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COMPANY REGISTRATION NUMBER:
5003610
Athena Care Homes (Gaywood) Limited |
|
Athena Care Homes (Gaywood) Limited |
|
Year ended 31 March 2024
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the member |
6 |
|
|
Statement of income and retained earnings |
11 |
|
|
Statement of financial position |
12 |
|
|
Notes to the financial statements |
13 |
|
|
Athena Care Homes (Gaywood) Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr U Agarwal |
|
Mrs M Agarwal |
|
|
Company secretary |
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 (Gaywood) Limited |
|
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 Amberley Hall Care Home, Kings Lynn, which is a nursing home that provides accommodation, nursing care and support for up to 106 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 £1,689,200 (2023 - £1,898,619). The shareholder's funds total £3,573,365 (2023 - £3,321,419). During the year turnover has increased by 2.4% to £5,863,630 and operating profit has decreased by 10.9% to £1,691,341. The business is continuing its recovery from the impact felt by the global pandemic along with an adverse Care Quality Commission inspection rating 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 62 residents (31 March 2023: 95). Average weekly fee income per resident for the year to 31 March 2024 was £1,263 (2023: £1,155).
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 improved 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 pay 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:
Athena Care Homes (Gaywood) Limited |
|
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 year 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 12 to the financial statements.
Disclosure of information in the strategic report
A review of the business, principal risks and uncertainties and likely future developments are discussed in the Strategic Report on pages 2 and 3.
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:
Athena Care Homes (Gaywood) Limited |
|
Independent Auditor's Report to the Member of
Athena Care Homes (Gaywood) Limited |
|
Year ended 31 March 2024
Opinion
We have audited the financial statements of Athena Care Homes (Gaywood) 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 (Gaywood) Limited |
|
Year ended 31 March 2024
Turnover |
4 |
5,863,630 |
5,723,816 |
|
|
|
|
Cost of sales |
(
3,838,349) |
(
3,488,107) |
|
------------ |
------------ |
Gross profit |
2,025,281 |
2,235,709 |
|
|
|
Administrative expenses |
(
456,225) |
(
337,090) |
Other operating income |
5 |
122,285 |
– |
|
|
------------ |
------------ |
Operating profit |
6 |
1,691,341 |
1,898,619 |
|
|
|
|
Other interest receivable and similar income |
9 |
98 |
– |
Interest payable and similar expenses |
10 |
(
2,239) |
– |
|
------------ |
------------ |
Profit before taxation |
1,689,200 |
1,898,619 |
|
|
|
|
Tax on profit |
11 |
(
437,254) |
(
372,566) |
|
------------ |
------------ |
Profit for the financial year |
1,251,946 |
1,526,053 |
|
------------ |
------------ |
|
|
|
|
All the activities of the company are from continuing operations.
Athena Care Homes (Gaywood) Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 31 March 2024
Profit for the financial year and total comprehensive income |
1,251,946 |
1,526,053 |
Dividends paid and payable |
12 |
(
1,000,000) |
(
1,500,000) |
|
|
|
|
Retained earnings at the start of the year |
3,321,418 |
3,295,365 |
|
------------ |
------------ |
Retained earnings at the end of the year |
3,573,364 |
3,321,418 |
|
------------ |
------------ |
|
|
|
Athena Care Homes (Gaywood) Limited |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
13 |
|
3,942,018 |
3,528,206 |
|
|
|
|
|
Current assets
Debtors |
14 |
4,076,899 |
|
4,288,993 |
Cash at bank and in hand |
150,817 |
|
152,635 |
|
------------ |
|
------------ |
|
4,227,716 |
|
4,441,628 |
|
|
|
|
|
Creditors: amounts falling due within one year |
15 |
(
4,306,269) |
|
(
4,428,915) |
|
------------ |
|
------------ |
Net current (liabilities)/assets |
|
(
78,553) |
12,713 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
3,863,465 |
3,540,919 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
16 |
|
(
290,100) |
(
219,500) |
|
|
------------ |
------------ |
Net assets |
|
3,573,365 |
3,321,419 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
19 |
|
1 |
1 |
Profit and loss account |
20 |
|
3,573,364 |
3,321,418 |
|
|
------------ |
------------ |
Shareholder's funds |
|
3,573,365 |
3,321,419 |
|
|
------------ |
------------ |
|
|
|
|
|
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:
Company registration number:
5003610
Athena Care Homes (Gaywood) 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:
Management of a residential care home |
5,863,630 |
5,723,816 |
|
------------ |
------------ |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
Other operating income |
122,285 |
– |
|
--------- |
---- |
|
|
|
6.
Operating profit
Operating profit or loss is stated after charging:
Depreciation of tangible assets |
138,391 |
113,455 |
Impairment of trade debtors |
4,320 |
– |
|
--------- |
--------- |
|
|
|
7.
