Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falsetruetruetruetruetruetruefalse2023-07-01falseOperating a nursing home6771true 03071484 2023-07-01 2024-06-30 03071484 2022-07-01 2023-06-30 03071484 2024-06-30 03071484 2023-06-30 03071484 2022-07-01 03071484 4 2023-07-01 2024-06-30 03071484 4 2022-07-01 2023-06-30 03071484 1 2023-07-01 2024-06-30 03071484 e:CompanySecretary1 2023-07-01 2024-06-30 03071484 e:Director1 2023-07-01 2024-06-30 03071484 e:Director2 2023-07-01 2024-06-30 03071484 e:RegisteredOffice 2023-07-01 2024-06-30 03071484 d:Buildings 2023-07-01 2024-06-30 03071484 d:Buildings 2024-06-30 03071484 d:Buildings 2023-06-30 03071484 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03071484 d:FurnitureFittings 2023-07-01 2024-06-30 03071484 d:FurnitureFittings 2024-06-30 03071484 d:FurnitureFittings 2023-06-30 03071484 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03071484 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03071484 d:CurrentFinancialInstruments 2024-06-30 03071484 d:CurrentFinancialInstruments 2023-06-30 03071484 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03071484 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03071484 d:UKTax 2023-07-01 2024-06-30 03071484 d:UKTax 2022-07-01 2023-06-30 03071484 d:ShareCapital 2024-06-30 03071484 d:ShareCapital 2023-06-30 03071484 d:ShareCapital 2022-07-01 03071484 d:CapitalRedemptionReserve 2023-07-01 2024-06-30 03071484 d:OtherMiscellaneousReserve 2024-06-30 03071484 d:OtherMiscellaneousReserve 2023-06-30 03071484 d:OtherMiscellaneousReserve 2022-07-01 03071484 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03071484 d:RetainedEarningsAccumulatedLosses 2024-06-30 03071484 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03071484 d:RetainedEarningsAccumulatedLosses 2023-06-30 03071484 d:RetainedEarningsAccumulatedLosses 2022-07-01 03071484 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03071484 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03071484 e:OrdinaryShareClass1 2023-07-01 2024-06-30 03071484 e:OrdinaryShareClass1 2024-06-30 03071484 e:OrdinaryShareClass1 2023-06-30 03071484 e:FRS102 2023-07-01 2024-06-30 03071484 e:Audited 2023-07-01 2024-06-30 03071484 e:FullAccounts 2023-07-01 2024-06-30 03071484 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03071484 d:Subsidiary1 2023-07-01 2024-06-30 03071484 d:Subsidiary1 2022-07-01 2023-06-30 03071484 d:Subsidiary1 2024-06-30 03071484 d:Subsidiary1 2023-06-30 03071484 d:Subsidiary1 2023-07-01 2024-06-30 03071484 d:Subsidiary1 1 2023-07-01 2024-06-30 03071484 2 2023-07-01 2024-06-30 03071484 6 2023-07-01 2024-06-30 03071484 7 2023-07-01 2024-06-30 03071484 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 03071484












MILLENNIUM CARE HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 

MILLENNIUM CARE HOMES LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 3
Directors' report
 
4
Directors' responsibilities statement
 
5
Independent auditor's report
 
6 - 9
Profit and loss account
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 24


 

MILLENNIUM CARE HOMES LIMITED
 
COMPANY INFORMATION


Directors
M Esmail 
K Velji 




Company secretary
M Esmail



Registered number
03071484



Registered office
253 Hertford Road
Enfield

Middlesex

EN3 5JL




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

MILLENNIUM CARE HOMES LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The principal activity of the company continues to be that of operating a nursing home.

Business review and key performance indicators
 
The directors are committed to maintaining an excellent reputation for providing high standards of care and comfort to residents. To achieve this, they have continued to ensure that appropriate measures are in place including staff development, deploying recommended practice policies and procedures and maintain the care homes to a high standard. The directors are pleased that their efforts continue to be reflected in the overall positive results achieved from the inspections conducted by the Care Quality Commission (CQC).
The financial results for the year ended 30 June 2024 continue to positively reflect the efforts and investment undertaken. The key financial highlights of the company are:

2024
2023
        £
        £
Turnover

2,935,856

2,495,481
 
Gross profit

1,045,781

701,104
 
Profit after tax

693,810

343,041
 
Net current assets

2,511,559

1,767,746
 
Net assets

4,821,378

4,127,568
 

The rise in net assets is principally due to the increase in net cash during the period.
The directors view the future positively despite on-going economic and financial uncertainties and consider that the financial results will allow the company to provide a high standard of care and comfort to our residents.
 
