Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falseCare Service Provider.107102truetruefalse 06413781 2023-05-01 2024-04-30 06413781 2022-05-01 2023-04-30 06413781 2024-04-30 06413781 2023-04-30 06413781 2022-05-01 06413781 c:Director1 2023-05-01 2024-04-30 06413781 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 06413781 d:Buildings d:LongLeaseholdAssets 2024-04-30 06413781 d:Buildings d:LongLeaseholdAssets 2023-04-30 06413781 d:PlantMachinery 2023-05-01 2024-04-30 06413781 d:PlantMachinery 2024-04-30 06413781 d:PlantMachinery 2023-04-30 06413781 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06413781 d:MotorVehicles 2023-05-01 2024-04-30 06413781 d:MotorVehicles 2024-04-30 06413781 d:MotorVehicles 2023-04-30 06413781 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06413781 d:FurnitureFittings 2023-05-01 2024-04-30 06413781 d:FurnitureFittings 2024-04-30 06413781 d:FurnitureFittings 2023-04-30 06413781 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06413781 d:OfficeEquipment 2023-05-01 2024-04-30 06413781 d:OfficeEquipment 2024-04-30 06413781 d:OfficeEquipment 2023-04-30 06413781 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06413781 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06413781 d:CurrentFinancialInstruments 2024-04-30 06413781 d:CurrentFinancialInstruments 2023-04-30 06413781 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 06413781 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06413781 d:ShareCapital 2023-05-01 2024-04-30 06413781 d:ShareCapital 2024-04-30 06413781 d:ShareCapital 2022-05-01 2023-04-30 06413781 d:ShareCapital 2023-04-30 06413781 d:ShareCapital 2022-05-01 06413781 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 06413781 d:RetainedEarningsAccumulatedLosses 2024-04-30 06413781 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 06413781 d:RetainedEarningsAccumulatedLosses 2023-04-30 06413781 d:RetainedEarningsAccumulatedLosses 2022-05-01 06413781 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 06413781 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 06413781 d:RetirementBenefitObligationsDeferredTax 2024-04-30 06413781 d:RetirementBenefitObligationsDeferredTax 2023-04-30 06413781 c:OrdinaryShareClass1 2023-05-01 2024-04-30 06413781 c:OrdinaryShareClass1 2024-04-30 06413781 c:OrdinaryShareClass1 2023-04-30 06413781 c:FRS102 2023-05-01 2024-04-30 06413781 c:Audited 2023-05-01 2024-04-30 06413781 c:FullAccounts 2023-05-01 2024-04-30 06413781 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06413781 c:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06413781 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06413781










STILECROFT (MPS) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
STILECROFT (MPS) LIMITED
REGISTERED NUMBER: 06413781

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
51,873
26,773

Current assets
  

Stocks
  
3,500
3,500

Debtors: amounts falling due within one year
 5 
918,729
923,895

Cash at bank and in hand
 6 
48,157
12,419

  
970,386
939,814

Creditors: amounts falling due within one year
 7 
(1,581,161)
(1,774,051)

Net current liabilities
  
 
 
(610,775)
 
 
(834,237)

Total assets less current liabilities
  
(558,902)
(807,464)

  

Net liabilities
  
(558,902)
(807,464)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(558,903)
(807,465)

  
(558,902)
(807,464)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2025.




................................................
P Gray
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
STILECROFT (MPS) LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
1
(962,093)
(962,092)


Comprehensive income for the year

Profit for the year
-
154,628
154,628
Total comprehensive income for the year
-
154,628
154,628



At 1 May 2023
1
(807,465)
(807,464)


Comprehensive income for the year

Profit for the year
-
248,562
248,562
Total comprehensive income for the year
-
248,562
248,562


At 30 April 2024
1
(558,903)
(558,902)


