Company registration number 09137883 (England and Wales)
BE CARING TOGETHER LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BE CARING TOGETHER LTD
COMPANY INFORMATION
Directors
S T Lowrie
L K Gardner
L J Mwamba
S C Booth
D H Dholakia
C Slater
G Stratenwerth
Company number
09137883
Registered office
3rd Floor, Arden House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LZ
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
BE CARING TOGETHER LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
BE CARING TOGETHER LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the organisation is a provider of home care for the elderly and disadvantaged. people residing in the North of England. We also operate a significant Learning Disabilities Service in the North East.

Review of the business

We seek to create and support the development of care services by working in partnership with key delivery partners and commissioners throughout the North of England. We are striving to make a real difference to people’s lives whether that is our colleagues/owners of the organisation or the communities we work in.

The group's key financial and other performance indicators during the year were as follows:

The group is primarily focused on Turnover, EBITDA, and the result before taxation. EBITDA is defined as earnings before interest, tax, depreciation, and amortisation.

In the 12-month period the turnover of the group was £18,073k which represents a 22.5% growth from the previous year. EBITDA was a surplus of £439k and the result before taxation was a profit of £363k which represents a 2% profit margin for the year. This was achieved after paying our annual tax free colleague bonus amounting to £170k.

The growth primarily related to the increased fee rates in addition to our new service starting in Bradford in October 2023 generating approximately £1.5m of new business per annum.

During 23/24 we were able to embed our new model of care across the organisation, moving away from a pay per call contractual arrangement with our colleagues to one that ensure they are paid for the full time they are out at work. This has contributed to enhanced performance & quality as demonstrated by our latest CQC reports. All services are now rated as Good with CQC and our Leeds service was rated outstanding at its inspection in June 2024. Less than 3% of service achieve an outstanding rating.

Future developments

Be Caring will continue to strengthen the delivery offer in our four key areas of Tyneside, West Yorkshire, Merseyside, and Greater Manchester. There will be a continued focus on the quality of our delivery. As an employee owned organisation we will continue to support our colleagues and the people we provide care for by building on the culture we have created and ensuring we are true to our values in all that we do as we continue to grow.

 

We will continue to build our training offer to support our new model of care. This is not only for front line colleagues, but our back office colleagues who are pivotal in being responsive to our carers and the people we support out in the community. We want to be at the forefront of developing the much needed career pathway for the sector.

 

We will continue to work in partnership with Local Authorities to develop new models of care and contribute to their long term strategic thinking to ensure people live longer and happier lives in their own home.

 

We will strengthen the ability of the organisation and in the future other homecare providers, to deliver the new model of care through the development of our own bespoke IT platform that will drive quality and efficiency for all stakeholders.

 

We are in the process of redefining our strategy for 2025 – 2028. This will involve all colleagues in the process to take Be Caring into its next phase.

Principal risks and uncertainties

The group is exposed to non-financial risks such as the loss of major contracts, a significant change in the market, the loss of key people as well as significant challenges that come with the employment market.

BE CARING TOGETHER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Contracting

All contracts for 24/25 are secure with the new Sheffield contract fully embedded.

25/26 will be a busy year for retendering for existing work with contracts in Manchester, North Tyneside and Liverpool due to be recommissioned. By ensuring we invest in our workforce, leadership & governance with 100% of our income invested into our services, we seek to minimise the risk of losing existing contracts. We are actively seeking out new opportunities to tender for new business in existing and adjoining areas to where we are currently based.

Recruitment and retention

Through the roll out of our Shift Pay model, we have significantly improved our ability to recruit and retain our carers thereby significantly decreasing the risk to the business.

Being an employee owned organisation means we can return a dividend to our colleagues as the ultimate shareholders to thank them for all the hard work undertaken in the year. We do this through a tax efficient Christmas Bonus. We strive to reward and value our colleagues wherever possible through higher than average wages and mileage contributions.

On behalf of the board

S T Lowrie
Director
15 November 2024
BE CARING TOGETHER LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 9.

Directors

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

S T Lowrie
L K Gardner
L J Mwamba
S C Booth
D H Dholakia
C Slater
G Stratenwerth
Financial instruments
Objectives and policies

The activities of the group expose it to a number of financial risk's including credit risk, interest rate risk, and liquidity risk. The group has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the group to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the group to financial risk consist principally of trade creditors and loans.

Cashflow and Liquidity risk

The funding needs of the business are reviewed in detail on a continuous basis as part of internal, planning and forecasting processes. The group maintains a combination of long-term and short-term debt facilities to ensure that sufficient funds are available for operations and planned investments.

