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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: S Ruparelia
Mrs P Ruparelia
R Ruparelia





SECRETARY: Mrs P Ruparelia





REGISTERED OFFICE: 116 Headstone Drive
Harrow
HA1 4UH





REGISTERED NUMBER: 03148764 (England and Wales)





AUDITORS: Agnon LLP
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:





S Ruparelia - Director


22 November 2024

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.

S Ruparelia
Mrs P Ruparelia
R Ruparelia

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:





S Ruparelia - Director


22 November 2024

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.




M I Ashraf (Senior Statutory Auditor)
for and on behalf of Agnon LLP
Chartered Certified Accountants and
Statutory Auditors
Kelvin House
Kelvin Way
Crawley
West Sussex
RH10 9WE

22 November 2024

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 1,048,934 1,110,440
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 9,819,496 9,504,774
Investments 11 1 1
9,819,497 9,504,775

CURRENT ASSETS
Debtors 12 4,090,345 4,153,746
Cash at bank and in hand 278,718 314,258
4,369,063 4,468,004
CREDITORS
Amounts falling due within one year 13 999,760 1,127,858
NET CURRENT ASSETS 3,369,303 3,340,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,188,800

12,844,921

CREDITORS
Amounts falling due after more than one
year

14

(5,018,882

)

(4,817,806

)

PROVISIONS FOR LIABILITIES 18 (47,280 ) (55,620 )
NET ASSETS 8,122,638 7,971,495

CAPITAL AND RESERVES
Called up share capital 19 500,198 500,198
Revaluation reserve 20 6,725,314 6,626,600
Retained earnings 20 897,126 844,697
SHAREHOLDERS' FUNDS 8,122,638 7,971,495

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 22 November 2024 and were signed on its behalf by:





S Ruparelia - Director


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 500,198 804,258 6,626,600 7,931,056

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 100,439 - 100,439
Balance at 31 May 2023 500,198 844,697 6,626,600 7,971,495

Changes in equity
Total comprehensive income - 52,429 98,714 151,143
Balance at 31 May 2024 500,198 897,126 6,725,314 8,122,638

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on cost
Motor vehicles - 25% on reducing balance

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
278 274

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 10,102,887 1,625,423 77,214 11,805,524
Additions - 98,423 363,393 461,816
Disposals - - (800 ) (800 )
Revaluations 127,604 - - 127,604
At 31 May 2024 10,230,491 1,723,846 439,807 12,394,144
DEPRECIATION
At 1 June 2023 919,855 1,332,537 48,358 2,300,750
Charge for year 75,457 100,205 99,035 274,697
Eliminated on disposal - - (799 ) (799 )
At 31 May 2024 995,312 1,432,742 146,594 2,574,648
NET BOOK VALUE
At 31 May 2024 9,235,179 291,104 293,213 9,819,496
At 31 May 2023 9,183,032 292,886 28,856 9,504,774

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 77,214
Additions 363,393
At 31 May 2024 440,607
DEPRECIATION
At 1 June 2023 48,358
Charge for year 99,035
At 31 May 2024 147,393
NET BOOK VALUE
At 31 May 2024 293,214
At 31 May 2023 28,856

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 1
NET BOOK VALUE
At 31 May 2024 1
At 31 May 2023 1

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

Angel Care (Orchid Care Homes) Ltd
Registered office: United Kingdom
Nature of business: Elderly and nursing care
%
Class of shares: holding
Ordinary shares 100.00
31.5.24 31.5.23
£    £   
Aggregate capital and reserves 18,714,096 12,765,309
Profit for the year 996,504 1,010,000


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 22,072 35,853
Other debtors 3,493,699 3,165,192 1,748,686 1,389,150
Deposits paid - 264,698 - 264,698
Prepayments and accrued income 171,106 170,505 71,141 54,263
3,924,703 3,805,343 1,841,899 1,743,964

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 2,248,446 2,409,782

Aggregate amounts 3,924,703 3,805,343 4,090,345 4,153,746

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) 764,001 893,809 343,396 448,812
Hire purchase contracts (see note 16) 110,819 16,754 104,858 16,754
Trade creditors 631,191 491,754 238,444 267,314
Tax 742,836 512,499 82,570 95,704
Social security and other taxes 284,432 433,398 157,098 250,643
Other creditors 54,273 272,140 8,558 31,130
Directors' current accounts 59,921 22,093 10,836 1
Accrued expenses 54,000 26,500 54,000 17,500
2,701,473 2,668,947 999,760 1,127,858

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 4,227,334 4,535,333
Hire purchase contracts (see note 16) 146,858 - 129,417 -
Amounts owed to group undertakings - - 662,131 282,473
12,742,232 13,645,419 5,018,882 4,817,806

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 35,396 140,812
Bank loans 764,001 764,000 308,000 308,000
764,001 893,809 343,396 448,812
Amounts falling due between one and two years:
Bank loans - 1-2 years 836,000 836,000 308,000 308,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,451,334 2,471,333 867,334 887,333
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 116,728 18,241
Between one and five years 134,321 -
251,049 18,241

Finance charges repayable:
Within one year 11,870 1,487
Between one and five years 4,904 -
16,774 1,487

Net obligations repayable:
Within one year 104,858 16,754
Between one and five years 129,417 -
234,275 16,754

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 35,396 140,812
Bank loans 13,359,375 14,409,419 4,535,334 4,843,333
13,359,375 14,539,228 4,570,730 4,984,145

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 ) 18,390 (28,359 )
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 55,620
Provided during year (37,230 )
Other timing differences 28,890
Balance at 31 May 2024 47,280

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: £    £   
500,198 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 844,697 6,626,600 7,471,297
Profit for the year 52,429 52,429
Revaluation reserve - 98,714 98,714
At 31 May 2024 897,126 6,725,314 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.