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Registered number: 05317196










CARE AT HOME SERVICES (SOUTH EAST) LIMITED










ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
COMPANY INFORMATION


Directors
Nicola Louise Leroy (resigned 31 December 2023)
Daniel Robin McDowell 
Deborah Anne McDowell 
Jane Elizabeth Page 
Gareth Richard Taylor 
Patrick Edward Carter 




Company secretary
Deborah Anne McDowell



Registered number
05317196



Registered office
22 Church Road
Tunbridge Wells

Kent

TN1 1JP




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

United Kingdom

ME14 5DA





 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 8
Independent Auditor's Report
 
 
9 - 12
Consolidated Statement of Comprehensive Income
 
 
13
Consolidated Balance Sheet
 
 
14
Company Balance Sheet
 
 
15 - 16
Consolidated Statement of Changes in Equity
 
 
17
Company Statement of Changes in Equity
 
 
18
Consolidated Statement of Cash Flows
 
 
19 - 20
Consolidated Analysis of Net Debt
 
 
21
Notes to the Financial Statements
 
 
22 - 43


 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report of the Company and the Group for the year ended 30 April 2024.
The principal activity of the Company and the Group 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 financial year were:
 
The completion in September 2023 of the roll-out of a common rostering system across the whole group.  This was the final step in the harmonisation and integration of the group’s businesses (Beech Tree Total Care, Westminster Homecare and Domus Live-In Care) following the acquisition of Westminster Homecare in October 2020;
The ongoing shortage of applicants seeking to enter the care sector combined with increasing numbers of carers choosing to seek alternative employment, resulting in a restricted ability to take on new care packages at the rate required by local authorities or the NHS.  The Group continued to alleviate this shortage through the recruitment of overseas carers using the UKVI Skilled Worker visa channel; and
The commencement of numerous long term Domiciliary Care and Extra Care contracts, specifically those in Buckinghamshire, Greenwich, Lewisham, Luton, Milton Keynes, Merton, Redbridge and Sutton as well as an additional Extra Care contract in east Sussex adding to the 6 schemes previously awarded in January 2022.

The Group reported an increase in turnover of 5.7% from £55.8 million to £59 million despite the slightly lower number of care hours delivered in the year (2,620,804 vs 2,721,776   a 3.7% decline). Gross margin increased from 25.1% to 25.6% and with office costs (staff and non-staff) held at the same level as last year this resulted in a reported EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of £3.6 million (vs £2.0million in the previous year).  Reported Operating Profit was £2.0 million and Profit After Taxation was £1.0 million (vs a loss of £0.4 million in the previous year).

The Group’s net assets increased to £9.3 million with Group cash resources decreasing from £7.3 million to £3.3 million as the Group has continued to accelerate the pay down of its debt with external funders (£3.1 million vs £8.5 million) as well as fully repaying its Vendor Loan (£1.45 million) in October 2023.  The Group has continued to make early redemptions of its outstanding debt with an additional £200,000 repaid ahead of schedule in the first quarter of the new financial year.
The Group has maintained its record in achievement of Care Quality Commission inspections with 89% of branches rated Good or better (as a percentage of rated branches), being also 89% in the prior year. 

Page 1

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

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

Principal risks and uncertainties
 
The management of the business and the execution of the Group’s strategy are subject to several risks. The key business risks and uncertainties affecting the Group are considered to relate to the ongoing compliance with current and future legislation affecting the sector, the extent of social care funding and the availability of care and support workers.
Competitive & market risks
The Group is subject to competitive markets for care contracts which are mitigated with competitive pricing and commissioner confidence in the quality of care provided by the Group.
Exposure to credit, liquidity and cash flow risk 
The group operates predominantly under contracts with local authorities to provide care in the community. These contracts tend to be for fixed periods of time and the directors are satisfied the group has limited exposure to credit risk arising from these contracts as they are essentially funded by Central government and generally 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. The third-party debt assumed to fund the acquisition of Westminster Homecare has a fixed rate of interest and hence the Group is not at risk of fluctuating short term interest rates.
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. The Group has 34 locations/branches that are rated by the CQC. The latest distribution of these ratings is shown below:
 
CQC Rating
Locations
Outstanding
1
Good
24
Requires improvement
3
Inadequate
0
Awaiting CQC Rating
7

 


Page 2

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Group
 
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 Group 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 Group 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 Group'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 Group in the health and social care industry depends on the quality and motivation of its employees and as such the Group 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 Group'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 Group level. 
The Group'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 Group, customers are both the commissioners of care (e.g. local authorities or NHS) with whom the Group 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 Group has a small number of strategic suppliers who have been selected based on their scale, robustness and ability to meet the Group’s requirements. Regular dialogue is maintained with each of these suppliers to ensure a mutually beneficial relationship.
 
