REGISTERED NUMBER: 12888649 (England and Wales) |
CCGE PARASOL LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: 12888649 (England and Wales) |
CCGE PARASOL LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
CCGE PARASOL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
CHARTERED ACCOUNTANT & STATUTORY AUDITOR |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF OPERATIONS |
The group operates seven specialist care homes within the UK, all homes are located in the South West of England. |
The director is very pleased with the progress that the group has made during the period. All of the care homes run by the group are operating at near maximum capacity. |
CQC Inspection results continue to be strong across the group, with two of the inspected homes having an outstanding rating. |
Other key performance indicators measured by the group include the Wages to Turnover Ratio, which is 51.4% (2023: 48.4%), and the Gross Profit Margin, which is 49.2% (2023: 47.1%). It is positive that the GPM has improved, given the competitive market in this sector. |
The increase in revenue generated and the careful management of costs in the care homes has resulted in an EBITDA of £2.77m for the year (2023: £2.13m). |
STRATEGY |
The board will continue to keep costs under control and develop existing income streams. New opportunities will continue to be sought where these will make a return for the group |
RISKS AND UNCERTAINTIES |
The Cream Care Group, like all businesses, faces a number of operating risks and uncertainties. The most fundamental issues faced by the Group are: |
- maximising occupancy levels; |
- responding to the threat of coronavirus among residents and employees / carers; |
- complying with the stringent regulations of the Care Quality Commission, under which the care homes operate; |
- achieving high quality standards; and |
- attracting and retaining high quality, qualified staff. |
The director believes that he has a strong management team in place, in order to mitigate the impact of these risks. |
DIRECTOR'S RESPONSIBILITY'S UNDER S172 |
The director has had regard to the considerations set out in S172 Companies Act 2006 when fulfilling their duty to promote the success of the group, these being; |
a) the likely consequences of any decision in the long term; |
b) the interests of the group's employees; |
c) the need to foster the group's business relationships with suppliers, customers and others; |
d) the impact of the group's operations on the community and the environment; |
e) the desirability of the group maintaining a reputation for a high standard of business conduct; and |
f) the need to act fairly between members of the group. |
The restructure that took place in a prior year has enabled the group to become debt free, which has been beneficial to the employees, residents and suppliers going forwards. |
EMPLOYEE INVOLVEMENT AND EQUAL OPPORTUNITY |
All carers and other team members undergo a continuous training programme incorporating provision of information on matters of concern and financial and economic factors, relevant to their specialist area of care, to ensure the safety of all residents and employees. |
The Group is committed to non-discriminatory recruitment procedures and practices and all job offers are based on merit taking into account aptitude and capability to carry out the roles as defined in the job specification. |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
DISABLED EMPLOYEES |
The Group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. |
Where existing employees become disabled, it is the Group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim. |
ON BEHALF OF THE BOARD: |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the running of care homes providing specialist care. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024. |
DIRECTOR |
FINANCIAL INSTRUMENTS |
The group's principal financial instruments comprise bank balances and trade creditors. |
Due to the nature of the financial instruments used by the group there is not considered to be significant exposure to price risk or interest rate risks. The approach to managing liquidity risk applicable to the financial instruments concerned is explained below: |
- In respect of bank balances the liquidity risk is managed by maintaining a balance between the various elements of working capital. |
- Trade creditors' liquidity risk is managed by ensuring there are sufficient funds available from working capital to meet amounts due. |
DISCLOSURE IN THE STRATEGIC REPORT |
Certain disclosures surrounding performance, KPIs, future developments and risks and uncertainties have been disclosed in the Strategic Report, rather than the Directors Report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CCGE PARASOL LIMITED |
Opinion |
We have audited the financial statements of CCGE Parasol Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 director's 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CCGE PARASOL LIMITED |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CCGE PARASOL LIMITED |
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. |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
Objectives |
The objectives of our audit in respect of fraud, are; |
- to identify and assess the risks of material misstatement of the financial statements due to fraud; |
- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and |
- to respond appropriately to instances of fraud or suspected fraud identified during the audit. |
However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company and the group. |
Audit Approach |
Our approach was as follows: |
- We obtained an understanding of the legal and regulatory requirements applicable to the Company and Group and considered that the most significant are the Health and Social Care Act, Companies Act 2006, FRS 102, and UK taxation legislation. |
