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Registered number: 06724876










ST ANDREWS (MPS) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
ST ANDREWS (MPS) LIMITED
REGISTERED NUMBER: 06724876

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
10,682
7,465

  
10,682
7,465

Current assets
  

Stocks
  
1,500
1,500

Debtors: amounts falling due within one year
 5 
774,158
445,244

Cash at bank and in hand
 6 
31,928
18,296

  
807,586
465,040

Creditors: amounts falling due within one year
 7 
(252,214)
(276,212)

Net current assets
  
 
 
555,372
 
 
188,828

Total assets less current liabilities
  
566,054
196,293

  

Net assets
  
566,054
196,293


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
565,954
196,193

  
566,054
196,293


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

 
ST ANDREWS (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
100
168,734
168,834


Comprehensive income for the year

Profit for the year
-
27,459
27,459
Total comprehensive income for the year
-
27,459
27,459



At 1 May 2023
100
196,193
196,293


Comprehensive income for the year

Profit for the year
-
369,761
369,761
Total comprehensive income for the year
-
369,761
369,761


At 30 April 2024
100
565,954
566,054


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

Page 2

 
ST ANDREWS (MPS) LIMITED
 

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

1.


General information

St.Andrews (MPS) Limited is a private limited 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 06724876. Its principal 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 financial statements 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.

Page 3

 
ST ANDREWS (MPS) LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

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.

 
2.7

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.


Page 4

 
ST ANDREWS (MPS) LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.

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
-
68%
straight line
Fixtures and fittings
-
68%
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.

 
2.9

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.

 
2.10

Debtors

Short term debtors are measured at transactional price, less any impairment.

 
2.11

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.

 
2.12

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
42
37

Page 5

 
ST ANDREWS (MPS) LIMITED
 

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

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost 


At 1 May 2023
68,935
42,012
16,827
5,625
133,399


Additions
6,296
-
2,820
851
9,967



At 30 April 2024

75,231
42,012
19,647
6,476
143,366



Depreciation


At 1 May 2023
65,573
42,012
16,159
2,190
125,934


Charge for the year on owned assets
5,628
-
321
801
6,750



At 30 April 2024

71,201
42,012
16,480
2,991
132,684



Net book value



At 30 April 2024
4,030
-
3,167
3,485
10,682



At 30 April 2023
3,362
-
668
3,435
7,465


5.


Debtors

2024
2023
£
£


Trade debtors
3,821
33,454

Amounts owed by group undertakings
644,556
318,406

Other debtors
7,695
6,910

Prepayments and accrued income
117,610
85,854

Deferred taxation
476
620

774,158
445,244


Included within other debtors is a directors loan accounts totaling £4,575 (2023: £4,575). The maximum amount owed during the year was £4,575 (2023: £4,575). The loan is interest free and repayable on demand. 
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

Page 6

 
ST ANDREWS (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
31,928
18,296



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
99,078
102,635

Amounts owed to group undertakings
4,185
3,334

Corporation tax
43,056
26,366

Other taxation and social security
35,871
46,776

Other creditors
5,031
6,212

Accruals and deferred income
64,993
90,889

252,214
276,212


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


8.


Deferred taxation




2024


£






At beginning of year
620


Charged to profit or loss
(144)



At end of year
476

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(796)
(652)

Short term timing difference
1,272
1,272

476
620

Page 7

 
ST ANDREWS (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



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



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 pension 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 £10,056 (2023: £8,672). Contributions totaling £3,309 (2023: £5,088) 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 exemption available under 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 personnel received remuneration totalling £75,753 (2023: £96,826).


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

 
ST ANDREWS (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