Tanglewood Shared Services Limited 09300482 false 2023-02-01 2024-01-31 2024-01-31 2024-01-31 The principal activity of the company is the provision of management services to the group. The principal activity of the group is the provision of residential nursing care facilities. Digita Accounts Production Advanced 6.30.9574.0 true true true true true false false false false false false false false false false false false false false false false false 09300482 2023-02-01 2024-01-31 09300482 2024-01-31 09300482 bus:Director1 bus:Consolidated 2024-01-31 09300482 bus:OrdinaryShareClass1 bus:Consolidated 2024-01-31 09300482 bus:OrdinaryShareClass2 bus:Consolidated 2024-01-31 09300482 bus:Consolidated 2024-01-31 09300482 1 2024-01-31 09300482 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 09300482 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-01-31 09300482 core:FurtherSpecificItem3DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-01-31 09300482 core:FurtherSpecificItem4DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-01-31 09300482 core:FurtherSpecificItem5DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-01-31 09300482 core:ProvisionsDeferredTax 2024-01-31 09300482 core:Non-controllingInterests bus:Consolidated 2024-01-31 09300482 core:RetainedEarningsAccumulatedLosses 2024-01-31 09300482 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-01-31 09300482 core:RevaluationReserve bus:Consolidated 2024-01-31 09300482 core:ShareCapital 2024-01-31 09300482 core:ShareCapital bus:Consolidated 2024-01-31 09300482 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-01-31 09300482 core:CurrentFinancialInstruments 2024-01-31 09300482 core:CurrentFinancialInstruments bus:Consolidated 2024-01-31 09300482 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09300482 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-01-31 09300482 core:Non-currentFinancialInstruments 2024-01-31 09300482 core:Non-currentFinancialInstruments bus:Consolidated 2024-01-31 09300482 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09300482 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-01-31 09300482 core:Goodwill bus:Consolidated 2024-01-31 09300482 core:BetweenTwoFiveYears bus:Consolidated 2024-01-31 09300482 core:MoreThanFiveYears bus:Consolidated 2024-01-31 09300482 core:WithinOneYear bus:Consolidated 2024-01-31 09300482 core:FurnitureFittingsToolsEquipment 2024-01-31 09300482 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-01-31 09300482 core:LandBuildings bus:Consolidated 2024-01-31 09300482 core:MotorVehicles bus:Consolidated 2024-01-31 09300482 bus:FRS102 bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:Audited bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:FullAccounts bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:RegisteredOffice bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:Director1 bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:Director2 2023-02-01 2024-01-31 09300482 bus:Director2 bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:OrdinaryShareClass1 bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:OrdinaryShareClass2 bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:Consolidated 1 2023-02-01 2024-01-31 09300482 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-02-01 2024-01-31 09300482 bus:ConsolidatedGroupCompanyAccounts 2023-02-01 2024-01-31 09300482 1 2023-02-01 2024-01-31 09300482 core:Non-controllingInterests bus:Consolidated 2023-02-01 2024-01-31 09300482 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 09300482 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-02-01 2024-01-31 09300482 core:RevaluationReserve bus:Consolidated 2023-02-01 2024-01-31 09300482 core:RevaluationReserve core:LandBuildings bus:Consolidated 2023-02-01 2024-01-31 09300482 core:ShareCapital 2023-02-01 2024-01-31 09300482 core:ShareCapital bus:Consolidated 2023-02-01 2024-01-31 09300482 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-02-01 2024-01-31 09300482 core:Goodwill bus:Consolidated 2023-02-01 2024-01-31 09300482 core:JointVenture1 2023-02-01 2024-01-31 09300482 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2023-02-01 2024-01-31 09300482 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2023-02-01 2024-01-31 09300482 core:FurnitureFittings bus:Consolidated 2023-02-01 2024-01-31 09300482 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 09300482 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-02-01 2024-01-31 09300482 core:LandBuildings bus:Consolidated 2023-02-01 2024-01-31 09300482 core:MotorVehicles bus:Consolidated 2023-02-01 2024-01-31 09300482 core:AllJointVentures 2023-02-01 2024-01-31 09300482 core:AllJointVentures bus:Consolidated 2023-02-01 2024-01-31 09300482 core:AllSubsidiaries 2023-02-01 2024-01-31 09300482 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-02-01 2024-01-31 09300482 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity bus:Consolidated 2023-02-01 2024-01-31 09300482 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl bus:Consolidated 2023-02-01 2024-01-31 09300482 core:Subsidiary1 2023-02-01 2024-01-31 09300482 core:Subsidiary1 1 2023-02-01 2024-01-31 09300482 core:Subsidiary10 2023-02-01 2024-01-31 09300482 core:Subsidiary10 1 2023-02-01 2024-01-31 09300482 core:Subsidiary11 2023-02-01 2024-01-31 09300482 core:Subsidiary11 1 2023-02-01 2024-01-31 09300482 core:Subsidiary12 2023-02-01 2024-01-31 09300482 core:Subsidiary12 1 2023-02-01 2024-01-31 09300482 core:Subsidiary13 2023-02-01 2024-01-31 09300482 core:Subsidiary13 1 2023-02-01 2024-01-31 09300482 core:Subsidiary14 2023-02-01 2024-01-31 09300482 core:Subsidiary14 1 2023-02-01 2024-01-31 09300482 core:Subsidiary15 2023-02-01 2024-01-31 09300482 core:Subsidiary15 1 2023-02-01 2024-01-31 09300482 core:Subsidiary2 2023-02-01 2024-01-31 09300482 