Company Registration No. 05294296 (England and Wales)
ALUM CARE LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
ALUM CARE LIMITED
COMPANY INFORMATION
Directors
Mr C Bialan
Mr R Cousins
Mr D Comyn
Company number
05294296
Registered office
31/33 Commercial Road
Poole
Dorset
BH14 0HU
Auditor
Morris Lane
31/33 Commercial Road
Poole
Dorset
BH14 0HU
ALUM CARE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
Non statutory information
Detailed trading, profit and loss account
ALUM CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The directors present the strategic report for the year ended 31 May 2023.

Fair review of the business

The results for the year are set out on page 8.

 

The principal risks and uncertainties facing the Health and Social Care market and the business include the continued financial pressures on and from local authorities to drive down fees. This sometimes means local authorities seeking to place residents into other homes with poorer occupancies at lower fee levels. However, we have responded to the market and undertaken robust fee negotiations and focused on broadening the patient cohort’s mix. This has provided good value and positive relationships with our service commissioners by both meeting their identified service needs for patients with more complex needs, while also providing competitive market rates and good quality outcomes.

Appropriately skilled staff, in particular qualified nurses, is still a potential risk to the business. To mitigate this risk, we have actively and successfully recruited both at home and overseas in line with UKBA compliance.

The increase in energy costs continues to present a risk to the business, however we have robust procurement procedures in place to ensure we source this at the best rates possible.

Management continues to work closely with the Care Quality Commission and our own External Governance audit and support to ensure that required regulatory standards are maintained.

Future developments

During the period under review the company has increased and then delivered a high and consistent level of Occupancy across several different patient cohorts. The service has admitted patients with more complex conditions and higher fee rates which has had a positive impact both on the average weekly fee and the overall profitability of the business.

The aim for the future is to continue to broaden the patient cohorts that can be admitted to the facility in order to further strengthen the level of Occupancy, Average Weekly Room Rate, and overall profitability.

Having reviewed an array of options for altering the structure of the premises to potentially increase operational efficiency and provide 2 extra bedrooms with associated income, the Directors are now planning to further invest in the facility on this basis.

On behalf of the board

Mr C Bialan
Director
11 November 2024
ALUM CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 May 2023.

Principal activities

The principal activity of the company continued to be that of operating a care home.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr C Bialan
Mr R Cousins
Mr D Comyn
Financial instruments
Treasury operations and financial instruments

The company's activities expose it to a variety of financial risks. The Board reviews and agrees policies for managing these risks at regular intervals dependant on circumstances. The company's principal financial instruments include assets and liabilities such as trade receivables and trade payables arising directly from its operations. In accordance with company's treasury policy, derivative instruments are not entered into for speculative purposes.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on floating rate deposits, bank overdrafts and loans. The cash flow interest rate risk is managed within the company's business projections and planning, in the monitoring of financial covenants and through negotiation of facility terms with the provider of the borrowing facility at specified intervals.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. All residents who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. The company is not exposed to commodity price risk.

Post reporting date events

Subsequent to the year end, the company secured additional borrowings from their current bankers and then subsequently consolidated and refinanced the bank borrowings by way of a new £10,000,000 loan. As a result, the security provided increased from £5,200,000 to £10,000,000 post 31 May 2023.

ALUM CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Future developments

During the period under review the company has increased and then delivered a high and consistent level of Occupancy across several different patient cohorts. The service has admitted patients with more complex conditions and higher fee rates which has had a positive impact both on the average weekly fee and the overall profitability of the business.

The aim for the future is to continue to broaden the patient cohorts that can be admitted to the facility in order to further strengthen the level of Occupancy, Average Weekly Room Rate, and overall profitability.

Having reviewed an array of options for altering the structure of the premises to potentially increase operational efficiency and provide 2 extra bedrooms with associated income, the Directors are now planning to further invest in the facility on this basis.

Auditor

The auditor, Morris Lane, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of disclosure to auditor

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

On behalf of the board
Mr C Bialan
Director
11 November 2024
ALUM CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALUM CARE LIMITED
- 4 -
Opinion

We have audited the financial statements of Alum Care Limited (the 'company') for the year ended 31 May 2023 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

ALUM CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALUM CARE LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the 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:

 

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Identifying and assessing the risks of material misstatement due to irregularities, including fraud

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company through discussion with the directors and from our general commercial experience. The identified laws and regulations were communicated to the audit team in order that they remained alert to any non-compliance throughout the audit.