Auditor's remuneration
Fees payable for the audit of the financial statements |
3,441 |
5,253 |
|
------- |
------- |
|
|
|
8.
Staff costs
The average number of persons employed by the company during the year amounted to
122
(2023:
129
).
The aggregate payroll costs incurred during the year, relating to the above, were:
Wages and salaries |
2,620,947 |
2,421,921 |
Social security costs |
214,555 |
179,115 |
Other pension costs |
49,546 |
44,162 |
|
------------ |
------------ |
|
2,885,048 |
2,645,198 |
|
------------ |
------------ |
|
|
|
9.
Other interest receivable and similar income
Interest on cash and cash equivalents |
30 |
– |
Other interest receivable and similar income |
68 |
– |
|
---- |
---- |
|
98 |
– |
|
---- |
---- |
|
|
|
10.
Interest payable and similar expenses
Other interest payable and similar charges |
2,239 |
– |
|
------- |
---- |
|
|
|
11.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
371,900 |
359,100 |
Adjustments in respect of prior periods |
(
5,246) |
(
34) |
|
--------- |
--------- |
Total current tax |
366,654 |
359,066 |
|
--------- |
--------- |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
70,600 |
13,500 |
|
--------- |
--------- |
Tax on profit |
437,254 |
372,566 |
|
--------- |
--------- |
|
|
|
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
%).
Profit on ordinary activities before taxation |
1,689,200 |
1,898,619 |
|
------------ |
------------ |
Profit on ordinary activities by rate of tax |
422,300 |
360,737 |
Adjustment to tax charge in respect of prior periods |
(
5,246) |
(
34) |
Effect of expenses not deductible for tax purposes |
13,736 |
10,439 |
Effect of capital allowances and depreciation |
5,851 |
(
1,826) |
Rounding on tax charge |
543 |
58 |
Deferred tax asset not provided for |
– |
(
64)
|
Sundry adjustments |
70 |
1 |
Change in tax rate |
– |
3,255 |
|
------------ |
------------ |
Tax on profit |
437,254 |
372,566 |
|
------------ |
------------ |
|
|
|
12.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
Dividends on equity shares |
1,000,000 |
1,500,000 |
|
------------ |
------------ |
|
|
|
13.
Tangible assets
|
Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
At 1 April 2023 |
4,515,961 |
106,869 |
273,391 |
47,341 |
4,943,562 |
Additions |
377,398 |
– |
173,750 |
1,055 |
552,203 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
At 31 March 2024 |
4,893,359 |
106,869 |
447,141 |
48,396 |
5,495,765 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 April 2023 |
1,253,563 |
19,724 |
107,631 |
34,438 |
1,415,356 |
Charge for the year |
80,458 |
10,904 |
43,180 |
3,849 |
138,391 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
At 31 March 2024 |
1,334,021 |
30,628 |
150,811 |
38,287 |
1,553,747 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 March 2024 |
3,559,338 |
76,241 |
296,330 |
10,109 |
3,942,018 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
At 31 March 2023 |
3,262,398 |
87,145 |
165,760 |
12,903 |
3,528,206 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
|
|
|
|
14.
Debtors
Trade debtors |
500,185 |
608,560 |
Amounts owed by group undertakings |
3,515,253 |
3,608,689 |
Prepayments and accrued income |
61,278 |
64,918 |
Other debtors |
183 |
6,826 |
|
------------ |
------------ |
|
4,076,899 |
4,288,993 |
|
------------ |
------------ |
|
|
|
15.
Creditors:
amounts falling due within one year
Trade creditors |
176,957 |
375,503 |
Amounts owed to group undertakings |
3,354,792 |
3,391,540 |
Accruals and deferred income |
505,027 |
417,889 |
Corporation tax |
230,135 |
211,100 |
Social security and other taxes |
39,358 |
32,883 |
|
------------ |
------------ |
|
4,306,269 |
4,428,915 |
|
------------ |
------------ |
|
|
|
16.
Provisions
At 1 April 2023 |
219,500 |
Additions |
70,600 |
|
--------- |
At 31 March 2024 |
290,100 |
|
--------- |
|
|
17.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
Included in provisions (note 16) |
290,100 |
219,500 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
Accelerated capital allowances |
291,000 |
220,500 |
Deferred tax - other timing differences |
(
900)
|
(
1,000)
|
|
--------- |
--------- |
|
290,100 |
219,500 |
|
--------- |
--------- |
|
|
|
18.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
49,546
(2023: £
44,162
).
19.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
20.
Reserves
Profit and loss account -
This reserve records retained earnings and accumulated losses
.
21.
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.
22.
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.