core:Subsidiary2 1 2023-02-01 2024-01-31 09300482 core:Subsidiary3 2023-02-01 2024-01-31 09300482 core:Subsidiary3 1 2023-02-01 2024-01-31 09300482 core:Subsidiary4 2023-02-01 2024-01-31 09300482 core:Subsidiary4 1 2023-02-01 2024-01-31 09300482 core:Subsidiary5 2023-02-01 2024-01-31 09300482 core:Subsidiary5 1 2023-02-01 2024-01-31 09300482 core:Subsidiary6 2023-02-01 2024-01-31 09300482 core:Subsidiary6 1 2023-02-01 2024-01-31 09300482 core:Subsidiary7 2023-02-01 2024-01-31 09300482 core:Subsidiary7 1 2023-02-01 2024-01-31 09300482 core:Subsidiary8 2023-02-01 2024-01-31 09300482 core:Subsidiary8 1 2023-02-01 2024-01-31 09300482 core:Subsidiary9 2023-02-01 2024-01-31 09300482 core:Subsidiary9 1 2023-02-01 2024-01-31 09300482 core:UKTax bus:Consolidated 2023-02-01 2024-01-31 09300482 countries:EnglandWales bus:Consolidated 2023-02-01 2024-01-31 09300482 2023-01-31 09300482 bus:Consolidated 2023-01-31 09300482 core:Non-controllingInterests bus:Consolidated 2023-01-31 09300482 core:RetainedEarningsAccumulatedLosses 2023-01-31 09300482 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-31 09300482 core:RevaluationReserve bus:Consolidated 2023-01-31 09300482 core:ShareCapital 2023-01-31 09300482 core:ShareCapital bus:Consolidated 2023-01-31 09300482 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-01-31 09300482 core:Goodwill bus:Consolidated 2023-01-31 09300482 core:CostValuation 2023-01-31 09300482 core:FurnitureFittingsToolsEquipment 2023-01-31 09300482 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-01-31 09300482 core:LandBuildings bus:Consolidated 2023-01-31 09300482 core:MotorVehicles bus:Consolidated 2023-01-31 09300482 2022-02-01 2023-01-31 09300482 2023-01-31 09300482 bus:OrdinaryShareClass1 bus:Consolidated 2023-01-31 09300482 bus:OrdinaryShareClass2 bus:Consolidated 2023-01-31 09300482 bus:Consolidated 2023-01-31 09300482 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 09300482 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-01-31 09300482 core:AmortisationDeferredTax bus:Consolidated 2023-01-31 09300482 core:ConvertibleDebtEquity-componentDeferredTax bus:Consolidated 2023-01-31 09300482 core:ProvisionsDeferredTax 2023-01-31 09300482 core:Non-controllingInterests bus:Consolidated 2023-01-31 09300482 core:RetainedEarningsAccumulatedLosses 2023-01-31 09300482 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-31 09300482 core:RevaluationReserve bus:Consolidated 2023-01-31 09300482 core:ShareCapital 2023-01-31 09300482 core:ShareCapital bus:Consolidated 2023-01-31 09300482 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-01-31 09300482 core:CurrentFinancialInstruments 2023-01-31 09300482 core:CurrentFinancialInstruments bus:Consolidated 2023-01-31 09300482 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09300482 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-01-31 09300482 core:Non-currentFinancialInstruments 2023-01-31 09300482 core:Non-currentFinancialInstruments bus:Consolidated 2023-01-31 09300482 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09300482 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-01-31 09300482 core:Goodwill bus:Consolidated 2023-01-31 09300482 core:BetweenTwoFiveYears bus:Consolidated 2023-01-31 09300482 core:MoreThanFiveYears bus:Consolidated 2023-01-31 09300482 core:WithinOneYear bus:Consolidated 2023-01-31 09300482 core:FurnitureFittingsToolsEquipment 2023-01-31 09300482 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-01-31 09300482 core:LandBuildings bus:Consolidated 2023-01-31 09300482 core:MotorVehicles bus:Consolidated 2023-01-31 09300482 bus:Consolidated 2022-02-01 2023-01-31 09300482 bus:Consolidated 1 2022-02-01 2023-01-31 09300482 bus:Consolidated core:RestatedAmount 2022-02-01 2023-01-31 09300482 core:Non-controllingInterests bus:Consolidated 2022-02-01 2023-01-31 09300482 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 09300482 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-02-01 2023-01-31 09300482 core:RevaluationReserve bus:Consolidated 2022-02-01 2023-01-31 09300482 core:RevaluationReserve core:LandBuildings bus:Consolidated 2022-02-01 2023-01-31 09300482 core:ShareCapital 2022-02-01 2023-01-31 09300482 core:ShareCapital bus:Consolidated 2022-02-01 2023-01-31 09300482 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-02-01 2023-01-31 09300482 core:JointVenture1 2022-02-01 2023-01-31 09300482 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2022-02-01 2023-01-31 09300482 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2022-02-01 2023-01-31 09300482 core:Subsidiary1 1 2022-02-01 2023-01-31 09300482 core:Subsidiary10 1 2022-02-01 2023-01-31 09300482 core:Subsidiary11 1 2022-02-01 2023-01-31 09300482 core:Subsidiary12 1 2022-02-01 2023-01-31 09300482 core:Subsidiary13 1 2022-02-01 2023-01-31 09300482 core:Subsidiary14 1 2022-02-01 2023-01-31 09300482 core:Subsidiary15 1 2022-02-01 2023-01-31 09300482 core:Subsidiary2 1 2022-02-01 2023-01-31 09300482 core:Subsidiary3 1 2022-02-01 2023-01-31 09300482 core:Subsidiary4 1 2022-02-01 2023-01-31 09300482 core:Subsidiary5 1 2022-02-01 2023-01-31 09300482 core:Subsidiary6 1 2022-02-01 2023-01-31 09300482 core:Subsidiary7 1 2022-02-01 2023-01-31 09300482 core:Subsidiary8 1 2022-02-01 2023-01-31 09300482 core:Subsidiary9 1 2022-02-01 2023-01-31 09300482 core:UKTax bus:Consolidated 2022-02-01 2023-01-31 09300482 2022-01-31 09300482 bus:Consolidated 2022-01-31 09300482 core:Non-controllingInterests bus:Consolidated 2022-01-31 09300482 core:RetainedEarningsAccumulatedLosses 2022-01-31 09300482 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-01-31 09300482 core:RevaluationReserve bus:Consolidated 2022-01-31 09300482 core:ShareCapital 2022-01-31 09300482 core:ShareCapital bus:Consolidated 2022-01-31 09300482 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09300482