The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
STILECROFT (MPS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Stilecroft (MPS) Limited is a private company incorporated in England and Wales. The Company's registered office is Sturgate Business Hub, Sturgate Airfield, Heapham, Gainsborough, Lincolnshire, DN21 5PA. The Company's registration number is 06413781. Its principle activity is the provision of care services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and reporting currency is GBP. The accounts are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors believe that the Company’s financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of these financial statements. 
The Group is in a net current liability position at the balance sheet date which is attributable to the bank loan falling due for repayment within 12 months of the year end. In October 2024, the Group obtained refinancing. 
The Directors acknowledge that the Group is reliant on the continued support of the Bank and other creditors. The Group has continued to trade following the sale of key assets post year end which has also enabled them to reduce the bank loan significantly and refinance. 
After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group will show increased profitability going forward which will allow the Group to continue in operational existence for the foreseeable future. 
Based on this the Directors continue to adopt the going concern basis in preparing the Company’s financial statements however, they acknowledge that factors outside their control create a material uncertainty for the group, in particular reliance on continued support from lenders and other creditors.

 
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied
during the year to residents of the nursing home.
Turnover is recognised when services are provided.

 
2.4

Operating leases: the Company as lessee

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

Page 3

 
STILECROFT (MPS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
STILECROFT (MPS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
50% straight line
Plant and machinery
-
66.67% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
66.67% straight line
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 107 (2023 - 102).

Page 5

 
STILECROFT (MPS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost


At 1 May 2023
238,314
64,208
15,620
59,687
8,943
386,772


Additions
52,495
2,482
-
3,432
-
58,409



At 30 April 2024

290,809
66,690
15,620
63,119
8,943
445,181



Depreciation


At 1 May 2023
219,744
63,904
15,419
56,317
4,615
359,999


Charge for the year
26,865
916
54
4,609
865
33,309



At 30 April 2024

246,609
64,820
15,473
60,926
5,480
393,308



Net book value



At 30 April 2024
44,200
1,870
147
2,193
3,463
51,873



At 30 April 2023
18,570
304
201
3,370
4,328
26,773


5.


Debtors

2024
2023
£
£

Trade debtors
33,976
39,437

Amounts owed by group undertakings
838,108
835,088

Other debtors
14,406
12,966

Prepayments and accrued income
19,448
23,944

Deferred taxation
12,791
12,460

918,729
923,895


Included in the other debtors is a director's loan account balance of £9,000 (2023: £9,000). The maximum amount outstanding during the year was £9,000 (2023: £9,000). The loan is repayable on demand and interest free.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

Page 6

 
STILECROFT (MPS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
48,157
12,419



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
143,841
98,367

Amounts owed to group undertakings
1,043,397
1,286,039

Corporation tax
87,379
61,592

Other taxation and social security
58,938
91,887

Other creditors
12,019
16,382

Accruals and deferred income
235,587
219,784

1,581,161
1,774,051


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 


8.


Deferred taxation




2024


£






At beginning of year
12,460


Charged to profit or loss
331



At end of year
12,791

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
10,914
10,582

Pension surplus
1,877
1,878

12,791
12,460

Page 7

 
STILECROFT (MPS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



10.


Contingent liabilities

Cross guarantees to the bank exist over group assets to secure group borrowings. At the year end the
group indebtedness to the bank totaled £8,863,239 (2023: £9,352,322).


11.


Pension commitments

The Company operates a defined contributions pensions scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,865 (2023: £26,031). Contributions totalling £982 (2023: £5,377) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

The Company has taken advantage of the exemptions available with FRS 102 not to disclose details of any transactions between itself and fellow Group undertakings on the basis that it is a subsidiary undertaking where 100% of the voting rights are controlled within the Group whose consolidated financial statements are publicly available.
During the year, key management remuneration totalled £203,134 (2023: £198,712). 


13.


Controlling party

The Company's immediate parent company is MPS Care Limited by virtue of owning the entire issued share capital of the company. The Company's ultimate parent company is MPS Care Group Limited, registered office: Sturgate Business Hub, Sturgate Airfield, Heapham, Gainsborough, Lincolnshire, DN21 5PA.
The ultimate controlling party is P Gray by virtue of owning the entire issued share capital of MPS Care Group Limited.
Page 8

 
STILECROFT (MPS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that conditions have been identified that may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
 

The audit report was signed on 28 January 2025 by James Delve (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 9