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REGISTERED NUMBER: 09536732 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

Tricuro Ltd

Tricuro Ltd (Registered number: 09536732)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Tricuro Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr A S Patil
Ms V Read
Ms Cotgrove Mallace
Mr D Law





REGISTERED OFFICE: Beech House
28 - 30 Wimborne Road
Poole
Dorset
BH15 2BU





REGISTERED NUMBER: 09536732 (England and Wales)





AUDITORS: Ward Goodman Audit Services Ltd
4 Cedar Park
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Tricuro Ltd (Registered number: 09536732)

Strategic Report
for the Year Ended 31 March 2024

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

OVERVIEW
On 1 July 2015, Bournemouth Borough Council, Dorset County Council and the Borough of Poole, launched Tricuro. Tricuro is a group of two companies established under local authority trading company principles to take the transfer of the three authorities' Adult Social Services business, with staff transferring from each of the three authorities in order to provide care services. All councils in Dorset were involved in Local Government Reorganisation (LGR). This change took effect from 1 April 2019 and resulted in Tricuro having two shareholders Dorset Council and Bournemouth, Christchurch and Poole Council (BCP) All contracts and agreements were novated to the new two unitary authorities under the structural change order. From 7 August 2024, Tricuro was solely owned by Bournemouth, Christchurch and Poole Council (BCP).

Tricuro has two companies (a care company Tricuro Limited and a 'support function' company Tricuro Support Limited) managed by the same Board.

Tricuro Support Limited holds the contractual relationship with the commissioning Council, as well as the property leases and support services agreements.

Tricuro Limited employs all the staff and is registered with CQC as the provider and provides all the care requirements to service users.

Bournemouth, Christchurch and Poole Council own one ordinary share in Tricuro Support Limited, which in turn owns 100% of the equity of Tricuro Limited. Tricuro Group's turnover in 2023-24 was £21m (2022-23 £33.0m). A shareholder agreement regulates the way in which the council manage Tricuro.

Dorset Council were shareholders in Tricuro Support Limited until 7th August 2024 when Tricuro purchased the share from them via a buyback arrangement.

All shareholders treated Tricuro as a joint venture in their respective financial statements in 2023-24.
Tricuro has the following main areas of service delivery:

- Registered Care Homes 1- home providing residential care for older adults. 1- home providing residential and nursing care for older people and 2 - homes providing residential care for people with a learning disability, 1- providing Intermediate care and 1- providing supported living.
- Reablement Provision - providing short term support for up to six weeks, enabling people to regain and maximise daily living skills and independence in their own homes with one home providing intermediate care services.
- Day opportunities and other services provide a range of services with identified support needs (older people, dementia, learning disability, mental health, physical disability).


Strategic Vision
This Strategic Business Plan (2024-2029) sets out our ambitious journey towards operational excellence, growth, and innovation, becoming the "Care Provider of Choice" within Bournemouth, Christchurch and Poole. We will strive to not only meet but exceed the expectations of those people who use our care, their families, and carers. Our Vision is for people in
Bournemouth, Christchurch, and Poole to live healthy and independent lives in connected communities and to provide high-quality care and support when they need it.

We believe that our Business Plan outlines our commitment to providing exceptional care that champions independence, dignity, and well-being. Whilst also recognising the importance that will be placed upon growth and development of our services and partnership with BCP Council.


Tricuro Ltd (Registered number: 09536732)

Strategic Report
for the Year Ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk facing the Company is the requirement to ensure the delivery of safe and compliant services and the associated reputational risk if the company fails to do this. This risk is mitigated through:

- Maintaining robust and fit for purpose policies and procedures
- Developing strong relationships with our stakeholder and principally the people who use our services and their respective families and carers.
- Ensuring continuous investment in high quality training and development ensuring our staff remain fully equipped and competent to do the tasks demanded of them,
- Undertaking regular audits through our quality assurance programme. -" Robust governance structure supported by our Board assurance framework.


Tricuro Ltd (Registered number: 09536732)

Strategic Report
for the Year Ended 31 March 2024

SECTION 172(1) STATEMENT
Directors' statement of compliance with duty to promote the success of the Group
Engaging with our stakeholders (section 172(1) statement)
The Board has a duty to promote the success of the Group for the benefit of its members as a whole having regards to the interests of our shareholders, our clients, our employees, our relationships with our suppliers and the impact of our operations on the communities in which we operate, and to ensure that we maintain a reputation for high standards of care and business conduct.