Tanglewood Shared Services Limited

(FORMERLY LITTLE BIG FEET LIMITED)

Annual Report and Consolidated Financial Statements

for the Year Ended 31 January 2024

 

Tanglewood Shared Services Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 32

 

Tanglewood Shared Services Limited

Company Information

Director

M J Whitehead

Registered office

2 Endeavour Park
Boston
Lincolnshire
PE21 7TQ

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Tanglewood Shared Services Limited

Strategic Report for the Year Ended 31 January 2024

The director presents his strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the company is the provision of management services to the group. The principal activity of the group is the provision of residential nursing care facilities.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £40,244,594 (2023 - £38,037,571) and an operating loss of £2,585,164 (2023 - £183,915). At 31 January 2024 the group had net assets of £6,657,848 (2023 - £3,450,929). The directors consider the performance for the year and the financial position of the group and the company at the year end to be satisfactory.

Given the nature of the business, the directors are of the opinion that key performance indicators are important. The group uses a number of indicators to monitor and improve the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the group.

Principal risks and uncertainties

The management of the business and the execution of the strategy of the group are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition from other providers of residential nursing care facilities.

Approved by the director on 31 October 2024 and signed on its behalf by:


M J Whitehead
Director

 

Tanglewood Shared Services Limited

Director's Report for the Year Ended 31 January 2024

The director presents his report and the for the year ended 31 January 2024.

