Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302024-04-302023-05-01false0falseA Group engaged as a care home operator.0falsefalse 08610073 2023-05-01 2024-04-30 08610073 2022-05-01 2023-04-30 08610073 2024-04-30 08610073 2023-04-30 08610073 2022-05-01 08610073 1 2023-05-01 2024-04-30 08610073 1 2022-05-01 2023-04-30 08610073 1 2023-05-01 2024-04-30 08610073 e:Director1 2023-05-01 2024-04-30 08610073 e:RegisteredOffice 2023-05-01 2024-04-30 08610073 d:Buildings 2023-05-01 2024-04-30 08610073 d:Buildings 2024-04-30 08610073 d:Buildings 2023-04-30 08610073 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08610073 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 08610073 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 08610073 d:PlantMachinery 2023-05-01 2024-04-30 08610073 d:MotorVehicles 2023-05-01 2024-04-30 08610073 d:FurnitureFittings 2023-05-01 2024-04-30 08610073 d:FurnitureFittings 2024-04-30 08610073 d:FurnitureFittings 2023-04-30 08610073 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08610073 d:OfficeEquipment 2023-05-01 2024-04-30 08610073 d:OfficeEquipment 2024-04-30 08610073 d:OfficeEquipment 2023-04-30 08610073 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08610073 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08610073 d:CurrentFinancialInstruments 2024-04-30 08610073 d:CurrentFinancialInstruments 2023-04-30 08610073 d:Non-currentFinancialInstruments 2024-04-30 08610073 d:Non-currentFinancialInstruments 2023-04-30 08610073 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 08610073 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 08610073 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 08610073 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 08610073 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 08610073 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 08610073 d:ShareCapital 2023-05-01 2024-04-30 08610073 d:ShareCapital 2024-04-30 08610073 d:ShareCapital 2022-05-01 2023-04-30 08610073 d:ShareCapital 2023-04-30 08610073 d:ShareCapital 2022-05-01 08610073 d:RevaluationReserve 2023-05-01 2024-04-30 08610073 d:RevaluationReserve 2024-04-30 08610073 d:RevaluationReserve 1 2023-05-01 2024-04-30 08610073 d:RevaluationReserve 2022-05-01 2023-04-30 08610073 d:RevaluationReserve 2023-04-30 08610073 d:RevaluationReserve 2022-05-01 08610073 d:RevaluationReserve 1 2022-05-01 2023-04-30 08610073 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 08610073 d:RetainedEarningsAccumulatedLosses 2024-04-30 08610073 d:RetainedEarningsAccumulatedLosses 1 2023-05-01 2024-04-30 08610073 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 08610073 d:RetainedEarningsAccumulatedLosses 2023-04-30 08610073 d:RetainedEarningsAccumulatedLosses 2022-05-01 08610073 d:RetainedEarningsAccumulatedLosses 1 2022-05-01 2023-04-30 08610073 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 08610073 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 08610073 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 08610073 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 08610073 d:RetirementBenefitObligationsDeferredTax 2024-04-30 08610073 d:RetirementBenefitObligationsDeferredTax 2023-04-30 08610073 e:OrdinaryShareClass1 2023-05-01 2024-04-30 08610073 e:OrdinaryShareClass1 2024-04-30 08610073 e:OrdinaryShareClass1 2023-04-30 08610073 e:FRS102 2023-05-01 2024-04-30 08610073 e:Audited 2023-05-01 2024-04-30 08610073 e:FullAccounts 2023-05-01 2024-04-30 08610073 e:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08610073 d:Subsidiary1 2023-05-01 2024-04-30 08610073 d:Subsidiary1 1 2023-05-01 2024-04-30 08610073 d:Subsidiary2 2023-05-01 2024-04-30 08610073 d:Subsidiary2 1 2023-05-01 2024-04-30 08610073 d:Subsidiary3 2023-05-01 2024-04-30 08610073 d:Subsidiary3 1 2023-05-01 2024-04-30 08610073 d:Subsidiary4 2023-05-01 2024-04-30 08610073 d:Subsidiary4 1 2023-05-01 2024-04-30 08610073 d:Subsidiary5 2023-05-01 2024-04-30 08610073 d:Subsidiary5 1 2023-05-01 2024-04-30 08610073 d:Subsidiary6 2023-05-01 2024-04-30 08610073 d:Subsidiary6 1 2023-05-01 2024-04-30 08610073 d:Subsidiary7 2023-05-01 2024-04-30 08610073 d:Subsidiary7 1 2023-05-01 2024-04-30 08610073 d:Subsidiary8 2023-05-01 2024-04-30 08610073 d:Subsidiary8 1 2023-05-01 2024-04-30 08610073 d:Subsidiary9 2023-05-01 2024-04-30 08610073 d:Subsidiary9 1 2023-05-01 2024-04-30 08610073 d:Subsidiary10 2023-05-01 2024-04-30 08610073 d:Subsidiary10 1 2023-05-01 2024-04-30 08610073 d:Subsidiary11 2023-05-01 2024-04-30 08610073 d:Subsidiary11 1 2023-05-01 2024-04-30 08610073 d:WithinOneYear 2024-04-30 08610073 d:WithinOneYear 2023-04-30 08610073 d:BetweenOneFiveYears 2024-04-30 08610073 d:BetweenOneFiveYears 2023-04-30 08610073 e:Consolidated 2024-04-30 08610073 e:ConsolidatedGroupCompanyAccounts 2023-05-01 2024-04-30 08610073 5 2023-05-01 2024-04-30 08610073 6 2023-05-01 2024-04-30 08610073 d:ShareCapital 1 2023-05-01 2024-04-30 08610073 d:ShareCapital 1 2022-05-01 2023-04-30 08610073 f:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08610073










