Eden Futures Topco Limited 13447848 false 2023-04-01 2024-03-31 2024-03-31 2024-03-31 The principal activity of the company is as a holding company. The principal activity of the group is providing services for people with disabilities and support needs at all stages of their care pathway from supported living through to support under the Mental Health Act. Digita Accounts Production Advanced 6.30.9574.0 true true true false true false false false false false false false false false false false false false false false false false false false 13447848 2023-04-01 2024-03-31 13447848 2024-03-31 13447848 bus:Director4 bus:Consolidated 2024-03-31 13447848 bus:Director6 bus:Consolidated 2024-03-31 13447848 bus:OrdinaryShareClass1 bus:Consolidated 2024-03-31 13447848 bus:OrdinaryShareClass2 bus:Consolidated 2024-03-31 13447848 bus:OrdinaryShareClass3 bus:Consolidated 2024-03-31 13447848 bus:OrdinaryShareClass4 bus:Consolidated 2024-03-31 13447848 bus:OrdinaryShareClass5 bus:Consolidated 2024-03-31 13447848 bus:Consolidated 2024-03-31 13447848 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2024-03-31 13447848 core:RetainedEarningsAccumulatedLosses 2024-03-31 13447848 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-03-31 13447848 core:ShareCapital 2024-03-31 13447848 core:ShareCapital bus:Consolidated 2024-03-31 13447848 core:SharePremium 2024-03-31 13447848 core:SharePremium bus:Consolidated 2024-03-31 13447848 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-03-31 13447848 core:CurrentFinancialInstruments 2024-03-31 13447848 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 13447848 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13447848 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 13447848 core:Non-currentFinancialInstruments 2024-03-31 13447848 core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 13447848 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 13447848 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-03-31 13447848 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2024-03-31 13447848 core:Goodwill bus:Consolidated 2024-03-31 13447848 core:BetweenTwoFiveYears bus:Consolidated 2024-03-31 13447848 core:MoreThanFiveYears bus:Consolidated 2024-03-31 13447848 core:WithinOneYear bus:Consolidated 2024-03-31 13447848 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-03-31 13447848 bus:FRS102 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:Audited bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:FullAccounts bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:RegisteredOffice bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:Director2 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:Director3 2023-04-01 2024-03-31 13447848 bus:Director3 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:Director4 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:Director6 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:HighestPaidDirector bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:OrdinaryShareClass1 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:OrdinaryShareClass2 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:OrdinaryShareClass3 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:OrdinaryShareClass4 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:OrdinaryShareClass5 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-04-01 2024-03-31 13447848 bus:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 13447848 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 13447848 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-04-01 2024-03-31 13447848 core:ShareCapital 2023-04-01 2024-03-31 13447848 core:ShareCapital bus:Consolidated 2023-04-01 2024-03-31 13447848 core:SharePremium 2023-04-01 2024-03-31 13447848 core:SharePremium bus:Consolidated 2023-04-01 2024-03-31 13447848 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-04-01 2024-03-31 13447848 core:ComputerSoftware bus:Consolidated 2023-04-01 2024-03-31 13447848 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2023-04-01 2024-03-31 13447848 core:Goodwill bus:Consolidated 2023-04-01 2024-03-31 13447848 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2023-04-01 2024-03-31 13447848 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-04-01 2024-03-31 13447848 core:Subsidiary1 2023-04-01 2024-03-31 13447848 core:Subsidiary1 1 2023-04-01 2024-03-31 13447848 core:Subsidiary10 2023-04-01 2024-03-31 13447848 core:Subsidiary10 1 2023-04-01 2024-03-31 13447848 core:Subsidiary11 2023-04-01 2024-03-31 13447848 core:Subsidiary11 1 2023-04-01 2024-03-31 13447848 core:Subsidiary12 2023-04-01 2024-03-31 13447848 core:Subsidiary12 1 2023-04-01 2024-03-31 13447848 core:Subsidiary13 2023-04-01 2024-03-31 13447848 core:Subsidiary13 1 2023-04-01 2024-03-31 13447848 core:Subsidiary14 2023-04-01 2024-03-31 13447848 core:Subsidiary14 1 2023-04-01 2024-03-31 13447848 core:Subsidiary15 2023-04-01 2024-03-31 13447848 core:Subsidiary15 1 2023-04-01 2024-03-31 13447848 core:Subsidiary16 2023-04-01 2024-03-31 13447848 core:Subsidiary16 1 2023-04-01 2024-03-31 13447848 core:Subsidiary17 2023-04-01 2024-03-31 13447848 core:Subsidiary17 1 2023-04-01 2024-03-31 13447848 core:Subsidiary18 2023-04-01 2024-03-31 13447848 core:Subsidiary18 1 2023-04-01 2024-03-31 13447848 core:Subsidiary2 2023-04-01 2024-03-31 