Change of company name

The company changed its name from Little Big Feet Limited to Tanglewood Shared Services Limited effective from 9 October 2024.

Directors of the company

The directors who held office during the year were as follows:

G J Reid (resigned 9 May 2024)

M J Whitehead

Employment of disabled persons

All our team members are trained in Equality and Diversity. The Company's policy in relation to people with health conditions, both visible and non-visible, is that they should have full and fair consideration for all vacanies.The Company has a commitment to interviewing those applicants with disabilities who fulfil the minimum criteria and endeavouring to retain employees in the workforce if they become disabled during employment. The Company will actively retrain and adjust employees' environments where possible to allow them to maximise their potential.

Employee involvement

Employee engagement is fundamental to the Group's success. Regular meetings are held between management and employees across all levels of the organisation. Regular company communications provide employees with relevant information, training and support.

Financial instruments

Objectives and policies

The directors constantly monitor the group's trading results and revised projections as appropriate to ensure that the group can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to the usual credit and cashflow risks associated with selling on credit and manage this through credit control procedures. The group's loan financing is subject to price and liquidity risks as disclosed in note 19 to the financial statements.

The group has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cashflows will be sufficient for the group to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Future developments

The external environment is expected to remain competitive going forward, however, the directors are confident that the group will continue to improve the current level of performance in the future.

Disclosure of information to the auditor

The director has taken the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the director on 31 October 2024 and signed on its behalf by:


M J Whitehead
Director

 

Tanglewood Shared Services Limited

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Tanglewood Shared Services Limited

Independent Auditor's Report to the Members of Tanglewood Shared Services Limited

Opinion

We have audited the financial statements of Tanglewood Shared Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 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 the parent company's affairs as at 31 January 2024 and of the group's loss 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

 

Tanglewood Shared Services Limited

Independent Auditor's Report to the Members of Tanglewood Shared Services Limited

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 the director

As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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

We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

 

Tanglewood Shared Services Limited

Independent Auditor's Report to the Members of Tanglewood Shared Services Limited

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

A further description of our responsibilities 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 company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

31 October 2024

 

Tanglewood Shared Services Limited

Consolidated Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
 £

2023
 £

Turnover

3

40,244,594

38,037,571

Cost of sales

 

(28,937,531)

(28,360,527)

Gross profit

 

11,307,063

9,677,044

Administrative expenses

 

(13,978,747)

(11,171,589)

Other operating income

4

86,520

1,310,630

Operating loss

6

(2,585,164)

(183,915)

Loss on disposal of investments

5

(92,818)

(31,583)

Other interest receivable and similar income

7

27,095

12,793

Interest payable and similar charges

8

(240,066)

(249,205)

Loss before tax

 

(2,890,953)

(451,910)

Taxation

12

731,872

(114,463)

Loss for the financial year

 

(2,159,081)

(566,373)

Profit/(loss) attributable to:

 

Owners of the company

 

(1,706,528)

107,341

Minority interests

 

(452,553)

(673,714)

 

(2,159,081)

(566,373)

The above results were derived from continuing operations.

 

Tanglewood Shared Services Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 January 2024

2024
£

2023
£

Loss for the year

(2,159,081)

(566,373)

Surplus/deficit on property, plant and equipment revaluation

7,275,000

-

Movement in deferred tax relating to revaluation reserve

(1,730,000)

88,750

Total comprehensive income for the year

3,385,919

(477,623)

Total comprehensive income attributable to:

Owners of the company

3,838,472

196,091

Minority interests

(452,553)

(673,714)

3,385,919

(477,623)

 

Tanglewood Shared Services Limited

(Registration number: 09300482)
Consolidated Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

13

(237,703)

(510,532)

Tangible assets

14

12,617,665

5,826,493

Investments

15

1

1

 

12,379,963

5,315,962

Current assets

 

Stocks

16

-

123,033

Debtors

17

4,554,857

6,986,236

Cash at bank and in hand

 

1,328,322

1,935,267

 

5,883,179

9,044,536

Creditors: Amounts falling due within one year

18

(9,760,118)

(7,806,027)

Net current (liabilities)/assets

 

(3,876,939)

1,238,509

Total assets less current liabilities

 

8,503,024

6,554,471

Creditors: Amounts falling due after more than one year

18

-

(2,000,000)

Provisions for liabilities

12

(1,845,176)

(1,103,542)

Net assets

 

6,657,848

3,450,929

Capital and reserves

 

Called up share capital

21

200,001

200,001

Revaluation reserve

22

8,385,000

3,195,000

Profit and loss account

 

