REGISTERED NUMBER: 03148764 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
ANGEL CARE PLC |
REGISTERED NUMBER: 03148764 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
ANGEL CARE PLC |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
ANGEL CARE PLC |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditors |
Kelvin House |
Kelvin Way |
Crawley |
West Sussex |
RH10 9WE |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MAY 2024 |
The directors present their strategic report of the company and the group for the year ended 31 May 2024. |
The purpose of this report is to inform members and help them to assess how the directors have performed their duty to promote the success of the company. |
REVIEW OF BUSINESS |
The directors aim to present a balanced and comprehensive review of the performance of the business during the year under review and at the year end. |
The principal activity of the company and the group continued to be operation, acquisition and development of specialist care and nursing homes. |
The directors consider that the key performance indicators for the business is occupancy and Earnings before interest, tax and depreciation. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of our strategy are subject to a number of risks. The following section comprises a summary of the main risks which we we believe could potentially impact upon our operating and financial performance. |
The company and the group is exposed to price risk, credit risk and liquidity risk |
The company and the group has limited exposure to price risk. The company and the group's policy include review and assessment of care plan, identify and manage the risk by entering into price negotiations with the local authority or other service users. |
Foreign currency risk- The company and the group have no exposure to foreign currency fluctuations. |
Interest rate risk- The company has significant exposure to fluctuations in interest rates. The company has policies and procedures in place to identify and mange such risk and in the current economic conditions consider the risk as minimal. |
Credit risk- The company and the group's credit risk is minimal. |
Liquidity and cash flow risk- The company and the group ensure that there is availability of funding through committed facilities to meet all of its operational requirements. |
Legal- The company and the group are subject to various legal and compliance regulations. The company and the group take this responsibility seriously and ensure that its policies, system and procedures are continually updated and comply with the legal requirements and best practices. |
ON BEHALF OF THE BOARD: |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 May 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Agnon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANGEL CARE PLC |
Opinion |
We have audited the financial statements of Angel Care Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANGEL CARE PLC |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
-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; |
- Enquiring of management, the Audit & Risk Committee in-house and external legal counsel concerning actual and potential litigation and claims; |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing regulatory correspondence with the Financial Conduct Authority; |
- Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- 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. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANGEL CARE PLC |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Certified Accountants and |
Statutory Auditors |
Kelvin House |
Kelvin Way |
Crawley |
West Sussex |
RH10 9WE |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
TURNOVER | 3 | 14,212,850 | 11,766,244 |
Cost of sales | 10,521,398 | 8,839,305 |
GROSS PROFIT | 3,691,452 | 2,926,939 |
Administrative expenses | 1,546,276 | 1,452,084 |
2,145,176 | 1,474,855 |
Other operating income | 391,407 | 568,712 |
OPERATING PROFIT | 2,536,583 | 2,043,567 |
Interest payable and similar expenses | 5 | 1,082,894 | 699,950 |
PROFIT BEFORE TAXATION | 6 | 1,453,689 | 1,343,617 |
Tax on profit | 7 | 404,755 | 233,177 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,048,934 | 1,110,440 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,048,934 | 1,110,440 |
OTHER COMPREHENSIVE INCOME |
Revaluation reserve | 6,730,646 | - |
Income tax relating to other comprehensive income |
(1,679,650 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
5,050,996 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
6,099,930 |
1,110,440 |
Total comprehensive income attributable to: |
Owners of the parent | 6,099,930 | 1,110,440 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
CONSOLIDATED BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 40,492,509 | 33,961,916 |
Investments | 11 | - | - |
40,492,509 | 33,961,916 |