MPS CARE GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
MPS CARE GROUP LIMITED
 

COMPANY INFORMATION


Director
P Gray 




Registered number
08610073



Registered office
Sturgate Business Hub
Sturgate Airfield

Heapham

Gainsborough

Lincolnshire

DN21 5PA




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

1 Prospect Place

Millennium Way

Pride Park

Derby

Derbyshire

DE24 8HG





 
MPS CARE GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 5
Independent auditors' report
6 - 9
Consolidated profit and loss account
10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12
Company balance sheet
13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16
Consolidated statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 37


 
MPS CARE GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors presents the Group strategic report for the year ended 30 April 2024. The Group operates and
provides residential care home services throughout the UK. At the year end, the Group was operating five
care homes.

Business review
 
Group turnover has increased by 10.1% to £10,546,762 for the year ended 30 April 2024. The average number of people employed by the Group has decreased to 328 staff (2023: 332). Net assets have decreased to £5,621,342 from £7,486,786.
The directors strive to continue to make savings in operating costs wherever feasible to ensure the long term
profitability of the group.
Given the challenging economic conditions that the Group has encountered, the directors are pleased with the
overall performance of the Group. The directors assessment of going concern is documented in note 2.3.

Principal risks and uncertainties
 
The Group has considered the principal risks and uncertainties to which it is exposed, and this is taken into
accounts when making key strategic decisions. The main risks to the Group are interest rate risk and rising
employment costs. 

Financial key performance indicators
 
Key performance indicator for the Group is turnover which is directly correlated to the occupancy levels in
each care home.

Other key performance indicators
 
Other key performance indicators for the Group include occupancy, average fees and wage costs as a % of turnover.

Director's statement of compliance with duty to promote the success of the Group
 
The Director continually strives to promote the long term success of the Group to all stakeholders both
internally to employees and outside to the wider environment. The Director considers the impacts of all
decisions to the long term success of the Group.
The Director of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarized as follows:
A Director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its’ shareholders as a whole and, in doing so have regard (amongst other matters) to:
• the likely consequences of any decision in the long-term;
• the interest of the company’s employees;
• the need to factor the company’s business relationships with supplies, customers and others;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly as between shareholders of the Company.
It is important to recognize that in a large organization such as this, the Director fulfils their duty partly through a governance framework that delegates day-to-day decision-making to employees of the Company. Further information of how the Director fulfils these duties is detiled in the directors report. 

Page 1

 
MPS CARE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


This report was approved by the board on 27 January 2025 and signed on its behalf.



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

Page 2

 
MPS CARE GROUP LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The director presents his report and the financial statements for the year ended 30 April 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Results and dividends

The loss for the year, after taxation, amounted to £58,291 (2023 - profit £378,735).

During the year dividends totaling £Nil were paid (2023: £44,240). No further dividends are proposed.

Director

The director who served during the year was:

P Gray 

Future developments

The subsequent events note details significant matters arising after the year end.

Financial instruments

The Group operations expose it to a variety of financial risks that include the effects of changes in debt market
prices, credit risk and liquidity risk. The Group has a risk management programme that seeks to limit the
adverse effects on the financial performance of the Group by monitoring levels of debt finance and related
finance costs. The Group has implemented policies that require appropriate credit checks to be in place.

