Company registration number 04746712 (England and Wales)
ABBEY TOTAL CARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ABBEY TOTAL CARE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr J Patel
Mrs D Patel
Secretary
Mrs D Patel
Company number
04746712
Registered office
9 Spareleaze Hill
Loughton
Essex
IG10 1BS
Auditor
Alwyns LLP
Crown House
151 High Road
Loughton
Essex
IG10 4LG
Business address
Accounts Office, Abbey Care Complex
27-29 Abbey Road
Newbury Park
Ilford
Essex
IG2 7NE
ABBEY TOTAL CARE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 38
ABBEY TOTAL CARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the Annual Report for the year ended 30 April 2024.

Review of the business

The principal activities of the group continue to be that of ownership and the operation of nursing homes primarily for the elderly. The group owns 10 care homes providing nursing and residential care to 575 registered beds within the Greater London.

 

The group has had an excellent year, highlighted by the acquisition of the 65-bed Uplands Care Home in January 2024.

 

At the reporting date, the group’s turnover has risen by 30.4% to £33.9m (2023 - £26m). Profit before tax after fair value loss of £0.4m on derivative financial instruments for the year ended 30 April 2024 amounted to £5.07m, up from £4.89m in 2023 which included a £0.6m fair value gain on derivative financial instruments.

 

While increased staff remuneration and higher agency costs have impacted the results, the group's strict control over support costs demonstrates its ability to perform well in an otherwise challenging market. Local Authorities have continued to maintain tight budget controls, with little or no increases in fees. Despite these challenges, the group has upheld rigorous financial discipline, ensuring its cash generation capacity remains strong.

 

We are seeing strong progress in occupancy rates and are very optimistic about the future. The group is well placed to continue to perform strongly in the foreseeable future and to take advantage of future business opportunities. With the addition of highly skilled experts to our existing team, we are making significant strides in refreshing our strategic foundations. This continued evolution ensures that we are well-prepared for future success.

 

The management team remains deeply committed to its responsibilities in Sustainability, Environmental, and Social Governance (ESG) and works diligently to uphold these principles across all areas of the business.

 

Careful financial management has enabled the group to make substantial reinvestments in modernising care home facilities and infrastructure, ensuring we maintain our position as a high-quality, preferred care provider within our local communities. There is an ongoing focus on developing and improving our portfolio, with continuous enhancements to our care homes. As in previous years, the steady increase in the group's portfolio valuation reflects the quality of the assets from which the income is derived.

 

Strong governance, corporate responsibility, and sustainability are central to the success of the Abbey brand. The group is dedicated to addressing the challenging healthcare needs of its residents and the wider community. At the heart of our service delivery are our people, who ensure the highest standards of care for our residents. Abbey is well-positioned to remain a sector leader in employee engagement, career development, and training by continually investing in both our people and services. Our team is supported by an innovative learning and development programme that fosters growth and excellence.

 

The second phase of the group's flagship "Total Care" project at Forest Place is now in its final stage. Once complete, the redevelopment will feature 165 high-quality care units, including 45 extra care assisted living units, as well as a range of recreational facilities. A key part of the development will be a hydrotherapy centre, alongside ancillary medical facilities, such as consulting rooms, opticians, dentistry, physiotherapy services, and a pharmacy. The centre will also include wellness facilities, further enhancing the care and services we offer.

 

As with previous phases, the ongoing development has temporarily reduced the number of available beds. However, once the Forest Place, Balham and Ravenscroft projects are completed and fully operational, the value of the group's portfolio is expected to significantly increase. A valuation carried out in May 2023 estimated the portfolio’s worth at £156m.

 

As construction at Forest Place moves towards completion, planning permission has already been obtained for expansion at Ravenscroft-Barnet, and we are in the process of seeking approval for further developments in Balham, where additional premises have recently been acquired. There is substantial development potential within the Group's existing property portfolio, particularly with the recent acquisition of residential properties adjacent to some of our care homes. These opportunities will be explored to maximise value and improve the facilities available to our residents.

ABBEY TOTAL CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The future of Abbey Total Care Group looks very promising, underpinned by strong foundations, a solid financial Balance Sheet, and a continued focus on meeting the evolving needs of our residents. Our commitment to high-quality care remains unwavering, with constant monitoring and assessment by the group’s Executive Board, Governance Teams, Operational and Area Managers and Home Managers. The group’s key focus remains over and above regulatory, the local authority and NHS requirements.

