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Registered number: 03353584










WESTMINSTER HOMECARE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
WESTMINSTER HOMECARE LIMITED
 
 
COMPANY INFORMATION


Directors
Mr D R McDowell 
Mrs D A McDowell 




Company secretary
Mrs D A McDowell



Registered number
03353584



Registered office
22 Church Road

Tunbridge Wells

Kent

TN1 1JP




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

United Kingdom

ME14 5DA




Bankers
HSBC Bank Plc
584 High Road

Wembley

Middlesex

HA0 2DB





 
WESTMINSTER HOMECARE LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 4
Directors' report
 
 
5 - 6
Independent auditor's report
 
 
7 - 10
Statement of income and retained earnings
 
 
11
Balance sheet
 
 
12
Notes to the financial statements
 
 
13 - 27


 
WESTMINSTER HOMECARE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report of the company for the year ended 30 April 2024.
The principal activity of the Company is the provision of domiciliary care services in England to people over the age of sixty-five, as well as young adults with a broad range of needs including physical and sensory impairment, learning disabilities and a range of complex health needs.

Business review and Key performance indicators
 
The most significant events during the year to 30 April 2024 were:
 
The successful completion of the systems integration of Westminster Homecare into the Care at Home Group, including finance and rostering systems and the digitisation of care records; and
The successful award and mobilisation of long term contracts in Buckinghamshire, Greenwich, Milton Keynes, Luton, Lewisham, Merton, Redbridge and Sutton.
 
Overall, the Company’s reported turnover for the year increased by 5% from £35.3 million to £38.0 million. Reported gross margin increased from 23.2% to 24.4% while the operating margin increased to 4.34% from 2.0%. Net profit after tax increased from £618,345 to £1,222,877.
The Company’s net assets increased from £12,223,591 as at 30 April 2023 to £13,446,468 as at 30 April 2024.
 

2024
2023
Number of Care hours delivered
1,728,185
1,809,376
Percentage of branches rated Good
or better*
89%
94%

*as a percentage of rated branches



Page 1

 
WESTMINSTER HOMECARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
Competitive & market risks
The  group   is  subject   to  competitive  markets   which  the  company   mitigates  with   competitive  pricing  and confidence  in the care quality it supplies  within the local communities.
Exposure to credit, liquidity and cash flow risk
The group operates predominantly under contracts with local authorities to provide care within the community. These contracts tend to be for fixed periods of time and the directors are satisfied the group has limited exposure to credit risks as essentially these services are centrally funded and pay within the agreed terms. The company's liquidity risk is managed by ensuring reasonable trade credit payment terms with its suppliers and maintaining healthy cash balances.
Regulatory risk
The care sector is a highly regulated environment requiring specialist skills and training to work within
the community. Management ensure that staff have sufficient training to deliver the care at the high
standard required.

Page 2

 
WESTMINSTER HOMECARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The directors confirm that they have regard to broader stakeholder interests when performing their duty under section 172 of the Companies Act 2006 and in doing so have regard to (amongst other matters):
 
The likely consequences of any decision in the long term
The directors are focused on the success of the Company over the long-term through the implementation of a strategy to develop in geographies where it can bring a strong value proposition to the domiciliary care market. This involves leveraging its reputations of being a provider of high quality care and a good employer together with appropriate investment in technology to enable our staff to focus on care delivery. The directors regularly review performance, opportunities and risks in the markets that the Company operates in to ensure it is focused on those areas that will deliver the best returns.
 