Page 3

 
MPS CARE GROUP LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Engagement with employees

The Group’s policy is to consult and discuss with employees, through unions, staff councils and at meetings,
matters likely to affect employee’s interests.
Information on matters of concern to employees is given through information bulletins and reports which seek to
achieve a common awareness on the part of all employees of the financial and economic factors affecting the
Group’s performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a
scheme as a means of further encouraging the involvement of employees in the Group’s performance.

Engagement with suppliers, customers and others

The directors have had regard to the need to foster good working relationships with the supplier and wider
stakeholders of the business. Thus enabling the strong long term efficiency and performance of the Company
and Group.

Disabled employees

The Group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary
assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure
suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining
employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes
and abilities.

Streamline carbon and emmissions reporting

In accordance with Section 7A of The Large and Medium-sized Companies and Groups (Accounts and
Reports) Regulations 2008, the Group is required to include only information regarding energy and carbon
reporting from large subsidiaries which consume more than 40,000 kWh of energy annually. There are no
subsidiaries that meet this requirement, and as the Parent Company also does not meet the reporting
threshold, there is no requirement to prepare a consolidated energy and carbon report for the year ended 30
April 2024.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end a subsidiary company within the Group, Northfield Care Centre (Thorne) Limited,
ceased trading. The trade and assets, including the property held in MPS Northfields Limited, were sold for a total of £5,749,999.

Page 4

 
MPS CARE GROUP LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 27 January 2025 and signed on its behalf.
 





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

Page 5

 
MPS CARE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED
 

Opinion


We have audited the financial statements of MPS Care Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council'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


We draw attention to note 2.3 in the financial statements, which indicates that conditions have been identified that may cast significant doubt on the Group's ability to continue as a going concern. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6

 
MPS CARE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED (CONTINUED)


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report 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 Director's report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the 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 have no realistic alternative but to do so.


Page 7

 
MPS CARE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED (CONTINUED)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group, Company and industry, we identify the key laws and regulations affecting the Group and Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• management bias in respect of accounting estimates and judgements made;
• management override of control;
• posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the Group and Company financial statements. Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and 
claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations 
and fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance 
with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions 
outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure
that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the
prevention and detection of fraud.


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 Auditors' report.


Page 8

 
MPS CARE GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Delve (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
1 Prospect Place
Millennium Way
Pride Park
Derby
Derbyshire
DE24 8HG

28 January 2025
Page 9

 
MPS CARE GROUP LIMITED
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontin'd operations
Total
2024
2024
2024
2023
2023
2023
Note
£
£
£
£
£
£

  

Turnover
 4 
10,546,762
-
10,546,762
9,213,238
363,183
9,576,421

Cost of sales
  
(7,008,314)
-
(7,008,314)
(6,272,186)
(370,874)
(6,643,060)

Gross profit
  
3,538,448
-
3,538,448
2,941,052
(7,691)
2,933,361

Administrative expenses
  
(1,862,258)
-
(1,862,258)
(2,108,871)
(183,781)
(2,292,652)

Other operating income
 5 
-
-
-
45,754
32,655
78,409

Amounts written off connected company balances
  
(592,428)
-
(592,428)
507,406
-
507,406

Operating profit
 6 
1,083,762
-
1,083,762
1,385,341
(158,817)
1,226,524

Impairment of freehold property
  
(50,000)
-
(50,000)
(200,000)
-
(200,000)

Interest payable and similar expenses
 10 
(851,282)
-
(851,282)
(678,302)
(22,715)
(701,017)

Profit before tax
  
182,480
-
182,480
895,505
(569,998)
325,507

Tax on profit
 11 
(240,771)
-
(240,771)
53,228
-
53,228

(Loss)/profit for the financial year
  
(58,291)
-
(58,291)
948,733
(569,998)
378,735

(Loss)/profit for the year attributable to:
  

Owners of the parent
  
(58,291)
-
(58,291)
948,733
(569,998)
378,735

The notes on pages 20 to 37 form part of these financial statements.