Page 3

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

GROUP 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 Group 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 Group'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 Group 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 Group compliance procedures. The Group 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 Group 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.



Deborah Anne McDowell
Director

Date: 6 November 2024

Page 4

 
CARE AT HOME SERVICES (SOUTH EAST) 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 Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group'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 Group 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 the Group 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 the Group 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 £944,530 (2023 - loss £431,461).

Directors

The directors who served during the year were:

Nicola Louise Leroy 
Daniel Robin McDowell 
Deborah Anne McDowell 
Jane Elizabeth Page 
Gareth Richard Taylor 
Patrick Edward Carter 

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

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

Care At Home Services Limited is a 'large unquoted company' under the Streamlined Energy and Carbon Reporting regulations so must report annually on greenhouse gas emissions from Scope 1 and 2 Electricity, Gas and Transport. 

Methodology
The reporting period is the most recent financial year 01/05/2023 to 30/04/2024. This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement.
The carbon figures have been calculated using the DESNZ 2023 carbon conversion factors for all fuels, other than the market based electricity which has been taken from British Gas, SSE, E-On Next, Scottish Power & British Gas Lite as the UK suppliers.
UK Carbon Footprint Data

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Page 6

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

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Year on Year Emissions Changes
Care at Home Services Limited's location based emissions decreased from 1,068 tCO2e in 2022/23 to 931 tCO2e in 2023/24, this is an emissions reduction of 12.8%. 
Scope 1 emissions increased from 227 tCO2e in 2022/23 to 233 tCO2e in 2023/24, this is an emissions increase of 2.6%. This is due to an increase in combustion emissions. Natural Gas consumption increased from 161,350 kWh in 2022/23 to 213,744 kWh in 2023/24. Resulting in an emissions increase of 9.6 tCO2e.
The emissions associated with scope 1 transport (Petrol & Diesel) decreased from 197 tCO2e in 2022/23 to 194 tCO2e in 2023/24. 
Scope 2 electricity consumption decreased from 166,667 kWh in 2022/23 to 142,273 kWh in 2023/24, a 14.6% decrease in consumption. Scope 2 location based emissions decreased from 32 tCO2e in 2022/23 to 29 tCO2e in 2023/24, a 8.6% decrease. Scope 2 market based emissions also, like location based emissions saw a decrease.
Care at Home Services Limited report their intensity on a turnover basis. Emissions per £1 million turnover (£1m turnover) decreased from 19.1 tCO2e/£1m turnover in 2022/23 to 15.8 tCO2e/£1m turnover in 2023/24.

Energy Efficiency Actions taken
Relocating from larger, older office space into smaller, newer office space. The ability to do this is via digitisation of the business (no need for paper storage). This subsequently, for the most part, comes with reduced energy costs due to the smaller space and better energy efficiency associated with newer offices.

Matters covered in the Group 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 Group's principle risks and uncertainties, and engagement with employees, customers and suppliers.

Page 7

 
CARE AT HOME SERVICES (SOUTH EAST) 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 and the Group'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 and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end, except for those already described within the strategic report.

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.
 





Deborah Anne McDowell
Director

Date: 6 November 2024

Page 8

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

Opinion


We have audited the financial statements of Care at Home Services (South East) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consoldated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 30 April 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 Auditor's 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 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 Group's or 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.


Page 9

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) 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 Group 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 Group 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 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 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 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.


Page 10

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) LIMITED (CONTINUED)


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 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.


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 Group 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 entity staff 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; and
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulation.


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 11

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) 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 12

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
59,060,307
55,751,006

Cost of sales
  
(43,949,758)
(42,077,936)

Gross profit
  
15,110,549
13,673,070

Administrative expenses
  
(13,138,355)
(13,887,468)

Other operating income
 5 
13,150
561,182

Operating profit
 6 
1,985,344
346,784

Interest receivable and similar income
 10 
37,582
937

Interest payable and similar expenses
 11 
(392,268)
(533,398)

Profit/(loss) before taxation
  
1,630,658
(185,677)

Tax on profit/(loss)
 12 
(686,128)
(245,784)

Profit/(loss) for the financial year
  
944,530
(431,461)

  

  

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

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 22 to 43 form part of these financial statements.