13447848 core:Subsidiary2 1 2023-04-01 2024-03-31 13447848 core:Subsidiary3 2023-04-01 2024-03-31 13447848 core:Subsidiary3 1 2023-04-01 2024-03-31 13447848 core:Subsidiary4 2023-04-01 2024-03-31 13447848 core:Subsidiary4 1 2023-04-01 2024-03-31 13447848 core:Subsidiary5 2023-04-01 2024-03-31 13447848 core:Subsidiary5 1 2023-04-01 2024-03-31 13447848 core:Subsidiary6 2023-04-01 2024-03-31 13447848 core:Subsidiary6 1 2023-04-01 2024-03-31 13447848 core:Subsidiary7 2023-04-01 2024-03-31 13447848 core:Subsidiary7 1 2023-04-01 2024-03-31 13447848 core:Subsidiary8 2023-04-01 2024-03-31 13447848 core:Subsidiary8 1 2023-04-01 2024-03-31 13447848 core:Subsidiary9 2023-04-01 2024-03-31 13447848 core:Subsidiary9 1 2023-04-01 2024-03-31 13447848 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 13447848 countries:EnglandWales bus:Consolidated 2023-04-01 2024-03-31 13447848 2023-03-31 13447848 bus:Consolidated 2023-03-31 13447848 core:RetainedEarningsAccumulatedLosses 2023-03-31 13447848 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-03-31 13447848 core:ShareCapital 2023-03-31 13447848 core:ShareCapital bus:Consolidated 2023-03-31 13447848 core:SharePremium 2023-03-31 13447848 core:SharePremium bus:Consolidated 2023-03-31 13447848 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-03-31 13447848 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2023-03-31 13447848 core:Goodwill bus:Consolidated 2023-03-31 13447848 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-03-31 13447848 2022-04-01 2023-03-31 13447848 2023-03-31 13447848 bus:OrdinaryShareClass1 bus:Consolidated 2023-03-31 13447848 bus:OrdinaryShareClass2 bus:Consolidated 2023-03-31 13447848 bus:OrdinaryShareClass3 bus:Consolidated 2023-03-31 13447848 bus:OrdinaryShareClass4 bus:Consolidated 2023-03-31 13447848 bus:OrdinaryShareClass5 bus:Consolidated 2023-03-31 13447848 bus:Consolidated 2023-03-31 13447848 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2023-03-31 13447848 core:RetainedEarningsAccumulatedLosses 2023-03-31 13447848 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-03-31 13447848 core:ShareCapital 2023-03-31 13447848 core:ShareCapital bus:Consolidated 2023-03-31 13447848 core:SharePremium 2023-03-31 13447848 core:SharePremium bus:Consolidated 2023-03-31 13447848 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-03-31 13447848 core:CurrentFinancialInstruments 2023-03-31 13447848 core:CurrentFinancialInstruments bus:Consolidated 2023-03-31 13447848 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13447848 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-03-31 13447848 core:Non-currentFinancialInstruments 2023-03-31 13447848 core:Non-currentFinancialInstruments bus:Consolidated 2023-03-31 13447848 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13447848 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-03-31 13447848 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2023-03-31 13447848 core:Goodwill bus:Consolidated 2023-03-31 13447848 core:CostValuation 2023-03-31 13447848 core:BetweenTwoFiveYears bus:Consolidated 2023-03-31 13447848 core:MoreThanFiveYears bus:Consolidated 2023-03-31 13447848 core:WithinOneYear bus:Consolidated 2023-03-31 13447848 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-03-31 13447848 bus:HighestPaidDirector bus:Consolidated 2022-04-01 2023-03-31 13447848 bus:Consolidated 2022-04-01 2023-03-31 13447848 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 13447848 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-04-01 2023-03-31 13447848 core:ShareCapital 2022-04-01 2023-03-31 13447848 core:ShareCapital bus:Consolidated 2022-04-01 2023-03-31 13447848 core:SharePremium 2022-04-01 2023-03-31 13447848 core:SharePremium bus:Consolidated 2022-04-01 2023-03-31 13447848 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-04-01 2023-03-31 13447848 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2022-04-01 2023-03-31 13447848 core:Subsidiary1 1 2022-04-01 2023-03-31 13447848 core:Subsidiary10 1 2022-04-01 2023-03-31 13447848 core:Subsidiary11 1 2022-04-01 2023-03-31 13447848 core:Subsidiary12 1 2022-04-01 2023-03-31 13447848 core:Subsidiary13 1 2022-04-01 2023-03-31 13447848 core:Subsidiary14 1 2022-04-01 2023-03-31 13447848 core:Subsidiary15 1 2022-04-01 2023-03-31 13447848 core:Subsidiary16 1 2022-04-01 2023-03-31 13447848 core:Subsidiary17 1 2022-04-01 2023-03-31 13447848 core:Subsidiary18 1 2022-04-01 2023-03-31 13447848 core:Subsidiary2 1 2022-04-01 2023-03-31 13447848 core:Subsidiary3 1 2022-04-01 2023-03-31 13447848 core:Subsidiary4 1 2022-04-01 2023-03-31 13447848 core:Subsidiary5 1 2022-04-01 2023-03-31 13447848 core:Subsidiary6 1 2022-04-01 2023-03-31 13447848 core:Subsidiary7 1 2022-04-01 2023-03-31 13447848 core:Subsidiary8 1 2022-04-01 2023-03-31 13447848 core:Subsidiary9 1 2022-04-01 2023-03-31 13447848 core:UKTax bus:Consolidated 2022-04-01 2023-03-31 13447848 2022-03-31 13447848 bus:Consolidated 2022-03-31 13447848 core:RetainedEarningsAccumulatedLosses 2022-03-31 13447848 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-03-31 13447848 core:ShareCapital 2022-03-31 13447848 core:ShareCapital bus:Consolidated 2022-03-31 13447848 core:SharePremium 2022-03-31 13447848 core:SharePremium bus:Consolidated 2022-03-31 13447848 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13447848