Interest rate risk

The group has interest bearing assets and liabilities. The majority of the liabilities attract fixed rates and adequately mitigate the risk of increases in market borrowing rates.

Credit Risk

Credit risk is the risk that one party of a financial; instrument will cause a financial loss for the other party by failing to discharge its obligation. Group policies are aimed at minimising such losses and; require customers to satisfy credit worthiness procedures prior to acceptance of contracts.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

During the year, the policy of providing employees with information, including information relating to the economic and financial factors affecting the performance of the group, has continued through the newsletter in which employees are encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow free flow of information and ideas. Employees participate directly in the success of the business through the group's profit sharing schemes.

BE CARING TOGETHER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Auditor

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
S T Lowrie
C Slater
Director
Director
15 November 2024
BE CARING TOGETHER LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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

 

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

 

 

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

BE CARING TOGETHER LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BE CARING TOGETHER LTD
- 6 -
Opinion

We have audited the financial statements of Be Caring Together Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BE CARING TOGETHER LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BE CARING TOGETHER LTD
- 7 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

BE CARING TOGETHER LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BE CARING TOGETHER LTD
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Brown BA ACA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
22 November 2024
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
BE CARING TOGETHER LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
18,072,962
14,744,939
Cost of sales
(12,362,506)
(10,575,390)
Gross profit
5,710,456
4,169,549
Administrative expenses
(5,407,810)
(4,663,292)
Other operating income
86,624
505,624
Operating profit
4
389,270
11,881
Interest receivable and similar income
8
64,953
5,392
Interest payable and similar expenses
9
(3,452)
(12,738)
Amounts written off investments
10
(87,291)
-
Profit before taxation
363,480
4,535
Tax on profit
11
(115,538)
540
Profit for the financial year
247,942
5,075
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BE CARING TOGETHER LTD
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
83,345
82,298
Investments
14
-
0
87,291
83,345
169,589
Current assets
Debtors
16
1,601,784
1,255,606
Cash at bank and in hand
2,458,635
1,972,641
4,060,419
3,228,247
Creditors: amounts falling due within one year
17
(3,271,740)
(2,779,371)
Net current assets
788,679
448,876
Total assets less current liabilities
872,024
618,465
Provisions for liabilities
Deferred tax liability
18
5,617
-
0
(5,617)
-
Net assets
866,407
618,465
Capital and reserves
Called up share capital
20
-
0
-
0
Profit and loss reserves
866,407
618,465
Total equity
866,407
618,465
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
15 November 2024
S T Lowrie
C Slater
Director
Director
Company registration number 09137883 (England and Wales)
BE CARING TOGETHER LTD
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
8,353
8,895
Investments
14
471,356
558,647
479,709
567,542
Current assets
Debtors
16
39,802
11,341
Cash at bank and in hand
9,132
78,910
48,934
90,251
Creditors: amounts falling due within one year
17
(654,564)
(749,814)
Net current liabilities
(605,630)
(659,563)
Net liabilities
(125,921)
(92,021)
Capital and reserves
Called up share capital
20
-
0
-
0
Share premium account
471,308
471,308
Profit and loss reserves
(597,229)
(563,329)
Total equity
(125,921)
(92,021)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £33,900 (2023 - £32,358 profit).

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
15 November 2024
S T Lowrie
C Slater
Director
Director
Company registration number 09137883 (England and Wales)
BE CARING TOGETHER LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
-
0
613,390
613,390
Year ended 31 March 2023:
Profit and total comprehensive income
-
5,075
5,075
Balance at 31 March 2023
-
0
618,465
618,465
Year ended 31 March 2024:
Profit and total comprehensive income
-
247,942
247,942
Balance at 31 March 2024
-
0
866,407
866,407
BE CARING TOGETHER LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share premium account
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
471,308
(595,687)
(124,379)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
32,358
32,358
Balance at 31 March 2023
471,308
(563,329)
(92,021)
Year ended 31 March 2024:
Profit and total comprehensive income
-
(33,900)
(33,900)
Balance at 31 March 2024
471,308
(597,229)
(125,921)
BE CARING TOGETHER LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
483,197
(393,132)
Income taxes paid
(7,460)
(56,212)
Net cash inflow/(outflow) from operating activities
475,737
(449,344)
Investing activities
Purchase of tangible fixed assets
(51,244)
(24,183)
Proceeds from disposal of tangible fixed assets
-
116
Interest received
64,953
5,392
Net cash generated from/(used in) investing activities
13,709
(18,675)
Financing activities
Repayment of debentures
-
(106,628)
Repayment of borrowings
-
(148,296)
Interest paid
(3,452)
(12,738)
Net cash used in financing activities
(3,452)
(267,662)
Net increase/(decrease) in cash and cash equivalents
485,994
(735,681)
Cash and cash equivalents at beginning of year
1,972,641
2,708,322
Cash and cash equivalents at end of year
2,458,635
1,972,641
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Be Caring Together Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, Arden House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LZ.