 

We continue to invest in strengthening our management team, bringing in specialists such as in-house trainers, Care Quality Commission (CQC) experts, Local Authority Contracts Advisors and Environmental Health professionals. Additionally, our associate Medical Consultants and GPs play a vital role in providing more specialised care to residents, working closely with Integrated Commissioning Boards and local hospitals to ensure the best possible outcomes.

 

Abbey Total Care Group's homes are regulated by the Care Quality Commission (CQC), which ensures that care homes and services in England deliver safe, effective, compassionate, and high-quality care. The group remains fully committed to compliance with all health and safety regulations, as well as labour and employment laws, to provide the highest standards of care to our residents.

Principal risks

In addition to the commercial and regulatory challenges, the impact of rising living costs and inflation continues to challenge the group’s operations. However, the group consistently monitors and assesses the risks facing its business and Balance Sheet, evaluating how these factors interact. By understanding these risks, the group identifies appropriate opportunities for risk diversification and management, enabling it to confidently respond to emerging challenges.

 

With local authorities and the NHS continuing to restrict annual fee increases and extend payment periods, the group ensures its cash flow remains adequately provisioned to address these financial pressures.

 

During the reporting period, the group increased its term loan and acquisition banking facility. This expanded facility supported the acquisition of the 65 bed Uplands Care Home.

 

The care sector remains challenging, with recruitment of healthcare workers continuing to be a sector-wide issue. Rising inflation further increases costs across the business. Despite these pressures, the Group is well-positioned to adapt to changing circumstances, balancing the needs of its residents with a focus on growth and long-term sustainability.

 

Future Outlook

Looking ahead, conditions will continue to be challenging due to a number of economic uncertainties. The scale and further likelihood of which particular care homes being impacted cannot be predicted with any certainty. The group is however taking all possible precautions to minimise and mitigate the risk with continuous monitoring of the business. The group is well prepared in maintaining its growth momentum well into the foreseeable future.

ABBEY TOTAL CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Key performance indicators

The group’s Key Performance Indicators (KPIs) are regularly reviewed to ensure they align with our strategic objectives. Detailed monthly management reports and accounts are produced, with several KPIs—such as turnover, payroll costs, operating costs, and cash generation from operations—forming an integral part of the review process and are detailed in the financial statements. Over the course of the year, the movement in occupancy was as follows:

 

 

2023/24

2022/​23

 

Occupancy Percentage %

93%

91%

During the year, occupancy rates increased as a result of strong demand for care beds and diversifying the provision of specialised care services including 1:1 care provisions.

Registered Beds

 

575

 

480

 

Addition of 65 beds from the acquired Uplands Care Home and additional 30 beds registration at Forest Place. Registered beds will increase to 620 upon registration of 45 additional beds from Forest Place Phase 2 development.

 

S172 statement

The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

 

‘A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:

 

•    the likely consequences of any decisions in the long term;

 

•    the interests of the company’s employees;

 

•    the need to foster the company’s business relationships with suppliers, customers and others;

 

•    the impact of the company’s operations on the community and environment;

 

•    the desirability of the company maintaining a reputation for high standards of business conduct; and

 

•    the need to act fairly as between members of the Company.

 

Risk Management

As we grow, our business and our risk environment also become more complex. It is therefore vital that we effectively identify, evaluate, manage and mitigate the risks we face, and that we continue to evolve our approach. We have set out earlier in this report our principle risks and how we manage our risk environment.

 

Our people

The Group is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, clients, investors, communities and society as a whole. For our business to succeed we need to manage our people’s performance and develop and bring through talent while ensuring we operate as efficiently as possible. We must also ensure we share common values that inform and guide our behaviour so we achieve our goals in the right way. Throughout the pandemic, the Group has supported its colleagues. Our colleagues have worked tirelessly throughout the pandemic, adopted various changes, to provide outstanding care to our residents.

ABBEY TOTAL CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

Business Relationships

Our strategy priorities organic growth. To do this, we need to develop and maintain strong customer relationships. We value all of our suppliers.

 

Community and Environment

The Group’s approach is to use our position of strength to create positive change for the people and communities with which we interact.

 

Reputation maintenance

The board expects the highest standards of business conduct. The directors receive updates in respect of matters of regulatory compliance and further escalated issues.

 

Shareholders

The board contains all the company’s shareholders so there is never a conflict between the two parties.

The directors take this opportunity to thank all the stakeholders in supporting the operation of the business – that is all the frontline staff and management, the suppliers, the commissioning and contracting authorities, the social and healthcare workers – for their tremendous support during the very challenging period of the pandemic. The directors extend our thanks to all the families and relatives for their understanding and working in partnership with the group.