CURRENT ASSETS |
Debtors | 12 | 3,924,703 | 3,805,343 |
Cash at bank and in hand | 1,096,511 | 850,108 |
5,021,214 | 4,655,451 |
CREDITORS |
Amounts falling due within one year | 13 | 2,701,473 | 2,668,947 |
NET CURRENT ASSETS | 2,319,741 | 1,986,504 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
42,812,250 |
35,948,420 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(12,742,232 |
) |
(13,645,419 |
) |
PROVISIONS FOR LIABILITIES | 18 | (3,173,905 | ) | (1,506,818 | ) |
NET ASSETS | 26,896,113 | 20,796,183 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 500,199 | 500,199 |
Revaluation reserve | 20 | 21,809,869 | 16,758,873 |
Retained earnings | 20 | 4,586,045 | 3,537,111 |
SHAREHOLDERS' FUNDS | 26,896,113 | 20,796,183 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
CONSOLIDATED BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by: |
S Ruparelia - Director |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
COMPANY BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 52,429 | 100,439 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
COMPANY BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MAY 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | 500,199 | 2,486,671 | 16,758,873 | 19,745,743 |
Changes in equity |
Dividends | - | (60,000 | ) | - | (60,000 | ) |
Total comprehensive income | - | 1,110,440 | - | 1,110,440 |
Balance at 31 May 2023 | 500,199 | 3,537,111 | 16,758,873 | 20,796,183 |
Changes in equity |
Total comprehensive income | - | 1,048,934 | 5,050,996 | 6,099,930 |
Balance at 31 May 2024 | 500,199 | 4,586,045 | 21,809,869 | 26,896,113 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MAY 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 May 2024 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,767,148 | 2,216,958 |
Interest paid | (1,073,321 | ) | (698,197 | ) |
Interest element of hire purchase payments paid |
(9,573 |
) |
(1,753 |
) |
Tax paid | (186,981 | ) | (54,916 | ) |
Net cash from operating activities | 1,497,273 | 1,462,092 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (288,575 | ) | (261,667 | ) |
Sale of tangible fixed assets | 332,046 | 803,414 |
Net cash from investing activities | 43,471 | 541,747 |
Cash flows from financing activities |
Loan repayments in year | (1,050,045 | ) | (1,494,914 | ) |
Capital repayments in year | (152,315 | ) | (13,432 | ) |
Amount withdrawn by directors | 37,828 | (39,534 | ) |
Equity dividends paid | - | (60,000 | ) |
Net cash from financing activities | (1,164,532 | ) | (1,607,880 | ) |
Increase in cash and cash equivalents | 376,212 | 395,959 |
Cash and cash equivalents at beginning of year |
2 |
720,299 |
324,340 |
Cash and cash equivalents at end of year | 2 | 1,096,511 | 720,299 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.5.24 | 31.5.23 |
£ | £ |
Profit before taxation | 1,453,689 | 1,343,617 |
Depreciation charges | 709,230 | 607,177 |
Profit on disposal of fixed assets | (159,409 | ) | (357,806 | ) |
Finance costs | 1,082,894 | 699,950 |
3,086,404 | 2,292,938 |
(Increase)/decrease in trade and other debtors | (119,360 | ) | 120,974 |
Decrease in trade and other creditors | (199,896 | ) | (196,954 | ) |
Cash generated from operations | 2,767,148 | 2,216,958 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 1,096,511 | 850,108 |
Bank overdrafts | - | (129,809 | ) |
1,096,511 | 720,299 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 850,108 | 454,164 |
Bank overdrafts | (129,809 | ) | (129,824 | ) |
720,299 | 324,340 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.6.23 | Cash flow | changes | At 31.5.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 850,108 | 246,403 | 1,096,511 |
Bank overdrafts | (129,809 | ) | 129,809 | - |
720,299 | 376,212 | 1,096,511 |
Debt |
Finance leases | (16,754 | ) | 152,315 | (393,238 | ) | (257,677 | ) |
Debts falling due |
within 1 year | (764,000 | ) | (1 | ) | - | (764,001 | ) |
Debts falling due |
after 1 year | (13,645,419 | ) | 1,050,045 | - | (12,595,374 | ) |
(14,426,173 | ) | 1,202,359 | (393,238 | ) | (13,617,052 | ) |
Total | (13,705,874 | ) | 1,578,571 | (393,238 | ) | (12,520,541 | ) |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Angel Care Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the accounts of Angel Care plc and its wholly owned subsidiary Angel Care (Orchid Care Homes) Ltd. Intercompany transactions are eliminated and net earnings are combined. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover represents amounts receivable for services provided. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of non-current assets |
