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COMPANY REGISTRATION NUMBER: 11552426
Athena Care Homes (Monmouth) Limited
Financial Statements
31 March 2024
Athena Care Homes (Monmouth) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the member
6
Income statement
10
Statement of income and retained earnings
11
Statement of financial position
12
Notes to the financial statements
13
Athena Care Homes (Monmouth) Limited
Officers and Professional Advisers
The board of directors
Mr U Agarwal
Mrs M Agarwal
Registered office
Unit 5, Russel House
Southfields Business Park
Hornsby Way
Laindon
Essex
SS15 6TF
Auditor
Muras Baker Jones Limited
Chartered accountants & statutory auditor
Regent House
Bath Avenue
Wolverhampton
West Midlands
WV1 4EG
Athena Care Homes (Monmouth) Limited
Strategic Report
Year ended 31 March 2024
Principal activity
The principal activity of the company during the year was the management of a residential care home. The company operates Avocet Court, which is a nursing home that provides accommodation , nursing care and support for up to 153 people some of whom may live with dementia or a physical disability.
Results and performance
The company's results for the year, as set out on page 10, show a profit before taxation of £2,098,122 (2023 - £1,965,637). The shareholder's funds total £3,193,146 (2023 - £3,139,604). During the year turnover has increased by 3.2% to £5,950,407 and operating profit has increased by 6.7% to £2,097,793. The business is continuing its recovery from the impact felt by the global pandemic which impacted the performance of the business. Recruitment, retention and cost inflation continue to be an ongoing problem for the sector. The business still fully intends to recover its pre-pandemic financial position and continue its development programme.
Business environment
The care home market is competitive and highly regulated. The company holds a licence to operate its care home and receives regular inspections from the Care Quality Commission. The company works with the relevant authorities to maintain and improve the high standard of care that management strives to provide.
Strategy
The focus at the home is to create a community that offers activity, independence and choice, giving residents the choice to live their lives the way they really want to. The company is dependent upon attracting and retaining quality nursing and other qualified staff and relies on their professionalism and efficiency in satisfying both the needs of residents and health and safety issues. Staff training is undertaken to develop staff and mitigate operational risk associated with providing care to older people. By following this strategy, the directors seek to achieve a high resident occupancy percentage.
Key performance indicators
We have made significant progress throughout the year in relation to key elements of our strategy. The company produces detailed management reports and accounts on a monthly basis and a number of Key Performance Indicators ("KPIs") are an integral part of this process. The monthly management reports and accounts focus on the actual performance of the business compared with the budget set for the current financial period. The financial KPIs that are part of this review process include (1) average weekly fee, (2) EBITDA %age (Earnings Before Interest, Taxation, Depreciation and Amortisation) and (3) employment cost %age. Non-financial KPIs include occupancy, both in absolute and as a percentage of available beds, together with compliance with external regulators. Weekly fees and occupancy underpin the company's revenue and therefore management monitors these KPIs. At 31 March 2024, the company supported 113 residents (31 March 2023: 114). Average weekly fee income per resident for the year to 31 March 2024 was £1,012 (2023: £970).
Principal risks and uncertainties
The principal commercial risk that the company faces is loss of its reputation through adverse publicity. The directors have put in place arrangements to ensure that standards are maintained and enhanced through the employment and retention of quality staff and the maintenance of high quality facilities. The principal financial risk to the business is attributable to its parent undertaking's bank loans, which are secured on the company's assets. There is the possibility that bank interest rates hold at current rates from their historically low levels. The parent undertaking's bank loans are subject to financial covenants and the directors continue to monitor these to ensure that they are complied with. The company's credit risk is primarily attributable to its trade debtors. Privately-funded residents in advance and all credit risk, both publicly and privately-funded, is managed by monitoring payments against contractual agreements. The company monitors cash flow as part of its day to day control procedures. The board considers cash flow projections on a regular basis and ensures that appropriate facilities are available to be drawn upon as necessary.
Future developments
The directors are confident about the continuing financial performance of the business and continue to seek opportunities to develop the business further.
This report was approved by the board of directors on 6 November 2024 and signed on behalf of the board by:
Mrs M Agarwal
Director
Athena Care Homes (Monmouth) Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the period was the management of a care home.