On behalf of the board

Mr J Patel
Director
13 November 2024
ABBEY TOTAL CARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

The directors present their financial statements for the year ended 30 April 2024.

 

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £76,043. The directors do not recommend payment of a further dividend.

Directors

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

Mr J Patel
Mrs D Patel
Financial instruments
Treasury operations and financial instruments

The group's principal financial instruments are credit facilities and loans, the main purpose of which is to finance the group's operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.

Liquidity risk

Liquidity risk is addressed by holding adequate liquid assets and through appropriate controls. The group continually reviews the residual risks arising and has mitigating actions in place to reduce the levels of these risks. Added to the liquid assets, a portion of the bank facility always remains undrawn to overcome unforeseen eventualities.

Interest rate risk

During May 2022 an interest rate cap was put in place over £20m of debt which capped the interest rate before margin at 1.5% per annum. The group is exposed to fair value interest rate risk on its borrowings over £20m and cashflow interest rate risk on bank overdrafts and loans. The group has agreed substantial interest rates on group cash credit balances which will help to manage interest cost on borrowing.

Credit risk

Investments of cash surpluses and borrowings are made through banks which must fulfil credit rating criteria approved by the Board. All service users enter into formal agreements with the group which stipulate payment terms. The directors regularly review trade debtors and pursue any outstanding debts on a timely basis. Where necessary, provisions are made for doubtful debts.

Employee involvement

Abbey Total Care Group Limited has continued its development of an in-house learning facility. The group ensures that all care employees are trained up to the industry standard (appropriate QCF levels). This learning facility provides in-house trainers and assessors to deliver appropriate instructions and evaluation. Our trainers are experts familiar with the company’s values, policies and procedures. These training sessions have been welcomed by employees for their the more interactive style and content.

 

The group's policy remains that of a positive approach to problem solving and improving efficiency through consultations and discussions with employees at staff councils and meetings, for matters likely to affect employees' interests. All matters of concern by individuals are resolved as they arise by the manager.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

ABBEY TOTAL CARE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Future developments

The Group is very pleased with the improving performance in health provision and aged care. We are doing everything we can to offer support to people in need. Our teams continue enthusiastically to deliver high standards of service for our customers at the same time as we transform the business.

 

The group continues to go from strength to strength, building on its solid foundation and years of expertise in the business. It has grown over the years by making progressive changes to existing buildings, conversions and new-builds. Importance is always given to developments that are superior and can provide a level of customer satisfaction which is exceptional. ‘Value for money and helping people live longer, healthier, happier lives’ are the key principles on which the Group’s foundations lie. We believe Abbey Total Care Group has an increasing part to play in the health of its customers.

 

Our ‘Care First’ approach will always be at the forefront all our activities. This approach has resulted in continuous training and development initiatives for all employees.

 

Forest Place, the group’s flagship home in Buckhurst Hill, located within the prestigious Epping Forest District of Essex, continues its Phase two development to supply additional beds, assisted living units for customers, restaurant facilities and an extensive medical centre.

 

Future planning includes new smaller developments at many of the group's other homes, to be rolled out soon after execution of the above project.

Auditor

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

Energy and carbon report

Whilst the overall group has consumed more than 40,000 kWh of energy in this reporting period, none of the individual subsidiaries are large as defined by the Companies Act. In preparing this group Director’s Report, we have taken advantage of the option to exclude any energy and carbon information relating to those subsidiaries.

 

As the parent entity has very limited energy consumption, there is no energy and carbon information to be reported in respect of the parent entity.

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

ABBEY TOTAL CARE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Statement of disclosure to auditor

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

On behalf of the board
Mr J Patel
Director
13 November 2024
ABBEY TOTAL CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABBEY TOTAL CARE GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Abbey Total Care Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The 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:

ABBEY TOTAL CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABBEY TOTAL CARE GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Audit procedures undertaken in responses to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claim; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As stated above, there is an unavoidable risk that material misstatements my not be detected, even though the audit have been planned and performed in accordance with ISAs (UK).

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.

ABBEY TOTAL CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABBEY TOTAL CARE GROUP LIMITED
- 10 -

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.