The interests of the employees
The directors believe that it is important to recruit and retain capable and caring staff regardless of their sex, marital status, race or religion. It is the Company's policy to give full and fair consideration to applications for employment from people who are disabled and to arrange appropriate training for employees who become disabled and to provide equal opportunities for the career development, training and promotion of disabled employees. 
The directors also recognise that the continued position of the Company in the health and social care industry depends on the quality and motivation of its employees and as such the Company is committed to pursue employment policies which will continue to attract, retain and motivate its employees. 
Good and effective employee communications are particularly important, and throughout the business it is the directors' policy to promote the understanding by all employees of the company's business aims and performance. This is achieved through a variety of communication approaches, such as quarterly team meetings, newsletters and supervisionsfor each at a branch level as well as the annual survey at the Company level. 
The Company's policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. Disabled employees receive appropriate training to promote their career development within the group. Employees who become disabled are retained in their existing posts where possible or retrained for suitable alternative posts.
 
Fostering business relationships with suppliers, customers and others
To the Company, customers are both the commissioners of care (e.g. local authorities or NHS) with whom the Company has a direct contractual relationship and the recipients of care. Engagement with recipients of care is usually a daily activity via our carer workforce. We also ensure the quality of this care is maintained at a high level via our groupwide Quality Assurance team who ensure that all complaints are dealt with on a timely basis, undertake carer spot checks, assist with quarterly service reviews and manage annual feedback surveys with our service users. Maintaining relationships with our commissioners is a key focus for all our Registered Managers and is achieved through regular dialogue and excellent service delivery. 
Regarding suppliers, the Company has a small number of strategic suppliers who have been selected based on their scale, robustness and ability to meet the Company’s requirements. Regular dialogue is maintained with each of these suppliers to ensure a mutually beneficial relationship.
 
Page 3

 
WESTMINSTER HOMECARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

The impact of operations on the community and the environment
The delivery of care to individuals in their own home, thereby avoiding hospitalisation or permanently moving out of their long-term residence helps to maintain the richness of our local communities. Our staff typically live in the communities in which they work and hence take pride in the positive contribution made to the wellbeing of residents and the environment. The Company recognises the importance of its environmental responsibilities and monitors its impact on the environment and designs and implements appropriate policies to minimise carbon usage and other impacts. See for further details in respect of environmental impacts in the Directors’ Report.
 
Maintaining a reputation for high standards of business conduct
Ethical business represents a cornerstone of the Company's strategic approach, as part of its wider focus to be a responsible and committed employer and business partner for Local Authorities. The directors ensure that the Company implements procedures and awareness training which reflect the requirements of UK legislation such as the Bribery Act and Modern Slavery Act, as well as the wider Company compliance procedures. The Company is committed, in its day-to-day operations to uphold high standards of business conduct and integrity.
 
Acting fairly as between members of the company
Each of the Directors have an ownership stake in the Company and therefore acting fairly between members is embedded in day-to-day working together with regular senior leadership team meetings.


This report was approved by the board and signed on its behalf.



................................................
Mr D R McDowell
Director

Date: 6 November 2024

Page 4

 
WESTMINSTER HOMECARE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £1,222,877 (2023 - £618,345).

During the year the Company declared and paid dividends amounting to £Nil (2023: £Nil).

Directors

The directors who served during the year were:

Mr D R McDowell 
Mrs D A McDowell 

Future developments

The directors intend to continue to grow the business in the coming year through a mixture of organic growth (attracting additional carers to deliver more care hours to existing customers plus winning new contracts) and further acquisitions.

Page 5

 
WESTMINSTER HOMECARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


Matters covered in the Strategic Report
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's principal risks and
uncertainties.
Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mr D R McDowell
Director

Date: 6 November 2024

Page 6

 
WESTMINSTER HOMECARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WESTMINSTER HOMECARE LIMITED
 

Opinion


We have audited the financial statements of Westminster Homecare Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 April 2024 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 7

 
WESTMINSTER HOMECARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WESTMINSTER HOMECARE LIMITED (CONTINUED)


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
WESTMINSTER HOMECARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WESTMINSTER HOMECARE LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
enquiry of management around actual and potential litigation claims;
enquiry of management  to identify any instances of non-compliance with laws and regulations;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
reviewing minutes of meetings of those charged with governance; 
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation; and
maintaining risk-awareness and appropriate professional scepticism throughout our other audit work.


