: £139,910) due from Christchurch Fairmile Village LLP (a related party by virtue of common control) this balance has been fully provided as a bad debt by the group. During the year, expenses of £50,643 (2023: £142,313) were recharged by group entities to Christchurch Fairmile Village LLP. Also during the year, expenses of £425,648 (2023: £nil) were recharged by Christchurch Fairmile Village LLP to group entities.

 

Included in trade debtors is an amount of £83,018 (2023: £133,588) due from The Park Gate Care Home LLP (a related party by virtue of common control) this balance has been fully provided as a bad debt by the group. During the year, expenses of £50,366 (2023: £133,093) were recharged by group entities to The Park Gate Care Home LLP.

 

Included in trade debtors is an amount of £1,974 (2023: £10,057) due from Quantum Swansea LLP (a related party by virtue of common control). During the year, expenses of £290,677 (2023: £9,335) were recharged by group entities to Quantum Swansea LLP.

 

Included in trade creditors is an amount of £nil (2023: £1,449) due to Quantum Group (Management) Limited (a related party by virtue of common control). During the year, expenses of £17,480 (2023: £8,261) were recharged by Quantum Group (Management) to group entities.

 

Included in trade creditors is an amount of £nil (2023: £11,942) due to Quantum Homes Holdings Ltd (a related party by virtue of common control). During the year, expenses of £35,825 (2023: £47,767) were recharged by Quantum Homes Holdings Ltd to group entities.

 

Included in debtors are amounts totalling to £9,780 (2023: £42,439) due to other entities (Related parties by virtue of common control).                            

 

30
Controlling party

The controlling party is Quantum Group Holdings Limited which holds a majority of the Founder shares and voting rights. Quantum Group Holdings Limited is under the control of Julian Shaffer.

31
Events after the reporting date

On 11th July 2024 99% of Platinum Skies Holdings Limited was sold to Pasture Housing Limited for £44,779,910. As part of this transaction all debt due to OakNorth Bank Plc (FY23: £31,519,503) was settled in full.

Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
41
32
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(17,089,027)
(17,844,641)
Adjustments for:
Taxation charged/(credited)
-
0
(1,264,417)
Finance costs
10,089,795
8,017,123
Investment income
(1,543)
(2,102)
Loss/(gain) on disposal of tangible fixed assets
19,355
(105)
Fair value gain on investment properties
(7,379,207)
(8,929,843)
Amortisation and impairment of intangible assets
(421,930)
119,009
Depreciation and impairment of tangible fixed assets
4,979,999
3,938,690
Grant amortisation
(1,104,000)
(5,587,669)
Movements in working capital:
Decrease in stocks
11,639,675
38,019,759
(Increase)/decrease in debtors
(1,108,769)
15,525,296
Increase/(decrease) in creditors
8,378,209
(6,631,401)
Cash generated from operations
8,002,557
25,359,699
33
Analysis of changes in net debt - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
14,095,961
(8,773,512)
5,322,449
Borrowings excluding overdrafts
(73,717,206)
436,038
(73,281,168)
Obligations under finance leases
(64,939,950)
126,283
(64,813,667)
(124,561,195)
(8,211,191)
(132,772,386)
Affordable Housing and Healthcare Group Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
42
34
Prior period adjustment

On acquisition of certain subsidiaries in previous periods, fair value uplift adjustments were made to the acquired work in progress balances. In each period, the fair value adjustment is recalculated based on the sale of the underlying development, releasing the fair value uplift to cost of sales on a systematic basis. An error was made in formulating this adjustment for the 31 January 2023 year end which has been adjusted for in the previous reporting period. There has been no impact on the company, or any of the underlying subsidiaries, with the adjustment impacting the consolidated result only.

 

Further details on the adjustment are set out below:

Reconciliation of changes in equity - group
1 February
31 January
2022
2023
£
£
Adjustments to prior year
Work in progress
-
(8,774,768)
Equity as previously reported
38,470,089
29,403,699
Equity as adjusted
38,470,089
20,628,931
Analysis of the effect upon equity
Profit and loss reserves
-
(8,774,768)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Cost of sales
(8,774,768)
Loss as previously reported
(9,069,873)
Loss as adjusted
(17,844,641)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(19,236,078)
Loss as adjusted
(19,236,078)
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityArlene KeenanJulian ShafferDavid HinesMichael AdamsAnthony  SpotswoodStanley FinkNigel PearsonLoretta LeberknightClaire-Marie 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