(902,555)

698,973

Equity attributable to owners of the company

 

7,682,446

4,093,974

Minority interests

 

(1,024,598)

(643,045)

Total equity

 

6,657,848

3,450,929

Approved and authorised by the director on 31 October 2024
 

M J Whitehead
Director

 

Tanglewood Shared Services Limited

(Registration number: 09300482)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

14

5,008

17,263

Investments

15

204

204

Current assets

 

Debtors

17

1,395,274

3,247,949

Cash at bank and in hand

 

493

2,558

 

1,395,767

3,250,507

Creditors: Amounts falling due within one year

18

(275,650)

(2,136,743)

Net current assets

 

1,120,117

1,113,764

Total assets less current liabilities

 

1,125,329

1,131,231

Provisions for liabilities

12

-

(3,791)

Net assets

 

1,125,329

1,127,440

Capital and reserves

 

Called up share capital

21

200,001

200,001

Profit and loss account

925,328

927,439

Total equity

 

1,125,329

1,127,440

The company made a profit after tax for the financial year of £176,889 (2023 - profit of £1,249,019).

Approved and authorised by the director on 31 October 2024
 

M J Whitehead
Director

 

Tanglewood Shared Services Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2024
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 February 2023

200,001

3,195,000

698,973

4,093,974

(643,045)

3,450,929

Loss for the year

-

-

(1,706,528)

(1,706,528)

(452,553)

(2,159,081)

Other comprehensive income

-

5,545,000

-

5,545,000

-

5,545,000

Total comprehensive income

-

5,545,000

(1,706,528)

3,838,472

(452,553)

3,385,919

Dividends

-

-

(179,000)

(179,000)

-

(179,000)

Transfers

-

(355,000)

284,000

(71,000)

71,000

-

At 31 January 2024

200,001

8,385,000

(902,555)

7,682,446

(1,024,598)

6,657,848

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 February 2022

199,901

3,461,250

494,799

4,155,950

30,669

4,186,619

Profit/(loss) for the year

-

-

107,341

107,341

(673,714)

(566,373)

Other comprehensive income

-

88,750

-

88,750

-

88,750

Total comprehensive income

-

88,750

107,341

196,091

(673,714)

(477,623)

Dividends

-

-

(258,167)

(258,167)

-

(258,167)

New share capital subscribed

100

-

-

100

-

100

Transfers

-

(355,000)

355,000

-

-

-

At 31 January 2023

200,001

3,195,000

698,973

4,093,974

(643,045)

3,450,929

 

Tanglewood Shared Services Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 February 2023

200,001

927,439

1,127,440

Profit for the year

-

176,889

176,889

Dividends

-

(179,000)

(179,000)

At 31 January 2024

200,001

925,328

1,125,329

Share capital
£

Profit and loss account
£

Total
£

At 1 February 2022

200,001

(63,413)

136,588

Profit for the year

-

1,249,019

1,249,019

Dividends

-

(258,167)

(258,167)

At 31 January 2023

200,001

927,439

1,127,440

 

Tanglewood Shared Services Limited

Consolidated Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Loss for the year

 

(2,159,081)

(566,373)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

633,634

343,755

Loss from disposals of investments

5

92,818

31,583

Finance income

7

(27,095)

(12,793)

Finance costs

8

240,066

249,205

Income tax expense

12

(731,872)

114,463

 

(1,951,530)

159,840

Working capital adjustments

 

Decrease in stocks

16

123,033

586,217

Decrease/(increase) in trade debtors

17

2,431,379

(2,470,617)

(Decrease)/increase in trade creditors

18

(320,123)

3,043,715

Increase in deferred income, including government grants

 

4,902

-

Cash generated from operations

 

287,661

1,319,155

Income taxes paid

12

(80,000)

(201,975)

Net cash flow from operating activities

 

207,661

1,117,180

Cash flows from investing activities

 

Interest received

27,095

12,793

Acquisitions of tangible assets

(422,635)

(410,351)

Acquisition of investments in joint ventures and associates

15

-

(1)

Proceeds from disposal of other investments

 

-

100

Net cash flows from investing activities

 

(395,540)

(397,459)

Cash flows from financing activities

 

Interest paid

 

(240,066)

(249,205)

Dividends paid

(179,000)

(258,167)

Net cash flows from financing activities

 

(419,066)

(507,372)

Net (decrease)/increase in cash and cash equivalents

 

(606,945)

212,349

Cash and cash equivalents at 1 February

 

1,935,267

1,722,918

Cash and cash equivalents at 31 January

 

1,328,322

1,935,267

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Little Big Feet Limited.

