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Registration number: 08688249

Alina Care Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

Alina Care Holdings Limited

Contents

Company Information

1

Directors' Report

2 to 3

Strategic Report

4

Chief Executive's statement

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 27

 

Alina Care Holdings Limited

Company Information

Directors

J R Deeley

K F Ford

F A Kee

J C Pickford

Bridges Fund Management Limited

P J Steadman

Company secretary

P J Steadman

Registered office

Manor House
Church Street
Leatherhead
Surrey
KT22 8DN

Solicitors

Harrison Clark Rickerbys Limited
5 Deansway
Worcester
WR1 2JG

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Alina Care Holdings Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the for the year ended 30 April 2024.

Directors of the company

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

J R Deeley

K F Ford

F A Kee

J C Pickford

Bridges Fund Management Limited

P J Steadman

Financial instruments

Objectives and policies

The board constantly monitors the group's trading results and revise 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 cash flow risk associated with selling on credit and manages this through credit control procedures. The group has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that these trends will continue and that these cash flows will be sufficient for the group to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company 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

Future prospects remain strong, underpinned by both the ageing population and ongoing Government policy of promoting care in the community. Whilst the short term environment is expected to remain competitive the directors remain confident that the group will continue to improve its current level of performance in the future and will continue to trade as a going concern.

Employment of disabled persons

The company’s policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Employee involvement

The company encourages the involvement of employees in its management through regular departmental meetings.

 

Alina Care Holdings Limited

Directors' Report for the Year Ended 30 April 2024

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 29 October 2024 and signed on its behalf by:


P J Steadman
Director

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

 

Alina Care Holdings Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the group is that of a non-trading holding company.

The principal activity of the group is the provision of care and support for people with complex continuing health needs.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £46,613,482 (2023 - £39,819,005) and an operating profit of £6,120,305 (2023 - £3,960,253). At 30 April 2024, the group had total assets less current liabilities of £6,229,538 (2023 - £7,016,268). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

As part of the management accounts, the directors use Key Performance Indicators (‘KPIs’) to assist in the understanding of the development, performance and financial position of the group's business. The KPIs used by the company to measure its own performance include divisional revenue, adjusted operating profit, adjusted operating margin, hours of care provided, new care packages won, Care Quality Commission (CQC) ratings and operating cash flow conversion.

Principal risks and uncertainties

The management of the business and the execution of the group’s strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the ongoing compliance with current and future legislation affecting the sector, the extent of social care funding, and the availability of care and support workers.

Approved by the Board on 29 October 2024 and signed on its behalf by:


P J Steadman
Director

 

Alina Care Holdings Limited

Chief Executive's statement for the Year Ended 30 April 2024

Chief Executive's statement

I am pleased to report that the Alina Homecare Group traded strongly over the last financial year. During the year we stayed true to our original mission to make excellent quality care and support services available to people across the south of England, and to provide a supportive and engaging environment for our great care team. We now operate from 56 branch locations providing hourly and 24/7 live-in care for the elderly, and support for people with disabilities and other complex health needs enabling them to live independently in the community. We provide services to private individuals, Local Authorities and the NHS, and have continued to maintain a strong focus on innovation in health and social care to enrich the lives of those we support.

The core strategy of the Alina Homecare group is to expand our network of homecare and supported living branches across the South of England to bring high quality care and support to more people. This strategy is closely aligned with market demand where Government policy is increasingly focused on care in the community rather than residential settings, and demographic shifts mean that in future people will increasingly need to fund their own homecare.

We acknowledge the importance of our relationships with suppliers and recognise our responsibility to consider their interests alongside those of our shareholders. Throughout the financial year, the Directors have actively engaged with suppliers and considered the potential impact of the Company's decisions on them. We understand that maintaining constructive relationships with our suppliers is crucial for the sustainability and resilience of our business operations. We believe that our approach to supplier engagement supports the Group’s long-term success and value creation for all stakeholders.