 

The company is subject to laws and regulations which have a direct effect on the financial statements and the disclosures contained therein. These have been identified as: the financial reporting framework under which the company operates - Financial Reporting Standard 102; Statutory Instrument 2008/409 – The Large and Medium-sized Companies and Groups (Accounts and Directors’ Report) Regulations 2008; the Companies Act 2006; taxation legislation including pay as you earn, corporation tax and pensions legislation.

 

In addition to the above, the company is subject to other operational laws and regulations where non-compliance may have a material effect on the financial statements. Non-compliance of such laws and regulations may result in litigation, the imposition of fines or the closure of the business which could have a material impact on amounts or disclosures in the financial statements. We have identified the following laws and regulations which are more likely to have significant effect: compliance with the Care Quality Commission regulations; food hygiene laws; health and safety laws; General Data Protection Regulation (GDPR) and employment law.

ALUM CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALUM CARE LIMITED
- 6 -

In order to identify risks of material misstatement due to fraud, we assessed events and conditions where opportunities and incentives may exist within the company for fraud to occur. Our risk assessment procedures included enquiring of directors as to any instances of fraud, their procedures to identify fraud and by using analytical procedures to identify any unusual or unexpected relationships. We identified the greatest potential for fraud in the following areas: recognition of income; ghost employees and grant income. As required by auditing standards, we are also required to perform specific procedures to respond to the risk of management override.

 

The identified risks of material misstatement due to fraud were communicated to the audit team in order that they remained alert to any non-compliance throughout the audit.

Audit procedures designed to respond to the risks of material misstatement due to irregularities, including fraud

 

As a result of performing our risk assessments as detailed above, we planned and performed our audit so as to identify non-compliance with such laws and regulations, including fraud by undertaking the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that, despite properly planning and performing our audit in accordance with accounting standards, some material misstatements may not have been detected.

 

Auditing standards limit the audit procedures required to identify non-compliance with other operational laws and regulations to enquiry of directors and management and inspection of any correspondence. If a breach of operational regulations is not evident from relevant correspondence or disclosed to us, an audit is unlikely to detect that breach. In addition, the further removed non-compliance with laws and regulations is from the events and transactions included in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

 

In addition, the risk of not detecting material misstatement from due to fraud is higher than the risk of one not being detected through error as fraud may involve deliberate concealment through collusion, forgery, misrepresentations and intentional omissions.

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

ALUM CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALUM CARE LIMITED
- 7 -

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.

Michelle Pettifer (Senior Statutory Auditor)
For and on behalf of Morris Lane
12 November 2024
Chartered Accountants
Statutory Auditor
31/33 Commercial Road
Poole
Dorset
BH14 0HU
ALUM CARE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
6,990,633
5,269,739
Administrative expenses
(5,549,447)
(4,111,783)
Other operating income
19,412
104,069
Operating profit
4
1,460,598
1,262,025
Investment income
7
1,980
-
0
Finance costs
8
(152,649)
(28,584)
Profit before taxation
1,309,929
1,233,441
Tax on profit
9
(11,028)
(104,441)
Profit for the financial year
1,298,901
1,129,000
Retained earnings brought forward
5,259,855
4,130,855
Retained earnings carried forward
6,558,756
5,259,855

The income statement has been prepared on the basis that all operations are continuing operations.

ALUM CARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2023
31 May 2023
- 9 -
2023
2022
Notes
£
£
£
£
Non-current assets
Goodwill
10
-
0
-
0
Intangible assets
10
-
0
4,267
Total intangible assets
-
0
4,267
Property, plant and equipment
11
6,765,006
6,744,392
6,765,006
6,748,659
Current assets
Inventories
12
3,444
3,553
Trade and other receivables
13
6,443,266
706,288
Cash and cash equivalents
9,556
65,202
6,456,266
775,043
Current liabilities
14
(1,064,053)
(1,087,805)
Net current assets (liabilities)
5,392,213
(312,762)
Total assets less current liabilities
12,157,219
6,435,897
Non-current liabilities
15
(4,861,393)
(450,000)
Provisions for liabilities
Deferred tax liability
17
436,570
425,542
(436,570)
(425,542)
Net assets
6,859,256
5,560,355
Equity
Called up share capital
19
1,000
1,000
Share premium account
20
299,500
299,500
Retained earnings
20
6,558,756
5,259,855
Total equity
6,859,256
5,560,355
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
Mr C Bialan
Director
Company Registration No. 05294296
ALUM CARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by) generated from operations
26
(4,293,740)
118,657
Interest paid
(152,649)
(28,584)
Net cash inflow (outflow) from operating activities
(4,446,389)
90,073
Investing activities
Purchase of property, plant and equipment
(157,674)
(28,914)
Proceeds on disposal of property, plant and equipment
3,400
-
0
Interest received
1,980
-
0
Net cash used in investing activities
(152,294)
(28,914)
Financing activities
Proceeds of new bank loans
5,200,000
600,000
Repayment of bank loans
(656,963)
(630,000)
Net cash generated from (used in) financing activities
4,543,037
(30,000)
Net increase (decrease) in cash and cash equivalents
(55,646)
31,159
Cash and cash equivalents at beginning of year
65,202
34,043
Cash and cash equivalents at end of year
9,556
65,202
ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 11 -
1
Accounting policies
Company information