David Stanley (Senior Statutory Auditor)
For and on behalf of Alwyns LLP
13 November 2024
Chartered Accountants
Statutory Auditor
Crown House
151 High Road
Loughton
Essex
IG10 4LG
ABBEY TOTAL CARE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
33,873,937
26,020,259
Cost of sales
(19,980,539)
(15,969,444)
Gross profit
13,893,398
10,050,815
Administrative expenses
(6,949,634)
(5,020,585)
Other operating income
298,605
401,834
Operating profit
4
7,242,369
5,432,064
Interest receivable and similar income
8
211,983
34,834
Interest payable and similar expenses
9
(1,965,757)
(1,197,314)
Fair value gains/(losses) on financial instruments
10
(420,612)
620,351
Profit before taxation
5,067,983
4,889,935
Tax on profit
11
(1,257,735)
(1,006,694)
Profit for the financial year
3,810,248
3,883,241
Profit for the financial year is attributable to:
- Owners of the parent company
3,727,912
3,831,617
- Non-controlling interests
82,336
51,624
3,810,248
3,883,241

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ABBEY TOTAL CARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
£
£
Profit for the year
3,810,248
3,883,241
Other comprehensive income net of taxation
Revaluation of tangible fixed assets
-
0
6,783,937
Tax relating to other comprehensive income
-
0
(1,655,546)
Other comprehensive income for the year
-
0
5,128,391
Total comprehensive income for the year
3,810,248
9,011,632
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,727,912
8,960,008
- Non-controlling interests
82,336
51,624
3,810,248
9,011,632
ABBEY TOTAL CARE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
(183,812)
-
0
Tangible assets
14
102,275,200
83,570,973
102,091,388
83,570,973
Current assets
Debtors
17
5,312,019
9,143,554
Cash at bank and in hand
7,540,278
7,054,092
12,852,297
16,197,646
Creditors: amounts falling due within one year
18
(8,763,378)
(7,407,886)
Net current assets
4,088,919
8,789,760
Total assets less current liabilities
106,180,307
92,360,733
Creditors: amounts falling due after more than one year
19
(37,020,317)
(27,367,336)
Provisions for liabilities
Deferred tax liability
22
8,658,548
8,226,160
(8,658,548)
(8,226,160)
Net assets
60,501,442
56,767,237
Capital and reserves
Called up share capital
24
321
321
Revaluation reserve
32,165,189
32,165,189
Other reserves
(357,491)
(357,491)
Profit and loss reserves
27,640,775
23,988,906
Equity attributable to owners of the parent company
59,448,794
55,796,925
Non-controlling interests
1,052,648
970,312
60,501,442
56,767,237
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
13 November 2024
Mr J Patel
Director
Company registration number 04746712 (England and Wales)
ABBEY TOTAL CARE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
262,797
163,665
Investments
15
1,063,152
1,062,952
1,325,949
1,226,617
Current assets
Debtors
17
43,464,248
35,208,758
Cash at bank and in hand
6,299,936
1,938,793
49,764,184
37,147,551
Creditors: amounts falling due within one year
18
(12,096,315)
(9,026,772)
Net current assets
37,667,869
28,120,779
Total assets less current liabilities
38,993,818
29,347,396
Creditors: amounts falling due after more than one year
19
(37,020,317)
(27,367,336)
Provisions for liabilities
22
(152,285)
(206,263)
Net assets
1,821,216
1,773,797
Capital and reserves
Called up share capital
24
321
321
Profit and loss reserves
1,820,895
1,773,476
Total equity
1,821,216
1,773,797