Eden Futures Topco Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

Eden Futures Topco Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Consolidated Profit and Loss Account

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 29

 

Eden Futures Topco Limited

Company Information

Directors

D Dalli

C I Echtle

H L Stokes

W C Wright

Registered office

Harlaxton House
Long Bennington Business Park
Long Bennington
Newark
NG23 5JR

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Eden Futures Topco Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is as a holding company.

The principal activity of the group is providing services for people with disabilities and support needs at all stages of their care pathway from supported living through to support under the Mental Health Act.

Fair review of the business

The results for the period are set out in the financial statements presented. The directors consider the results for the period and the financial position of the group at the period end to be satisfactory.

The financial KPIs that are principally used to monitor the business are EBITDA, Gross profit %, and average weekly fee.

Non financial measures are principally occupancy and staffing level versus hours contracted.

In the year ended 31 March 2024, average weekly fee was £1,397, a £158 increase on the prior year, driven by a combination of local authority fee increases (average of c.7.6%), and a positive churn where service users who leave are replaced with service users yielding a higher average weekly fee. Eden Futures continue to work proactively with Commissioners to ensure that fee increases effected each April are sufficient to cover the increase in costs attributed to wage inflation driven by National Living Wage increases.

Average occupancy in the year ended 31 March 2024 was 687 (2023: 659), the net increase being driven by the new services opened in the period.

Principal risks and uncertainties

Financial risk management

The group is funded by a combination of loan notes and bank borrowings. As at 31 March 2024, borrowings include loan notes of £24.5m and bank borrowings of £25m.

The bank borrowings are subject to a fixed margin plus SONIA which is subject to market fluctuations. Following an assessment of interest rates the Board has elected not to put hedging arrangements in place in relation to the variable bank interest but the Board will keep this policy under review.

Liquidity risk

The group seeks to ensure that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely. Cash flow is forecast on a daily basis to monitor the group’s liquidity position.

