Company registration number 02108777 (England and Wales)
ROCKLEY DENE HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ROCKLEY DENE HOMES LIMITED
COMPANY INFORMATION
Directors
Gagan Puri
Paavan Popat
Sandali Harvey
(Appointed 11 October 2024)
Secretary
Gagan Puri
Company number
02108777
Registered office
36 Railway Approach
Station Road
Harrow
Middlesex
HA3 5AA
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
Natwest Bank PLC
10 St Peter's Street
St Albans
Hertfordshire
United Kingdom
AL1 3LY
Solicitors
Shoosmiths LLP
6th Floor
1 St Martin's Le Grand
London
EC1A 4AS
ROCKLEY DENE HOMES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 28
ROCKLEY DENE HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

The company reported a loss after tax of £1,635,593 (2023: a profit of £4,759,466 ). At the end of the year the company had net assets of £61,970,954 (2023: £51,412,845).

Principal risks and uncertainties

The principal risks and uncertainties facing the company relate to adverse regulatory requirements by the Care Quality Commission. However, the company ensures that its care homes are run to a very high standard.

 

Another risk facing the industry as a whole is the use of agency staff to meet employment demands. The company aims to minimise the reliance placed on agency staff by ensuring the care home has sufficient staff available.

 

The directors continually review risks and uncertainties throughout the period and believe that they have the management and systems in place to deal with changing situations.

 

Financial risk management

The company uses various financial instruments that include cash, trade debtors and creditors that arise from its operations. The company is exposed to a number of financial risks, which are described in more detail below.

 

Interest rate risk

The directors monitor the banking facilities and interest rates on a regular basis to make sure that the company is not exposed to material levels of interest rate risk.

 

Liquidity risk

The directors closely manage financial risk by ensuring sufficient liquidity is available to meet forseeable needs by monitoring the working capital requirements.

 

Credit risk

The company’s principal financial assets are cash and bank balances and trade and other receivables. The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

Key performance indicators

In the opinion of the directors the Key Performance Indicators of the company include gross profit margin and occupancy levels of the care homes, which are closely monitored by the directors. The gross profit margin and the current occupancy levels are in line with directors' expectations in the current climate.

Section 172(1) statement

Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 (‘S172 (1)’) when performing their duty to promote the success of the company. When making decisions, each director ensures that they act in the way that would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following matters:

ROCKLEY DENE HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

(a) The likely consequences of any decision in the long term

The company continues to operate in the care sector, running its care homes to a high standard. The directors understand the business and the evolving environment in which the company operates , including the challenges of operating in a regulated sector.

 

(b) The interests of the company’s employees

The directors recognise that the success of the business depends on attracting, retaining and motivating high quality employees. The directors take into account the implications of decisions which may affect their perception as a responsible employer, on determining remuneration and benefits, and on providing a healthy and safe workplace environment, where relevant.

 

TLC Care is an accredited ‘Investors in People’ double platinum organisation, by the prestigious and internationally recognised Investors in People accreditation group. Platinum is the highest accreditation possible and TLC Care were accredited platinum for Investors in People. To receive this award, companies must prove that they invest in employees at all levels of the business and enshrine the company’s values in every aspect of its work. TLC Care was the first workplace in any industry to achieve The Wellbeing Award accreditation and was awarded the highest accreditation of platinum. The Wellbeing Award identifies organisations that are high performing across their practice which includes actively improving people’s health and wellbeing, and encouraging a positive workplace culture.

 

(c) The need to foster the company's business relationships with suppliers, customers and others

The directors seek to promote strong mutually beneficial relationships with suppliers, residents, the regulators and local authorities. Such general principles are critical in the delivery of the company’s strategy. Management regularly engage with stakeholders to ensure there is a constant flow of information both ways and to fully understand their needs and maintain strong relationships.

(d) The impact of the company’s operations on the community and the environment

The company is committed to understanding the interests of these stakeholder groups. The directors receive information on these topics on a periodic basis to provide relevant information for specific board decisions.

 

(e) The desirability of the company maintaining a reputation for high standards of business conduct

The directors recognise the importance of acting in ways which promote high standards of business conduct. The board periodically reviews and approves clear operating frameworks and management holds regular meetings to ensure that the company’s high standards are maintained both within the businesses and via the business relationships the company has with stakeholders. Given the size of the company, this is proportional and easy to implement, but the framework is established to cement this in the company’s culture and practices. The company also engages third parties to ensure that the care homes are operating to a high standard and regulations are being met.