The reality is that we would not have achieved all this without the energy, motivation and dynamism of the wider Alina team. All our employees showed very strong resilience through the year and focused at all times on delivering the ‘Alina Difference’ to those we support. I would like to thank every member of staff personally for their contribution to keeping people safe and making Alina Homecare a really great place to work. We are an organisation with a well-defined ‘team’ culture where ‘doing the right thing’ is the accepted norm. Accordingly, information regarding the Group is provided to employees through various channels ranging from email news, newsletters, online systems, staff forums and local staff events. Staff are encouraged to get involved in the future organisation by providing ideas for innovation and improvement through management meetings, supervisions and a central email. The Directors spend considerable time during the year in branches engaging with local teams to ensure that in making decisions concerning the Group’s activities, they fully understand the impact of those decisions on both staff and the people we support.

These are some of the reasons why, with one exception, all our branches that have been inspected by the Care Quality Commission have been rated ‘Good’ or ‘Outstanding’ for the excellent care services they deliver. This relentless focus on quality care delivery is further supported by our most recent customer survey in which 98% of our customers expressed satisfaction with the care they received. Additionally, based on feedback from our service users, Alina Homecare has for the fourth time been recognised as one of the Top 20 Homecare Providers in the UK by independent reviewer ‘Homecare.co.uk’.




James Deeley

Chief Executive
 

 

Alina Care Holdings Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report, Strategic 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are 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 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Alina Care Holdings Limited

Independent Auditor's Report to the Members of Alina Care Holdings Limited

Opinion

We have audited the financial statements of Alina Care Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, 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 30 April 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

 

Alina Care Holdings Limited

Independent Auditor's Report to the Members of Alina Care Holdings Limited

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' 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 Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Alina Care Holdings Limited

Independent Auditor's Report to the Members of Alina Care Holdings Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material mis-statement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the company's operations. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws.
• We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, those responsible for legal and compliance procedures.
• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.

Audit procedures performed by the engagement team included:

• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. Detailed analysis of journals posted through the accounting system during the year to 30 April 2023 has been undertaken;
• Understanding the controls in place to prevent and detect fraud. Reliance was not placed on controls for the entirety of the audit, instead taking a substantive testing approach, however controls were in place to prevent fraud, and they appeared to be working effectively;
• Challenging assumptions and judgements made by management in its significant accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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.





Joanne Hartness (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

30 October 2024

 

Alina Care Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
 £

(As restated)
2023
 £

Revenue

 

46,613,482

39,819,005

Cost of sales

 

(27,297,998)

(23,518,435)

Gross profit

 

19,315,484

16,300,570

Administrative expenses

 

(12,544,203)

(12,292,636)

Operating profit before exceptional items

4

6,771,281

4,007,934

Exceptional items

5

(650,976)

(47,681)

Operating profit

 

6,120,305

3,960,253

Other interest receivable and similar income

21,995

-

Interest payable and similar charges

6

(1,006,502)

(1,053,614)

Profit before tax

 

5,135,798

2,906,639

Taxation

10

(1,395,452)

(620,446)

Profit for the financial year

 

3,740,346

2,286,193

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

The table below illustrates the Group EBITDA:

2024
 £

(As restated)
2023
 £

Profit on ordinary activities before taxation

5,135,798

2,906,639

Depreciation

112,653

121,634

Amortisation and impairment of goodwill

313,391

293,915

Interest receivable and similar income

(21,995)

-

Interest payable and similar charges

1,006,502

1,053,614

Exceptional administrative expenses

650,976

47,681

Earnings before interest, tax, depreciation and amortisation of goodwill (EBITDA)

7,197,325

4,423,483

 

Alina Care Holdings Limited

(Registration number: 08688249)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
 £

(As restated)
2023
 £

Fixed assets

 

Intangible assets

11

3,160,520

3,473,811

Tangible assets

12

131,898

156,144

 

3,292,418

3,629,955

Current assets

 

Debtors: Amounts falling due within one year

14

6,544,018

7,035,877

Cash at bank and in hand

 

2,492,183

1,362,077

 

9,036,201

8,397,954

Creditors: Amounts falling due within one year

15

(6,099,081)

(5,011,641)

Net current assets

 

2,937,120

3,386,313

Total assets less current liabilities

 

6,229,538

7,016,268

Creditors: Amounts falling due after more than one year

15

6,463,081

8,843,389

Capital and reserves

 

Called up share capital

18

660,252

660,252

Share premium reserve

375,000

375,000

Capital redemption reserve

35,050

35,050

Profit and loss account

(1,303,845)