The address of its registered office is:
2 Endeavour Park
Boston
Lincolnshire
PE21 7TQ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £176,889 (2023 - £1,249,019).

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax and discounts and after eliminating sales within the group. The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax creditors in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

Straight line over 5 years

Motor vehicles

Straight line over 5 years

Leasehold property

Over the term of the lease

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

Contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

 

3

Revenue

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Income from property developments

13,847,082

15,772,746

Provision of care

26,239,906

21,864,199

Grants received

157,606

400,626

40,244,594

38,037,571

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Income from property developments

78,186

1,310,630

Management charges receivable

8,334

-

86,520

1,310,630

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Loss on disposal of subsidiaries

(92,818)

(31,583)

 

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

906,463

882,349

Amortisation expense

(272,829)

(538,594)

Operating lease expense - property

7,005,472

5,801,746

Operating lease expense - plant and machinery

-

681

 

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

27,095

12,793

 

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

66

-

Interest expense on other finance liabilities

240,000

249,205

240,066

249,205

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

9

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

13,866,471

10,790,337

Social security costs

1,063,697

856,529

Pension costs, defined contribution scheme

225,551

180,234

15,155,719

11,827,100

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

36

31

Care

677

604

Directors

2

2

715

637

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

1,235,256

984,551

Social security costs

169,146

195,179

Pension costs, defined contribution scheme

22,193

26,000

1,426,595

1,205,730

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Average number of employees

36

33

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

10

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,200

95,460

Contributions paid to money purchase schemes

172

647

18,372

96,107

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

 

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

31,650

40,680

Other fees to auditors

All other non-audit services

35,219

33,120


 

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

256,494

161,226

Deferred taxation

Arising from origination and reversal of timing differences

(988,366)

(46,763)

Tax (receipt)/expense in the income statement

(731,872)

114,463

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 24% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(2,890,953)

(451,910)

Corporation tax at standard rate

(693,829)

(85,863)

Effect of revenues exempt from taxation

(70,165)

(160,118)

Effect of expense not deductible in determining taxable profit (tax loss)

37,454

76,329

Effect of tax losses

-

28,608

Deferred tax expense/(credit) relating to changes in tax rates or laws

5,551

(19,419)

Decrease from tax losses for which no deferred tax asset was recognised

(345,334)

-

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(46,383)

3,767

Increase in UK and foreign current tax from adjustment for prior periods

256,494

161,226

Tax increase from effect of capital allowances and depreciation

117,958

77,718

Tax increase from effect of unrelieved tax losses carried forward

6,382

32,215

Total tax (credit)/charge

(731,872)

114,463

Deferred tax

Group
Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

(38,637)

Short term timing differences

(16,967)

Revaluation of leasehold property

2,795,000

Taxable losses

(894,220)

1,845,176

2023

Liability
£

Fixed asset timing differences

51,872

Short term timing differences

(13,330)

Revaluation of leasehold property

1,065,000

1,103,542

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Company

Deferred tax assets and liabilities

2024

Asset
£

Fixed asset timing differences

3,668

Short term timing differences

655

4,323

2023

Liability
£

Fixed asset timing differences

4,316

Short term timing differences

(525)

3,791

 

13

Intangible assets

Group

Negative Goodwill
 £

Cost

At 1 February 2023 and at 31 January 2024

(1,364,144)

Amortisation

At 1 February 2023

(853,612)

Amortisation charge

(272,829)

At 31 January 2024

(1,126,441)

Carrying amount

At 31 January 2024

(237,703)

At 31 January 2023

(510,532)

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

14

Tangible assets

Group

Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

5,649,336

2,424,770

14,384

8,088,490

Revaluations

7,275,000

-

-

7,275,000

Additions

361,118

61,517

-

422,635

At 31 January 2024

13,285,454

2,486,287

14,384

15,786,125

Depreciation

At 1 February 2023

767,140

1,486,945

7,912

2,261,997

Charge for the year

408,259

495,327

2,877

906,463

At 31 January 2024

1,175,399

1,982,272

10,789

3,168,460

Carrying amount

At 31 January 2024

12,110,055

504,015

3,595

12,617,665

At 31 January 2023

4,882,196

937,825

6,472

5,826,493

Revaluation

The fair value of the group's [leasehold property was revalued on 31 January 2024 by an internal, qualified valuer. The basis of the valuation was business use with regard to full trading potential.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £Nil).