Page 13

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
REGISTERED NUMBER: 05317196

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
7,318,744
8,577,587

Tangible assets
 15 
461,512
575,086

Investment property
 17 
278,024
278,024

  
8,058,280
9,430,697

Current assets
  

Debtors: amounts falling due within one year
 18 
6,937,372
6,686,226

Cash at bank and in hand
 19 
3,327,715
7,291,289

  
10,265,087
13,977,515

Creditors: amounts falling due within one year
 20 
(6,609,160)
(8,308,703)

Net current assets
  
 
 
3,655,927
 
 
5,668,812

Total assets less current liabilities
  
11,714,207
15,099,509

Creditors: amounts falling due after more than one year
 21 
(2,430,570)
(5,979,529)

Net assets
  
9,283,637
9,119,980


Capital and reserves
  

Called up share capital 
 24 
303,326
319,456

Share premium account
 25 
4,680
28,082

Capital redemption reserve
 25 
116,130
100,000

Profit and loss account
 25 
8,859,501
8,672,442

  
9,283,637
9,119,980


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




Deborah Anne McDowell
Director

Date: 6 November 2024

The notes on pages 22 to 43 form part of these financial statements.

Page 14

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
REGISTERED NUMBER: 05317196

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
202,001
182,593

Investments
 16 
20,649,123
20,649,123

Investment Property
 17 
278,024
278,024

  
21,129,148
21,109,740

Current assets
  

Debtors: amounts falling due within one year
 18 
853,678
1,397,238

Cash at bank and in hand
 19 
481,777
1,879,899

  
1,335,455
3,277,137

Creditors: amounts falling due within one year
 20 
(14,999,655)
(12,567,150)

Net current liabilities
  
 
 
(13,664,200)
 
 
(9,290,013)

Total assets less current liabilities
  
7,464,948
11,819,727

  

Creditors: amounts falling due after more than one year
 21 
(2,430,570)
(5,979,529)

  

Net assets
  
5,034,378
5,840,198


Capital and reserves
  

Called up share capital 
 24 
303,326
319,456

Share premium account
 25 
4,680
28,082

Capital redemption reserve
 25 
116,130
100,000

Profit and loss account brought forward
  
5,392,660
6,247,730

Loss for the year
  
(24,947)
(515,344)

Other changes in the profit and loss account

  

(757,471)
(339,726)

Profit and loss account carried forward
  
4,610,242
5,392,660

  
5,034,378
5,840,198


Page 15

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
REGISTERED NUMBER: 05317196
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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




Deborah Anne McDowell
Director

Date: 6 November 2024

The notes on pages 22 to 43 form part of these financial statements.

Page 16

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
419,356
28,082
-
9,443,629
9,891,067



Loss for the year
-
-
-
(431,461)
(431,461)

Dividends: Equity capital
-
-
-
(239,726)
(239,726)

Purchase of own shares
-
-
100,000
(100,000)
-

Shares issued during the year
100
-
-
-
100

Shares redeemed during the year
(100,000)
-
-
-
(100,000)



At 1 May 2023
319,456
28,082
100,000
8,672,442
9,119,980



Profit for the year
-
-
-
944,530
944,530

Dividends: Equity capital
-
-
-
(248,581)
(248,581)

Purchase of own shares
-
-
16,130
(508,890)
(492,760)

Shares redeemed during the year
(16,130)
-
-
-
(16,130)

Transfer between other reserves
-
(23,402)
-
-
(23,402)


At 30 April 2024
303,326
4,680
116,130
8,859,501
9,283,637


The notes on pages 22 to 43 form part of these financial statements.

Page 17

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
419,356
28,082
-
6,247,730
6,695,168



Loss for the year
-
-
-
(515,344)
(515,344)

Dividends: Equity capital
-
-
-
(239,726)
(239,726)

Purchase of own shares
-
-
100,000
(100,000)
-

Shares issued during the year
100
-
-
-
100

Shares redeemed during the year
(100,000)
-
-
-
(100,000)



At 1 May 2023
319,456
28,082
100,000
5,392,660
5,840,198



Loss for the year
-
-
-
(24,947)
(24,947)

Dividends: Equity capital
-
-
-
(248,581)
(248,581)

Purchase of own shares
-
-
16,130
(508,890)
(492,760)

Shares redeemed during the year
(16,130)
-
-
-
(16,130)

Transfer between other reserves
-
(23,402)
-
-
(23,402)


At 30 April 2024
303,326
4,680
116,130
4,610,242
5,034,378


The notes on pages 22 to 43 form part of these financial statements.