Our key stakeholders are our shareholders, the people who use our services and their respective families and carers, our employees and the communities in which we operate and serve. Our suppliers and regulators are also important stakeholder groups. All key Board decisions consider the impact on relevant stakeholders. Increasingly, stakeholders are looking to understand our performance across multiple areas from performance to services, community engagement, innovation, governance, workplace practices and corporate citizenship. The Board endeavours to gain an understanding of the perceptions and attitudes of each stakeholder group and the weight they give to different issues. Where the views of different stakeholder groups do not align, the Board must decide on the best course of action to promote the Group's long-term success.

Clients
Our clients are at the heart of our business. We aim to deliver sector leading standards of client experience ensuring high quality care, satisfactory client outcomes and value for money.

Employees
As a service organisation, our employees are key to our business. We want our employees to feel engaged and empowered to deliver great outcomes for our clients and to be healthier and happier themselves. We run an annual employee survey to engage and integrate our employee's ideas into the heart of running the business.

Regulators
The group's residential homes and reablement services are regulated by the Care Quality Commission (CQC) and other relevant regulators. Regulators ultimately aim to protect clients and ensure they receive high levels of care and are treated fairly and safely. This clearly aligns with our strategy to put our clients at the heart of everything we do.

Our regulators expect us to:
- Have robust and efficient processes and controls in place to mitigate risks to protect our clients
- Provide a high-quality, clinically robust services
- Ensure we operate in a sustainable way
- Provide appropriate and accessible training to enhance and maintain standards of safety and care
- Provide regular supervision and support for our staff

The business has an open and honest relationship with the CQC and self-reports incidents. We work with the CQC to ensure we meet regulatory requirements, and we act quickly to address any issues or concerns raised.

Suppliers
Suppliers are critical to delivering a high-quality service to our clients and include suppliers of services, systems and products to our sites across the County. We aim to treat our suppliers fairly and pay them within agreed timescales, holding ourselves to high standards of business conduct. We work with our suppliers to ensure that they have effective controls in place to protect our clients' health and safety and the security and privacy of their data.

Communities and environment
We play an active role in the communities in which we operate and take care of the environment. We evaluate the business risks and opportunities associated with climate change, closely managing our environmental impact and actively promoting positive environmental practices.


Tricuro Ltd (Registered number: 09536732)

Strategic Report
for the Year Ended 31 March 2024


Employee Involvement and Disabled Employees
The company continues to keep employees informed of matters affecting them and the financial and economic factors affecting the performance of the company. This is achieved through consultations and regular newsletters and quarterly staff forums which are well attended. We welcome and embrace applications for employment by disabled persons and all are given full and fair consideration. In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the group may continue. It is the policy of the company that training, career development and promotion opportunities should be available to all employees.

Political contributions
The company made no political donations or incurred any political expenditure during the period (2023 - donations £nil).


KEY PERFORMANCE INDICATORS
The business considers its key performance indicators to be as follows:


2023-24 2022-23
£ £

Revenue 16.7m 23.8m
Average number of employees 520 1,017

GOING CONCERN
The accounts have been prepared on a going concern basis and it is the belief of the Board that the Company will continue to operate as a going concern given the majority of its income is from our shareholders and the quality of our services is good. BCP Council continue to commit to support the ongoing strategic plans of the company. Tricuro's cash position is healthy, our owners are also our major customers. We have an agreed block contract with BCP council and our contract income is paid monthly on a timely basis, therefore there is no issue for the company to pay its future creditors. Tricuro is in a unique position to work in close partnership with the Local Authority to help them shape and deliver a new future for adult social care in Dorset.

ON BEHALF OF THE BOARD:





Mr D Law - Director


19 December 2024

Tricuro Ltd (Registered number: 09536732)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The company was incorporated on 10 April 2015 and commenced trading on 1 July 2015. The company is a subsidiary company of Tricuro Support Limited who owns 100% of the share capital. The company is principally engaged in the provision of resource to meet the group principal activity of providing social care services for vulnerable adults across Dorset, Bournemouth and Poole.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

No dividends will be distributed for the year ended 31 March 2023 (2021-22 £Nil).

DIRECTORS
Mr A S Patil has held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr J E Challinor - resigned 5 May 2023
Ms F T West - resigned 31 May 2023
Ms V Read - appointed 1 October 2023
Ms Cotgrove Mallace - appointed 1 October 2023

Mr D Law was appointed as a director after 31 March 2024 but prior to the date of this report.

Ms K J Devlin , Mr G P Wilkin , Mr L M Small and Mr C O Sheldrick ceased to be directors after 31 March 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with S414C certain matters which are required to be disclosed in the Report of the Director have been omitted as they are included in the Strategic Report. These matters relate to the review of the business, development and KPI's and financial performance, strategic vision and the principal risks and uncertainties.