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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 9

 
WESTMINSTER HOMECARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WESTMINSTER HOMECARE LIMITED (CONTINUED)


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 2006Our 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.





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone
United Kingdom

18 November 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312312)
Page 10

 
WESTMINSTER HOMECARE LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
38,020,939
35,295,460

Cost of sales
  
(28,733,614)
(27,099,918)

Gross profit
  
9,287,325
8,195,542

Administrative expenses
  
(7,632,711)
(8,036,024)

Other operating income
 5 
-
548,400

Operating profit
 6 
1,654,614
707,918

Interest receivable and similar income
 9 
388
725

Interest payable and similar expenses
 10 
(7,626)
(12,657)

Profit before tax
  
1,647,376
695,986

Tax on profit
 11 
(424,499)
(77,641)

Profit after tax
  
1,222,877
618,345

  

  

Retained earnings at the beginning of the year
  
11,973,591
11,355,246

Profit for the year
  
1,222,877
618,345

Retained earnings at the end of the year
  
13,196,468
11,973,591

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
WESTMINSTER HOMECARE LIMITED
REGISTERED NUMBER: 03353584

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
80,692
149,860

Tangible assets
 13 
185,371
273,809

Investments
 14 
1,020
1,020

  
267,083
424,689

Current assets
  

Debtors: amounts falling due within one year
 15 
15,233,588
12,182,058

Cash at bank and in hand
 16 
2,444,124
3,965,001

  
17,677,712
16,147,059

Creditors: amounts falling due within one year
 17 
(4,498,327)
(4,342,185)

Net current assets
  
 
 
13,179,385
 
 
11,804,874

Total assets less current liabilities
  
13,446,468
12,229,563

Provisions for liabilities
  

Deferred tax
 18 
-
(5,972)

Net assets
  
13,446,468
12,223,591


Capital and reserves
  

Called up share capital 
 19 
250,000
250,000

Profit and loss account
  
13,196,468
11,973,591

  
13,446,468
12,223,591


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr D R McDowell
Director

Date: 6 November 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Westminster Homecare Limited is a private company limited by shares registered in England and Wales in the United Kingdom. The company's registered registered office address is 22 Church Road, Tunbridge Wells, Kent, TN1 1JP.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Care at Home Services (South East) Limited as at 30 April 2024 and these financial statements may be obtained from 22 Church Road, Tunbridge Wells, Kent, United Kingdom, TN1 1JP.

 
2.3

Going concern

The directors have assessed that there are no significant doubts in the company's ability to continue as a going concern.
As a result, the financial statements have been prepared on a going concern basis.

Page 13

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures, fittings and equipment
-
25%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 17

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 18

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. Revision to the accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only one period, or in the period of revision and future periods if the revision affects both current and future periods.
Key estimates and judgements are as follows:
The amounts recoverable on contract represents the value of work completed at the balance sheet date but not invoiced until after the year end. This is a calculation based on the previous 4 weekly billing cycle, compared to the days remaining to the year end since the previous billing cycle. This estimate has proved to be historically reliable.
A payroll accrual is also calculated in the same manner as the income accrual above but using payroll cycles.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the group, being that of home care support services.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
-
548,400

-
548,400


Government grants received during the previous accounting period were from the Adult Social Care Infection Control Fund.


6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
561,600
512,289

Page 19

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
35,507
24,500

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
2,929
2,750

All other services
2,537
11,449


8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
29,429,110
25,723,055

Social security costs
2,271,753
4,046,800

Cost of defined contribution scheme
516,399
903,889

32,217,262
30,673,744


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
148
162



Carers and nursing staff
1,380
1,421



Management
20
17

1,548
1,600


9.