Company

Furniture, fittings and equipment
 £

Cost

At 1 February 2023 and at 31 January 2024

30,482

Depreciation

At 1 February 2023

13,219

Charge for the year and at 31 January 2024

12,255

Carrying amount

At 31 January 2024

5,008

At 31 January 2023

17,263

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

15

Investments

Group

2024
£

2023
£

Investments in joint ventures

1

1

Company

2024
£

2023
£

Investments in subsidiaries

203

203

Investments in joint ventures

1

1

204

204

Subsidiaries

£

Cost and carrying amount

At 1 February 2023 and at 31 January 2024

203

Joint ventures

£

Cost and carrying amount

At 1 February 2023 and at 31 January 2024

1

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Tanglewood Project Company Grantham Limited*

England and Wales

Ordinary

100%

100%

Tanglewood Holding Company Limited*

England and Wales

Ordinary

50%

50%

Tanglewood Care Services Limited

England and Wales

Ordinary

50%

50%

M and G Care Limited

England and Wales

Ordinary

50%

50%

Tanglewood Project Company No.1 Limited

England and Wales

Ordinary

50%

50%

Tanglewood Project Company No.2 Limited

England and Wales

Ordinary

50%

50%

Tanglewood Project Company No.3 Limited

England and Wales

Ordinary

50%

50%

Origin Care Homes (Developments) Limited*

England and Wales

Ordinary

100%

100%

Origin Care Homes Holding Company Limited*

England and Wales

Ordinary

100%

100%

Origin Care Homes Limited

England and Wales

Ordinary

100%

100%

Origin Care Homes (Beeston) Limited

England and Wales

Ordinary

50%

50%

Origin Care Homes (Holbeach) Limited

England and Wales

Ordinary

50%

50%

Origin Care Homes (West Bridgford) Limited

England and Wales

Ordinary

50%

50%

Origin Care Homes (Oadbys) Limited

England and Wales

Ordinary

100%

100%

Origin Care Homes (Humberston) Limited

England and Wales

Ordinary

100%

100%

Joint ventures

Torwood Care Limited

England and Wales

Ordinary

50%

50%

 

     

*- These shares are directly held.

Subsidiary undertakings

Tanglewood Project Company Grantham Limited*

The principal activity of Tanglewood Project Company Grantham Limited* is that of a design and building company.

Tanglewood Holding Company Limited*

The principal activity of Tanglewood Holding Company Limited* is that of a holding company.

Tanglewood Care Services Limited

The principal activity of Tanglewood Care Services Limited is the provision of residential nursing care facilities.

M and G Care Limited

The principal activity of M and G Care Limited is the provision of residential nursing care facilities.

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Tanglewood Project Company No.1 Limited

The principal activity of Tanglewood Project Company No.1 Limited is the provision of residential nursing care facilities.

Tanglewood Project Company No.2 Limited

The principal activity of Tanglewood Project Company No.2 Limited is the provision of residential nursing care facilities.

Tanglewood Project Company No.3 Limited

The principal activity of Tanglewood Project Company No.3 Limited is the provision of residential nursing care facilities.

Origin Care Homes (Developments) Limited*

The principal activity of Origin Care Homes (Developments) Limited* is that of a design and building company.

Origin Care Homes Holding Company Limited*

The principal activity of Origin Care Homes Holding Company Limited* is that of a dormant company.

Origin Care Homes Limited

The principal activity of Origin Care Homes Limited is that of a dormant company.

Origin Care Homes (Beeston) Limited

The principal activity of Origin Care Homes (Beeston) Limited is the provision of residential nursing care facilities.

Origin Care Homes (Holbeach) Limited

The principal activity of Origin Care Homes (Holbeach) Limited is the provision of residential nursing care facilities.

Origin Care Homes (West Bridgford) Limited

The principal activity of Origin Care Homes (West Bridgford) Limited is the provision of residential nursing care facilities.

Origin Care Homes (Oadbys) Limited

The principal activity of Origin Care Homes (Oadbys) Limited is that of a dormant company.

Origin Care Homes (Humberston) Limited

The principal activity of Origin Care Homes (Humberston) Limited is the provision of residential nursing care facilities.

Joint ventures

Torwood Care Limited

The principal activity of Torwood Care Limited is the provision of residential nursing care facilities.

