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Registered number: 05991760










MPS CARE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
MPS CARE LIMITED
 

COMPANY INFORMATION


Directors
P Gray 
P Newbert (resigned 7 January 2025)
P Holmes 
R Ridgely 
H Marchant (appointed 5 February 2024)




Registered number
05991760



Registered office
Sturgate Business Hub
Sturgate Airfield

Heapham

Gainsborough

Lincolnshire

DN21 5PA




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

1 Prospect House

Millennium Way

Pride Park

Derby

DE24 8HG





 
MPS CARE LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 22


 
MPS CARE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
We aim to present a balanced review of the development and performance of the business during the year and
its position at the year end.

Business review
 
The Company is an intermediate holding company of a number of subsidiaries that combined operate 5 UK care
homes. Its ultimate parent company is MPS Care Group Limited and this entity contains the consolidated results
of the group. Further detail of the group performance is included in the strategic report of MPS Care Group
Limited. Its principal activity is the rent and management of care homes, predominantly with group companies.
The directors assessment of going concern is documented in note 2.4 where a material uncertainty is acknowledged.

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

Financial key performance indicators

As an intermediary holding Company, the Directors deem there to be no significant financial key performance indicators for the Company but performance is assessed for the Group as whole and the key performance indicator is turnover which is directly correlated to the occupancy levels in each care home. 


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



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

Page 1

 
MPS CARE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company'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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £166,036 (2023 - profit £992,074).

During the year dividends totalling £Nil (2023: £1,009,240) have been paid. No further dividends are
recommended for payment.

Directors

The directors who served during the year were:

P Gray 
P Newbert (resigned 7 January 2025)
P Holmes 
R Ridgely 
H Marchant (appointed 5 February 2024)

Future developments

There are no future developments other than that noted below under post balance sheet events.

Page 2

 
MPS CARE LIMITED
 

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

Financial instruments

The Company 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 Company has a risk management programme the seeks to limit
the adverse effects on the financial performance of the Company by monitoring levels of debt finance and
related finance costs. The Company has implemented policies that require appropriate credit checks before a
sale is made.

Engagement with employees

During the year under review, the Company and Group it is part of maintained their arrangements for
communication and consultation with employees and a continuation to promote their greater involvement.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director 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's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, the trade and assets of Northfield Care Centre (Thorne) Limited, a subsidiary of the Company, were sold to a third party. 

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 3

 
MPS CARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE LIMITED
 

Opinion


We have audited the financial statements of MPS Care Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 company's affairs as at 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 2.4 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 2.4, these events or conditions, along with the other matters as set forth in note 2.4, 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.


Our responsibilities and the responsibilities of the directors 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 directors are 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 4

 
MPS CARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
MPS CARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE 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 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 Company and industry, we identify the key laws and regulations affecting the
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 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.


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 6

 
MPS CARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE 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 House
Millennium Way
Pride Park
Derby
DE24 8HG

28 January 2025
Page 7

 
MPS CARE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
510,246
568,057

Gross profit
  
510,246
568,057

Administrative expenses
  
(1,711,526)
(1,775,652)

Other operating income
 5 
1,350,000
700,000

Operating profit/(loss)
 6 
148,720
(507,595)

Amounts written off loans/investments
  
(306,585)
1,386,195

Interest payable and similar expenses
 10 
(8,380)
(21,340)

(Loss)/profit before tax
  
(166,245)
857,260

Tax on (loss)/profit
 11 
209
134,814

(Loss)/profit for the financial year
  
(166,036)
992,074

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 8

 
MPS CARE LIMITED
REGISTERED NUMBER: 05991760

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 13 
2,841
14,520

Fixed asset investments
 14 
111
111

  
2,952
14,631

Current assets
  

Debtors: amounts falling due within one year
 15 
4,076,590
4,000,261

Cash at bank and in hand
 16 
12,315
541

  
4,088,905
4,000,802

Creditors: amounts falling due within one year
 17 
(4,096,426)
(3,853,344)

Net current (liabilities)/assets
  
 
 
(7,521)
 
 
147,458

Total assets less current liabilities
  
(4,569)
162,089

Provisions for liabilities
  

Deferred tax
 18 
-
(622)

Net (liabilities)/assets
  
(4,569)
161,467


Capital and reserves
  

Called up share capital 
 19 
1,232
1,232

Profit and loss account
 20 
(5,801)
160,235

  
(4,569)
161,467


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 11 to 22 form part of these financial statements.