The group’s principal sources of income are Local Authorities and NHS Independent Commissioning Boards, meaning monthly cash inflows are highly predictable.


 

Eden Futures Topco Limited

Strategic Report for the Year Ended 31 March 2024

Section 172 Statement
The directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The group has considered the long-term strategy of the business below and consider that this strategy will continue to deliver long term success to the business and its stakeholders.

The group recognises the importance of engagement with key stakeholders as outlined below.

The group is committed to delivering high quality care and support with currently all services being rated ‘Good’ by CQC.

The directors seek to actively engage with Local Authorities and NHS Independent Commissioning Boards both around existing services as well as ensuring complete ‘buy-in’ for all new developments.

A number of services users are employed as Experts Partners and in this they carry out a number of duties including taking part in Quality Audits and interviewing prospective employees.

The directors engage with employees through our Integrated Governance process where matters discussed at Executive Team meetings are cascaded to all employees in the group through group supervisions. We have established an 'Eden Influencers' programme whereby Support Workers and other team members meet with the Chief Executive Officer and Head of HR to discuss matters affecting them.

The directors regularly engage with its larger Housing Provider partners to discuss matters of mutual interest including repairs and maintenance of Apartments/Houses, any tenant related issues and future developments.

When designing new developments we work closely with Housing Provider partners to ensure that steps are taken to minimise environmental impact including -

• Energy efficient lighting and insulation installed
• Sites are situated close to transport links and bike shelters installed where possible to minimise dependence on cars
• New developments are generally redevelopments of existing housing or built on brownfield sites

Strategy
The group's primary area of activity was supporting adults with learning disabilities, autism or Mental Health illnesses in independent supported living environments.

The group’s strategy is to support more people living with complex learning disabilities, autism or mental health illnesses with high quality care. In order to do this it is vital that we recruit, train and retain a high calibre team of Support Workers and Managers in all areas that we operate.

The group’s strategy is to grow, increase the number of units by about 10% each year whilst ensuring that we maintain high quality levels of care and support.

Approved by the Board on 28 August 2024 and signed on its behalf by:


H L Stokes
Director

 

Eden Futures Topco Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

D Dalli

C I Echtle

H L Stokes

A P Dean (resigned 31 May 2024)

The following director was appointed after the year end:

W C Wright (appointed 10 June 2024)

Financial instruments

Objectives and policies

The board constantly monitors the group's trading results and revise projections as appropriate to ensure that the group can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments are such that they are not subject to price risk or liquidity risk.

The group has sufficient financial resources available and continues to trade profitably at EBITDA level generating cash. The directors have prepared forecasts for the next 12 months that indicate that these trends will continue. The directors therefore have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Carbon and energy reporting


Change in Emissions

The base year is reported as the calendar year 2021, since the group's carbon data is based on the calendar year rather than financial year, the data below is for 2023 with a comparative year of 2022.

Approach

The assessment has been undertaken with consideration of the methodology presented within British Standard BS EN ISO 14064-1:2019 Greenhouse gases Part 1: Specification with guidance at the organisation level for quantification and reporting of greenhouse gas emissions and removals. The figures stated below contains a degree of estimation.

We have used the financial control approach.

 

Eden Futures Topco Limited

Directors' Report for the Year Ended 31 March 2024

Operational Scopes

We have measured our scope 1, scope 2 and scope 3 emissions. Electricity and gas are the primary utilities used. Scope 1 emissions include company owned vehicles, whilst fuel usage has been calculated in scope 3 emissions as an indirect cost for staff using their own vehicles.

Scope 1 emissions consists of natural gas usage from buildings and company owned vehicles.

Scope 2 emissions consists only of electricity usage from buildings.

Measured scope 3 emissions are from waste disposal, indirect costs of employee's commuting in their own vehicles and other sundry emissions such as water/paper usage and indirect costs of employee's working from home. In an effort to continually improve the accuracy and visibility of Eden’s list of emissions, well to tank emissions have been incorporated into the current assessment. Well to tank emissions are upstream Scope 3 emissions associated with extraction, refining and transportation of the raw fuel sources to an organisation’s site (or asset), prior to their combustion.

Table 1 shows the breakdown of carbon emissions by scope for the calendar year 2023 and 2022.

