Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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FLORENCE CARE READING LIMITED
COMPANY INFORMATION
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FLORENCE CARE READING LIMITED
CONTENTS
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FLORENCE CARE READING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
As a nursing and residential home for the elderly, the company continues to strive to provide excellent affordable care in homely surroundings. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being: • Occupancy levels; • Turnover; • Gross margin. Sales have increased when compared to the previous year. Florence Care Reading Limited has improved performance as a result of a change in management and a good CQC report from the new manager in 2021. This has since led to an increase in average occupancy levels. Gross profit and margins have increased to £1,998,440 (40%) in 2024 compared to £1,800,776 (42%) in 2023, which was mostly caused by the increases in occupancy levels and the block bed contracts from local councils. The care home consistently strives to maintain high quality standards. Following considerable financial and time investment, the Care Quality Commission (CQC) has inspected the home in 2023 and we have achieved good in the overall rating which demonstrate strong improvement from the previous requires improvement rating. As for many businesses of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.
This report was approved by the board on 29 January 2025 and signed on its behalf.
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FLORENCE CARE READING 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 profit for the year, after taxation, amounted to £915,194 (2023 - loss £450,814).
The total distribution of dividends to the owners of the company for the year are £nil (2023 - £nil).
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the 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 Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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FLORENCE CARE READING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The company has accepted a resolution proposal from His Majesty's Revenue & Customs for the use of a pension obligation arrangement. The company confirms the amount of £518,000 currently included in creditors due after more than one year reversed in the accounting period end of 30 April 2025, with £480,000 being treated as chargeable income for the purposes of corporation tax.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FLORENCE CARE READING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLORENCE CARE READING LIMITED
We have audited the financial statements of Florence Care Reading 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 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).
our opinion the financial statements:
The audit evidence available to us in respect of the defined benefit pension scheme liability was limited. This has consequently led to a lack of sufficient appropriate evidence available to support any movement during the year in the related liability and associated disclosures for the year ended 30 April 2024. We were unable to satisfy ourselves by alternative means concerning the recognition of the movements in the present value of the defined benefit obligations for the year ended 30 April 2024, which is included in the statement of comprehensive income and Note 18, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount are necessary.
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 Auditor's 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 qualified opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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FLORENCE CARE READING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLORENCE CARE READING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the recognition of the movements in the present value of the defined benefit obligations for the year ended 30 April 2024. We have concluded that where the other information refers to the defined benefit pension scheme balance, may be materially misstated for the same reason.
Except for the possible effects of the matter described in the basis of qualified opinion section of our report, in
our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Except for the matter described in the basis for qualified opinion section of our report, 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 Director's Report.
Arising solely from the limitation on scope of our work related to defined benefit obligation, referred to above, we have not obtained all the information and explanations that we considered necessary for the purpose of our audit, and we were unable to determine whether adequate accounting records have been kept.
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FLORENCE CARE READING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLORENCE CARE READING 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 Auditor's 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:
∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management and those charged with governance around actual and potential litigation and claims.
∙Enquire of management, those charged with governance and the entity’s professional advisors around actual and potential litigation and claims.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure has been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditor's Report.
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FLORENCE CARE READING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLORENCE CARE READING 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 Auditor's 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
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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FLORENCE CARE READING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
REGISTERED NUMBER: 04668436
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 11 to 23 form part of these financial statements.
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FLORENCE CARE READING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Florence Care Reading Limited is incorporated in England and Wales and limited by shares. The principal activity of the company is operating a nursing and residential home for the elderly. The address of registered office is given in the company's information page of these financial statements.
The company's principal place of business is: Florence House Care Home 16-22 Westcote Road, Reading, Berkshire, RG30 2DE The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Land is not depreciated.
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FLORENCE CARE READING 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 straight-line method.
Depreciation is provided on 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.
The Company 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.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. A contingent liability is disclosed where the existence of the obligations will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability.
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Company has created a trust whose beneficiaries will include employees of the Company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.
Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the Company until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefit from these assets. The value transferred will be charged in the Company’s profit and loss account for the year to which it relates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Profit and loss account
The company received enquiries into the use of a tax scheme in the tax year 2014/15. In January 2019 HM Revenue and Customs have issued the company with Regulation 80 Tax and National Insurance Determinations, which the company is appealing against on the grounds that the company has taken advice and believes the demands to be wrong in law. In May 2024, the company has provided HM Courts & Tribunal service with a notice to appeal and the first tier tribunal is to take place in 2025 before any final decision is made.
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 £53,600 (2023 - £42,547). Contributions totalling £10,915 (2023 - £8,970) were payable to the fund at the balance sheet date.
At the beginning of the period the company owned £828,735 to Z Denning, the director. During the period advances totalling £1,209,465 were made to the director and total repayments of £401,055 were received from the director. The interest on the balances due by the company is charged at the rate of 2% was £nil. At the end of the period the balance due to the director was £20,235, and is included within other creditors at the balance sheet date.
Z Denning, has provided a limited guarantee of £425,000 to the company's bankers.
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FLORENCE CARE READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The parent undertaking is Jasmine Care Holdings Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Jasmine Care Group Limited, a company incorporated in England and Wales. Jasmine Care Group Limited is the parent of the largest group in which the Company is consolidated. Copies of the accounts of Jasmine Care Group Limited are available at the parent company's registered office address The Old Rectory, Church Street, Weybridge, Surrey, England, KT13 8DE.
The ultimate controlling party at the balance sheet date is Qubic Trustees Ltd in its capacity as trustee of The Jasmine Care Holdings Limited Trust (the Trust) by virtue of its majority shareholding of the Group’s ultimate parent undertaking. Qubic Trustees Ltd is registered in England and Wales and its registered office is St Ann's Quay, 118 Quayside, Newcastle Upon Tyne, United Kingdom, NE1 3BD. The ultimate controlling party changed on 17 May 2024, after which date the ultimate controlling party undertaking is Alpine Skin Clinic SA, a company incorporated in Switzerland.
The Company have taken exemption from preparing a cashflow statement. The consolidated results and cashflow statements for the Company are included within the publicly available financial statements of Jasmine Care Group Limited.
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