- We obtained an understanding of how the Company and Group comply with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications. |
- We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the Company and Group, and the industry in which it operates to determine if management's explanations were consistent with our own |
conclusions. |
- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this |
area. |
- No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures. |
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's and Group's internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company or Group to cease to continue as a going concern. |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CCGE PARASOL LIMITED |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
Context of the ability of the audit to detect fraud or breaches of law or regulation |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations. |
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. |
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. |
for and on behalf of |
CHARTERED ACCOUNTANT & STATUTORY AUDITOR |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 14,098,883 | 12,404,145 |
Cost of sales | (7,158,308 | ) | (6,563,517 | ) |
GROSS PROFIT | 6,940,575 | 5,840,628 |
Administrative expenses | (4,475,487 | ) | (4,012,113 | ) |
2,465,088 | 1,828,515 |
Other operating income | 6,881 | 15,055 |
OPERATING PROFIT | 6 | 2,471,969 | 1,843,570 |
Interest receivable and similar income | 8,744 | 8,200 |
2,480,713 | 1,851,770 |
Interest payable and similar expenses | 7 | (438 | ) | - |
PROFIT BEFORE TAXATION | 2,480,275 | 1,851,770 |
Tax on profit | 8 | (668,917 | ) | (419,176 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,811,358 | 1,432,594 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,811,358 | 1,432,594 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,811,358 | 1,432,594 |
Total comprehensive income attributable to: |
Owners of the parent | 1,811,358 | 1,432,594 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 293,326 | 491,593 |
Tangible assets | 11 | 519,237 | 579,014 |
Investments | 12 | - | - |
812,563 | 1,070,607 |
CURRENT ASSETS |
Stocks | 13 | 18,419 | 20,902 |
Debtors | 14 | 7,452,948 | 4,841,308 |
Cash at bank and in hand | 495,218 | 640,413 |
7,966,585 | 5,502,623 |
CREDITORS |
Amounts falling due within one year | 15 | 1,536,600 | 1,127,779 |
NET CURRENT ASSETS | 6,429,985 | 4,374,844 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 7,242,548 | 5,445,451 |
PROVISIONS FOR LIABILITIES | 17 | 89,839 | 104,100 |
NET ASSETS | 7,152,709 | 5,341,351 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 2,171,990 | 2,171,990 |
Retained earnings | 19 | 4,980,719 | 3,169,361 |
SHAREHOLDERS' FUNDS | 7,152,709 | 5,341,351 |
The financial statements were approved by the director and authorised for issue on 18 January 2025 and were signed by: |
M L Reed - Director |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,905,000 | 1,300,000 |
The financial statements were approved by the director and authorised for issue on |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 | 2,171,990 | 1,736,767 | 3,908,757 |
Changes in equity |
Total comprehensive income | - | 1,432,594 | 1,432,594 |
Balance at 30 April 2023 | 2,171,990 | 3,169,361 | 5,341,351 |
Changes in equity |
Total comprehensive income | - | 1,811,358 | 1,811,358 |
Balance at 30 April 2024 | 2,171,990 | 4,980,719 | 7,152,709 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2024 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 451,577 | (94,207 | ) |
Interest paid | (438 | ) | - |
Tax paid | (475,269 | ) | (384,030 | ) |
Net cash from operating activities | (24,130 | ) | (478,237 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (38,578 | ) | (187,516 | ) |
Interest received | 8,744 | 8,200 |
Net cash from investing activities | (29,834 | ) | (179,316 | ) |
Cash flows from financing activities |
Amount introduced by directors | 75 | 1,132 |
Amount withdrawn by directors | (91,306 | ) | (15,694 | ) |
Net cash from financing activities | (91,231 | ) | (14,562 | ) |
Decrease in cash and cash equivalents | (145,195 | ) | (672,115 | ) |
Cash and cash equivalents at beginning of year | 2 | 640,413 | 1,312,528 |
Cash and cash equivalents at end of year | 2 | 495,218 | 640,413 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,480,275 | 1,851,770 |
Depreciation charges | 296,622 | 287,057 |
Loss on disposal of fixed assets | - | 1,029 |
Finance costs | 438 | - |
Finance income | (8,744 | ) | (8,200 | ) |
2,768,591 | 2,131,656 |
Decrease in stocks | 2,483 | 8,165 |
Increase in trade and other debtors | (2,521,580 | ) | (1,974,058 | ) |
Increase/(decrease) in trade and other creditors | 202,083 | (259,970 | ) |
Cash generated from operations | 451,577 | (94,207 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 495,218 | 640,413 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 640,413 | 1,312,528 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 640,413 | (145,195 | ) | 495,218 |
640,413 | (145,195 | ) | 495,218 |
Total | 640,413 | (145,195 | ) | 495,218 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
CCGE Parasol Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries, joint ventures and associates are not consolidated if their influence on Cream Care Group’s asset, financial and earnings position is considered to be immaterial, either individually or in total. |
Consolidation occurs once control is obtained. |
All subsidiaries utilise the same accounting framework and accounting policies. |
Assets and liabilities of subsidiaries are shown in the consolidated accounts at their fair value on the date of acquisition. In most cases the fair value has approximated to the book value. |
Goodwill is calculated as the difference between the fair value of net assets and liabilities acquired and the consideration paid. |