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £123,462 (2023 - £812,916 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
13 November 2024
Mr J Patel
Director
Company Registration No. 04746712
ABBEY TOTAL CARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 May 2022
321
27,080,300
(357,491)
20,240,245
46,963,375
875,186
47,838,561
Year ended 30 April 2023:
Profit for the year
-
-
-
3,831,617
3,831,617
51,624
3,883,241
Other comprehensive income net of taxation:
Revaluation of tangible fixed assets
-
6,783,937
-
-
6,783,937
-
6,783,937
Tax relating to other comprehensive income
-
(1,655,546)
-
-
0
(1,655,546)
-
(1,655,546)
Total comprehensive income
-
5,128,391
-
3,831,617
8,960,008
51,624
9,011,632
Dividends
12
-
-
-
(82,956)
(82,956)
-
(82,956)
Other movements
-
(43,502)
-
-
(43,502)
43,502
-
Balance at 30 April 2023
321
32,165,189
(357,491)
23,988,906
55,796,925
970,312
56,767,237
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
3,727,912
3,727,912
82,336
3,810,248
Dividends
12
-
-
-
(76,043)
(76,043)
-
(76,043)
Balance at 30 April 2024
321
32,165,189
(357,491)
27,640,775
59,448,794
1,052,648
60,501,442
ABBEY TOTAL CARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
321
1,043,516
1,043,837
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
812,916
812,916
Dividends
12
-
(82,956)
(82,956)
Balance at 30 April 2023
321
1,773,476
1,773,797
Year ended 30 April 2024:
Profit and total comprehensive income
-
123,462
123,462
Dividends
12
-
(76,043)
(76,043)
Balance at 30 April 2024
321
1,820,895
1,821,216
ABBEY TOTAL CARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
10,100,879
6,334,270
Interest paid
(1,796,102)
(1,145,314)
Income taxes paid
(1,201,951)
(709,034)
Net cash inflow from operating activities
7,102,826
4,479,922
Investing activities
Purchase of business
(21,513,700)
-
Purchase of subsidiary undertakings
(945,494)
-
Purchase of tangible fixed assets
5,767,476
(2,553,517)
Interest received
211,983
34,834
Net cash used in investing activities
(16,479,735)
(2,518,683)
Financing activities
Proceeds from borrowings
-
99,703
Repayment of borrowings
(299,048)
(99,703)
Proceeds of new bank loans
12,101,379
3,197,860
Repayment of bank loans
(1,827,500)
(1,340,000)
Purchase of derivatives
-
(716,454)
Payment of finance leases obligations
(35,693)
(35,693)
Dividends paid to equity shareholders
(76,043)
(82,956)
Net cash generated from financing activities
9,863,095
1,022,757
Net increase in cash and cash equivalents
486,186
2,983,996
Cash and cash equivalents at beginning of year
6,949,055
3,965,059
Cash and cash equivalents at end of year
7,435,241
6,949,055
Relating to:
Cash at bank and in hand
7,540,278
7,054,092
Bank overdrafts included in creditors payable within one year
(105,037)
(105,037)
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
1
Accounting policies
Company information

Abbey Total Care Group Limited ("the company") is a private company limited by shares incorporated in England and Wales. The registered office is 9 Spareleaze Hill, Loughton, Essex, IG10 1BS.

The group consists of Abbey Total Care Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and derivative financial instruments. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group that prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

1.2
Basis of consolidation

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 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 and 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.

The consolidated financial statements incorporate those of Abbey Total Care Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 April 2024 and have consistent accounting policies.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and its subsidiary undertakings have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for services provided.

1.5
Intangible fixed assets - goodwill

Goodwill represents the difference between the fair value of the consideration paid on the acquisition of a business and the fair value of the separable net assets. Goodwill is capitalised and amortised in equal annual instalments over its estimated useful economic life. The balance sheet carrying value of goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recovered.

1.6
Tangible fixed assets

Tangible fixed assets other than freehold land and buildings are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Freehold land and buildings are stated at valuation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
Equipment (short life)
over a period of 3 years
Integral features
10% reducing balance

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

1.7
Fixed asset investments

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

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

1.8
Impairment of fixed assets

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

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 through the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities and bank overdrafts.

1.10
Financial instruments

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

 

Financial instruments are recognised in the balance sheet when the entity becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors 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 interest rate caps, 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.

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.

Derecognition of financial assets

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

Classification of financial liabilities

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

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group and related companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

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 though 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.

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Taxation
Current tax

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

Deferred tax

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

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
1.14
Retirement benefits

The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period to which they relate.

1.15
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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17

Liquid resources

Liquid resources for the purpose of preparing the cashflow statement includes cash at bank and in hand.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements and estimation uncertainty

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets (note 14)

Freehold land and buildings are reflected at fair value based upon a valuation from qualified surveyors. Calculation of the valuation requires judgements to be made and estimates based on information at the time of the valuation including the competitive and economic environment.

Trade debtors (note 17)

At each reporting date the company assesses whether there is any indication of the non recovery of trade debts. If any such indication exists a provision is recognised based on the director's estimate of amounts recoverable.

3
Turnover and other revenue

The group's turnover is generated from its principal activity of the operation of care homes which is wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(23,727)
(91,579)
Depreciation of owned tangible fixed assets
676,997
668,638
Amortisation of intangible assets
(45,953)
(18,882)
Operating lease charges
104,200
24,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
21,562
8,340
Audit of the financial statements of the company's subsidiaries
21,098
20,340
42,660
28,680
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Resident welfare
598
497
5
-
Administration
43
42
5
6
641
539
10
6

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
16,884,799
13,107,546
1,104,021
668,090
Social security costs
1,437,718
1,214,020
142,859
93,554
Pension costs
645,127
447,069
337,393
201,486
18,967,644
14,768,635
1,584,273
963,130
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
352,967
317,018
Company pension contributions to defined contribution schemes
160,000
80,000
511,351
397,018

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
216,656
207,122
Company pension contributions to defined contribution schemes
80,000
40,000