Directors
The directors who served the company during the year were as follows:
Mr U Agarwal
Mrs M Agarwal
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Disclosure of information in the strategic report
A review of the business and likely future developments are discussed in the Strategic Report on pages 1 and 2.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 6 November 2024 and signed on behalf of the board by:
Mrs M Agarwal
Director
Athena Care Homes (Monmouth) Limited
Independent Auditor's Report to the Member of Athena Care Homes (Monmouth) Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Athena Care Homes (Monmouth) Limited (the 'company') for the year ended 31 March 2024 which comprise the income statement, statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management. We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. After consideration of the above risks we then carried out audit procedures including the following: - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of management meetings; - reviewing correspondence with H M Revenue & Customs; - enquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims; - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on 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. 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 member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Oliver Ross BSC (Hons) FCA
(Senior Statutory Auditor)
For and on behalf of
Muras Baker Jones Limited
Chartered accountants & statutory auditor
Regent House
Bath Avenue
Wolverhampton
West Midlands
WV1 4EG
6 November 2024
Athena Care Homes (Monmouth) Limited
Income Statement
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
5,950,407
5,766,301
Cost of sales
( 3,425,333)
( 3,405,299)
------------
------------
Gross profit
2,525,074
2,361,002
Administrative expenses
( 427,281)
( 395,375)
------------
------------
Operating profit
5
2,097,793
1,965,627
Other interest receivable and similar income
8
329
10
------------
------------
Profit before taxation
2,098,122
1,965,637
Tax on profit
9
( 544,580)
( 388,918)
------------
------------
Profit for the financial year
1,553,542
1,576,719
------------
------------
All the activities of the company are from continuing operations.
Athena Care Homes (Monmouth) Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
1,553,542
1,576,719
Dividends paid and payable
10
( 1,500,000)
( 500,000)
Retained earnings at the start of the year
3,139,603
2,062,884
------------
------------
Retained earnings at the end of the year
3,193,145
3,139,603
------------
------------
Athena Care Homes (Monmouth) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
11
3,112,857
3,117,770
Current assets
Debtors
12
1,519,057
1,335,720
Cash at bank and in hand
152,267
163,030
------------
------------
1,671,324
1,498,750
Creditors: amounts falling due within one year
13
( 1,526,035)
( 1,426,916)
------------
------------
Net current assets
145,289
71,834
------------
------------
Total assets less current liabilities
3,258,146
3,189,604
Provisions
Taxation including deferred tax
14
( 65,000)
( 50,000)
------------
------------
Net assets
3,193,146
3,139,604
------------
------------
Capital and reserves
Called up share capital
17
1
1
Profit and loss account
18
3,193,145
3,139,603
------------
------------
Shareholder's funds
3,193,146
3,139,604
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Mrs M Agarwal
Director
Company registration number: 11552426
Athena Care Homes (Monmouth) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Russel House, Southfields Business Park, Hornsby Way, Laindon, Essex, SS15 6TF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Athena Care Homes (UK) Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual results may differ from these results. The judgements, estimates and assumptions which have a significant risk of material adjustment to the carrying value of assets and liabilities are: Depreciation of tangible fixed assets: Tangible fixed assets, other than freehold land, are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal value. Bad debt provisions: The company has recognised impairment provisions in respect of bad and doubtful trade debtors. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.
Revenue recognition
Turnover from the management of a care home is recognised at the fair value of the consideration receivable for the sale of services provided to customers during the year in the normal course of business. Turnover is recognised when services are provided to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
2% pa straight line
Plant and machinery
-
12.5% pa straight line
Fixtures and fittings
-
20% pa straight line
Equipment
-
20% pa straight line
Freehold land is not subject to depreciation. The residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, 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 the Statement of Comprehensive Income.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets:
Financial assets comprise cash at bank, short term investments, trade debtors, other debtors, and other loans. These are initially recorded at cost on the date they originate and are subsequently recorded at amortised cost under the effective interest method, if applicable. The company considers evidence of impairment for all individual trade and other debtors, and any resultant impairment is recognised in the Statement of Comprehensive Income.
Impairment of financial assets:
Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment. Impairment provisions represent the difference between the carrying amount of a financial asset and the value of the expected future cash receipts from that asset.