The estimated life of consolidated goodwill is assessed as 5 years. Impairment is discussed in the subsequent policies. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
Critical accounting estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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. |
In the current period significant judgements made relate largely to the depreciation on fixed assets. The methods and rates used are discussed in the tangible fixed assets accounting policy. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
Turnover represents mainly net invoiced specialist care home fees and is recognised per night that a room is occupied. |
Turnover is deferred where amounts have been invoiced, but these relate to services to be provided in future periods. Turnover is accrued where amounts have yet to be invoiced, but where the services have been provided in the period to date. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years. |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Cost of tangible fixed assets includes the purchase price, plus any costs incurred in order to get the asset to a working condition. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Plant and machinery - 15% on reducing balance |
Fixtures and fittings - 15% & 25% on reducing balance and 20% on cost |
Motor vehicles - 25% on reducing balance |
Impairment of assets |
At each reporting date financial assets as well as other fixed assets, such as goodwill and investments are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. There is considered to be an impairment, where there is objective evidence that, as a result of events occurring after the date of initial recognition, the estimated future cash flows have been affected. |
For assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. |
The carrying amount of the asset is reduced by the impairment loss directly for all assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered irrecoverable, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. |
When reviewing goodwill and investments for impairment, the management review the performance of the group, as well as future expected cash flows. From this they determine whether there is any indication of impairment. If an indication is identified, an impairment will be computed as the difference between the asset's carrying amount and the value of the expected future cash flows and profitability. Any impairment on goodwill and investments is charged to the profit and loss account in the year it is identified. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. This is considered to be approximate to fair value. |
Creditors |
Short term creditors are measured at the transaction price. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Operating lease commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
Employee benefits |
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
Provisions for liabilities |
Provisions are recognised when there is 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 estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present 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. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises. |
A provision is recognised for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence. |
Investment in subsidiaries |
In the individual financial statements of CCGE Parasol Limited, investments in subsidiary undertakings are shown at cost less impairment. The director annually reviews the investment for indicators of impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, including short term deposits. The group and parent company routinely utilise short term bank overdraft facilities, which are repayable on demand, as an integral part of their cash management policy. Therefore, cash and cash equivalents are cash and deposits, less bank overdrafts. Offset arrangements across the group businesses have been applied to arrive at the net cash and overdraft figures shown in the group accounts and cash flow statement. |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Grant income |
Income received in relation to grants are classified either as relating to revenue or to assets. |
Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred. |
Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,607,361 | 5,498,818 |
Social security costs | 539,525 | 419,477 |
Other pension costs | 100,612 | 86,198 |
7,247,498 | 6,004,493 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Care | 276 | 278 |
Administration | 26 | 26 |
The average number of employees by undertakings that were proportionately consolidated during the year was 302 (2023 - 304 ) . |
5. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Director's remuneration | 50,000 | 50,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
There were no defined contribution pension contributions paid for the director this year (2023: £0). |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 13,783 | 14,928 |
Other operating leases | 1,700,656 | 1,471,559 |
Depreciation - owned assets | 98,355 | 88,790 |
Loss on disposal of fixed assets | - | 1,029 |
Goodwill amortisation | 198,267 | 198,267 |
Auditors' remuneration | 21,240 | 21,240 |
Auditors' remuneration for taxation compliance services | 1,600 | 1,600 |
Auditors' remuneration for other non-audit services | 18,025 | 17,381 |
Auditors' remuneration for accounts preparation | 17,100 | 17,100 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest charge | 438 | - |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 680,866 | 375,800 |
Under/over provision of tax | 2,312 | 86 |
Total current tax | 683,178 | 375,886 |
Deferred tax | (14,261 | ) | 43,290 |
Tax on profit | 668,917 | 419,176 |