Only the directors are considered to be the key management.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
211,983
34,834
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,554,333
1,122,465
Other interest on financial liabilities
20,248
11,219
Interest on finance leases and hire purchase contracts
2,276
2,276
Other finance costs
388,900
61,354
Total finance costs
1,965,757
1,197,314
10
Fair value gains/(losses) on financial instruments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(420,612)
620,351
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,073,916
614,592
Adjustments in respect of prior periods
31,908
(2,091)
Total current tax
1,105,824
612,501
Deferred tax
Origination and reversal of timing differences
151,911
394,193
Total tax charge
1,257,735
1,006,694
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Taxation
(Continued)
- 26 -

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2024
2023
£
£
Profit before taxation
5,067,983
4,889,935
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
1,266,996
953,537
Adjustments in respect of prior years
30,792
(2,091)
Effect of change in corporation tax rate
352
-
Adjustments in respect of financial assets held at FVTPL
-
0
45,378
Timing differences of capital allowances against depreciation and deferred taxation
(47,834)
29,098
Enhanced capital allowances
-
0
(31,163)
Other tax adjustments
7,429
16,495
Property impairment reversal
-
0
(4,560)
Taxation charge
1,257,735
1,006,694

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
1,655,546
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
76,043
82,956
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023
(293,584)
Arising from acquisition of subsidiary undertakings
(229,765)
At 30 April 2024
(523,349)
Amortisation and impairment
At 1 May 2023
(293,584)
Amortisation charged for the year
(45,953)
At 30 April 2024
(339,537)
Carrying amount
At 30 April 2024
(183,812)
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
14
Tangible fixed assets
Group
Freehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 May 2023
79,361,148
11,333,796
-
0
90,694,944
Additions
3,530,156
1,291,676
167,542
4,989,374
Business combinations
10,756,850
-
0
-
0
10,756,850
Arising from acquisition of subsidiary undertakings
3,635,000
-
0
-
0
3,635,000
At 30 April 2024
97,283,154
12,625,472
167,542
110,076,168
Depreciation and impairment
At 1 May 2023
-
0
7,123,971
-
0
7,123,971
Depreciation charged in the year
-
0
635,112
41,885
676,997
At 30 April 2024
-
0
7,759,083
41,885
7,800,968
Carrying amount
At 30 April 2024
97,283,154
4,866,389
125,657
102,275,200
At 30 April 2023
79,361,148
4,209,825
-
0
83,570,973
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
14
Tangible fixed assets
(Continued)
- 28 -
Company
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 May 2023
332,620
-
0
332,620
Additions
19,188
167,542
186,730
At 30 April 2024
351,808
167,542
519,350
Depreciation and impairment
At 1 May 2023
168,955
-
0
168,955
Depreciation charged in the year
45,713
41,885
87,598
At 30 April 2024
214,668
41,885
256,553
Carrying amount
At 30 April 2024
137,140
125,657
262,797
At 30 April 2023
163,665
-
0
163,665

 

Land and buildings held at 30 April 2023 were revalued during the prior year on a valuation concluded as at 24 May 2023 by Knight Frank LLP, independent valuers not connected with the group, on the basis of market value as defined in the publication RICS Valuation - Global Standards, which incorporate the International Valuation Standard and the RICS UK National Supplement.

If freehold land and buildings were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Group
Cost
55,591,613
38,959,615
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
1,063,152
1,062,952
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
1,062,952
Additions
949,300
At 30 April 2024
2,012,252
Impairment
At 1 May 2023
-
Impairment losses
949,100
At 30 April 2024
949,100
Carrying amount
At 30 April 2024
1,063,152
At 30 April 2023
1,062,952

The company acquired 100% of the share capital in each of Devi (London) Properties Limited and Newvalley Developments Limited. Following acquisition, properties held within those entities were transferred to the group companies at net book value and dividends paid to the parent to reduce the distributable reserves in the subsidiary undertakings to nil. Provision was subsequently made against acquisition cost as a result of the distributions.