(2,897,423)

Shareholders deficit

 

(233,543)

(1,827,121)

Total capital, reserves and long term liabilities

 

6,229,538

7,016,268

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

P J Steadman
Director

 

Alina Care Holdings Limited

(Registration number: 08688249)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investments

13

1

1

Current assets

 

Debtors

14

1,070,301

1,070,301

Net assets

 

1,070,302

1,070,302

Capital and reserves

 

Called up share capital

18

660,252

660,252

Share premium reserve

375,000

375,000

Capital redemption reserve

35,050

35,050

Total equity

 

1,070,302

1,070,302

The company made a profit for the financial year of £nil (2023 - loss of £nil).

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

P J Steadman
Director

 

Alina Care Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 May 2023 (As previously stated)

660,252

375,000

35,050

(3,448,395)

(2,378,093)

Prior period adjustment

-

-

-

550,972

550,972

At 1 May 2023 (As restated)

660,252

375,000

35,050

(2,897,423)

(1,827,121)

Profit for the year

-

-

-

3,740,346

3,740,346

Dividends

-

-

-

(2,146,768)

(2,146,768)

At 30 April 2024

660,252

375,000

35,050

(1,303,845)

(233,543)

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 May 2022 (as previously stated)

660,252

375,000

35,050

(5,505,710)

(4,435,408)

Prior period adjustment

-

-

-

322,094

322,094

At 1 May 2022 (As restated)

660,252

375,000

35,050

(5,183,616)

(4,113,314)

Profit for the year

-

-

-

2,286,193

2,286,193

At 30 April 2023

660,252

375,000

35,050

(2,897,423)

(1,827,121)

 

Alina Care Holdings Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 May 2023

660,252

375,000

35,050

-

1,070,302

Profit for the year

-

-

-

2,146,768

2,146,768

Dividends

-

-

-

(2,146,768)

(2,146,768)

At 30 April 2024

660,252

375,000

35,050

-

1,070,302

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 May 2022

660,252

375,000

35,050

-

1,070,302

At 30 April 2023

660,252

375,000

35,050

-

1,070,302

 

Alina Care Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
 £

(As restated)
2023
 £

Cash flows from operating activities

Profit for the year

 

3,740,346

2,286,193

Adjustments to cash flows from non-cash items

 

Depreciation, amortisation and impairment

4

426,044

415,549

Finance income

(21,995)

-

Finance costs

6

1,006,502

1,053,614

Taxation

10

1,395,452

620,446

 

6,546,349

4,375,802

Working capital adjustments

 

Decrease/(increase) in debtors

14

474,405

(760,027)

Increase/(decrease) in creditors

15

202,030

(372,848)

Cash generated from operations

 

7,222,784

3,242,927

Income taxes paid

10

(572,937)

(965,886)

Net cash flow from operating activities

 

6,649,847

2,277,041

Cash flows from investing activities

 

Interest received

21,995

-

Acquisitions of tangible assets

(88,407)

(124,306)

Net cash flows from investing activities

 

(66,412)

(124,306)

Cash flows from financing activities

 

Interest paid

 

(806,561)

(770,749)

Repayment of bank loan borrowings

 

(2,500,000)

(2,500,000)

Dividends paid

(2,146,768)

-

Net cash flows from financing activities

 

(5,453,329)

(3,270,749)

Net increase/(decrease) in cash and cash equivalents

 

1,130,106

(1,118,014)

Cash and cash equivalents at 1 May

 

1,362,077

2,480,091

Cash and cash equivalents at 30 April

 

2,492,183

1,362,077

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

1

General information

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

The address of its registered office is:
Manor House
Church Street
Leatherhead
Surrey
KT22 8DN

 

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 30 April 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made no profit or loss after tax for the financial year (2023 - £nil).

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.

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 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.

Prior period restatement

A prior year error has been identified in the calculation of accrued income. As a result of this change the prior year profit has increased by £228,878, additional accrued income of £282,565 has been recognised and an increase in the corporation tax liability of £53,687 has been recognised.