Page 10

 
MPS CARE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£


Profit/(loss) for the financial year

  

(58,291)
378,735

Other comprehensive income
  


Unrealised (deficit)/surplus on revaluation of tangible fixed assets
  
(2,335,001)
-

Deferred taxation on revaluation (deficit)/surplus
  
527,848
65,064

Other comprehensive income for the year
  
(1,807,153)
65,064

Total comprehensive income for the year
  
(1,865,444)
443,799

(Loss)/profit for the year attributable to:
  


Owners of the parent Company
  
(58,291)
378,735

Total comprehensive income attributable to:
  


Owners of the parent Company
  
(1,865,444)
443,799

The notes on pages 20 to 37 form part of these financial statements.

Page 11

 
MPS CARE GROUP LIMITED
REGISTERED NUMBER: 08610073

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 14 
14,365,330
16,988,490

Current assets
  

Stocks
 16 
6,000
7,000

Debtors: amounts falling due within one year
 17 
3,444,062
3,901,727

Cash at bank and in hand
 18 
188,155
226,824

  
3,638,217
4,135,551

Creditors: amounts falling due within one year
 19 
(11,208,432)
(9,457,524)

Net current liabilities
  
 
 
(7,570,215)
 
 
(5,321,973)

Total assets less current liabilities
  
6,795,115
11,666,517

Creditors: amounts falling due after more than one year
 20 
-
(2,480,556)

Provisions for liabilities
  

Deferred taxation
 22 
(1,173,773)
(1,699,175)

Net assets
  
5,621,342
7,486,786


Capital and reserves
  

Called up share capital 
 23 
1,109
1,109

Revaluation reserve
 24 
5,682,797
6,726,096

Profit and loss account
 24 
(62,564)
759,581

Equity attributable to owners of the parent Company
  
5,621,342
7,486,786


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 20 to 37 form part of these financial statements.

Page 12

 
MPS CARE GROUP LIMITED
REGISTERED NUMBER: 08610073

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
9,485,124
9,802,041

Investments
 15 
1,557,531
1,557,531

  
11,042,655
11,359,572

Current assets
  

Debtors: amounts falling due within one year
 17 
5,577,942
6,408,903

Cash at bank and in hand
 18 
46,163
106,699

  
5,624,105
6,515,602

Creditors: amounts falling due within one year
 19 
(9,956,078)
(8,067,776)

Net current liabilities
  
 
 
(4,331,973)
 
 
(1,552,174)

Total assets less current liabilities
  
6,710,682
9,807,398

  

Creditors: amounts falling due after more than one year
 20 
-
(2,480,556)

Provisions for liabilities
  

Deferred taxation
 22 
(862,228)
(806,326)

Net assets
  
5,848,454
6,520,516


Capital and reserves
  

Called up share capital 
 23 
1,109
1,109

Revaluation reserve
 24 
5,682,797
5,738,699

Profit and loss account
 24 
164,548
780,708

  
5,848,454
6,520,516


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 20 to 37 form part of these financial statements.

Page 13

 
MPS CARE GROUP LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
1,109
6,726,096
759,581
7,486,786


Comprehensive income for the year

Loss for the year

-
-
(58,291)
(58,291)

Deficit on revaluation of freehold property
-
(2,335,001)
-
(2,335,001)

Deferred taxation on revaluation
-
527,848
-
527,848

Reserves transfer
-
763,854
(763,854)
-


Other comprehensive income for the year
-
(1,043,299)
(763,854)
(1,807,153)


Total comprehensive income for the year
-
(1,043,299)
(822,145)
(1,865,444)


Total transactions with owners
-
-
-
-


At 30 April 2024
1,109
5,682,797
(62,564)
5,621,342


The notes on pages 20 to 37 form part of these financial statements.

Page 14

 
MPS CARE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Revaluation reserve
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£
£

At 1 May 2022
1,109
6,661,032
370,403
54,683
7,087,227


Comprehensive income for the year

Profit for the year

-
-
378,735
-
378,735

Deferred taxation on revaluation
-
65,064
-
-
65,064

NCI adjustment
-
-
54,683
(54,683)
-


Other comprehensive income for the year
-
65,064
54,683
(54,683)
65,064


Total comprehensive income for the year
-
65,064
433,418
(54,683)
443,799


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(44,240)
-
(44,240)


Total transactions with owners
-
-
(44,240)
-
(44,240)


At 30 April 2023
1,109
6,726,096
759,581
-
7,486,786


The notes on pages 20 to 37 form part of these financial statements.