CY 2023

CY 2022

tCO2e

%

tCO2e

%

Scope 1

51.5

3.1%

41.95

3.9%

Natural Gas

43.3

2.6%

38.13

3.5%

Company Vehicles

8.2

0.5%

3.82

0.4%

Scope 2

52.1

3.2%

32.94

3.1%

Electricity

52.1

3.2%

32.94

3.1%

Scope 3

1541.0

93.7%

1003.97

93.1%

Sundry scope 3 emissions

33.5

2.0%

9.81

0.9%

Waste disposal

406.0

24.7%

21.85

2.0%

Employee commuting

699.0

42.5%

922.96

85.5%

Well to tank

319.1

19.4%

0.0

0.0%

Homeworking

63.4

1.2%

20.5

1.9%

Fuel usage for private owned vehicles

63.4

3.9%

49.35

4.6%

Gross Total

1644.6

100%

1078.86

100%

In 2022, benchmarks were used to calculate average commute by method of transportation and then multiplied by the amount of FTE who were commuting. Eden Futures has since conducted a survey to understand its employees’ commuting habits and this data has resulted in a reduction in associated greenhouse gas emissions.

Intensity ratios and targets

An overall intensity ratio of Gross Scope 1, Scope 2, and Scope 3 emissions per employee has been calculated for the base year. This will allow comparison and benchmarking with similar organisations and drives energy reduction goals.

The intensity ratio was calculated at 1.32 CO2e per employee (2022: 1.04 tonnes CO2e). The increase year on year is attributable to the inclusion of the well to tank emissions. On a like for like basis the intensity ratio would be 1.06 CO2e per employee, which is in line with 2022.

Carbon Reduction Initiatives

Eden are committed to reducing emissions. Plans that are complete include energy efficient lighting, a review of the office estate and a revised approach to waste recycling in offices, whilst Plans plans that are currently in place including process are:

• Reviewing company vehicle fleet.
• Review green transport alternatives.

 

Eden Futures Topco Limited

Directors' Report for the Year Ended 31 March 2024

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 28 August 2024 and signed on its behalf by:


H L Stokes
Director

 

Eden Futures Topco Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

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

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

 

Eden Futures Topco Limited

Independent Auditor's Report to the Members of Eden Futures Topco Limited

Opinion

We have audited the financial statements of Eden Futures Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Eden Futures Topco Limited

Independent Auditor's Report to the Members of Eden Futures Topco Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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 financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Eden Futures Topco Limited

Independent Auditor's Report to the Members of Eden Futures Topco Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.





Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

28 August 2024

 

Eden Futures Topco Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
 £ 000

2023
 £ 000

Turnover

3

51,716

43,966

Cost of sales

 

(38,025)

(31,568)

Gross profit

 

13,691

12,397

Administrative expenses

 

(10,531)

(10,010)

Operating profit before exceptional items

 

3,160

2,387

Exceptional items

5

(303)

(306)

Operating profit after exceptional items

4

2,857

2,081

Interest payable and similar charges

6

(6,569)

(5,471)

Loss before tax

 

(3,712)

(3,389)

Taxation

10

(324)

(630)

Loss for the financial year

 

(4,036)

(4,019)

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

Eden Futures Topco Limited

(Registration number: 13447848)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
 £ 000

2023
 £ 000

Fixed assets

 

Intangible assets

11

44,116

46,598

Tangible assets

12

372

411

 

44,488

47,010

Current assets

 

Debtors

14

3,971

2,605

Cash at bank and in hand

 

5,010

3,791

 

8,981

6,396

Creditors: Amounts falling due within one year

15

(11,825)

(7,916)

Net current liabilities

 

(2,844)

(1,520)

Total assets less current liabilities

 

41,644

45,490

Creditors: Amounts falling due after more than one year

15

51,453

51,263

   

51,453

51,263

Capital and reserves

 

Called up share capital

18

2

2

Share premium reserve

115

115

Profit and loss account

(9,926)

(5,890)

Total equity

 

(9,809)

(5,773)

Total capital, reserves and long-term liabilities

 

41,644

45,490

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

H L Stokes
Director

 

Eden Futures Topco Limited

(Registration number: 13447848)
Balance Sheet as at 31 March 2024

Note

2024
 £ 000

2023
 £ 000

Fixed assets

 

Investments

13

113

113

Current assets

 