 

The group consists of Be Caring Together Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

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

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Be Caring Together Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

 

Non controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein.Non controlling interests consist of the amount of those interests at the date of the original business combination and the non- controlling shareholder's share of changes in. equity since the date of the combination.

1.4
Going concern

The financial statements have been prepared on a going concern basis.

 

The group meets its day to day working capital requirements through cash generated from operations and external borrowings.

 

The group's forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

 

Based on the factors set out above the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

1.5
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold Improvements
16% - 33% Straight line
Fixtures and fittings
16%-33% straight line
Computers
33% straight line

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

1.8
Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Cash and cash equivalents

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

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

1.12
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.13
Retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.14
Leases

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

1.15
Government grants

Government grants in respect of specific projects are credited to a deferred income account and are released to the income statement over the life of the project.

 

Grants of a revenue nature are credited to the income statement in the period to which they relate. Government grants are presented separately and disclosed in Other operating income in the income statement.

1.16

Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Useful Economic lives of tangible assets

The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation.

Impairment of debtors

The group makes an estimate of the recoverable value of the trade and other debtors. When assessing impairment of trade and other debtor, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Rendering of services
18,072,962
14,744,939
2024
2023
£
£
Other revenue
Interest income
64,953
5,392
Grants received
86,624
505,624
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(86,624)
(505,624)
Depreciation of owned tangible fixed assets
50,197
65,643
(Profit)/loss on disposal of tangible fixed assets
-
471
Operating lease charges
251,084
227,590
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,735
9,499
Audit of the financial statements of the company's subsidiaries
13,475
18,150
23,210
27,649
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Care staff
702
660
-
-
Administration and support
77
68
-
-
Management
25
21
25
21
Total
804
749
25
21

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,850,102
12,744,691
1,006,061
878,493
Social security costs
1,103,951
949,426
107,400
93,365
Pension costs
259,004
224,573
42,685
40,326
16,213,057
13,918,690
1,156,146
1,012,184
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
366,037
293,746
Company pension contributions to defined contribution schemes
30,006
28,593
396,043
322,339

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
99,620
84,461
Company pension contributions to defined contribution schemes
27,364
26,061
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
64,953
5,392
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
3,452
12,738
10
Amounts written off investments
2024
2023
£
£
Amounts written off financial assets held at cost
(87,291)
-

The amount written off relates to the Investment in Calderdale Home Care Limited.

11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
105,031
7,460
Adjustments in respect of prior periods
-
0
(42)
Total current tax
105,031
7,418
Deferred tax
Origination and reversal of timing differences
10,507
(6,047)
Changes in tax rates
-
0
(1,911)
Total deferred tax
10,507
(7,958)
Total tax charge/(credit)
115,538
(540)
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
(Continued)
- 24 -