16
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Abbey Care Centre Limited
Ordinary
100.00
Abbey Care Complex Limited
Ordinary
100.00
Abbey Care Services Limited
Ordinary
100.00
Abbey Cheam Centre Limited (Dormant)
Ordinary
100.00
Abbey Ravenscroft Park Limited
Ordinary
100.00
Martlane Limited
Ordinary
95.00
Moreland House Care Home Limited
Ordinary
100.00
Parkside Nursing Home Limited
Ordinary
100.00
Planshore Limited
Ordinary
99.00
Ryedowns Limited
Ordinary
99.90
Woodlands Total Care Nursing Home Limited
Ordinary
100.00
Abbey Uplands Care Home Limited
Ordinary
100.00
Abbey Kingston Care Home Limited (Dormant)
Ordinary
100.00
Devi (London) Properties Limited (non trading)
Ordinary
100.00
Newvalley Developments Limited (non trading)
Ordinary
100.00
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Subsidiaries
(Continued)
- 30 -

The principal activity of the above undertakings, apart from those identified as dormant or non trading, was the operation of care homes and ancillary services. All the above companies are registered in the United Kingdom which the same registered office as the parent undertaking.

 

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,362,484
3,084,213
7,637
-
0
Corporation tax recoverable
64,153
29,401
63,037
29,401
Amounts owed by group undertakings
-
-
41,962,879
29,887,464
Other debtors
607,212
4,056,199
514,502
3,953,156
Prepayments and accrued income
361,977
636,936
-
0
1,932
4,395,826
7,806,749
42,548,055
33,871,953
Amounts falling due after more than one year:
Derivative financial instruments
916,193
1,336,805
916,193
1,336,805
Total debtors
5,312,019
9,143,554
43,464,248
35,208,758
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
2,023,553
1,468,037
2,023,553
1,468,037
Obligations under finance leases
21
35,692
35,693
35,692
35,693
Other borrowings
20
-
0
99,703
-
0
99,703
Trade creditors
3,383,016
2,461,897
21,361
55,684
Amounts owed to group undertakings
-
0
-
0
9,564,131
7,253,640
Corporation tax payable
293,217
354,592
33,636
-
0
Other taxation and social security
909,924
353,884
114,145
7,574
Other creditors
1,862,464
1,213,467
272,638
60,509
Accruals and deferred income
255,512
1,420,613
31,159
45,932
8,763,378
7,407,886
12,096,315
9,026,772
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
36,957,855
27,069,837
36,957,855
27,069,837
Obligations under finance leases
21
62,462
98,154
62,462
98,154
Other borrowings
20
-
0
199,345
-
0
199,345
37,020,317
27,367,336
37,020,317
27,367,336
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
38,876,371
28,432,837
38,876,371
28,432,837
Bank overdrafts
105,037
105,037
105,037
105,037
Other loans
-
0
299,048
-
0
299,048
38,981,408
28,836,922
38,981,408
28,836,922
Payable within one year
2,023,553
1,567,740
2,023,553
1,567,740
Payable after one year
36,957,855
27,269,182
36,957,855
27,269,182

The bank debt is secured by a debenture and unlimited intercompany composite guarantee between the group and connected companies, supported by first legal charges over the assets of the group and connected companies.

 

The bank facilities, which were amended and increased to £41,602,500 during the year, comprise term loans and a revolving credit facility, repayable in instalments with bullet repayments at the end of the term. Interest is charged on the term loans at between 2.25% and 2.45% above SONIA and on the revolving credit facility at 3.35% above.

 

During May 2022 an interest rate cap was agreed with the group's bankers over £20,000,000 of debt which capped the interest rate before margins at 1.5% per annum.

 

Other loans represent the executive pension scheme which was secured over some of the group's properties, which were repayable in instalments, bore interest at 1% above bank base rate and were repaid in full during the year.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
35,693
35,693
35,693
35,693
In two to five years
62,461
98,154
62,461
98,154
98,154
133,847
98,154
133,847

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
2024
2023
Group
£
£
Advanced capital allowances
888,286
682,397
Revaluation of freehold properties
7,617,977
7,337,500
Revaluation of derivatives
152,285
206,263
8,658,548
8,226,160
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluation of derivatives
152,285
206,263
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
8,226,160
206,263
Charge/(credit) to profit or loss
151,911
(53,978)
Charge to equity
280,477
-
Liability at 30 April 2024
8,658,548
152,285
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 33 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
645,127
447,069

Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
321
321
321
321
25
Acquisition of businesses and subsidiary undertakings
On 30 January 2024 Abbey Uplands Care Home Limited acquired the business of Uplands Care Centre.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
21,513,700
-
21,513,700
Goodwill
-
Total consideration
21,513,700
The consideration was satisfied by:
£
Cash
21,513,700
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
1,011,511
Profit after tax
72,057
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
25
Acquisition of businesses and subsidiary undertakings
(Continued)
- 34 -

On 20 June 2023 the group acquired 100 percent of the issued capital of Newvalley Developments Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
1,092,202
1,067,798
2,160,000
Trade and other receivables
2,342
-
2,342
Cash and cash equivalents
4,861
-
4,861
Trade and other payables
(950,198)
-
(950,198)
Deferred tax
-
(221,076)
(221,076)
Total identifiable net assets
149,207
846,722
995,929
Goodwill
(131,629)
Total consideration
864,300
The consideration was satisfied by:
£
Cash
864,300

The adjustments to fair value reflect the revaluation of property to fair value together with associated deferred tax provision thereon.