Debtors: Amounts falling due within one year

14

1

-

Debtors: Amounts falling due after more than one year

14

4

4

 

5

4

Creditors: Amounts falling due within one year

15

(70)

(54)

Net current liabilities

 

(65)

(50)

Net assets

 

48

62

Capital and reserves

 

Called up share capital

18

2

2

Share premium reserve

115

115

Profit and loss account

(69)

(54)

Total equity

 

48

62

The company made a loss after tax for the financial year of £14,000 (2023 - £4,000)

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

H L Stokes
Director

 

Eden Futures Topco Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£ 000

Share premium
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 April 2023

2

115

(5,890)

(5,773)

Loss for the year

-

-

(4,036)

(4,036)

At 31 March 2024

2

115

(9,926)

(9,809)

Share capital
£ 000

Share premium
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 April 2022

2

115

(1,871)

(1,754)

Loss for the year

-

-

(4,019)

(4,019)

At 31 March 2023

2

115

(5,890)

(5,773)

 

Eden Futures Topco Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£ 000

Share premium
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 April 2023

2

115

(55)

62

Loss for the year

-

-

(14)

(14)

At 31 March 2024

2

115

(69)

48

Share capital
£ 000

Share premium
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 April 2022

2

115

(51)

66

Loss for the year

-

-

(4)

(4)

At 31 March 2023

2

115

(55)

62

 

Eden Futures Topco Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
 £ 000

2023
 £ 000

Cash flows from operating activities

Loss for the year

 

(4,036)

(4,019)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

2,625

2,631

Finance costs

6

6,569

5,471

Income tax expense

10

324

630

 

5,482

4,713

Working capital adjustments

 

Increase in trade and other debtors

14

(1,369)

(533)

Increase in trade and other creditors

15

1,388

348

Cash generated from operations

 

5,501

4,529

Income taxes paid

10

(532)

(151)

Net cash flow from operating activities

 

4,969

4,378

Cash flows from investing activities

 

Acquisitions of tangible assets

12

(54)

(109)

Acquisition of intangible assets

11

(49)

-

Net cash flows from investing activities

 

(103)

(109)

Cash flows from financing activities

 

Interest paid

 

(3,646)

(4,185)

Net increase in cash and cash equivalents

 

1,219

84

Cash and cash equivalents at 1 April

 

3,791

3,707

Cash and cash equivalents at 31 March

 

5,010

3,791

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Harlaxton House
Long Bennington Business Park
Long Bennington
Newark
NG23 5JR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial period of £14,000 (2023 - £4,000).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover represents the amounts receivable during the year for the provision of care services. Where the amount received relates to a period which covers the balance sheet date, that amount is apportioned over the period to which it relates.

Tax

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

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fixtures and fittings

10-33% straight line/reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Development costs are initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

Computer software

Straight line over 5 years

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

2024
£ 000

2023
£ 000

Rendering of services

50,230

42,535

Rental income

1,486

1,431

51,716

43,966

 

4

Operating profit

Arrived at after charging

2024
 £ 000

2023
 £ 000

Depreciation expense

93

101

Amortisation expense

2,532

2,530

Operating lease expense - property

1,000

1,000

 

5

Exceptional items

2024
 £ 000

2023
 £ 000

Exceptional expenses

303

306

Exceptional items in the current year consists of professional fees and directors salaries.

Exceptional items in the prior year consisted of health & safety, recruitment and one off legal costs.

 

6

Interest payable and similar expenses

2024
£ 000

2023
£ 000

Interest expense on bank borrowings

3,022

2,401

Interest expense on loan notes

3,547

3,070

6,569

5,471

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

7

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £ 000

2023
 £ 000

Wages and salaries

28,647

26,741

Social security costs

2,783

1,979

Pension costs, defined contribution scheme

654

526

32,084

29,245

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Support workers

1,441

1,214

Management and admin

88

80

1,529

1,294

Company
The company incurred no staff costs and had no employees other than the directors.