Alum Care Limited is a company limited by shares incorporated in England and Wales. The registered office is 31/33 Commercial Road, Poole, Dorset, BH14 0HU. The principal place of business is Kings Cross Lane, South Nutfield, Redhill, RH1 5PA.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

 

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

 

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

 

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

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 12 -
1.3
Going concern

The Board has carefully considered those factors likely to affect the future development, performance and financial position of the company in relation to the ability of the company to operate within its current and foreseeable financial and operational resources.

 

The company is facing various ongoing challenges including rising inflation, rising interest rates, staff shortages as a result of Brexit, the 9.8% increase in the National Living Wage from 1 April 2024, the cost of living crisis and higher insurance premiums, however, the Board has put in place a number of strategies to mitigate the effect of these challenges as far as possible.

 

Furthermore, the performance of the company has improved subsequent to the year end and the company is expecting to achieve higher results than those achieved this year. In addition, the parent company has taken restructuring steps with the disposal of two subsidiary companies, during the year, as part of a designed strategy to improve immediate group cash flow and to streamline future operations into core market sectors, with the aim of focusing on future group profitability and minimising cash leakage.

 

The company and its wider group are also dependent on the support of its bankers. The group maintains a positive relationship with its bankers and continued support has been provided in this connection.

 

With the restructuring of the group, the increase in company performance and on the basis of the current relationship with its bankers, the directors consider that the company is in a position to meet its liabilities as they fall due for at least 12 months following the date of the signing of these financial statements. As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the supply of care services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of payables due within one year.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over the FRS 102 default period of 10 years on a straight line basis, as the directors consider that it is not possible to make a reliable estimate of the useful life of the assets.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 13 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website and software
3 year straight line
1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of non-current assets

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

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

 

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

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 14 -

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

1.9
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost is calculated using the weighted average cost method.

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

1.10
Cash and cash equivalents

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

1.11
Financial instruments

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

 

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

 

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

Fair value measurement of financial instruments

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical assets on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Basic financial assets

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

Other financial assets

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

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 17 -
1.16
Leases

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

 

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

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

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18

Credit risk

The company implements appropriate credit checks on residents and service users prior to providing services. This reduces the exposure of the company in respect of credit risk.

1.19

Liquidity risk

The policy of the company is to maintain a mix of short and long term borrowings to effectively manage liquidity risk.

1.20

Cash flow and interest rate risk

The company's interest rate risk arises primarily from long-term borrowings issued at variable rates which exposes the company to cash flow interest rate risk. The cash flow interest rate risk is managed within the company's business projections and planning, in the monitoring of financial covenants and through negotiation of facility terms with the provider of the borrowing facility at specified intervals. In addition, the group hedges against variations in interest rates by entering into appropriate interest rate management products with their lenders.

2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 18 -
3
Revenue

An analysis of the company's revenue is as follows:

2023
2022
£
£
Revenue analysed by class of business
Care Services
6,990,633
5,269,739
2023
2022
£
£
Other significant revenue
Interest income
1,980
-
Grants received
19,412
103,859
4
Operating profit
2023
2022
Operating profit for the year is stated after charging (crediting):
£
£
Government grants
(19,412)
(103,859)
Fees payable to the company's auditor for the audit of the company's financial statements
9,834
4,735
Depreciation of owned property, plant and equipment
130,308
125,773
Loss on disposal of property, plant and equipment
3,352
-
Amortisation of intangible assets
4,267
6,933
Operating lease charges
4,464
13,536

Government grants received in the year relate to various Covid-19 support schemes.

 

Amortisation of intangible assets is included in administrative expenses.