Financial liabilities:
Financial liabilities comprise other loans, trade creditors, other creditors and accruals and deferred income; these are initially recorded, and subsequently carried, at cost on the date they originate.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and deposits repayable on demand with any qualifying financial institution, less overdrafts from any qualifying financial institution repayable on demand together with short term investments. Deposits are repayable on demand if they can be withdrawn at any time without notice and without penalty or if a maturity or period of notice of not more than 24 hours or one working day has been agreed.
Holiday pay accrual
A liability is recognised to the extent any unused holiday pay entitlement has accrued at the balance sheet date and has been carried forward to future periods. This is measured at the undiscounted payroll cost of the future holiday entitlement.
4. Turnover
Turnover arises from:
2024
2023
£
£
Management of a residential care home
5,950,407
5,766,301
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
131,331
122,117
Impairment of trade debtors
621
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
3,442
5,253
-------
-------
7. Staff costs
The average number of persons employed by the company during the year amounted to 120 (2023: 106 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,632,105
1,992,184
Social security costs
217,436
140,431
Other pension costs
46,944
36,158
------------
------------
2,896,485
2,168,773
------------
------------
8. Other interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
329
10
----
----
9. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
530,400
383,900
Adjustments in respect of prior periods
( 820)
18
---------
---------
Total current tax
529,580
383,918
---------
---------
Deferred tax:
Origination and reversal of timing differences
15,000
5,000
---------
---------
Tax on profit
544,580
388,918
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,098,122
1,965,637
------------
------------
Profit on ordinary activities by rate of tax
524,531
373,469
Adjustment to tax charge in respect of prior periods
( 820)
18
Effect of expenses not deductible for tax purposes
20,744
16,771
Effect of capital allowances and depreciation
203
( 2,718)
Rounding on tax charge
( 78)
( 17)
Sundry adjustments
( 11)
Change in tax rate
1,406
------------
------------
Tax on profit
544,580
388,918
------------
------------
10. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,500,000
500,000
------------
---------
11. Tangible assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
3,091,785
150,109
270,169
64,397
3,576,460
Additions
11,357
108,882
6,179
126,418
------------
---------
---------
--------
------------
At 31 March 2024
3,103,142
150,109
379,051
70,576
3,702,878
------------
---------
---------
--------
------------
Depreciation
At 1 April 2023
190,437
67,663
153,114
47,476
458,690
Charge for the year
47,359
18,764
53,228
11,980
131,331
------------
---------
---------
--------
------------
At 31 March 2024
237,796
86,427
206,342
59,456
590,021
------------
---------
---------
--------
------------
Carrying amount
At 31 March 2024
2,865,346
63,682
172,709
11,120
3,112,857
------------
---------
---------
--------
------------
At 31 March 2023
2,901,348
82,446
117,055
16,921
3,117,770
------------
---------
---------
--------
------------
12. Debtors
2024
2023
£
£
Trade debtors
241,253
346,420
Amounts owed by group undertakings
1,208,683
889,962
Prepayments and accrued income
69,121
95,257
Other debtors
4,081
------------
------------
1,519,057
1,335,720
------------
------------
13. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
185
Trade creditors
645,444
664,334
Accruals and deferred income
438,243
349,578
Corporation tax
398,402
383,808
Social security and other taxes
43,946
29,011
------------
------------
1,526,035
1,426,916
------------
------------
14. Provisions
Deferred tax (note 15)
£
At 1 April 2023
50,000
Additions
15,000
--------
At 31 March 2024
65,000
--------
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 14)
65,000
50,000
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
66,000
50,800
Deferred tax - other timing differences
( 1,000)
( 800)
--------
--------
65,000
50,000
--------
--------
16. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 46,944 (2023: £ 36,158 ).
17. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
18. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses .
19. Contingencies
The company, together with its fellow subsidiaries, has guaranteed the bank loan of the company's ultimate parent undertaking, Athena Care Homes (UK) Limited. The guarantee is supported by a first legal charge over the company's freehold land and buildings and by a fixed and floating charge over the company's current and future assets. At the balance sheet date, the contingent liability in respect of this arrangement amounted to £20,000,000 (2023 - £14,500,000). The directors do not consider that any liability will fall on the company as a result of this contingent liability.
20. Controlling party
The company's immediate and ultimate parent undertaking is Athena Care Homes (UK) Limited , a company registered in England and Wales. The largest and smallest group in which the results of the company are consolidated is that headed by Athena Care Homes (UK) Limited. Copies of the group accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.