Impairment reviews are undertaken at each year-end and if there are indications the asset has suffered an impairment loss a charge is reflected in the Statement of Comprehensive Income in the year in which it occurs. If the asset is carried at a revalued amount, the impairment loss is treated as a revaluation decrease, to the extent of the revaluation reserve that relates to the asset, with any excess in the Statement of Comprehensive Income. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The recoverable amount is the higher of fair value less costs to sell and value in use. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
31.5.24 | 31.5.23 |
£ | £ |
United Kingdom | 14,212,850 | 11,766,244 |
14,212,850 | 11,766,244 |
4. | EMPLOYEES AND DIRECTORS |
31.5.24 | 31.5.23 |
£ | £ |
Wages and salaries | 7,866,809 | 6,514,632 |
Social security costs | 704,787 | 580,362 |
Other pension costs | 150,552 | 143,574 |
8,722,148 | 7,238,568 |
The average number of employees during the year was as follows: |
31.5.24 | 31.5.23 |
Nursing and care | 274 | 270 |
Management | 4 | 4 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
31.5.24 | 31.5.23 |
£ | £ |
Directors' remuneration | 60,000 | 60,000 |
Directors' pension contributions to money purchase schemes | - | 13,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | - | 1 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.5.24 | 31.5.23 |
£ | £ |
Bank interest | 1,055,179 | 698,197 |
Sundry interest | 18,142 | - |
Leasing | 9,573 | 1,753 |
1,082,894 | 699,950 |
6. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
31.5.24 | 31.5.23 |
£ | £ |
Hire of plant and machinery | 47,027 | 36,180 |
Other operating leases | - | 16,167 |
Depreciation - owned assets | 602,733 | 596,262 |
Depreciation - assets on hire purchase contracts | 106,496 | 10,915 |
Profit on disposal of fixed assets | (159,409 | ) | (357,806 | ) |
Auditors' remuneration | 6,000 | 6,000 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.5.24 | 31.5.23 |
£ | £ |
Current tax: |
UK corporation tax | 417,318 | 265,345 |
Deferred tax | (12,563 | ) | (32,168 | ) |
Tax on profit | 404,755 | 233,177 |
UK corporation tax has been charged at 25 % (2023 - 20 %). |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.5.24 | 31.5.23 |
£ | £ |
Profit before tax | 1,453,689 | 1,343,617 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20 %) |
363,422 |
268,723 |
Effects of: |
Income not taxable for tax purposes | - | (71,561 | ) |
Capital allowances in excess of depreciation | - | (3,833 | ) |
Depreciation in excess of capital allowances | 59,041 | - |
Other adjustments | (2,162 | ) | 2,334 |
reported within operating |
Gain on disposal of fixed assets | (2,983 | ) | 69,682 |
Deferred tax adjustment | (12,563 | ) | (32,168 | ) |
Total tax charge | 404,755 | 233,177 |
Tax effects relating to effects of other comprehensive income |
31.5.24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | 6,730,646 | (1,679,650 | ) | 5,050,996 |
31.5.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.5.24 | 31.5.23 |
£ | £ |
Ordinary shares of £1 each |
Interim | - | 60,000 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 35,273,151 | 3,091,932 | 89,814 | 38,454,897 |
Additions | 155,992 | 132,583 | 393,238 | 681,813 |
Disposals | (179,298 | ) | - | (13,400 | ) | (192,698 | ) |
Revaluations | 6,730,646 | - | - | 6,730,646 |
At 31 May 2024 | 41,980,491 | 3,224,515 | 469,652 | 45,674,658 |
DEPRECIATION |
At 1 June 2023 | 2,224,877 | 2,207,656 | 60,448 | 4,492,981 |
Charge for year | 379,093 | 223,640 | 106,496 | 709,229 |
Eliminated on disposal | (7,172 | ) | - | (12,889 | ) | (20,061 | ) |
At 31 May 2024 | 2,596,798 | 2,431,296 | 154,055 | 5,182,149 |
NET BOOK VALUE |
At 31 May 2024 | 39,383,693 | 793,219 | 315,597 | 40,492,509 |
At 31 May 2023 | 33,048,274 | 884,276 | 29,366 | 33,961,916 |
Included in cost or valuation of land and buildings is freehold land of £8,783,863 (2023 - £8,783,863) which is not depreciated. |
Cost or valuation at 31 May 2024 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2008 | 2,586,259 | - | - | 2,586,259 |
Valuation in 2011 | 1,557,160 | - | - | 1,557,160 |
Valuation in 2013 | 4,454,095 | - | - | 4,454,095 |
Valuation in 2015 | 3,418,152 | - | - | 3,418,152 |
Valuation in 2022 | 6,898,752 | - | - | 6,898,752 |
Valuation in 2024 | 6,730,646 | - | - | 6,730,646 |
Cost | 16,335,427 | 3,224,515 | 469,652 | 20,029,594 |
41,980,491 | 3,224,515 | 469,652 | 45,674,658 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
If the freehold land and building had not been revalued they would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 16,335,427 | 16,358,733 |
Aggregate depreciation | 1,847,706 | 1,854,878 |
Value of land in freehold land and buildings | 8,783,863 | 8,783,863 |
Freehold land and buildings were valued on an open market basis on 18 April 2024 by Cushman & Wakefield . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 June 2023 | 77,214 |
Additions | 393,238 |
At 31 May 2024 | 470,452 |
DEPRECIATION |
At 1 June 2023 | 48,358 |
Charge for year | 106,496 |
At 31 May 2024 | 154,854 |
NET BOOK VALUE |
At 31 May 2024 | 315,598 |
At 31 May 2023 | 28,856 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 7,901,863 (2023 - £ 7,901,863 ) which is not depreciated. |