Interest receivable

2024
2023
£
£


Other interest receivable
388
725

388
725

Page 20

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
7,626
12,657

7,626
12,657


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
444,989
85,510

Adjustments in respect of previous periods
-
45


Total current tax
444,989
85,555

Deferred tax


Origination and reversal of timing differences
(20,490)
(7,914)

Total deferred tax
(20,490)
(7,914)


Tax on profit
424,499
77,641
Page 21

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,647,376
695,986


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
411,844
135,670

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
10,454

Capital allowances in excess of depreciation
17,292
11,760

Adjustments to tax charge in respect of prior periods
925
45

Short-term timing difference leading to an increase (decrease) in taxation
(5,466)
5,459

Remeasurement of deferred tax for changes in tax rates
-
(2,946)

Group relief claimed
-
(81,414)

Other differences
(96)
(1,387)

Total tax charge for the year
424,499
77,641


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
9,671,487



At 30 April 2024

9,671,487



Amortisation


At 1 May 2023
9,521,627


Charge for the year on owned assets
69,168



At 30 April 2024

9,590,795



Net book value



At 30 April 2024
80,692



At 30 April 2023
149,860



Page 23

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures, fittings and equipment
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
24,290
360,576
67,049
160,009
611,924


Additions
-
-
9,788
9,535
19,323


Disposals
-
(4,850)
-
-
(4,850)



At 30 April 2024

24,290
355,726
76,837
169,544
626,397



Depreciation


At 1 May 2023
24,290
190,340
54,229
69,256
338,115


Charge for the year on owned assets
-
66,893
16,274
19,744
102,911



At 30 April 2024

24,290
257,233
70,503
89,000
441,026



Net book value



At 30 April 2024
-
98,493
6,334
80,544
185,371



At 30 April 2023
-
170,236
12,820
90,753
273,809


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
1,020



At 30 April 2024
1,020




Page 24

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

National Medicare Limited
England & Wales
Ordinary
100%
Independent Living Network East Limited
England & Wales
Ordinary
100%
Care In The Home Limited
England & Wales
Ordinary
100%
Home Choice Care Limited
England & Wales
Ordinary
100%


15.


Debtors

2024
2023
£
£


Trade debtors
5,313,319
4,630,944

Amounts owed by group undertakings
9,688,402
7,320,346

Other debtors
46,447
46,958

Prepayments and accrued income
170,902
183,810

Deferred taxation
14,518
-

15,233,588
12,182,058



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,444,124
3,965,001

2,444,124
3,965,001


Page 25

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
826,391
1,161,411

Amounts owed to group undertakings
58,751
15,204

Corporation tax
424,201
112,465

Other taxation and social security
453,877
573,445

Other creditors
2,440,407
2,337,548

Accruals and deferred income
294,700
142,112

4,498,327
4,342,185


The company's fixed and current assets are subject to first fixed charged in relation to debt held by the immediate parent undertaking, and first floating charge over any otherwise unsecured assets.


18.


Deferred taxation




2024
2023


£

£






At beginning of year
(5,972)
(13,886)


Utilised in year
20,490
7,914



At end of year
14,518
(5,972)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
14,518
(6,260)

Short-term timing differences
-
288

14,518
(5,972)

Page 26

 
WESTMINSTER HOMECARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



166,666 (2023 - 166,666) A Ordinary Shares of £1.00 each
166,666
166,666
83,334 (2023 - 83,334) B Ordinary Shares of £1.00 each
83,334
83,334

250,000

250,000



20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £516,399 (2023 - £502,005). Contributions totalling £Nil (2023 - £1,153) were payable to the fund at the balance sheet date and are included in creditors.


21.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
16,707
-

Later than 1 year and not later than 5 years
29,237
-

45,944
-


22.


Related party transactions

The company has taken advantage of the exemption not to disclose transactions with other members of the group headed by Care at Home Services (South East) Limited.


23.


Parent undertaking

The immediate and ultimate parent undertaking, and the parent of both the largest and smallest group for which consolidated accounts are available is Care at Home Services (South East) Limited. The company is registered in England and Wales at 22 Church Road, Tunbridge Wells, Kent, TN1 1JP.

Page 27