 

(f) The need to act fairly as between members of the company

We are an independent company. The directors aim to act fairly between the company’s members when delivering the company’s strategy and consult its minority members as appropriate.

 

 

On behalf of the board

Paavan Popat
Director
28 January 2025
ROCKLEY DENE HOMES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be the operation of care homes.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Gagan Puri
Paavan Popat
Shivaan Shillin Popat
(Resigned 10 October 2024)
Sandali Harvey
(Appointed 11 October 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

Within the bounds of commercial confidentiality, information is disseminated to all members of staff about matters that affect the progress of the company and are of interest and concern to them as employees.

 

Employees of the care homes are committed to treating and caring for residents and the company 's policy is to encourage staff involvement by way of in-house training and development, newsletters and regular Manager and Staff Meetings.

 

The directors would like to thank the staff for the excellent work that they do in caring for the residents. Above all else, we are committed to providing high quality care and this relies absolutely on the dedication and compassion of our staff.

Training

The commitment to training continues and its impact on the care delivered is visible. During their employment, training and career development is made available to all staff.

 

The company places a very strong emphasis on our commitment to education and training. During the year we have communicated this to our staff via a number of different ways including literature, training sessions and appraisals.

Business relationships

Refer to part (c) of the Section 172(1) statement in the Strategic Report of these financial statements for details of how the company fosters business relationships with suppliers, customers and others.

Future developments

The company intends to continue to operate on the same basis.

Auditor

The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ROCKLEY DENE HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Energy and carbon report

As per the requirements of the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 which came into force on 1 April 2019, the company is required to present the carbon footprint of its operations and measures introduced to improve efficiency.

2024
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
1,710,606
- Electricity purchased
784,307
2,494,913
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
330.81
- Fuel consumed for owned transport
-
330.81
Scope 2 - indirect emissions
- Electricity purchased
151.67
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
Total gross emissions
482.48
Quantification and reporting methodology

The figures have been calculated using Defra (2019) Conversion Factors in line with the Environmental reporting Guidelines (2019).

Intensity measurement

The intensity ration chosen for our Streamlined Energy and Carbon Reporting is kgCO2e per m2. The non- Domestic EPC register was used to obtain care home facility m2.

 

The company intensity: 46.38 kgsCo2 per m2.

Measures taken to improve energy efficiency

Over the period from 1 April 2023 - 31 March 2024, measures to improve fire compartmentation across the group has taken place which in turn helps to reduce the heat efficiency within the homes. Loft installation was improved at Cherry Hinton Care Home in year. TLC Group’s previous installation across their care homes of energy saving light fittings and lamps, with motion/occupancy sensors, has helped to reduce Scope 2 emissions. CHP units, biomass boilers with timeclocks and heat controls, along with high level insulation and thermal glazing are also in place across the facilities. TLC Group continue to ensure contracts are in place for all equipment to have regular servicing to ensure all equipment is working efficiently. Staff are encouraged to use laptops as opposed to desktops which tend to be more energy efficient. All office equipment is Energy Star certified which ensures equipment uses less energy to perform regular tasks and automatically enter a low-power mode when not in use.

 

An electric vehicle charging point was installed in the last reporting period and is in use by staff.

ROCKLEY DENE HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business relationships.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Paavan Popat
Director
28 January 2025
ROCKLEY DENE HOMES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

ROCKLEY DENE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROCKLEY DENE HOMES LIMITED
- 7 -
Opinion

We have audited the financial statements of Rockley Dene Homes Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 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 UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ROCKLEY DENE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROCKLEY DENE HOMES LIMITED (CONTINUED)
- 8 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities , including fraud and non-compliance with laws and regulations

To identify risks of material misstatement due to any irregularities, including fraud and non-compliance with laws and regulations, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

ROCKLEY DENE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROCKLEY DENE HOMES LIMITED (CONTINUED)
- 9 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: Care Quality Commission’s Inspections and healthcare and safety legislation regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards; for instance, any non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error.

 

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ROCKLEY DENE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROCKLEY DENE HOMES LIMITED (CONTINUED)
- 10 -

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 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.