Page 18

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
944,530
(431,461)

Adjustments for:

Amortisation of intangible assets
1,258,843
1,307,960

Depreciation of tangible assets
248,195
187,602

Loss on disposal of tangible assets
(233)
36,680

Interest paid
384,886
533,398

Interest received
(29,610)
(937)

Taxation charge
686,128
245,784

(Increase)/decrease in debtors
(231,012)
878,106

(Decrease) in creditors
(404,936)
(760,257)

Corporation tax (paid)
(290,003)
(561,903)

Net cash generated from operating activities

2,566,788
1,434,972


Cash flows from investing activities

Purchase of intangible fixed assets
-
(495,500)

Purchase of tangible fixed assets
(139,471)
(83,718)

Sale of tangible fixed assets
5,083
9,260

Interest received
29,610
937

Net cash from investing activities

(104,778)
(569,021)
Page 19

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
100

Purchase of own shares
(532,292)
(100,000)

Repayment of other loans
(5,338,772)
(990,332)

Repayment of leases
78,947
-

Dividends paid
(248,581)
(239,726)

Interest paid
(384,886)
(533,398)

Net cash used in financing activities
(6,425,584)
(1,863,356)

Net (decrease) in cash and cash equivalents
(3,963,574)
(997,405)

Cash and cash equivalents at beginning of year
7,291,289
8,288,694

Cash and cash equivalents at the end of year
3,327,715
7,291,289


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,327,715
7,291,289

3,327,715
7,291,289


The notes on pages 22 to 43 form part of these financial statements.

Page 20

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

7,291,289

(3,963,574)

3,327,715

Debt due after 1 year

(5,979,529)

3,548,959

(2,430,570)

Debt due within 1 year

(2,543,366)

1,828,081

(715,285)

Finance leases

-

(78,947)

(78,947)


(1,231,606)
1,334,519
102,913

The notes on pages 22 to 43 form part of these financial statements.

Page 21

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Care at Home Services (South East) Limited is a private company, limited by shares, registered in England and Wales in the United Kingdom. The Company's registered number and registered office can be found on the Company Information page.
The financial statements are presented in sterling which is the functional currency of the Company and the Group 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

 
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 22

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 domiciliary care services

Revenue from a contract to provide domiciliary care 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 Group 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

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

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 Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 23

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.11

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 24

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

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 the Group's share 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 Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.13

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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.

Page 25

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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.

 
2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

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 26

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.20

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.

 
2.21

Financial instruments

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

The Group 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 Group's Balance Sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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
Page 27

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

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.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


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 are underlying assumptions and 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 that period, or in the period of revision and future periods if the revision affects both and current and future periods.
Key estimates and judgements are as follows:
Judgements have been applied on the useful economic life of both tangible and intangible fixed assets, with depreciation and amortisation being charged accordingly. Details on the deemed useful economic life of assets can be found in notes 2.12 and 2.13.
A judgement has been applied in respect of debtor recoverability. Due to the nature of care services being contracted with local councils, management do not consider any debtor balances to be irrecoverable, therefore no provision has been included within these financial statements.
The amounts recoverable on contracts 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. Elsewhere, a payroll accrual is also calculated in the same manner as the income accrual but using payroll cycles.
A judgement has been applied regarding the fair value of share options at the grant date, 25th August 2011. The Group used the Black Scholes pricing model which is a generally accepted method of valuing share options. 


4.


Turnover

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

All turnover arose within the United Kingdom.

Page 28

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Other operating income

2024
2023
£
£

Other operating income
13,150
12,782

Government grants receivable
-
548,400

13,150
561,182



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
241,060
257,471


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
75,433
52,050

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

Taxation compliance services
7,808
7,332

All other services
15,707
14,748

Page 29

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023 As restated
2024
2023 As restated
£
£
£
£


Wages and salaries
44,883,170
39,394,622
10,472,332
8,455,444

Social security costs
3,344,097
5,463,609
733,369
1,090,144

Cost of defined contribution scheme
804,262
1,285,366
211,734
287,286

49,031,529
46,143,597
11,417,435
9,832,874


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
6
6
3
6



Administration
240
231
42
50



Carers
2,153
2,196
515
504

2,399
2,433
560
560


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
423,166
461,867

Group contributions to defined contribution pension schemes
17,389
11,594

440,555
473,461


During the year retirement benefits were accruing to 4 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £120,000 (2023 - £130,719).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £300 (2023 - £NIL).