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Tricuro Ltd (Registered number: 09536732)

Report of the Directors
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ward Goodman Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D Law - Director


19 December 2024

Report of the Independent Auditors to the Members of
Tricuro Ltd

Opinion
We have audited the financial statements of Tricuro Ltd (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Material uncertainty related to going concern
Tricuro have agreed terms with BCP for the delivery of services for the five years to 31 December 2029 at a rate of £18.02m per year. BCP have commenced payment at the new funding level and Tricuro are fulfilling the contract requirement.

Whilst considered extremely unlikely, if the new 5 year contract were to fall through prior to being signed, there is a material uncertainty over the company's ability to continue as a going concern for 12 months from the date of the approval of these accounts.

Our opinion is not modified in respect of this matter.

Key audit matters
Except for the matter described in the material uncertainty related to Going Concern section, we have determined that there are no other key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Tricuro Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.
- We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquires to the management. We corroborated our inquiries through our review of board minutes.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Audit engagement team included:
o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
o Challenging assumptions and judgments made by management in its significant accounting estimates;
o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
o Assessing the extent of compliance with the relevant law and regulations.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Tricuro Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Rodd BSc FCA FCCA (Senior Statutory Auditor)
for and on behalf of Ward Goodman Audit Services Ltd
4 Cedar Park
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

20 December 2024

Tricuro Ltd (Registered number: 09536732)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 16,734,444 23,856,654

Cost of sales 16,297,912 23,302,321
GROSS PROFIT 436,532 554,333

Administrative expenses 452,739 559,791
OPERATING LOSS (16,207 ) (5,458 )

Interest receivable and similar income 5 16,207 5,458
PROFIT BEFORE TAXATION - -

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL YEAR - -

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

-

-

Tricuro Ltd (Registered number: 09536732)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 7 6,928 105,255
Cash at bank 758,821 405,025
765,749 510,280
CREDITORS
Amounts falling due within one year 8 765,748 510,279
NET CURRENT ASSETS 1 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

1

1

CAPITAL AND RESERVES
Called up share capital 9 1 1
SHAREHOLDERS' FUNDS 1 1

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





Mr D Law - Director


Tricuro Ltd (Registered number: 09536732)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1 - 1

Changes in equity
Balance at 31 March 2023 1 - 1

Changes in equity
Balance at 31 March 2024 1 - 1

Tricuro Ltd (Registered number: 09536732)

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

1. STATUTORY INFORMATION

Tricuro Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The Board have considered the overall financial position of Tricuro and the use of the going concern basis of preparation. The Board note that Tricuro Limited will provide resources to the parent Tricuro Support Limited to enable delivery of the care service contracts.

The financial statements have been prepared on the going concern basis. The directors have considered the company's current and future prospects and its availability of financing and, following the reporting of the post balance sheet event relating to the exit of Dorset Council from its service agreement, the directors have considered the ability of the company to continue as a going concern with a single service agreement with Bournemouth, Christchurch and Poole Council (BCP) and are satisfied that the company can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors have provided a summary of how they arrive at this conclusion within the Strategic Report. Should the company lose the support of the BCP contract then the company would have a material uncertainty related to Going Concern.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
In the application of Tricuro's accounting policies, management is required to make judgements, estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors that are considered to be relevant. Actual results may differ from those estimates. The estimates and underlying assumptions are continually reviewed. Revisions to accounting estimates are recognised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The main assumption concerning the future, and other key sources are assessed at the Balance Sheet date. There are no areas that are considered to be key sources of estimation and uncertainty within the current year. All other key sources of estimation and uncertainty are disclosed within the notes to the Financial Statements.

Revenue recognition
Turnover represents revenue recognised by the company in respect of services supplied during the period less value added tax. Turnover is wholly attributable to the principle activity of the company and arises solely within the United Kingdom. Revenue is recognised when the service is provided.

Tricuro Ltd (Registered number: 09536732)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Debtors
Short term trade and other debtors are measured at transaction price, less any provisions for amounts considered irrecoverable. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective rate of interest method, less any impairment.

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

Share Capital
The company's ordinary share capital is classified as an equity instrument.
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tricuro Ltd (Registered number: 09536732)

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

2. ACCOUNTING POLICIES - continued

Employee benefits
Benefits payable during employment
Short-term benefits are those due to be settled within 12 months of the balance sheet date. They include such benefits as wages and salaries, paid annual leave and paid sick leave, bonuses and non-monetary benefits for current employees and are recognised as an expense in the year in which employees render service to the company. An accrual is made for the cost of holiday entitlements (or any form of leave, e.g. time off in lieu) earned by employees but not taken before the year-end which employees can carry forward into the next financial period.

Post-employment benefits
Tricuro Limited is an admitted body within the Local Government Pension Scheme, a defined benefit scheme administered by Dorset County Council.

