Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
COMPANY INFORMATION
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
CONTENTS
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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:
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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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.
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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.
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.
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 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £944,530 (2023 - loss £431,461).
The directors who served during the year were:
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
There have been no significant events affecting the Group since the year end, except for those already described within the strategic report.
The auditor, MHA, will 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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) LIMITED (CONTINUED)
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE AT HOME SERVICES (SOUTH EAST) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Maidstone
United Kingdom MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312312)
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
REGISTERED NUMBER: 05317196
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 43 form part of these financial statements.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
REGISTERED NUMBER: 05317196
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
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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:
The notes on pages 22 to 43 form part of these financial statements.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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
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:
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.
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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:
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (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.
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.
The whole of the turnover is attributable to the principal activity of the group, being that of domiciliary care services.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
15.Tangible fixed assets (continued)
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 40
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Share premium account
Capital redemption reserve
Profit and loss account
The Group operated a
Contributions totalling £
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CARE AT HOME SERVICES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The ultimate controlling party is
Page 43
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