5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,834
4,735
ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 19 -
6
Employees

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

2023
2022
Number
Number
Care and nursing
76
66
Directors
3
3
Total
79
69

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,429,589
1,782,277
Social security costs
251,303
171,921
Pension costs
37,526
30,366
2,718,418
1,984,564
7
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
1,980
-
0

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
1,980
-
0
8
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
149,612
28,584
Other interest on financial liabilities
3,037
-
0
152,649
28,584
ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 20 -
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
11,028
2,763
Changes in tax rates
-
0
101,678
Total deferred tax
11,028
104,441

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

2023
2022
£
£
Profit before taxation
1,309,929
1,233,441
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
327,482
234,354
Tax effect of expenses that are not deductible in determining taxable profit
4,088
1,555
Tax effect of utilisation of tax losses not previously recognised
(151,262)
(242,613)
Unutilised tax losses carried forward
(176,897)
-
0
Profit on disposal of fixed assets
838
-
0
Capital allowances in excess of depreciation
(4,249)
6,704
Deferred tax on accelerated capital allowances
11,028
2,763
Deferred tax on change in tax rate
-
0
101,678
Taxation charge for the year
11,028
104,441
10
Intangible fixed assets
Goodwill
Website and software
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
1,270,000
31,657
1,301,657
Amortisation and impairment
At 1 June 2022
1,270,000
27,390
1,297,390
Amortisation charged for the year
-
0
4,267
4,267
At 31 May 2023
1,270,000
31,657
1,301,657
Carrying amount
At 31 May 2023
-
0
-
0
-
0
At 31 May 2022
-
0
4,267
4,267
ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
10
Intangible fixed assets
(Continued)
- 21 -

Intangible fixed assets with a carrying amount of £nil (2022: £4,267) have been pledged to secure borrowings of the Group. Details of these borrowings are given in notes 16 and 21.

11
Property, plant and equipment
Freehold property
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
7,141,273
386,302
54,802
7,582,377
Additions
82,760
74,914
-
0
157,674
Disposals
-
0
-
0
(9,003)
(9,003)
At 31 May 2023
7,224,033
461,216
45,799
7,731,048
Depreciation and impairment
At 1 June 2022
491,635
307,996
38,354
837,985
Depreciation charged in the year
72,240
56,250
1,818
130,308
Eliminated in respect of disposals
-
0
-
0
(2,251)
(2,251)
At 31 May 2023
563,875
364,246
37,921
966,042
Carrying amount
At 31 May 2023
6,660,158
96,970
7,878
6,765,006
At 31 May 2022
6,649,638
78,306
16,448
6,744,392

Property, plant and equipment with a carrying amount of £6,765,006 (2022: £6,744,392) have been pledged to secure borrowings of the Group. Details of these borrowings are given in notes 16 and 21.

12
Inventories
2023
2022
£
£
Patient requisites
3,444
3,553

Inventories with a carrying amount of £3,444 (2022: £3,553) have been pledged to secure borrowings of the Group. Details of these borrowings are given in notes 16 and 21 respectively.

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 22 -
13
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
324,842
187,088
Amounts owed by group undertakings
6,060,143
354,619
Other receivables
5,596
6,064
Prepayments and accrued income
52,685
158,517
6,443,266
706,288

Trade and other receivables with a carrying amount of £6,443,266 (2022: £706,288) have been pledged to secure borrowings of the Group. Details of these borrowings are given in notes 16 and 21.

 

14
Current liabilities
2023
2022
Notes
£
£
Bank loans
16
251,644
120,000
Trade payables
232,984
238,913
Amounts owed to group undertakings
31,261
346,288
Taxation and social security
75,045
50,900
Other payables
178,765
194,921
Accruals and deferred income
294,354
136,783
1,064,053
1,087,805
15
Non-current liabilities
2023
2022
Notes
£
£
Bank loans and overdrafts
16
4,861,393
450,000
16
Borrowings
2023
2022
£
£
Bank loans
5,113,037
570,000
Payable within one year
251,644
120,000
Payable after one year
4,861,393
450,000
ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
16
Borrowings
(Continued)
- 23 -

The Coronavirus Business Interruption Loan Scheme loan was repaid in the year ended 31 May 2023. With regard to the balance of £570,000 as at 31 May 2022, this was secured by way of first legal charges over the properties and other assets of the group, a debenture and an intercompany guarantee. Interest was payable at a rate of 4.5% over the Coutts Base rate and in the first 12 months of the loan, the interest was met by the Government. The loan was due to mature in December 2026.