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

2024
2023
£
£
Profit before taxation
363,480
4,535
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
90,870
862
Tax effect of expenses that are not deductible in determining taxable profit
23,950
877
Tax effect of income not taxable in determining taxable profit
-
0
(3,472)
Effect of change in corporation tax rate
-
(2)
Depreciation on assets not qualifying for tax allowances
1,595
(170)
Deferred tax adjustments in respect of prior years
(141)
(42)
Deferred tax (credit)/expense relating to changes in tax rates or laws
-
0
(1,909)
Decrease from effect of tax incentives
-
0
(1,106)
Tax increase from effect of capital allowances and depreciation
-
0
4,422
Marginal relief
(736)
-
Taxation charge/(credit)
115,538
(540)
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
30,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
30,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
Company
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
30,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
30,000
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
13
Tangible fixed assets
Group
Leasehold Improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
85,831
45,911
234,795
366,537
Additions
-
0
15,471
35,773
51,244
At 31 March 2024
85,831
61,382
270,568
417,781
Depreciation and impairment
At 1 April 2023
56,995
35,707
191,537
284,239
Depreciation charged in the year
11,149
7,784
31,264
50,197
At 31 March 2024
68,144
43,491
222,801
334,436
Carrying amount
At 31 March 2024
17,687
17,891
47,767
83,345
At 31 March 2023
28,836
10,204
43,258
82,298
Company
Leasehold Improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
12,706
6,017
18,681
37,404
Additions
-
0
-
0
3,654
3,654
At 31 March 2024
12,706
6,017
22,335
41,058
Depreciation and impairment
At 1 April 2023
7,149
6,017
15,343
28,509
Depreciation charged in the year
2,133
-
0
2,063
4,196
At 31 March 2024
9,282
6,017
17,406
32,705
Carrying amount
At 31 March 2024
3,424
-
0
4,929
8,353
At 31 March 2023
5,557
-
0
3,338
8,895
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
471,356
471,356
Unlisted investments
-
0
87,291
-
0
87,291
-
0
87,291
471,356
558,647
Financial assets for which fair value cannot be measured reliably
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
87,291
Impairment
At 1 April 2023
-
Impairment losses
87,291
At 31 March 2024
87,291
Carrying amount
At 31 March 2024
-
At 31 March 2023
87,291
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023 and 31 March 2024
471,356
87,291
558,647
Impairment
At 1 April 2023
-
-
-
Impairment losses
-
87,291
87,291
At 31 March 2024
-
87,291
87,291
Carrying amount
At 31 March 2024
471,356
-
471,356
At 31 March 2023
471,356
87,291
558,647
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Be Caring Ltd
3rd Floor, Arden House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LZ
Ordinary
100.00

Be Caring Ltd is involved in the provision of personal care for elderly and disadvantages people.

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
774,241
573,298
-
0
-
0
Other debtors
37,897
17,599
12,848
-
0
Prepayments and accrued income
789,646
659,819
26,013
9,664
1,601,784
1,250,716
38,861
9,664
Deferred tax asset (note 18)
-
0
4,890
941
1,677
1,601,784
1,255,606
39,802
11,341
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
623,908
757,591
8,280
1,869
Amounts owed to group undertakings
-
0
-
0
565,773
686,154
Corporation tax payable
105,031
7,460
18,246
7,460
Other taxation and social security
299,360
195,859
35,546
29,652
Other creditors
352,907
35,302
5,867
5,237
Accruals and deferred income
1,890,534
1,783,159
20,852
19,442
3,271,740
2,779,371
654,564
749,814
BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
10,773
-
-
(4,225)
Tax losses
-
-
-
5,090
Retirement benefit obligations
(5,156)
-
-
4,025
5,617
-
-
4,890
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
941
1,677
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(4,890)
(1,677)
Charge to profit or loss
10,507
736
Liability/(Asset) at 31 March 2024
5,617
(941)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
259,004
224,573

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £47,326 (2023 - £34,102) were payable to the scheme at the end of the year and are included in creditors.

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
20
Share capital

At the year end there was a total of 185,000 Ordinary £0.001 shares in issue. Of these shares, 102,000 are held by Care and Share Associates Employee Ownership Trust (the EOT), and 83,000 are held by Care and Share Associates One Employee Benefit Trust (the EBT). The results of the EOT and the EBT are consolidated in these financial statements and as a result the net share capital on the statement of financial position is £Nil (2023: £Nil).

21
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
175,004
129,390
-
-
Between two and five years
76,548
142,518
-
-
251,552
271,908
-
-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £169,250 (2023 - £104,965).

22
Related party transactions
Remuneration of key management personnel

The directors are considered to be the key management personnel of the group and company. Directors remuneration is disclosed in note 7 to the financial statements.

Transactions with related parties

The group and company have taken advantage of the exemption available under paragraph 33.1A of FRS 102 and have not disclosed related party transactions with members of the same group that are wholly owned.

23
Controlling party

The directors consider that Care and Share Associates One Employee Ownership Trust is the ultimate controlling party of the company, by virtue of its majority shareholding.

BE CARING TOGETHER LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
24
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
247,942
5,075
Adjustments for:
Taxation charged/(credited)
115,538
(540)
Finance costs
3,452
12,738
Investment income
(64,953)
(5,392)
(Gain)/loss on disposal of tangible fixed assets
-
471
Depreciation and impairment of tangible fixed assets
50,197
65,643
Other gains and losses
87,291
-
Movements in working capital:
(Increase)/decrease in debtors
(351,068)
48,227
Increase/(decrease) in creditors
394,798
(519,354)
Cash generated from/(absorbed by) operations
483,197
(393,132)
25
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,972,641
485,994
2,458,635
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