UK corporation tax has been charged at 25 % (2023 - 19.49 %). |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,480,275 | 1,851,770 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.493 %) |
620,069 |
360,966 |
Effects of: |
Expenses not deductible for tax purposes | 556 | 1,438 |
Income not taxable for tax purposes | (3,386 | ) | - |
Capital allowances in excess of depreciation | - | (25,249 | ) |
Depreciation in excess of capital allowances | 14,236 | - |
Utilisation of tax losses | (110 | ) | - |
Adjustments to tax charge in respect of previous periods | 2,246 | 198 |
group tax losses |
Impact of consolidation and associated adjustments | 49,567 | 38,533 |
Deferred tax | (14,261 | ) | 43,290 |
Total tax charge | 668,917 | 419,176 |
The standard rate of corporation tax shown in the note above is the average rate of UK Corporation Tax ("UKCT") payable by the Group over the year. |
The rates of UKCT changed from 1 April 2023, with any company or group making in excess of £250,000 of profits chargeable to corporation tax annually being subject to the maximum rate of 25%. The Group breaches this threshold and therefore, any profits from 1 April 2023 will be subject to UKCT at 25%. |
In the prior period, 335 of the 365 days fell before 1 April 2023 and were therefore taxable at 19%, with the remaining 30 days falling after this date and taxable at 19%. Apportioning means that the average rate for the previous year is 19.493%. The tax rate applicable for the year under review was 25%. |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 991,334 |
AMORTISATION |
At 1 May 2023 | 499,741 |
Amortisation for year | 198,267 |
At 30 April 2024 | 698,008 |
NET BOOK VALUE |
At 30 April 2024 | 293,326 |
At 30 April 2023 | 491,593 |
The intangible asset represents the goodwill arising from the group restructure which happened in 2021. |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 61,992 | 352,588 | 232,160 | 646,740 |
Additions | 6,648 | 18,331 | 13,599 | 38,578 |
At 30 April 2024 | 68,640 | 370,919 | 245,759 | 685,318 |
DEPRECIATION |
At 1 May 2023 | 8,090 | 2,422 | 57,214 | 67,726 |
Charge for year | 7,798 | 51,216 | 39,341 | 98,355 |
At 30 April 2024 | 15,888 | 53,638 | 96,555 | 166,081 |
NET BOOK VALUE |
At 30 April 2024 | 52,752 | 317,281 | 149,204 | 519,237 |
At 30 April 2023 | 53,902 | 350,166 | 174,946 | 579,014 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Osbourne House, Trull Road, Taunton, Somerset, TA1 4PX |
Nature of business: |
% |
Class of shares: | holding |
In addition to the direct subsidiary, there are a number of indirect subsidiaries over whom CCGE Parasol Limited has control, via CCG Enterprises Limited. |
These are Cream Residential Care Limited, Cream Holdings (Taunton) Limited, Cream I Limited, Cream II Limited, Cream III Limited, Cream IV Limited, Cream Care Supported Living Limited and Longrun Supported Living Limited. |
At the year end, CCGE Parasol Limited owns 100% of the share capital in these companies through its 100% shareholding in CCG Enterprises Limited. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 18,419 | 20,902 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 999,599 | 898,193 |
Other debtors | 5,685,233 | 3,303,026 |
Directors' current accounts | 502,410 | 411,179 |
Prepayments and accrued income | 265,706 | 228,910 |
7,452,948 | 4,841,308 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 284,695 | 208,714 |
Amounts owed to group undertakings | - | - |
Tax | 264,169 | 57,431 |
Social security and other taxes | 135,026 | 129,550 |
Other creditors | 248,009 | 219,730 |
Accruals and deferred income | 604,701 | 512,354 |
1,536,600 | 1,127,779 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 1,810,514 | 1,742,733 |
Between one and five years | 7,242,052 | 6,970,897 |
In more than five years | 11,881,464 | 13,152,895 |
20,934,030 | 21,866,525 |
There is an operating lease in place with respect to the premises from which the care activities are provided, as well as the head office. |
The lease commitment related to the company's head office building runs to February 2037, with a break clause in February 2027. As there is no intention to utilise the break clause, as the property is owned by a related party, the commitment has been disclosed for the full term of the lease. The comparative disclosure has also been updated, on this basis. |
An error was noted in the disclosure provided in the prior year for the commitment recorded as due in more than 5 years, and so this has been updated in the above disclosure. |
17. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 89,839 | 104,100 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 104,100 |
Accelerated capital allowances | (14,261 | ) |
Balance at 30 April 2024 | 89,839 |
CCGE PARASOL LIMITED (REGISTERED NUMBER: 12888649) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | 1 | 2,171,990 | 2,171,990 |
Each share has full and equal rights in regards to voting, dividends and distributions of capital. |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 May 2023 | 3,169,361 |
Profit for the year | 1,811,358 |
At 30 April 2024 | 4,980,719 |
Company |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
At 30 April 2024 |
20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
M L Reed |
Balance outstanding at start of year | 411,179 | 396,617 |
Amounts advanced | 91,306 | 15,694 |
Amounts repaid | (75 | ) | (1,132 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 502,410 | 411,179 |
S455 tax has been reported and paid on the outstanding balance. |
21. | RELATED PARTY DISCLOSURES |
There are amounts owed from companies and partnerships under common control at the year end. These balances are unsecured and have no set terms of repayment and hence have been shown as due in less than one year. The total amount due from all non-group related parties at the year end is £5,525,695 (2023: £3,137,740). |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is M L Reed. |