Principal risks and uncertainties
 
The directors have established key procedures and reporting structures to meet the particular needs of the company and to manage risks it is exposed to. In particular:  

Key regulatory obligations are closely managed to ensure compliance, thereby ensuring the health, safety and well-being of our residents and staff. 
The company remains vigilant on its debt collecting and cost management processes in order to maintain financial stability.

Employee involvement
 
Management places considerable value on the involvement of its employees and continues to consult them on matters likely to affect their interests. Training programmes are offered as part of their development and to help them meet high professional standards in the delivery of care to residents in a safe manner.
There is no employee share scheme at present.

Disabled employees

The company has continued its policy regarding the employment of disabled persons. Full and fair consideration is given to applications for employment made by disabled persons having regard to their particular aptitude and abilities. Appropriate arrangements are made, wherever possible, for retraining employees who become disabled, to ensure their employment with the company continues.

Page 2

 

MILLENNIUM CARE HOMES LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


This report was approved by the board and signed on its behalf.



M Esmail
Director

Date: 23 October 2024

Page 3

 

MILLENNIUM CARE HOMES LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Results and dividends

The profit for the year, after taxation, amounted to £693,810 (2023 - £343,041).

The directors do not recommend a dividend for 2024 (2023: £nil).

Directors

The directors who served during the year were:

M Esmail 
K Velji 

Matters covered in the Strategic report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulation 2008', in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end, the company received an interim dividend from Lansglade Homes Limited of £7,000,000.  The directors also declared an interim dividend for the year ended 30 June 2025 of £9,000,000.

This report was approved by the board and signed on its behalf.
 





M Esmail
Director

Date: 23 October 2024

Page 4

 

MILLENNIUM CARE HOMES LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5

 

MILLENNIUM CARE HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILLENNIUM CARE HOMES LIMITED
 FOR THE YEAR ENDED 30 JUNE 2024

Opinion


We have audited the financial statements of Millennium Care Homes Limited (the 'company') for the year ended 30 June 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 

MILLENNIUM CARE HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILLENNIUM CARE HOMES LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

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 reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of 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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 5, 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.


Page 7

 

MILLENNIUM CARE HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILLENNIUM CARE HOMES LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the care home sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with the company's regulator.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
 
Page 8

 

MILLENNIUM CARE HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILLENNIUM CARE HOMES LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





James Rimell (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

24 October 2024
Page 9

 

MILLENNIUM CARE HOMES LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 3 
2,935,856
2,495,481

Cost of sales
  
(1,890,075)
(1,794,377)

Gross profit
  
1,045,781
701,104

Administrative expenses
  
(339,598)
(309,624)

Other operating income
 4 
-
3,045

Operating profit
 5 
706,183
394,525

Interest receivable and similar income
 7 
235,204
47,545

Profit before tax
  
941,387
442,070

Tax on profit
 8 
(247,577)
(99,029)

Profit for the financial year
  
693,810
343,041

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of comprehensive income has been presented.

Page 10


 
REGISTERED NUMBER:03071484
MILLENNIUM CARE HOMES LIMITED

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
372,899
422,902

Investments
 10 
1,938,902
1,938,902

  
2,311,801
2,361,804

Current assets
  

Stocks
 11 
833
833

Debtors: amounts falling due within one year
 12 
5,277,798
84,827

Cash at bank and in hand
 13 
2,607,199
3,590,835

  
7,885,830
3,676,495

Creditors: amounts falling due within one year
 14 
(5,374,271)
(1,908,749)

Net current assets
  
 
 
2,511,559
 
 
1,767,746

Total assets less current liabilities
  
4,823,360
4,129,550

Provisions for liabilities
  

Deferred tax
 15 
(1,982)
(1,982)

  
 
 
(1,982)
 
 
(1,982)

Net assets
  
4,821,378
4,127,568


Capital and reserves
  

Called up share capital 
 16 
20,000
20,000

Other reserves
 17 
239,020
239,020

Profit and loss account
 17 
4,562,358
3,868,548

Total equity
  
4,821,378
4,127,568


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Esmail
Director

Date: 23 October 2024

The notes on pages 13 to 24 form part of these financial statements.