Page 30

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
37,582
937

37,582
937


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,626
-

Other loan interest payable
377,260
513,348

Other interest payable
7,382
20,050

392,268
533,398


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
728,499
265,515

Adjustments in respect of previous periods
(22,237)
1,380


Total current tax
706,262
266,895

Deferred tax


Origination and reversal of timing differences
(20,134)
(21,111)

Total deferred tax
(20,134)
(21,111)


Tax on profit/(loss)
686,128
245,784
Page 31

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,630,658
(185,678)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
407,665
(36,195)

Effects of:


Non-tax deductible amortisation of goodwill
297,749
231,906

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
75
10,595

Fixed asset differences
17,903
23,882

Income not taxable for tax purposes
-
(74)

Adjustments to tax charge in respect of prior periods
2,103
1,380

Movement in deferred tax not recognised
(31,989)
-

Short-term timing difference leading to an increase (decrease) in taxation
-
21,227

Reameasurement of deferred tax for changes in tax rates
-
(9,327)

Other differences leading to an increase (decrease) in the tax charge
(7,378)
2,390

Total tax charge for the year
686,128
245,784


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Ordinary A shares
148,581
135,726


Ordinary B shares
100,000
104,000

248,581
239,726

Page 32

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 May 2023
16,238,269



At 30 April 2024

16,238,269



Amortisation


At 1 May 2023
7,660,682


Charge for the year on owned assets
1,258,843



At 30 April 2024

8,919,525



Net book value



At 30 April 2024
7,318,744



At 30 April 2023
8,577,587



Page 33

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






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

£
£
£
£
£



Cost or valuation


At 1 May 2023
195,860
771,527
87,609
334,742
1,389,738


Additions
-
97,680
13,928
27,863
139,471


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



At 30 April 2024

195,860
864,357
101,537
362,605
1,524,359



Depreciation


At 1 May 2023
195,860
415,279
65,799
137,714
814,652


Charge for the year on owned assets
-
155,439
18,613
74,143
248,195



At 30 April 2024

195,860
570,718
84,412
211,857
1,062,847



Net book value



At 30 April 2024
-
293,639
17,125
150,748
461,512



At 30 April 2023
-
356,248
21,810
197,028
575,086

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
89,540
-

89,540
-

Page 34

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           15.Tangible fixed assets (continued)


Company






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

£
£
£
£
£

Cost or valuation


At 1 May 2023
171,570
289,313
14,009
93,855
568,747


Additions
-
97,680
4,140
16,292
118,112



At 30 April 2024

171,570
386,993
18,149
110,147
686,859



Depreciation


At 1 May 2023
171,570
169,001
8,704
36,879
386,154


Charge for the year on owned assets
-
66,003
1,416
31,285
98,704



At 30 April 2024

171,570
235,004
10,120
68,164
484,858



Net book value



At 30 April 2024
-
151,989
8,029
41,983
202,001



At 30 April 2023
-
120,312
5,305
56,976
182,593






Page 35

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
20,649,123



At 30 April 2024
20,649,123





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Beech Tree Total Care Limited
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
Domus Live-In Care Limited
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
Care at Home Extra Services Limited (Dormant)
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
Westminster Homecare Limited
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%

Page 36

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Domus Extra Care Limited
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
Extra Carers Limited (Dormant)
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
National Medicare Limited (Dormant)
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
Independent Living Network East Limited (Dormant)
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
Care In The Home Limited (Dormant)
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%
Home Choice Care Limited (Dormant)
22 Church Road, Tunbridge Wells, Kent, TN1 1JP
Ordinary
100%


17.


Investment property

Group and Company


Long term leasehold investment property

£



Valuation


At 1 May 2023
278,024



At 30 April 2024
278,024



The property was purchased in December 2021, and valued at the year end at cost which in the view of the Directors represents the market value at the year end. 