 

Bank loans included above totalling £5,113,037 (2022: £nil) are secured by way of first legal charges over the properties and other assets of the group, a debenture and an intercompany guarantee. Interest is payable at a rate of 2.75% over Sterling Over Night Index Average. The loan matures in January 2026.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
436,570
425,542
2023
Movements in the year:
£
Liability at 1 June 2022
425,542
Charge to profit or loss
11,028
Liability at 31 May 2023
436,570

Of the deferred tax liability set out above, an amount of £nil is expected to reverse within 12 months and relates to accelerated capital allowances.

18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,526
30,366

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £7,781 (2022: £6,319) were due to the fund. They are included in other creditors.

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 24 -
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of 0.1p each
500,000
500,000
500
500
Ordinary 'B' of 0.1p each
500,000
500,000
500
500
1,000,000
1,000,000
1,000
1,000

The company has two classes of shares, Ordinary 'A' shares and Ordinary 'B' shares, which hold voting rights of one vote per share. Each class of share has proportionality of dividends within the class and carry no right to fixed income or fixed repayment of capital.

20
Reserves
Share premium

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Retained earnings

Retained earnings represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

21
Financial commitments, guarantees and contingent liabilities

At 31 May 2023, the company had contingent liabilities amounting to £236,128 (2022: £236,128) in respect of possible additional charge to stamp duty land tax and corporation tax resulting from the initial apportionment on purchase of the values attributable to freehold property and goodwill. The determination of any liability to charge remains under assessment as at the end of the financial period.

 

At 31 May 2022, the company had secured the borrowings of its ultimate parent company, The Buckinghamshire Group Limited, by way of fixed and floating charge over all its assets, a debenture and an intercompany guarantee up to a maximum amount of £13,000,000. At 31 May 2022, the maximum exposure of the company in respect of amounts drawn by the parent company were £8,883,755. The loan was repaid during the year ended 31 May 2023 and the company has subsequently been released from this charge.

22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
4,464
4,464
Between two and five years
10,788
15,252
15,252
19,716
23
Events after the reporting date

Subsequent to the year end, the company secured additional borrowings from their current bankers and then subsequently consolidated and refinanced the bank borrowings by way of a new £10,000,000 loan. As a result, the security provided increased from £5,200,000 to £10,000,000 post 31 May 2023.

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 25 -
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Services received
Sale of tangibles
2023
2022
2023
2022
£
£
£
£
Key management personnel
-
-
2,400
-
Other related parties
62,400
-
-
-
62,400
-
2,400
-

Services received by the company were conducted on a normal commercial basis.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
220,136
Fellow subsidiary undertakings
31,261
126,152
31,261
346,288

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
6,060,143
-
Fellow subsidiary undertakings
-
354,619
6,060,143
354,619
25
Ultimate controlling party

The ultimate parent company is The Buckinghamshire Group Limited, whose registered office is 31/33 Commercial Road, Poole, Dorset, BH14 0HU.

 

Alum Care Limited is a subsidiary of The Buckinghamshire Group Limited, by way of 100% direct control of the company (2022: by way of 75% direct control of the company and 25% indirect control of the company via Ballinderry LLP, a subsidiary of The Buckinghamshire Group Limited).

The ultimate controlling parties are the directors of The Buckinghamshire Group Limited by virtue of their 80% shareholding of the issued share capital in the company.

The smallest and largest group into which the company is consolidated is The Buckinghamshire Group Limited.

ALUM CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 26 -
26
Cash (absorbed by) generated from operations
2023
2022
£
£
Profit for the year after tax
1,298,901
1,129,000
Adjustments for:
Taxation charged
11,028
104,441
Finance costs
152,649
28,584
Investment income
(1,980)
-
0
Loss on disposal of property, plant and equipment
3,352
-
Amortisation and impairment of intangible assets
4,267
6,933
Depreciation and impairment of property, plant and equipment
130,308
125,773
Movements in working capital:
Decrease (increase) in inventories
109
(952)
Increase in trade and other receivables
(5,736,978)
(14,471)
Decrease in trade and other payables
(155,396)
(1,260,651)
Cash (absorbed by) generated from operations
(4,293,740)
118,657
27
Analysis of changes in net debt
1 June 2022
Cash flows
31 May 2023
£
£
£
Cash at bank and in hand
65,202
(55,646)
9,556
Borrowings excluding overdrafts
(570,000)
(4,543,037)
(5,113,037)
(504,798)
(4,598,683)
(5,103,481)
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