Page 15

 
MPS CARE GROUP LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
1,109
5,673,635
901,554
6,576,298


Comprehensive income for the year

Loss for the year

-
-
(85,846)
(85,846)

Deferred tax on revaluation
-
65,064
-
65,064


Other comprehensive income for the year
-
65,064
-
65,064


Total comprehensive income for the year
-
65,064
(85,846)
(20,782)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(35,000)
(35,000)


Total transactions with owners
-
-
(35,000)
(35,000)



At 1 May 2023
1,109
5,738,699
780,708
6,520,516


Comprehensive income for the year

Loss for the year
-
-
(616,160)
(616,160)

Deferred tax on revaluation
-
(55,902)
-
(55,902)
Total comprehensive income for the year
-
(55,902)
(616,160)
(672,062)


Total transactions with owners
-
-
-
-


At 30 April 2024
1,109
5,682,797
164,548
5,848,454


The notes on pages 20 to 37 form part of these financial statements.

Page 16

 
MPS CARE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
(58,291)
378,735

Adjustments for:

Depreciation of tangible assets
76,056
108,494

Impairments of freehold property
50,000
200,000

Loss on disposal of tangible assets
2,700
1,408

Interest paid
851,282
701,017

Profit on disposal of subsidiaries
-
(1,004,888)

Taxation charge
240,771
(53,228)

Decrease in stocks
1,000
1,000

(Increase) in debtors
(16,748)
(98,439)

Decrease in amounts owed by connected companies
474,413
390,195

(Decrease)/increase in creditors
(151,778)
23,716

Increase in amounts owed to connected companies
-
23,872

Corporation tax (paid)
(141,211)
(177,939)

Net cash generated from operating activities

1,328,194
493,943


Cash flows from investing activities

Purchase of tangible fixed assets
(113,687)
(62,634)

Sale of tangible fixed assets
273,090
875,000

Disposal of subsidiaries, net of cash
-
132,283

Net cash from investing activities

159,403
944,649

Cash flows from financing activities

New secured loans
-
500,000

Repayment of loans
(633,706)
(263,334)

Dividends paid
-
(44,240)

Interest paid
(851,282)
(701,017)

Net cash used in financing activities
(1,484,988)
(508,591)

Net increase in cash and cash equivalents
2,609
930,001
Page 17

 
MPS CARE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
185,546
(744,455)

Cash and cash equivalents at the end of year
188,155
185,546


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
188,155
226,824

Bank overdrafts
-
(41,278)

188,155
185,546


The notes on pages 20 to 37 form part of these financial statements.

Page 18

 
MPS CARE GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
Other non-cash changes
At 30 April 2024
£

£

£

£

Cash at bank and in hand

226,824

(38,669)

-

188,155

Bank overdrafts

(41,278)

41,278

-

-

Debt due after 1 year

(2,480,556)

-

2,480,556

-

Debt due within 1 year

(7,065,655)

633,706

(2,480,556)

(8,912,505)


(9,360,665)
636,315
-
(8,724,350)

The notes on pages 20 to 37 form part of these financial statements.

Page 19

 
MPS CARE GROUP LIMITED
 

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

1.


General information

MPS Care Group Limited is a private company limited by shares incorporated in England and Wales. Its registered office is included on the information page within the financial statements. The Company is the ultimate parent of the MPS Care Group. The Company registration number is 08610073.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The functional and presentational currency is GBP. The accounts are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Directors believe that the Group and 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.

Page 20

 
MPS CARE GROUP LIMITED
 

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

2.Accounting policies (continued)

  
2.4

Turnover

Turnover comprises revenue recognised by the Group in respect of goods and services supplied
during the year to residents of the nursing homes.
Turnover is recognised in the period that the services are provided.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

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 Consolidated profit and loss account in the same period as the related expenditure.

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 21

 
MPS CARE GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 22

 
MPS CARE GROUP LIMITED
 

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

2.Accounting policies (continued)


2.11
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 following basis:.


Property improvements
-
50%
straight line
Short-term leasehold property improvements
-
50%
straight line
Plant and machinery
-
67%
and 20% straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
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.

No depreciation is charged on freehold property on the basis that all repairs and renewals are
charged to the profit and loss account on an annual basis to ensure the properties are kept in good
condition. The properties are revalued regularly with any change in value reflected in the financial
statements, the residual value will therefore be equal to the market value.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to
determine whether there is any indication that the assets are impaired. Where there is any indication
that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the
asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed
at each balance sheet date to assess whether there is any indication that the impairment losses
recognised in prior periods may no longer exist or may have decreased.

Page 23

 
MPS CARE GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.15

Stocks

Stocks are value at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks.