Cost or valuation at 31 May 2024 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2008 | 2,586,259 | - | - | 2,586,259 |
Valuation in 2011 | 1,557,160 | - | - | 1,557,160 |
Valuation in 2015 | 2,760,000 | - | - | 2,760,000 |
Valuation in 2022 | (162,396 | ) | - | - | (162,396 | ) |
Valuation in 2024 | 127,604 | - | - | 127,604 |
Cost | 3,361,864 | 1,723,846 | 439,807 | 5,525,517 |
10,230,491 | 1,723,846 | 439,807 | 12,394,144 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
If the freehold land and building had not been revalued they would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 3,361,864 | 3,361,864 |
Aggregate depreciation | 844,398 | 844,398 |
Value of land in freehold land and buildings | 2,575,863 | 2,575,863 |
Freehold land and buildings were valued on an open market basis on 18 April 2024 by Cushman & Wakefield . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
12. | DEBTORS |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 259,898 | 204,948 |
Other debtors | 3,493,699 | 3,165,192 |
Deposits paid | - | 264,698 | - | 264,698 |
Prepayments and accrued income | 171,106 | 170,505 |
3,924,703 | 3,805,343 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 3,924,703 | 3,805,343 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 764,001 | 893,809 |
Hire purchase contracts (see note 16) | 110,819 | 16,754 |
Trade creditors | 631,191 | 491,754 |
Tax | 742,836 | 512,499 |
Social security and other taxes | 284,432 | 433,398 |
Other creditors | 54,273 | 272,140 |
Directors' current accounts | 59,921 | 22,093 | 10,836 | 1 |
Accrued expenses | 54,000 | 26,500 |
2,701,473 | 2,668,947 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Bank loans (see note 15) | 12,595,374 | 13,645,419 |
Hire purchase contracts (see note 16) | 146,858 | - |
Amounts owed to group undertakings | - | - | 662,131 | 282,473 |
12,742,232 | 13,645,419 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 129,809 |
Bank loans | 764,001 | 764,000 |
764,001 | 893,809 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 836,000 | 836,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 2,451,334 | 2,471,333 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 9,308,040 | 10,338,086 | 3,052,000 | 3,340,000 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.5.24 | 31.5.23 |
£ | £ |
Gross obligations repayable: |
Within one year | 123,326 | 18,241 |
Between one and five years | 153,578 | - |
276,904 | 18,241 |
Finance charges repayable: |
Within one year | 12,507 | 1,487 |
Between one and five years | 6,720 | - |
19,227 | 1,487 |
Net obligations repayable: |
Within one year | 110,819 | 16,754 |
Between one and five years | 146,858 | - |
257,677 | 16,754 |
Company |
Hire purchase contracts |
31.5.24 | 31.5.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Bank overdraft | - | 129,809 |
Bank loans | 13,359,375 | 14,409,419 |
13,359,375 | 14,539,228 |
The bank overdraft and bank loans are secured by a first fixed and floating charge over the assets or undertakings of the company and the group. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 931,394 | (19,213 | ) | ( |
) |
Other timing differences | - | 1,398,720 | - | 57,102 |
Deferred tax | 2,242,511 | 127,311 | 28,890 | 26,877 |
3,173,905 | 1,506,818 | 47,280 | 55,620 |
Group |
Deferred |
tax |
£ |
Balance at 1 June 2023 | 1,506,818 |
Provided during year | 1,667,087 |
Other timing differences |
Balance at 31 May 2024 | 3,173,905 |
Company |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Provided during year | ( |
) |
Other timing differences | 28,890 |
Balance at 31 May 2024 |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 500,199 | 500,199 |
20. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 3,537,111 | 16,758,873 | 20,295,984 |
Profit for the year | 1,048,934 | 1,048,934 |
Revaluation reserve | - | 5,050,996 | 5,050,996 |
At 31 May 2024 | 4,586,045 | 21,809,869 | 26,395,914 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 7,471,297 |
Profit for the year |
Revaluation reserve | - | 98,714 | 98,714 |
At 31 May 2024 | 7,622,440 |
21. | AMOUNTS PAYABLE TO DIRECTORS |
The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
31.5.24 | 31.5.23 |
£ | £ |
S Ruparelia |
Balance outstanding at start of year | 22,093 | 61,627 |
Amounts advanced | 37,828 | - |
Amounts repaid | - | (39,534 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 59,921 | 22,093 |
22. | RELATED PARTY DISCLOSURES |
ANGEL CARE PLC (REGISTERED NUMBER: 03148764) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
22. | RELATED PARTY DISCLOSURES - continued |
Entities over which the directors have control, joint control or significant influence |
31.5.24 | 31.5.23 |
£ | £ |
Amount due from related party | 3,229,000 | 2,487,595 |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is S Ruparelia. |
The ultimate controlling party is S Ruparelia. |