Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
COMPANY INFORMATION
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MPS CARE GROUP LIMITED
CONTENTS
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MPS CARE GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
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.
Key performance indicator for the Group is turnover which is directly correlated to the occupancy levels in
each care home.
Other key performance indicators for the Group include occupancy, average fees and wage costs as a % of turnover.
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.
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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.
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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.
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.
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 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The director who served during the year was:
The subsequent events note details significant matters arising after the year end.
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.
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MPS CARE GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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. 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.
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.
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.
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MPS CARE GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Under section 487(2) of the Companies Act 2006, PKF 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
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MPS CARE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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MPS CARE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED (CONTINUED)
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.
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.
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MPS CARE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED (CONTINUED)
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.
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MPS CARE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MPS CARE GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Statutory Auditors
1 Prospect Place
Millennium Way
Pride Park
Derbyshire
DE24 8HG
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MPS CARE GROUP LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
REGISTERED NUMBER: 08610073
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2025.
The notes on pages 20 to 37 form part of these financial statements.
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MPS CARE GROUP LIMITED
REGISTERED NUMBER: 08610073
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 37 form part of these financial statements.
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MPS CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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MPS CARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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
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:
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.
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.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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. Grants of a revenue nature are recognised in the Consolidated profit and loss account in the same period as the related expenditure.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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.
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.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (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:.
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. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Stocks are value at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks.
Short term debtors are measured at transaction price, less any impairment.
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.
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.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
11.Taxation (continued)
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 £
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
14.Tangible fixed assets (continued)
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
14.Tangible fixed assets (continued)
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Group's bank loans are secured over the assets of the Group.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
22.Deferred taxation (continued)
Revaluation reserve
impact of deferred tax on the revaluations and is non distributable
Profit and loss account
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.
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MPS CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The controlling party is P Gray by virtue of his 100% holding in the issued ordinary share capital of the
Company.
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