  
2.16

Debtors

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

 
2.17

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

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.

 
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.21

Discontinued operations

Discontinued operations are components of the Group that have been disposed of at the reporting
date and previously represented a separate major line of the business or geographical area of
operation. 
They are included in the profit and loss account in a separate column for the current and comparative
years, included the gain or loss on sale or impairment loss on abandonment. 

Page 24

 
MPS CARE GROUP LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The following judgments and significant estimates have been applied when preparing these financial
statements:
No depreciation is charged on freehold property on the basis that all repairs and renewals are charged to
the profit and loss account on an annual basis to ensure the properties are kept in good condition. The
properties are revalued regularly with any change in value reflected in the financial statements, the
residual value will therefore be equal to the market value.
Properties are reviewed annually for indicators of impairments. Impairments in the current year have
been identified and are recognised against the revaluation reserves or through the profit and loss as
appropriate.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of care services
10,546,762
9,576,421


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
-
78,409



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
76,056
108,598

Other operating lease rentals
50,738
50,264

Amounts written off connected company loans
592,428
497,482

Profit on disposal of subsidiaries
-
(1,004,888)

567,110
(565,740)

Page 25

 
MPS CARE GROUP LIMITED
 

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

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
30,000
27,876

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
22,000
30,000

Non-audit services
36,658
35,158


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
5,594,754
5,445,611

Social security costs
384,341
375,586

Cost of defined contribution scheme
87,289
84,769

6,066,384
5,905,966


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


        2024
        2023
            No.
            No.







Directors
1
1



Head Office Staff
7
8



Nursing Staff
320
323

328
332

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Director's remuneration

2024
2023
£
£

Director's emoluments
45,118
45,118


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

Page 26

 
MPS CARE GROUP LIMITED
 

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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank loan interest payable
826,711
676,379

Other interest payable
24,571
24,638

851,282
701,017


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
227,418
107,723

Adjustments in respect of previous periods
10,907
(143,064)


238,325
(35,341)


Total current tax
238,325
(35,341)

Deferred tax


Origination and reversal of timing differences
2,446
(17,887)

Total deferred tax
2,446
(17,887)


Taxation on profit/(loss) on ordinary activities
240,771
(53,228)
Page 27

 
MPS CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
234,512
325,507


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
45,620
63,441

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
202,314
256,533

Capital allowances for year in excess of depreciation
100
(1,970)

Adjustments to tax charge in respect of prior periods
10,907
(143,064)

Other timing differences leading to an increase (decrease) in taxation
(19,098)
(17,879)

Non-taxable income
-
(168,345)

Capital gains
-
(43,928)

Movement in deferred tax not recognised
928
1,989

Marginal relief
-
(5)

Total tax charge for the year
240,771
(53,228)


12.


Dividends

2024
2023
£
£


Dividends attributable of the owners of the parent company
-
44,240


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The loss after tax of the parent Company for the year was £616,160 (2023 - loss £85,846).

Page 28

 
MPS CARE GROUP LIMITED
 

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

14.


Tangible fixed assets

Group






Freehold property
Property improvements
Short-term leasehold property improvements
Plant and machinery

£
£
£
£



Cost or valuation


At 1 May 2023
16,884,207
421,777
21,242
227,945


Additions
-
76,613
1,982
18,007


Disposals
(264,083)
-
(1,982)
(1,110)


Transfers between classes
-
21,242
(21,242)
-


Revaluations
(2,385,001)
-
-
-



At 30 April 2024

14,235,123
519,632
-
244,842



Depreciation


At 1 May 2023
-
391,604
19,702
207,903


Charge for the year
-
40,817
1,980
13,949


Disposals
-
-
(440)
(802)


Transfers between classes
-
21,242
(21,242)
-



At 30 April 2024

-
453,663
-
221,050



Net book value



At 30 April 2024
14,235,123
65,969
-
23,792



At 30 April 2023
16,884,207
30,173
1,540
20,042
Page 29

 
MPS CARE GROUP LIMITED
 

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

           14.Tangible fixed assets (continued)


Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
34,159
158,378
46,911
17,794,619


Additions
-
16,234
851
113,687


Disposals
(11,614)
-
(1,979)
(280,768)


Transfers between classes
-
-
-
-


Revaluations
-
-
-
(2,385,001)



At 30 April 2024

22,545
174,612
45,783
15,242,537



Depreciation


At 1 May 2023
21,830
138,217
26,873
806,129


Charge for the year
1,701
10,365
7,244
76,056


Disposals
(2,608)
-
(1,128)
(4,978)