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

16

Stocks

   

Group

Company

2024
£

2023
£

2024
£

2023
£

Inventory

 

-

28,033

-

-

Work in progress

 

-

95,000

-

-

 

-

123,033

-

-

 

17

Debtors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Trade debtors

 

1,026,795

1,186,972

-

-

Amounts owed by related parties

26

701,655

-

206,600

-

Other debtors

 

254,317

260,937

-

-

Prepayments

 

874,841

668,934

28,894

12,063

Accrued income

 

1,697,249

4,869,393

939,644

1,428,230

Deferred tax assets

12

-

-

4,323

-

Amounts owed by group undertakings

 

-

-

215,813

1,807,656

   

4,554,857

6,986,236

1,395,274

3,247,949

 

18

Creditors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

19

2,000,000

-

-

-

Trade creditors

 

1,070,828

1,687,585

-

-

Amounts due to related parties

26

-

128,271

-

128,271

Social security and other taxes

 

804,611

912,567

45,079

38,468

Outstanding defined contribution pension costs

 

45,517

35,284

6,300

4,930

Other creditors

 

348,737

288,065

1

96

Accrued expenses

 

4,843,187

4,268,313

177,876

137,685

Corporation tax liability

 

321,710

165,316

46,394

-

Deferred income

 

325,528

320,626

-

-

Amounts owed to group undertakings

 

-

-

-

1,827,293

 

9,760,118

7,806,027

275,650

2,136,743

Due after one year

 

Loans and borrowings

19

-

2,000,000

-

-

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

19

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Other borrowings

2,000,000

-

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

-

2,000,000

-

-

Other borrowings relates to unsecured debt of £2,000,000 and is due for repayment in December 2024. The loan attracts interest of 12% and has been advanced from a company connected to the holder of the company's B ordinary share.

 

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £225,551 (2023 - £180,234).

Contributions totalling £45,517 (2023 - £35,284) were payable to the scheme at the end of the year and are included in creditors.

 

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £1 each

200,000

200,000

200,000

200,000

B Ordinary of £1 each

1

1

1

1

 

200,001

200,001

200,001

200,001

Ordinary A shares are entitled to one vote in any circumstances and each share is also entitled to dividend payments or any other distribution, including distribution from a winding up of the company.

The Ordinary B share is entitled to 15% of the distributable funds from time to time but carries no right to vote.

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

22

Reserves

Group

Revaluation reserve

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Surplus/deficit on property, plant and equipment revaluation

5,545,000

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Surplus/deficit on property, plant and equipment revaluation

88,750

 

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

7,603,729

6,123,161

Later than one year and not later than five years

30,388,216

24,478,802

Later than five years

79,961,437

63,230,276

117,953,382

93,832,239

 

24

Dividends

2024
 £

2023
 £

Dividends paid

179,000

258,167

 

25

Analysis of changes in net debt

Group

At 1 February 2023
£

Financing cash flows
£

At 31 January 2024
£

Cash and cash equivalents

Cash

1,935,267

(606,945)

1,328,322

Borrowings

Other borrowings

(2,000,000)

-

(2,000,000)

 

(64,733)

(606,945)

(671,678)

 

Tanglewood Shared Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

26

Related party transactions

Group

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 10 to the financial statements.
 

Summary of transactions with entities with joint control or significant interest

At 31 January 2024, the group was owed £245,148 (2023 - £Nil) from Maricare Investments Limited, a company of which M Whitehead is also a shareholder and director.

At 31 January 2024, the company owed £199,856 (2023 - £128,271) to 2 companies, of which G Reid is also a shareholder and director.

 

Summary of transactions with all joint ventures

At 31 January 2024, the group was owed £607,941 (2023 - £Nil) from Torwood Care Limited, the joint venture entity. Included in this balance is a loan of £125,000 advanced in the year which attracts interest of 12% per annum. The full balance has been treated as repayable within one year.
 

Company

Summary of transactions with entities with joint control or significant interest

At 31 January 2024, the company owed £199,856 (2023 - £128,271) to 2 companies, of which G Reid is also a shareholder and director.
 

Summary of transactions with all subsidiaries

At 31 January 2024, the company was owed £211,613 (2023 - £134,693) from 5 subsidiaries (2023 - 2) from its subsidiary undertakings, none of which are wholly owned. This loan does not attract interest and is considered repayable within one year.
 

Summary of transactions with all joint ventures

At 31 January 2024, the group was owed £354,243 (2023 - £Nil) from Torwood Care Limited, the joint venture entity. Included in this balance is a loan of £125,000 advanced in the year which attracts interest of 12% per annum. The full balance has been treated as repayable within one year.
 

 

27

Parent and ultimate parent undertaking

Up to 9 May 2024, Tanglewood Shared Services Limited was jointly controlled by G J Reid and M J Whitehead. Since this date, the ultimate controlling party is M J Whitehead.