Page 37

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Debtors

Group
Group
Company
Company
2024
2023 As restated
2024
2023 As restated
£
£
£
£


Trade debtors
5,951,664
5,512,006
258,032
680,924

Amounts owed by group undertakings
-
-
50,323
87,603

Other debtors
102,334
128,189
30,335
54,209

Prepayments and accrued income
839,882
1,022,673
496,459
551,141

Deferred taxation
43,492
23,358
18,529
23,361

6,937,372
6,686,226
853,678
1,397,238



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,327,715
7,291,289
481,777
1,879,899

3,327,715
7,291,289
481,777
1,879,899


Page 38

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
715,168
2,504,981
715,168
2,504,981

Trade creditors
907,154
1,205,181
72,737
43,090

Amounts owed to group undertakings
-
-
13,528,482
9,406,539

Corporation tax
715,093
298,834
-
-

Other taxation and social security
453,877
892,735
-
175,707

Obligations under finance lease and hire purchase contracts
78,947
-
78,947
-

Other creditors
2,944,923
2,741,760
148,367
81,679

Accruals and deferred income
793,998
665,212
455,954
355,154

6,609,160
8,308,703
14,999,655
12,567,150


Net obligations under finance leases and hire purchase contracts are secured against the fixed assets to which the leases relate.
Amounts due to group undertakings are unsecured, interest free and repayable on demand.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
2,430,570
5,979,529
2,430,570
5,979,529

2,430,570
5,979,529
2,430,570
5,979,529



Page 39

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Other loans
715,168
2,504,981
715,168
2,504,981

Amounts falling due 1-2 years

Other loans
2,430,570
1,133,458
2,430,570
1,133,458

Amounts falling due 2-5 years

Other loans
-
4,846,071
-
4,846,071


3,145,738
8,484,510
3,145,738
8,484,510


Other loans comprise: 
A term loan of £3,145,738 (2023 - £7,039,010). Interest is charged at 6.77%, and the loan is secured as follows: 
- First legal mortgage in respect of leasehold and freehold property,
- First fixed charge in respect of fixed and current assets; and
- First floating charge over any otherwise unsecured assets. 
The security is extended across the Company and its subsidiaries. 

Page 40

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
23,358
2,247


Charged to profit or loss
(356)
13,197


Utilised in year
20,490
7,914



At end of year
43,492
23,358

Company


2024
2023


£

£






At beginning of year
23,361
19,056


Charged to profit or loss
(4,832)
4,305



At end of year
18,529
23,361

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
37,213
13,492
12,250
19,543

Tax losses carried forward
6,249
-
6,249
-

Short-term timing differences
30
9,866
30
3,818

43,492
23,358
18,529
23,361

Page 41

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,000 (2023 - 300,000) Ordinary A shares of £1.00000 each
300,000
300,000
100,000 (2023 - 100,000) Ordinary C shares of £0.00100 each
100
100
3,226 (2023 - 19,356) Ordinary A (EMI) shares of £1.00000 each
3,226
19,356

303,326

319,456

16,130 £1 Ordinary A (EMI) shares were bought-back by the Company in the year and cancelled for cash consideration of £33 per share, totalling £532,290. 100,000 £0.001 Ordinary C shares were issued in the year for total cash consideration of £100.



25.


Reserves

Share premium account

Consideration received in excess of the nominal value for shares is moved to the share premium account.

Capital redemption reserve

The capital redemption arose due to the buy-back by the Company in the year of 16,130 £1 Ordinary A (EMI)  shares (2022: 100,000 £1 Ordinary B shares).

Profit and loss account

The profit and loss reserve represents accumulated profits and losses net of dividends and other adjustments.


26.


Pension commitments

The Group operated a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £673,430 (2023- £423,765). 
Contributions totalling £106,206 (2023 - £39,358) were payable to the fund at the balance sheet date and are included in creditors.

Page 42

 
CARE AT HOME SERVICES (SOUTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Commitments under operating leases

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
72,574
59,050
25,287
25,287

Later than 1 year and not later than 5 years
56,946
93,851
15,633
40,920

129,520
152,901
40,920
66,207


28.


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. 
During the year, a balance owed by a director accrued interest of £Nil (2023: £Nil). As at the balance sheet date, amounts owed by the director were £nil (2023 £239)


29.


Post balance sheet events

After the year end and prior to approving the accounts for the year ended 30.04.2024 the Company issued 46,725 new A shares to the Directors. The shares are being subscribed for at a value of £33.00 per share but only the par value (£1 per share) was paid.  Interest will accrue on the unpaid amount until this payment is made, or be deducted from the sale value if the Company is sold prior to this payment being made.


30.


Controlling party

The ultimate controlling party is Mrs D McDowell, through her majority shareholding in Care at Home Services (South East) Limited.

Page 43