Judgements and estimation uncertainty

As required by FRS 102, the directors have assessed the value of intangible assets acquired under the business combinations in the current and prior year. This assessment requires judgement to be applied in the identification and valuation of intangible assets, as well as the amortisation rates to be applied. The directors have utilised the services of an expert to assist them with these judgements.

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, returns, rebates and discounts and after eliminating sales within the company. 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.

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 consolidated financial statements and on unused tax losses or tax credits in the group. 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.

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

Leasehold improvements

Over the term of the lease

Fixtures, fittings and equipment

20%-33.33% straight line

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.

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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 20 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.

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.

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.

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

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

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

112,653

121,634

Amortisation expense

313,391

293,915

Operating lease expense - property rentals

791,396

625,970

Operating lease expense - office equipment

3,074

2,652

 

5

Exceptional items

2024
 £

2023
 £

Exceptional costs

650,976

47,681

Exceptional costs in the current and prior year include start-up costs and one-off legal and consultancy costs.

 

6

Interest payable and similar expenses

2024
£

2023
£

Finance costs adjacent to interest

246,047

319,523

Interest on bank borrowings

745,023

719,717

Bank interest payable

15,432

14,374

1,006,502

1,053,614

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

7

Staff costs

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

2024
 £

2023
 £

Wages and salaries

32,617,966

28,540,150

Social security costs

2,601,700

2,447,244

Pension costs, defined contribution scheme

526,658

497,274

35,746,324

31,484,668

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

2024
 No.

2023
 No.

Administration and support

262

289

Care

1,619

1,431

1,881

1,720

Company
The company incurred no staff costs and had no employees other than the directors.

 

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

853,747

772,460

Contributions paid to money purchase schemes

3,962

2,642

857,709

775,102

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

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

238,886

204,633

 

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

25,800

28,150

Other fees to auditors

All other non-audit services

22,050

2,700

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

10

Taxation

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

2024
£

(As restated)
2023
£

Current taxation

UK corporation tax

1,362,721

610,484

UK corporation tax adjustment to prior periods

15,277

9,962

1,377,998

620,446

Deferred taxation

Arising from origination and reversal of timing differences

17,454

-

Tax expense in the income statement

1,395,452

620,446

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

(As restated)
2023
£

Profit before tax

5,135,798

2,906,639

Corporation tax at standard rate

1,283,950

552,261

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

(2,391)

(816)

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

13,836

9,962

Tax increase from effect of capital allowances and depreciation

81,161

59,039

Tax increase from other short-term timing differences

18,896

-

Total tax charge

1,395,452

620,446

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Difference between accumulated depreciation and amortisation and capital allowances

15,927

Other timing differences

12,578

28,505

2023

Asset
£

Difference between accumulated depreciation and amortisation and capital allowances

32,465

Other timing differences

13,494

45,959

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

11

Intangible assets

Group

Goodwill
 £

Cost

At 1 May 2023 and at 30 April 2024

8,563,644

Amortisation

At 1 May 2023

5,089,733

Amortisation charge

313,391

At 30 April 2024

5,403,124

Carrying amount

At 30 April 2024

3,160,520

At 30 April 2023

3,473,811

 

12

Tangible assets

Group

Leasehold improvements
£

Fixtures, fittings and equipment
 £

Total
£

Cost

At 1 May 2023

154,374

280,982

435,356

Additions

20,279

68,128

88,407

Disposals

(41,648)

(173,493)

(215,141)

At 30 April 2024

133,005

175,617

308,622

Depreciation

At 1 May 2023

72,872

206,340

279,212

Charge for the year

43,313

69,340

112,653

Eliminated on disposal

(41,648)

(173,493)

(215,141)

At 30 April 2024

74,537

102,187

176,724

Carrying amount

At 30 April 2024

58,468

73,430

131,898

At 30 April 2023

84,254

71,890

156,144

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost and carrying amount

At 1 May 2023 and at 30 April 2024

1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Alina Care Limited

England and Wales

Ordinary

100%

100%

Alina Homecare Limited

England and Wales

Ordinary

100%

100%

Alina Homecare Bromsgrove Limited

England and Wales

Ordinary

100%

100%

Alina Homecare Stevenage Limited

England and Wales

Ordinary

100%

100%

Alina Homecare Barnet Limited

England and Wales

Ordinary

100%

100%

TCD (Holdings) Limited

England and Wales

Ordinary

100%

100%

Alina Homecare Specialist Care Limited

England and Wales

Ordinary

100%

100%

MyDiary Software Limited

England and Wales

Ordinary

100%

100%

Alina Homecare Services Limited

England and Wales

Ordinary

100%

100%

The principal activity of Alina Care Limited and TCD (Holdings) Limited is that of a holding company.