Transfers between classes
-
-
-
-



At 30 April 2024

20,923
148,582
32,989
877,207



Net book value



At 30 April 2024
1,622
26,030
12,794
14,365,330



At 30 April 2023
12,329
20,161
20,038
16,988,490

Fixed and floating charges exist over the assets of the Group.
Included with Freehold Property, are 5 care homes which were valued in February 2023 at an aggregate
value of £16,060,000 by Knight Frank LLP, an external Chartered Surveyors, as fully equipped
operating entities having regard to their trading potential. The valuations were carried out in accordance
with RICS recommendations. 
During the year, an impairment of £2,335,001 was recognised against one of these properties. A further impairment of £50,000 was recognised in relation to an additional care home, which was originally valued in August 2013 by Edward Symmons LLP.
If the freehold property had not been disclosed at the revalued amount, the carrying value under the
historical cost convention would have been £6,205,987 (2023: £6,205,987).

Page 30

 
MPS CARE GROUP LIMITED
 

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

           14.Tangible fixed assets (continued)


Company






Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 May 2023
9,799,207
4,800
5,863
9,809,870


Disposals
(264,083)
-
-
(264,083)


Impairment
(50,000)
-
-
(50,000)



At 30 April 2024

9,485,124
4,800
5,863
9,495,787



Depreciation


At 1 May 2023
-
4,800
3,029
7,829


Charge for the year
-
-
2,834
2,834



At 30 April 2024

-
4,800
5,863
10,663



Net book value



At 30 April 2024
9,485,124
-
-
9,485,124



At 30 April 2023
9,799,207
-
2,834
9,802,041

Fixed and floating charges exist over the assets of the Company.
Included with Freehold Property, are 4 care homes which were valued in February 2023 at an aggregate
value of £8,975,000 by Knight Frank LLP, an external Chartered Surveyors, as fully equipped operating
entities having regard to their trading potential. The valuations were carried out in accordance with
RICS recommendations. During the year, an impairment of £50,000 was recognised in relation to an additional care home, which was originally valued in August 2013 by Edward Symmons LLP.
If the freehold property had not been disclosed at the revalued amount, the carrying value under the
historical cost convention would have been £2,430,987 (2023: £2,430,987).






Page 31

 
MPS CARE GROUP LIMITED
 

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 May 2023
1,557,531



At 30 April 2024
1,557,531






Net book value



At 30 April 2024
1,557,531



At 30 April 2023
1,557,531


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

MPS Care Limited
Sturgate Business Hub, DN21 5PA
Ordinary
100%
Adbolton Hall Limited
Same as above
Ordinary
100%
Castlegate House Rest Home Limited
Same as above
Ordinary
100%
Excelsior Health Care Limited
Same as above
Ordinary
100%
Highfields Limited
Same as above
Ordinary
100%
St Andrews (MPS) Limited
Same as above
Ordinary
100%
Stilecroft (MPS) Limited
Same as above
Ordinary
100%
Moregrove Limited
Same as above
Ordinary
100%
W&R Services Limited
Same as above
Ordinary
100%
Northfield Care Centre Thorne Ltd
Same as above
Ordinary
100%
MPS Northfields Ltd
Same as above
Ordinary
100%

MPS Care Group Limited has an indirect 100% holding in Adbolton Hall Limited, Castlegate House Rest
Home Limited, Highfields Limited, St Andrews (MPS) Limited, Stilecroft (MPS) Limited, Moregrove
Limited, W&R Services Limited, and Northfield Care Centre Thorne Limited. 
All subsidiary undertakings prepare their financial statements to 30 April 2024 and have been included in
the MPS Care Group Limited consolidated accounts.

Page 32

 
MPS CARE GROUP LIMITED
 

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

16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
6,000
7,000


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
78,267
162,407
-
-

Amounts owed by group undertakings
-
-
5,554,084
5,910,632

Amounts owed by connected companies
4,106
478,519
-
474,413

Other debtors
3,112,228
3,013,217
20,582
20,582

Prepayments and accrued income
249,461
247,584
3,276
3,276

3,444,062
3,901,727
5,577,942
6,408,903


Included within other debtors are amounts totaling £745,617 (2023: £624,071) in relation to s455 tax for
the Group. 
Included within other debtors are directors loan accounts totaling £2,323,585 (2023: £2,256,395). These
loans are unsecured, interest free and repayable on demand. 
Total impairments of £12,792 (2023: £15,654) have been made during the period against trade debtors.
The amounts owed by group undertakings to the Company are interest free, unsecured and repayable on
demand. 