 

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£ 000

2023
£ 000

Remuneration

429

368

Contributions paid to money purchase schemes

5

6

434

374

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

1

In respect of the highest paid director:

2024
£ 000

2023
£ 000

Remuneration

201

162

Company contributions to money purchase pension schemes

1

2

 

9

Auditors' remuneration

2024
£ 000

2023
£ 000

Audit of these financial statements

24

24

Other fees to auditors

All other non-audit services

18

18

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £ 000

2023
 £ 000

Current taxation

UK corporation tax

533

364

UK corporation tax adjustment to prior periods

(214)

189

319

553

Deferred taxation

Arising from origination and reversal of timing differences

5

(45)

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

122

Total deferred taxation

5

77

Tax expense in the income statement

324

630

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£ 000

2023
£ 000

Loss before tax

(3,712)

(3,389)

Corporation tax at standard rate

(928)

(644)

Effect of expense not deductible in determining taxable profit (tax loss)

830

933

Increase from tax losses for which no deferred tax asset was recognised

-

30

(Decrease)/increase in UK and foreign current tax from unrecognised temporary difference from a prior period

(214)

189

Deferred tax expense from unrecognised temporary difference from a prior period

-

122

Tax increase from effect of capital allowances and depreciation

636

-

Total tax charge

324

630

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£ 000

Losses carried forward

-

2023

Asset
£ 000

Losses carried forward

4

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

11

Intangible assets

Group

Goodwill
 £ 000

Internally generated software development costs
 £ 000

Total
£ 000

Cost

At 1 April 2023

50,605

-

50,605

Additions

-

49

49

At 31 March 2024

50,605

49

50,654

Amortisation

At 1 April 2023

4,006

-

4,006

Amortisation charge

2,530

2

2,532

At 31 March 2024

6,536

2

6,538

Carrying amount

At 31 March 2024

44,068

48

44,116

At 31 March 2023

46,598

-

46,598

 

12

Tangible assets

Group

Furniture, fittings and equipment
 £ 000

Cost

At 1 April 2023

551

Additions

54

Disposals

(10)

At 31 March 2024

595

Depreciation

At 1 April 2023

139

Charge for the year

93

Eliminated on disposal

(10)

At 31 March 2024

223

Carrying amount

At 31 March 2024

372

At 31 March 2023

411

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

13

Investments

Company

2024
£ 000

2023
£ 000

Investments in subsidiaries

113

113

Subsidiaries

£ 000

Cost and carrying amount

At 1 April 2023 and 31 March 2024

113

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Eden Futures Midco 1 Limited

England and Wales

Ordinary

100%

100%

Eden Futures Midco 2 Limited

England and Wales

Ordinary

100%

100%

Eden Futures Bidco Limited

England and Wales

Ordinary

100%

100%

Eden Care And Support Group Limited

England and Wales

Ordinary

100%

100%

Eden Care And Support Group Midco Limited

England and Wales

Ordinary

100%

100%

Eden Care And Support Group Trustees Limited

England and Wales

Ordinary

100%

100%

Eden Holdings Financing Limited

England and Wales

Ordinary

100%

100%

Eden Supported Housing Living Limited

England and Wales

Ordinary

100%

100%

Eden Supported Living Limited

England and Wales

Ordinary

100%

100%

Eden Futures Contracting Services Limited

England and Wales

Ordinary

100%

100%

Eden Care Solutions Limited

England and Wales

Ordinary

100%

100%

Eden Care Solutions Midco Limited

England and Wales

Ordinary

100%

100%

Eden Care Solutions Trustees Limited

England and Wales

Ordinary

100%

100%

ECS Debtco Limited

England and Wales

Ordinary

100%

100%

HASS Holdings Lincs Limited

England and Wales

Ordinary

100%

100%

Supported Homes Limited

England and Wales

Ordinary

100%

100%

Essential Futures Limited

England and Wales

Ordinary

100%

100%

Housing And Support Solutions Limited

England and Wales

Ordinary

100%

100%

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiary undertakings

Eden Futures Midco 1 Limited

The principal activity of Eden Futures Midco 1 Limited is as a holding company.

Eden Futures Midco 2 Limited

The principal activity of Eden Futures Midco 2 Limited is as a holding company.

Eden Futures Bidco Limited

The principal activity of Eden Futures Bidco Limited is as a holding company.

Eden Care And Support Group Limited

The principal activity of Eden Care And Support Group Limited is as a holding company.

Eden Care And Support Group Midco Limited

The principal activity of Eden Care And Support Group Midco Limited is as a dormant holding company.