The principal activity of Alina Homecare Limited, Alina Homecare Stevenage Limited, Alina Homecare Bromsgrove Limited, Alina Homecare Specialist Care Limited and Alina Homecare Services Limited is the provision of care services.

The principal activity of Alina Homecare Barnet Limited is that of a dormant company.

The principal activity of MyDiary Software Limited is the provision of online reporting facilities to the care sector.

All group subsidiaries have the same registered office as Alina Care Holdings Limited.
 

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

14

Debtors

   

Group

Company

Note

2024
 £

(As restated)
2023
 £

2024
 £

2023
 £

Trade debtors

 

3,137,404

3,054,355

-

-

Amounts owed by group undertakings

 

-

-

1,070,299

1,070,299

Other debtors

 

914,677

1,435,683

2

2

Prepayments

 

406,380

340,980

-

-

Accrued income

 

2,057,052

2,158,900

-

-

Deferred tax assets

10

28,505

45,959

-

-

 

6,544,018

7,035,877

1,070,301

1,070,301

 

15

Creditors

   

Group

Company

Note

2024
 £

(As restated)
2023
 £

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

16

880,723

798,933

-

-

Trade creditors

 

468,277

566,528

-

-

Social security and other taxes

 

622,916

571,921

-

-

Outstanding defined contribution pension costs

 

117,358

101,788

-

-

Other creditors

 

118,142

93,163

-

-

Accrued expenses

 

2,400,041

2,191,304

-

-

Corporation tax

10

1,491,624

688,004

-

-

 

6,099,081

5,011,641

-

-

Due after one year

 

Loans and borrowings

16

6,463,081

8,843,389

-

-

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

16

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

880,723

798,933

-

-

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

6,463,081

8,843,389

-

-

The bank loans consist of a revolving facility A and a revolving facility B bank loan and are over a 4 year period repayable in annual instalments starting 12 months after the initial draw down date. Interest is charged on the loans at the aggregate of the margin, being 3.75%; and the compounded reference rate for that day. The loans are secured by fixed and floating charges over the companies' properties and assets.

The bank loans of £7,343,804 (2023 - £9,642,322) are stated after deducting £156,196 (2023 - £357,678) of costs associated with the raising of this finance which are being released to the profit and loss account over the term of the debt in accordance with FRS 102. The bank loan gross of debt costs was £7,500,000 (2023 - £10,000,000).

 

17

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 £526,658 (2023 - £497,274).

Contributions totalling £117,358 (2023 - £101,788) were payable to the scheme at the end of the year and are included in creditors.

 

18

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £0.5000 each

750,000

375,000

750,000

375,000

Ordinary B shares of £1 each

285,000

285,000

285,000

285,000

Ordinary C shares of £0.0100 each

25,000

250

25,000

250

Ordinary D shares of £0.0001 each

18,700

2

18,700

2

 

1,078,700

660,252

1,078,700

660,252

Rights, preferences and restrictions

The different classes of share referred to above carry separate rights to dividends and capital.

 

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

19

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

362,960

354,816

Later than one year and not later than five years

329,745

413,875

692,705

768,691

 

20

Related party transactions

During the year the group made the following related party transactions:

During the year, the Group incurred monitoring fees of £36,000 (2023 - £36,000) payable to Bridges Fund Management Limited, its ultimate controlling party.

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 14 to the financial statements.

Loans to related parties

Key management
£

At 1 May 2023

1,051,927

Repaid

(569,144)

At 30 April 2024

482,783

The loans to key management were interest free until 31 December 2023. Since that date, interest accrues at the equivalent rate charged on bank loans. There are no set repayment terms. The maximum loan amount during the year was £1,051,927.

 

21

Parent and ultimate parent undertaking

The ultimate controlling party is Bridges Fund Management Limited, a company registered in England and Wales.