Defined benefit plans
The LGPS is a defined benefit statutory scheme administered with the Local Government Pension Scheme Regulations 2013, is contracted out of the State Second Pension and currently provides benefits based on career average revalued salary and length of service on retirement.
Tricuro's pensions are accounted for as defined contribution plans under which Tricuro pays fixed contributions into the Dorset County Pension Fund. Tricuro has no legal or constructive obligation to pay further contributions or to make direct benefit payments to employees if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.

Other pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit and loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be reliably estimated.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Income from parent company 16,243,538 23,088,567
Other income 490,906 768,087
16,734,444 23,856,654

Tricuro Ltd (Registered number: 09536732)

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

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 16,734,444 23,856,654
16,734,444 23,856,654

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 14,005,628 19,776,406
Social security costs 1,295,648 1,733,354
Other pension costs 1,387,699 2,182,179
16,688,975 23,691,939

The average number of employees during the year was as follows:
2024 2023

Management 26 24
Residential Home Staff 146 293
Reablement 98 178
Other Frontline Staff 250 522
520 1,017

2024 2023
£    £   
Directors' remuneration 343,809 340,826
Directors' pension contributions to money purchase schemes 10,039 9,642

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 128,056 123,725
Pension contributions to money purchase schemes 3,842 3,712

Tricuro Ltd (Registered number: 09536732)

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

5. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Interest receivable 16,207 5,458

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,485 5,780
Amounts owed by group undertakings - 88,567
Other debtors - 4,250
VAT 1,443 6,658
6,928 105,255

Any debt between Tricuro Limited and Tricuro Support Limited is interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 103,712 -
Amounts owed to group undertakings 241,747 -
Social security and other taxes 295,962 368,483
Other creditors 35,012 34,508
Accruals and deferred income 89,315 107,288
765,748 510,279

Any debt between Tricuro Limited and Tricuro Support Limited is interest free and repayable on demand.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

Tricuro Ltd (Registered number: 09536732)

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

10. EMPLOYEE BENEFIT OBLIGATIONS

Some members of Tricuro staff are members of the LGPS pension scheme. This is a defined benefit scheme providing members with benefits related to pay and length of service. The scheme is as follows;

The Local Government Pension Scheme (LGPS) for Tricuro staff is administered by Dorset Council. This is a funded scheme, meaning that the company and the employees pay contributions into a fund, calculated at a level intended to balance the pension liabilities with investment assets.

The scheme is only open to members that transferred from Dorset County Council, Bournemouth Borough Council and Poole Borough Council. A new scheme has been introduced from 2016/17 for new employees not eligible to join the LGPS.

The LGPS is a defined benefit statutory scheme administered in accordance with the Local Government Pension Scheme Regulations 2013, is contracted out of State Second Pension and currently provides benefits based on career average revalued salary and length of service in retirement.

The administering authority for the fund is Dorset Council. The Pension Fund Committee oversees the management of the fund whilst the day to day administration is undertaken by a team within the administering authority. Where appropriate some functions are delegated to the fund's professional advisers.

As administering authority to the fund, Dorset Council, after consultation with the Fund Actuary and other relevant parties, is responsible for the preparation and maintenance of the Funding Strategy Statement and the Statement of Investment Principles. These should be amended when appropriate based on the Fund's performance and funding.

Contributions are set every three years as a result of the actuarial valuation of the Fund required by the Regulations. The actuarial valuation of the Fund was carried out as at 1 June 2023 and determined contributions for the period 1 April 2023 to 31 March 2025.

The company's pensions are accounted for as defined contributions plans under which the company pays fixed contributions into the Dorset County Pension Fund. The company has no legal or constructive obligation to pay further contributions or to make direct benefit payments to employees if the fund does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior periods. Thus, the amount of the post-employment benefits received by the employees is determined by the amount of contributions paid by an entity (and perhaps also the employees) to a post-employment benefit plan or to an insurer, together with investment returns from the contributions. The defined benefit pension liability is therefore held on the balance sheets of the shareholders of the company.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tricuro Ltd (Registered number: 09536732)

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

12. ULTIMATE CONTROLLING PARTY

The controlling party is Dorset County and Bournemouth,Christchurch and Poole Council.

Shares of the financial results of the company are included in their respective financial statements. The addresses are; Dorset Council, County Hall, Colliton Park, Dorchester, Dorset, DT1 1XJ and Bournemouth, Christchurch and Poole Council, Bourne Avenue, Bournemouth, Dorset BH2 6DY.

The largest and smallest group in which the results of the company are consolidated is that headed by Tricuro Support Limited, the company's immediate parent company. These consolidated accounts can be found at Tricuro Support Limited, Beech House, 28-30 Wimborne Road, Poole, Dorset, BH15 2BU.