Shilpa Chheda
Senior Statutory Auditor
For and on behalf of KLSA LLP
29 January 2025
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
ROCKLEY DENE HOMES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
18,044,465
15,513,901
Cost of sales
(12,905,354)
(11,267,044)
Gross profit
5,139,111
4,246,857
Administrative expenses
(4,227,684)
(3,783,303)
Other operating income
34,257
71,899
Gain on disposal of tangible assets
-
0
5,669,886
Operating profit
4
945,684
6,205,339
Interest payable and similar expenses
8
(2,140,297)
(1,404,624)
(Loss)/profit before taxation
(1,194,613)
4,800,715
Tax on (loss)/profit
9
(440,980)
(41,249)
(Loss)/profit for the financial year
(1,635,593)
4,759,466

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ROCKLEY DENE HOMES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
£
£
(Loss)/profit for the year
(1,635,593)
4,759,466
Other comprehensive income
Revaluation of tangible fixed assets
13,830,967
-
0
Tax relating to other comprehensive income
719,878
3,571,518
Total other comprehensive income for the year
14,550,845
3,571,518
Total comprehensive income for the year
12,915,252
8,330,984
ROCKLEY DENE HOMES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
80,630,000
67,914,232
Current assets
Debtors
12
35,334,477
34,093,289
Cash at bank and in hand
655,361
2,849,617
35,989,838
36,942,906
Creditors: amounts falling due within one year
13
(15,142,396)
(13,540,157)
Net current assets
20,847,442
23,402,749
Total assets less current liabilities
101,477,442
91,316,981
Creditors: amounts falling due after more than one year
14
(28,767,793)
(28,886,543)
Provisions for liabilities
Deferred tax liability
16
10,738,695
11,017,593
(10,738,695)
(11,017,593)
Net assets
61,970,954
51,412,845
Capital and reserves
Called up share capital
18
80,000
80,000
Revaluation reserve
52,976,166
39,350,579
Profit and loss reserves
8,914,788
11,982,266
Total equity
61,970,954
51,412,845
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Paavan Popat
Director
Company registration number 02108777 (England and Wales)
ROCKLEY DENE HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
80,000
54,322,245
11,801,849
66,204,094
Year ended 30 April 2023:
Profit
-
-
4,759,466
4,759,466
Other comprehensive income:
Tax relating to other comprehensive income
-
3,571,518
-
0
3,571,518
Total comprehensive income
-
3,571,518
4,759,466
8,330,984
Dividends
10
-
-
(5,500,000)
(5,500,000)
Transfers of excess depreciation
-
(920,951)
920,951
-
Other movements
-
(17,622,233)
-
(17,622,233)
Balance at 30 April 2023
80,000
39,350,579
11,982,266
51,412,845
Year ended 30 April 2024:
Loss
-
-
(1,635,593)
(1,635,593)
Other comprehensive income:
Revaluation of tangible fixed assets
-
13,830,967
-
13,830,967
Tax relating to other comprehensive income
-
719,878
-
0
719,878
Total comprehensive income
-
14,550,845
(1,635,593)
12,915,252
Dividends
10
-
-
(2,357,143)
(2,357,143)
Transfers of excess depreciation
-
(925,258)
925,258
-
Balance at 30 April 2024
80,000
52,976,166
8,914,788
61,970,954
ROCKLEY DENE HOMES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,529,039
(13,763,400)
Interest paid
(2,140,297)
(1,404,624)
Income taxes paid
(119,577)
(18,881)
Net cash outflow from operating activities
(730,835)
(15,186,905)
Investing activities
Purchase of tangible fixed assets
(635,300)
(415,129)
Proceeds from disposal of tangible fixed assets
-
16,470,053
Net cash (used in)/generated from investing activities
(635,300)
16,054,924
Financing activities
Proceeds from new bank loans
-
5,754,178
Repayment of bank loans
(443,750)
(700,000)
Dividends paid
-
(5,500,000)
Net cash used in financing activities
(443,750)
(445,822)
Net (decrease)/increase in cash and cash equivalents
(1,809,885)
422,197
Cash and cash equivalents at beginning of year
2,443,062
2,020,865
Cash and cash equivalents at end of year
633,177
2,443,062
Relating to:
Cash at bank and in hand
655,361
2,849,617
Bank overdrafts included in creditors payable within one year
(22,184)
(406,555)
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

Rockley Dene Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Railway Approach, Station Road, Harrow, Middlesex, HA3 5AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

In accordance with his responsibilities, the director has considered the appropriateness of the going concerntrue basis for the preparation of the financial statements. For this basis he has reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements.

 

On the basis of this, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.These financial statements are prepared on the going concern basis.