There was no contribution to either turnover or profit after tax from the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:

The goodwill arising on acquisition relates to a discount on the acquisition cost.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
25
Acquisition of businesses and subsidiary undertakings
(Continued)
- 35 -

On 22 March 2024 the group acquired 100 percent of the issued capital of Devi (London) Properties Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
1,237,395
237,605
1,475,000
Trade and other receivables
128,197
-
128,197
Cash and cash equivalents
(1,055)
-
(1,055)
Trade and other payables
(1,359,605)
-
(1,359,605)
Deferred tax
-
(59,401)
(59,401)
Total identifiable net assets
4,932
178,204
183,136
Goodwill
(98,136)
Total consideration
85,000
The consideration was satisfied by:
£
Cash
85,000

The adjustments to fair value reflect the revaluation of property to fair value together with associated deferred tax provision thereon.

There was no contribution to either turnover or profit after tax from the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:

The goodwill arising on acquisition relates to a discount on the acquisition cost.

ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 36 -
26
Related party transactions
Transactions with related parties
Group

During the year the group entered into transactions with related parties as follows:

2024
2023
£
£
Company with common directors and under common control
Repairs and maintenance expenses
964,140
623,712
Property development costs
1,191,348
1,316,642
Fixtures, fittings and equipment costs
925,106
1,048,491
2024
2023
£
£
Company in which a director is a member of key management personnel
Interest received
(61,992)
(59,079)
2024
2023
£
£
Close family members of the directors
Remuneration expenses
632,388
450,154
At the year end the following balances were outstanding:
2024
2023
£
£
Amounts owed by directors (interest free and repayable on demand)
39,144
64,674
Amounts owed (to)/by family members of directors (interest free and
(10,684)
43,784
repayable on demand)
Amounts owed (to) companies with common directors and
(125,078)
(28,608)
under common control
Amounts owed (to)/by company in which a director is a member of
(160,250)
3,860,247
key management personnel
Amounts owed (to) group pension scheme
-
(299,047)
Company
During the year the company entered into transactions with related parties as follows:
2024
2023
£
£
Company in which a director is a member of key management personnel
Interest received
(61,992)
(59,079)
2024
2023
£
£
Close family members of the directors
Remuneration expenses
555,984
376,499
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
26
Related party transactions
(Continued)
- 37 -
At the year end the following balances were outstanding:
2024
2023
£
£
Amounts owed by directors (interest free and repayable on demand)
39,144
64,674
Amounts owed (to)/by family members of directors (interest free and
(10,684)
43,784
repayable on demand)
Amounts owed by/(to) company with common directors and
271,906
(55,177)
under common control
Amounts owed (to)/by company in which a director is a member of
(212,107)
3,816,191
key management personnel
Amounts owed (to) group pension scheme
-
(299,047)
27
Controlling party

The controlling party in both financial years is considered to be Mr J M Patel by virtue of his 100% shareholding.

28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,810,248
3,883,241
Adjustments for:
Taxation charged
1,257,735
1,006,694
Finance costs
1,965,757
1,197,314
Investment income
(211,983)
(34,834)
Amortisation and impairment of intangible assets
(45,953)
(18,882)
Depreciation and impairment of tangible fixed assets
676,997
668,638
Reversal of previous impairment
-
(23,386)
Fair value loss/(gain) on derivative
420,612
(620,351)
Movements in working capital:
Decrease/(increase) in debtors
3,576,214
(20,539)
(Decrease)/increase in creditors
(1,348,748)
296,375
Cash generated from operations
10,100,879
6,334,270
ABBEY TOTAL CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 38 -
29
Analysis of changes in net debt - group
1 May 2023
Cash flows
Other non-cash changes
30 April 2024
£
£
£
£
Cash at bank and in hand
7,054,092
486,186
-
7,540,278
Bank overdrafts
(105,037)
-
-
(105,037)
6,949,055
486,186
-
7,435,241
Borrowings excluding overdrafts
(28,731,885)
(9,974,831)
(169,655)
(38,876,371)
Obligations under finance leases
(133,847)
35,693
-
(98,154)
(21,916,677)
(9,452,952)
(169,655)
(31,539,284)
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