Page 9

 
MPS CARE 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
1,232
177,401
178,633


Comprehensive income for the year

Profit for the year
-
992,074
992,074
Total comprehensive income for the year
-
992,074
992,074


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,009,240)
(1,009,240)


Total transactions with owners
-
(1,009,240)
(1,009,240)



At 1 May 2023
1,232
160,235
161,467


Comprehensive income for the year

Loss for the year
-
(166,036)
(166,036)
Total comprehensive income for the year
-
(166,036)
(166,036)


Total transactions with owners
-
-
-


At 30 April 2024
1,232
(5,801)
(4,569)


The notes on pages 11 to 22 form part of these financial statements.

Page 10

 
MPS CARE LIMITED
 

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

1.


General information

MPS Care Limited is a private company incorporated in England and Wales limited by shares. Its
registered office is Sturgate Business Hub, Sturgate Airfield, Heapham, Gainsborough, Lincolnshire, DN21 5PA. The Company's registration number is 05991760. Its principal activity is the rent and management of care home properties.

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 management to exercise judgment in applying the company's accounting policies (see note 3).

The company's presentational currency is GBP and the financial statements are rounded to the
nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of MPS Care Group Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
MPS CARE LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

  
2.5

Turnover

Turnover compromises revenues recognised by the Company in respect of rental and management
charges provided to individual care homes. 
Turnover is recognised when services are provided.

 
2.6

Operating leases

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

 
2.7

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.

Page 12

 
MPS CARE LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.


 
2.9

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, as noted below.

Depreciation is provided on the following basis:

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

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 13

 
MPS CARE LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are of the opinion that there are no significant judgements applied when preparing these
financial statements.


4.


Turnover

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


2024
2023
£
£

Rental income and other income
510,246
568,057


All turnover arose within the United Kingdom.

Included within other income are amounts totalling £Nil (2023: £7,701) in relation to supplier rebates
and £Nil (2023: £13,038) in relation to the Kickstart scheme. 

Page 14

 
MPS CARE LIMITED
 

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

5.


Other operating income

2024
2023
£
£

Management fees
1,350,000
700,000



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
2,673
4,183

Defined contribution pension cost
3,098
4,241


7.


Auditors' remuneration

During the year, the company 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 company's financial statements
8,500
8,000

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 15

 
MPS CARE LIMITED
 

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

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
336,076
360,832

Social security costs
16,497
24,185

Cost of defined contribution scheme
3,098
4,241

355,671
389,258


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


        2024
    Restated
2023
            No.
            No.







Directors
3
3



Administrative staff
5
8

8
11


9.


Directors' remuneration

2024
Restated
2023
£
£

Directors' emoluments
209,127
164,878

Company contributions to defined contribution pension schemes
935
956

210,062
165,834


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £70,000 (2023 - £NIL).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
8,380
21,340

Page 16

 
MPS CARE LIMITED
 

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

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
28,817
9,311

Adjustments in respect of previous periods
(27,752)
(143,064)


1,065
(133,753)


Total current tax
1,065
(133,753)

Deferred tax


Origination and reversal of timing differences
(1,274)
(1,061)

Total deferred tax
(1,274)
(1,061)


Taxation on loss on ordinary activities
(209)
(134,814)

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 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(166,245)
857,260


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(41,561)
222,596

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
96,596
125,213

Capital allowances for year in excess of depreciation
-
(75)

Adjustments to tax charge in respect of prior periods
(27,752)
(143,064)

Non-taxable income
(1,202)
(339,249)

Group relief
(26,290)
-

Remeasurement of tax charge
-
(235)

Total tax charge for the year
(209)
(134,814)


Factors that may affect future tax charges

There are no factors that may affect the future tax charges.

Page 17

 
MPS CARE LIMITED
 

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

12.