Page 11

 

MILLENNIUM CARE HOMES LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
20,000
239,020
3,525,507
3,784,527


Comprehensive income for the year

Profit for the year
-
-
343,041
343,041



At 1 July 2023
20,000
239,020
3,868,548
4,127,568


Comprehensive income for the year

Profit for the year
-
-
693,810
693,810


At 30 June 2024
20,000
239,020
4,562,358
4,821,378


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The principal activity of the company is the operation of a nursing home. 
Millennium Care Homes Limited is a private company limited by shares and incorporated in England and Wales. Its principal place of business is 2 Abbey Hill, Netley Abbey, SO31 5FB and the address of its registered office is 253 Hertford Road, Enfield, Middlesex, EN3 5JL.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the neared £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The company was, at the end of the year, a wholly-owned subsidiary of MEKV Newco Limited, whose registered address is 253 Hertford Road, Enfield, Middlesex, EN3 5JL. MEKV Newco Limited prepares consolidated financial statements, in which the company is included. In accordance with the exemption given in Section 400 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated accounts. 

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of MEKV Newco Limited as at 30 June 2024 and these financial statements may be obtained from www.companieshouse.gov.uk.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 13

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:  

the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;

  
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation
on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 14

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:.


Freehold property
-
4%
straight line
Fixtures and fittings
-
30%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold land is not depreciated and its cost is estimated at 25% of the total value of the acquisition price and any first year construction work. 

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.11

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

  
2.12

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 16

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  

Financial instruments (continued)

Financial liabilities
Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 17

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

  
2.15

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Turnover

The whole of the turnover is attributable to the principal activity of the company. 

All turnover arose within the United Kingdom.


4.


Other operating income

2024
2023
£
£

Infection control grants
-
3,045



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
50,003
42,415

Audit fees payable to the company's auditor
12,000
12,000

Non-audit fees payable to the company's auditor
9,991
6,429

Defined contribution pension costs
27,292
26,443

Page 18

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,494,280
1,375,582

Social security costs
129,062
117,656

Cost of defined contribution scheme
27,292
26,443

1,650,634
1,519,681


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration staff
4
4



Care staff
63
67

67
71


7.


Interest receivable

2024
2023
£
£


Bank interest receivable
235,204
47,545


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
247,577
99,029


Total current tax
247,577
99,029

Deferred tax

Total deferred tax
-
-


Tax on profit
247,577
99,029
Page 19

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
941,387
442,070


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
235,626
90,624

Effects of:


Capital allowances for year in excess of depreciation
11,951
8,405

Total tax charge for the year
247,577
99,029


9.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 July 2023
1,197,070
584,226
1,781,296



At 30 June 2024

1,197,070
584,226
1,781,296



Depreciation


At 1 July 2023
781,238
577,156
1,358,394


Charge for the year
47,883
2,120
50,003



At 30 June 2024

829,121
579,276
1,408,397



Net book value



At 30 June 2024
367,949
4,950
372,899



At 30 June 2023
415,832
7,070
422,902

Page 20

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 July 2023
1,938,902



At 30 June 2024
1,938,902






Net book value



At 30 June 2024
1,938,902



At 30 June 2023
1,938,902


Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Lansglade Homes Limited
253 Hertford Road, Enfield, Middlesex, EN3 5JL
The principal activity of the subsidiary continues to be that of operating residential and nursing homes.
Ordinary
100%


11.


Stocks

2024
2023
£
£

Consumables
833
833


Page 21

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Debtors

2024
2023
£
£


Trade debtors
79,930
30,023

Amounts owed by group undertakings
5,183,403
10,181

Other debtors
150
-

Prepayments and accrued income
14,315
44,623

5,277,798
84,827


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,607,199
3,590,835



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
33,333
36,496

Amounts owed to group undertakings
4,939,714
1,639,714

Corporation tax
247,630
99,030

Other taxation and social security
31,372
27,748

Other creditors
6,700
2,480

Accruals and deferred income
115,522
103,281

5,374,271
1,908,749


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.

Page 22

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Deferred taxation




2024


£






At beginning of year
(1,982)



At end of year
(1,982)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax
(1,982)
(1,982)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary shares of £1.00 each
20,000
20,000

There is a single class of ordinary shares. The ordinary shares have full rights in respect of voting, dividends and capital distribuition and are irredeemable.



17.


Reserves

Capital redemption reserve

The capital redemption reserve relates to previously issued preference shares redeemed by the company.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 

Page 23

 

MILLENNIUM CARE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with other related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Esmail & Velji Dental Practice (common control)
Petty cash advance 
4,220
(2,310)
(6,700)
(4,790)


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


19.


Post balance sheet events

Subsequent to the year end, the company received an interim dividend from Lansglade Homes Limited of £7,000,000. The directors also declared an interim dividend for the year ended 30 June 2025 of £9,000,000.


20.


Ultimate parent undertaking and controlling party

The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is MEKV Newco Limited, whose registered office is at 253 Hertford Road, Enfield, Middlesex, EN3 5JL. Copies of these group financial statements are available to the public from www.companieshouse.gov.uk. 
The ultimate parent and controlling party is MEKV Newco Limited.

 
Page 24