1.3
Turnover

Turnover represents fees receivable during the period in respect of care services provided. Turnover is recognised as it is incurred, either daily, weekly or monthly.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Straight line over 50 years
Plant and equipment
15% Straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

An annual transfer is made between the revaluation reserve and profit and loss reserve representing the excess depreciation arriving on revalued assets.

ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants which include amounts received under Coronavirus Job Retention Scheme are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.The income is recognised in other income on a systematic basis over periods in which the associated costs are incurred, using the accrual model.

 

Government grants, which include amounts received from local authority grants, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income in the period in which the grant becomes receivable.

ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.14

Finance costs

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

1.15

Comparatives

There were no changes in comparative figures during the year.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of debtors

The company reviews their portfolio of trade debtors on an annual basis. In determining whether trade debtors are impaired, the management makes judgment as to whether there is any evidence indicating that there is a measurable decrease in the estimated future cash flows expected.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of properties

Freehold properties are carried at fair value based on valuations performed by external independent valuers or the directors. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties and historical experience. There is an inevitable degree of judgement involved and the value can only be reliably tested ultimately in the market itself.

Useful lives, depreciation methods and residual values of tangible assets

Management reviews the useful lives, depreciation methods and residual values of the items of tangible assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of property, plant and equipment is disclosed in note 11.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Care home fees
18,044,465
15,513,901
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Grants received
-
46,714
Other income
34,257
25,185
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(46,714)
Depreciation of owned tangible fixed assets
1,750,499
1,933,457
Operating lease charges
48,000
48,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,543
19,500
For other services
Taxation compliance services
2,000
2,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Nursing and Care
290
275
Administration
22
23
Head Office and Other
49
38
Total
361
336
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
10,363,488
8,439,727
Social security costs
1,036,590
895,138
Pension costs
170,675
143,615
11,570,753
9,478,480
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
388,903
341,902
Company pension contributions to defined contribution schemes
4,525
4,525
393,428
346,427

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
176,703
148,202
Company pension contributions to defined contribution schemes
1,321
1,321
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,081,130
1,298,749
Other interest on financial liabilities
59,167
105,875
2,140,297
1,404,624
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
440,980
41,249
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(1,194,613)
4,800,715
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
(298,653)
936,139
Tax effect of expenses that are not deductible in determining taxable profit
6,790
(2,942)
Tax effect of income not taxable in determining taxable profit
(8,561)
(1,092,369)
Group relief
(104,905)
(79,873)
Permanent capital allowances in excess of depreciation
302,732
239,045
Deferred tax provision
440,980
41,249
Other tax adjustment
102,597
-
0
Taxation charge for the year
440,980
41,249

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(719,878)
(3,571,518)
10
Dividends
2024
2023
£
£
Final dividend paid
-
0
5,500,000
Final dividend unpaid
2,357,143
-
0
2,357,143
5,500,000
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
11
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 May 2023
70,275,619
7,491,176
77,766,795
Additions
-
0
635,300
635,300
Disposals
-
0
(3,344,593)
(3,344,593)
Revaluation
8,740,141
-
0
8,740,141
At 30 April 2024
79,015,760
4,781,883
83,797,643
Depreciation and impairment
At 1 May 2023
3,800,160
6,052,403
9,852,563
Depreciation charged in the year
1,290,666
459,833
1,750,499
Eliminated in respect of disposals
-
0
(3,344,593)
(3,344,593)
Revaluation
(5,090,826)
-
0
(5,090,826)
At 30 April 2024
-
0
3,167,643
3,167,643
Carrying amount
At 30 April 2024
79,015,760
1,614,240
80,630,000
At 30 April 2023
66,475,459
1,438,773
67,914,232

Disposal

Relates to fully depreciated fixed assets written off from the company's books.

 

Revaluation

 

The freehold land and buildings (Including plant & Machinery) were revalued at fair value on 17 May 2024 by CB Richard Ellis Limited, an independent valuer not connected with the company. The valuation was based on an estimate of the maintainable level of trade and future profitability a component operator of a business conducted on the premises acting in efficient manner would expect to achieve. As with the property valued by reference to trading potential, valuation is vulnerable to external influences. and the introduction of competition. The trading valuation is inextricably linked to the performance of the national economy.

 

In the director's opinion, the carrying value of the company's properties as at 30 April 2024 is not significantly different from the open market values of the properties as at that date.