Eden Care And Support Group Trustees Limited

The principal activity of Eden Care And Support Group Trustees Limited is that of a corporate trustee for an Employee Benefit Trust.

Eden Holdings Financing Limited

The principal activity of Eden Holdings Financing Limited is as a holding company.

Eden Supported Housing Living Limited

The principal activity of Eden Supported Housing Living Limited is as a dormant company.

Eden Supported Living Limited

The principal activity of Eden Supported Living Limited is the provision of supported living services.

Eden Futures Contracting Services Limited

The principal activity of Eden Futures Contracting Services Limited is as a dormant company.

Eden Care Solutions Limited

The principal activity of Eden Care Solutions Limited is as a holding company.

Eden Care Solutions Midco Limited

The principal activity of Eden Care Solutions Midco Limited is as a holding company.

Eden Care Solutions Trustees Limited

The principal activity of Eden Care Solutions Trustees Limited is that of a corporate trustee for an Employee Benefit Trust.

ECS Debtco Limited

The principal activity of ECS Debtco Limited is that of a financing company.

HASS Holdings Lincs Limited

The principal activity of HASS Holdings Lincs Limited is as a dormant holding company.

Supported Homes Limited

The principal activity of Supported Homes Limited is the provision of supported living services.

Essential Futures Limited

The principal activity of Essential Futures Limited is the provision of supported living services.

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Housing And Support Solutions Limited

The principal activity of Housing And Support Solutions Limited is the provision of supported living services.

 

14

Debtors

 

Group

Company

2024
 £ 000

2023
 £ 000

2024
 £ 000

2023
 £ 000

Trade debtors

1,973

1,301

-

-

Other debtors

1,389

870

1

-

Prepayments and accrued income

608

430

-

-

Deferred tax assets

-

4

-

-

Amounts owed by group undertakings

-

-

4

4

 

3,971

2,605

5

4

Less non-current portion

-

-

(4)

(4)

Total current trade and other debtors

3,971

2,605

1

-

Details of non-current trade and other debtors

Company

£4,000 (2024 - £4,000) of Receivables from related parties is classified as non current.

 

15

Creditors

   

Group

Company

Note

2024
 £ 000

2023
 £ 000

2024
 £ 000

2023
 £ 000

Due within one year

 

Trade creditors

 

450

680

-

-

Amounts due to group undertakings

20

-

-

61

54

Social security and other taxes

 

614

473

-

-

Accrued expenses

 

10,227

6,017

9

-

Corporation tax liability

10

533

746

-

-

 

11,825

7,916

70

54

Due after one year

 

Loans and borrowings

16

51,453

51,263

-

-

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

16

Loans and borrowings

 

Group

Company

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Non-current loans and borrowings

Bank borrowings

24,546

24,356

-

-

Other borrowings

26,907

26,907

-

-

51,453

51,263

-

-

Included in other borrowings are A and B loan notes (£26,438,000 and £469,000 respectively) that are unsecured. The loan notes are due for repayment on 31 August 2028 and bear interest at 10% per annum.

The bank borrowings are secured by way of a fixed and floating charge over the company and the group. The rate of interest charged is 7.25% plus the compounded reference rate. The loan is repayable on 31 August 2026. The loan amount of £24,546,000 is stated net of refinancing fees of £454,000.

 

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £526,000 (2023 - £257,000).

 

18

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No. 000

£ 000

No. 000

£ 000

Ordinary A shares of £0.01 each

80

0.80

80

0.80

Ordinary B shares of £0.01 each

1

0.01

1

0.01

Ordinary C shares of £0.01 each

13

0.13

13

0.13

Ordinary D shares of £0.01 each

3

0.03

3

0.03

Ordinary G shares of £0.01 each

100

1.00

100

1.00

 

198

2

198

2

Rights, preferences and restrictions

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

 

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£ 000

2023
£ 000

Not later than one year

1,034

1,022

Later than one year and not later than five years

2,582

2,715

Later than five years

651

855

4,267

4,592

 

Eden Futures Topco Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

20

Related party transactions

Group

During the period, loan note interest of £4,316,000 (2023 - £2,000,000) was accrued on loan notes owed to the group's ultimate controlling party and co-investors.

 

21

Parent and ultimate parent undertaking

The ultimate controlling party is Sovereign Capital Partners IV, a limited partnership registered in England and Wales.