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
188,155
226,824
46,163
106,699

Less: bank overdrafts
-
(41,278)
-
(21,927)

188,155
185,546
46,163
84,772


Page 33

 
MPS CARE GROUP LIMITED
 

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

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
41,278
-
21,927

Bank loans
8,912,505
7,065,655
8,912,505
7,065,655

Trade creditors
705,172
625,184
7,833
8,437

Amounts owed to group undertakings
-
-
834,823
848,643

Amounts owed to connected companies
24,766
24,766
-
-

Corporation tax
654,502
557,388
179,083
79,850

Other taxation and social security
213,704
332,938
-
-

Other creditors
50,678
68,044
4,534
4,534

Accruals and deferred income
647,105
742,271
17,300
38,730

11,208,432
9,457,524
9,956,078
8,067,776


The Group's bank overdraft and loans are secured over the assets of the Group.
The amounts owed to group undertakings by the Company are interest free, unsecured and repayable on
demand.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
2,480,556
-
2,480,556


The Group's bank loans are secured over the assets of the Group.

Page 34

 
MPS CARE GROUP LIMITED
 

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

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
8,912,505
7,065,655
8,912,505
7,065,655

Amounts falling due 1-2 years

Bank loans
-
2,480,556
-
2,480,556


8,912,505
9,546,211
8,912,505
9,546,211


The Group has a 9 month term loan of £9,127,332. This is repayable in quarterly installments. Interest is charged at a rate of 8.74% per annum. This loan is due for renewal on 30 October 2024 and as such the remaining balance has been classified as due within one year.
The Group has a loan for £250,000 repayable over 5 years in monthly installments.
The Group has a loan for £150,000 repayable over 5 years in monthly installments. Interest is charged at
1.5% per month.
The bank loans are secured over the assets of the Group


22.


Deferred taxation


Group



2024


£






At beginning of year
(1,699,175)


Charged to profit or loss
(2,446)


Charged to other comprehensive income
527,848



At end of year
(1,173,773)

Page 35

 
MPS CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
22.Deferred taxation (continued)

Company


2024


£






At beginning of year
(806,326)


Charged to other comprehensive income
(55,902)



At end of year
(862,228)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(2,387)
(1,783)
(10)
(719)

Other short term timing differences
4,804
14,370
-
8,433

On revaluation of property
(1,176,190)
(1,711,762)
(862,218)
(814,040)

(1,173,773)
(1,699,175)
(862,228)
(806,326)


The expected net reversal of deferred taxation is expected to be £313,972.


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,109 (2023 - 1,109) Ordinary shares of £1.00 each
1,109
1,109



24.


Reserves

Revaluation reserve

Revaluation reserve - includes the surplus of revaluations relating to the freehold properties and the
impact of deferred tax on the revaluations and is non distributable

Profit and loss account

Profit and loss account - includes all current and prior period distributable retained profits and losses


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge
represents contributions payable by the Group to the fund and amounted to £87,289 (2023: £84,797).
Contributions totaling £8,555 (2023: £22,028) were payable to the fund at the balance sheet date.

Page 36

 
MPS CARE GROUP LIMITED
 

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

26.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
594
31,767
-
21,354

Later than 1 year and not later than 5 years
-
23,989
-
23,989

594
55,756
-
45,343


27.


Related party transactions

In accordance with FRS102 the company has taken advantage of disclosure requirements in respect of
wholly owned subsidiary companies. However, the Group also has other related entities and the
transactions with them are as stated below:
At 30 April 2024 the Group was owed £4,106 (2023: £478,519) from companies under common
control in which P Gray is a director.
Included within other debtors are amounts totalling £2,323,585 (2023: £2,256,395) for overdrawn
directors loan accounts which are interest free and repayable on demand.
Key management remuneration throughout the Group subsidiaries totaled £428,921 (2023: £450,926).
During the year £Nil (2023: £3,356) was paid to a close family member of the director.


28.


Post balance sheet events

Subsequent to the year end a subsidiary company within the Group, Northfield Care Centre (Thorne) Limited, ceased trading. The trade and assets, including the property held in MPS Northfields Limited, were sold for a total of £5,749,999.


29.


Controlling party

The controlling party is P Gray by virtue of his 100% holding in the issued ordinary share capital of the
Company.


Page 37