 

All other tangible fixed assets are stated at historical costs.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Tangible fixed assets
(Continued)
- 25 -
Freehold land and buildings
2024
2023
£
£
Cost
23,550,455
23,550,455
Accumulated depreciation
(5,951,267)
(5,585,979)
Carrying value
17,599,188
17,964,476
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,253,145
1,077,610
Amounts owed by group undertakings
32,989,948
32,594,317
Other debtors
859,779
230,617
Prepayments and accrued income
231,605
190,745
35,334,477
34,093,289
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
1,797,184
2,506,555
Trade creditors
992,634
648,817
Amounts owed to group undertakings
10,442,349
8,121,269
Corporation tax
(19,350)
100,227
Other taxation and social security
504,129
466,140
Other creditors
1,099,069
1,389,149
Accruals and deferred income
326,381
308,000
15,142,396
13,540,157
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
28,767,793
28,886,543
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
15
Loans and overdrafts
2024
2023
£
£
Bank loans
30,542,793
30,986,543
Bank overdrafts
22,184
406,555
30,564,977
31,393,098
Payable within one year
1,797,184
2,506,555
Payable after one year
28,767,793
28,886,543

The banks overdrafts are secured by way of a debenture; a first legal charge over the freehold property and a fixed and floating charge over all current and future assets of the company.

 

The long-term loans are secured by fixed and floating charge over all the assets, which include all present and future freehold and leasehold property, book and other debt, chattels, goodwill and uncalled capital, both present and future.

 

In October 2023 the loan was extended for another 3 years and the interest on the loan is charged at market rate.

 

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
2,036,354
1,588,550
Short term timing differences
(8,501)
(1,678)
Revaluation of land and buildings
8,710,842
9,430,721
10,738,695
11,017,593
2024
Movements in the year:
£
Liability at 1 May 2023
11,017,593
Charge to profit or loss
440,980
Credit to other comprehensive income
(719,878)
Liability at 30 April 2024
10,738,695
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Deferred taxation
(Continued)
- 27 -

A deferred tax asset is not recognised in respect of capital losses of £864,233 (2023: £864,233) and connected party capital losses of £1,263,800 (2023: £1,263,800) as it is not probable that this will be recovered against the reversal of deferred tax liabilities or future taxable profits.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,675
143,615

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
80,000
80,000
80,000
80,000
19
Financial commitments, guarantees and contingent liabilities

The company forms part of a cross company guarantee securing the bank borrowings of its fellow subsidiary, Cooperscroft Care Home Limited. At 30 April 2024, the net borrowings of the fellow subsidiary amounted to £4,513,457 (2023: £4,513,457).

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
48,000
48,000
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
393,429
346,427
Other information
ROCKLEY DENE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Related party transactions
(Continued)
- 28 -

During the year the company was charged rent of £48,000 (2023: £48,000) for the use of the property owned jointly by S D Popat, the ultimate shareholder of the company and her husband, D A Popat.

 

At the year end, the company was owed £121,871 (2023: £116,394 ) by The Fellows House Limited and £576,601 (2023: £159) by SPK Bushey Limited, companies controlled by the director, P Popat, in respect of expenses incurred on behalf of these companies. These amounts are interest free and repayable on demand.

22
Ultimate controlling party

The immediate parent company is TLC Group Limited, a company incorporated in England and Wales whose registered office address is 36 Railway Approach, Harrow, Middlesex, HA3 5AA.

 

The ultimate parent company is TLC Care Group Limited whose registered office address is 36 Railway Approach, Harrow, Middlesex, HA3,5AA. The group financial statements can be obtained from Registered Office.

 

The ultimate controlling party is S D Popat.

23
Cash generated from/(absorbed by) operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,635,593)
4,759,466
Adjustments for:
Taxation charged
440,980
41,249
Finance costs
2,140,297
1,404,624
Gain on disposal of tangible assets
-
(5,669,886)
Depreciation and impairment of tangible fixed assets
1,750,499
1,933,457
Movements in working capital:
Increase in debtors
(1,241,188)
(16,073,806)
Increase/(decrease) in creditors
74,044
(158,504)
Cash generated from/(absorbed by) operations
1,529,039
(13,763,400)
24
Analysis of changes in net debt
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,849,617
(2,194,256)
655,361
Bank overdrafts
(406,555)
384,371
(22,184)
2,443,062
(1,809,885)
633,177
Borrowings excluding overdrafts
(30,986,543)
443,750
(30,542,793)
(28,543,481)
(1,366,135)
(29,909,616)
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