Dividends

2024
2023
£
£


Dividends paid on equity capital
-
1,009,240


13.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost 


At 1 May 2023
5,721
10,118
17,572
37,192
70,603


Disposals
-
-
(11,614)
-
(11,614)



At 30 April 2024

5,721
10,118
5,958
37,192
58,989



Depreciation


At 1 May 2023
5,721
9,207
5,498
35,657
56,083


Charge for the year
-
321
1,593
759
2,673


Disposals
-
-
(2,608)
-
(2,608)



At 30 April 2024

5,721
9,528
4,483
36,416
56,148



Net book value



At 30 April 2024
-
590
1,475
776
2,841



At 30 April 2023
-
911
12,074
1,535
14,520

Page 18

 
MPS CARE LIMITED
 

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

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 May 2023
495,405



At 30 April 2024

495,405



Impairment


At 1 May 2023
495,294



At 30 April 2024

495,294



Net book value



At 30 April 2024
111



At 30 April 2023
111


Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Adbolton Hall Limited
Sturgate Airfield
Ordinary
100%
Highfields Limited
As above
Ordinary
100%
Moregrove Limited
As above
Ordinary
100%
Oaklands (MPS) Limited
As above
Ordinary
100%
Stilecroft (MPS) Limited
As above
Ordinary
100%
St Andrews (MPS) Limited
As above
Ordinary
100%
Valley Nursing Homes (MPS) Limited
As above
Ordinary
100%
W & R Services Limited
As above
Ordinary
100%

Page 19

 
MPS CARE LIMITED
 

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

15.


Debtors

2024
2023
£
£


Trade debtors
-
7,700

Amounts owed by group undertakings
1,042,517
1,012,009

Other debtors
2,998,815
2,957,107

Prepayments and accrued income
34,606
23,445

Deferred taxation
652
-

4,076,590
4,000,261


Included within other debtors is a directors loan account of £2,258,749 (2023: 2,234,820). Also within
other debtors is a balance of £724,343 (2023: £716,262) which relates to s455 tax. See note 24 for
further details on the directors loan accounts included within other debtors.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
12,315
541

Less: bank overdrafts
-
(14,433)

12,315
(13,892)



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
14,433

Trade creditors
150,981
98,408

Amounts owed to group undertakings
3,680,761
3,405,076

Amounts owed to joint ventures
21,676
21,676

Corporation tax
224,495
284,048

Other taxation and social security
-
8,592

Other creditors
4,937
5,713

Accruals and deferred income
13,576
15,398

4,096,426
3,853,344


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

Page 20

 
MPS CARE LIMITED
 

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

18.


Deferred taxation




2024


£






At beginning of year
(622)


Charged to profit or loss
1,274



At end of year
652

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
373
(901)

Other short term timing differences
279
279

652
(622)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



110,900 (2023 - 110,900) Ordinary A shares of £0.01 each
1,109
1,109
12,323 (2023 - 12,323) Ordinary B shares of £0.01 each
123
123
1 (2023 - 1) Redeemable B share of £0.01
-
-
1 (2023 - 1) Redeemable D share of £0.01
-
-

1,232

1,232


The redeemable shares can be redeemed by the Company at par value on demand. There is no
obligation for the Company to redeem these shares. Each share entitles the holder to one vote, to any
dividend payments that may be due and to the return of capital after the nominal value of ordinary A and
B shares have been paid


20.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses and is
distributable.


21.


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 totalled £8,863,239 (2023: £9,352,322).

Page 21

 
MPS CARE LIMITED
 

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

22.


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 £3,098 (2023: £4,241).
Contributions totalling £593 (2023: £979) were payable to the fund at the balance sheet date and are
included in creditors.


23.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
-
2,376


24.


Transactions with directors

At the balance sheet date the Company was owed £2,258,749 (2023: £2,234,820) by P Gray a director and shareholder of the Company. The loan is unsecured and repayable on demand. No repayments were
made during the year.


25.


Related party transactions

The Company has taken advantage of the exemption 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. 
Dividends totalling £Nil (2023: £9,240) were paid during the year to directors and relatives of the
directors. Other than the directors, there are no personnel regarded as key management.
A total of £Nil (2023: £3,356) was paid as remuneration to close family members of the directors. 


26.


Post balance sheet events

Subsequent to the year end, the trade and assets of Northfield Care Centre (Thorne) Limited, a subsidiary of the Company, were sold to a third party. 


27.


Controlling party

MPS Care Group Limited is the ultimate parent company and is the smallest and largest group that prepares consolidated financial statements that includes MPS Care Limited.
The ultimate controlling party is P Gray by virtue of a 100% holding of share capital of MPS Care Group Limited.


Page 22