Company registration number 12430106 (England and Wales)
GRAY CARE GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
GRAY CARE GROUP LTD
COMPANY INFORMATION
Directors
Mr J Gray
Mrs S Gray
Company number
12430106
Registered office
Gray House
Lawn Road
Carlton-in-Lindrick
S81 9LB
Auditor
PKF Smith Cooper Audit Limited
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
GRAY CARE GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
Notes to the financial statements
14 - 30
GRAY CARE GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the Strategic report of Gray Care Group Limited ("the company") and its wider group for the year ended 30 April 2024.
Business review
During the period, the Group's turnover was £7,513,750 (2023: £6,649,234), an increase of 13.0 % which is attributable to both an increase in average fee and an increase in occupancy. The Group has reported an operating profit of £286,307 (2023: loss £639,654) which shows the significant improvement in performance over the year.
The Group achieved a loss before taxation of £388,883 (2023: £1,204,377), the loss being largely attributable to non-cash transactions, including amortisation of goodwill £590,085 (2023: £590,085).
The Group is in a net asset position of £1,680,700 (2023: £2,045,444), with net current liabilities of £296,992 (2023: £769,540) and the directors acknowledge a material uncertainty in this respect. See note 1.3.
Principal risks and uncertainties
The Group has considered the principal risks and uncertainties to which it is exposed, and this is taken into accounts when making key strategic decisions. The main risks to the Group are:
The Group has loans with its bankers that charge interest at a variable rate. Management reviews the cash position on a regular basis and ensure that sufficient funds are held to cover future interest payments including where interest payments are expected to increase in line with changes to interest rates.
The Group faces uncertainties within the wider environment in respect of inflation and rising employment costs. The directors are confident that the Group will be able to continue operating profitably despite these changes, and that the Group is well positioned in its locations to take advantage of opportunities as they arise.
Key performance indicators
Key financial performance indicators include turnover, operating profit, profit before tax and net current assets which have been detailed further in the business review above.
Mr J Gray
Director
31 January 2025
GRAY CARE GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company and group continued to be that of the provision of care services.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Gray
Mrs S Gray
Auditor
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.
Statement of directors' responsibilities
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GRAY CARE GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the board
Mr J Gray
Director
31 January 2025
GRAY CARE GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRAY CARE GROUP LTD
- 4 -
We have audited the financial statements of Gray Care Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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, except for the effects of the matter described in the basis for qualified opinion section, the financial statements:
give a true and fair view of the state of the Group and of the parent Company’s affairs as at 30 April 2024 and of the Group’s profit/loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were appointed as auditors to the Group and Company for this first audited set of financial statements and following discussions with management during the audit, it transpired that full supporting records relating to revenue for the current and previous financial year had not been maintained. As a result, management were unable to provide sufficient appropriate audit evidence regarding revenue. We were unable to satisfy ourselves by alternative audit procedures concerning revenue for the current and previous financial years, which are included in the Profit and Loss Account at £7,513,750 and £6,649,234. Consequently, we were unable to determine whether any adjustment to these amounts was necessary. In addition to this, we were unable to determine whether any adjustment was necessary to related balances such as deferred income in the prior financial year.
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 and 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.
Material uncertainty related to going concern
We draw attention to note 1.3 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 1.3, these events or conditions, along with the other matters as set forth in note 1.3, 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.
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.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
GRAY CARE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRAY CARE GROUP LTD
- 5 -
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual 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 revenue figure of £7,513,751 for the financial year and £6,649,234 for the prior financial year. We have concluded that where the other information refers to the revenue figure or related balances such as deferred income, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for 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 report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the report of the Director has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors’ Report.
Arising solely from the limitation on the scope of our work referred to above:
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:
returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made;
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 Group and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
GRAY CARE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRAY CARE GROUP LTD
- 6 -
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Group and 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;
compliance with CQC regulations.
We focussed 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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The financial statements of the Group and Company for the year ended 30 April 2023 were unaudited.
GRAY CARE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRAY CARE GROUP LTD
- 7 -
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.
James Delve (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
31 January 2025
2025-01-31
GRAY CARE GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
Year
Year
ended
ended
30 April
30 April
2024
2023
Notes
£
£
Turnover
3
7,513,750
6,649,234
Cost of sales
(4,587,725)
(4,744,045)
Gross profit
2,926,025
1,905,189
Administrative expenses
(2,429,718)
(2,334,843)
Operating profit/(loss)
4
496,307
(429,654)
Interest receivable and similar income
8
4,362
839
Interest payable and similar expenses
9
(889,552)
(775,562)
Loss before taxation
(388,883)
(1,204,377)
Tax on loss
10
(18,595)
(51,692)
Loss for the financial year
24
(407,478)
(1,256,069)
Other comprehensive income
Revaluation of tangible fixed assets
(1,550,000)
Tax relating to other comprehensive income
42,734
387,500
Total comprehensive income for the year
(364,744)
(2,418,569)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GRAY CARE GROUP LTD
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,425,434
5,015,492
Tangible assets
12
7,705,317
7,774,829
12,130,751
12,790,321
Current assets
Stocks
15
50,345
7,294
Debtors
16
1,547,483
826,634
Cash at bank and in hand
145,301
121,636
1,743,129
955,564
Creditors: amounts falling due within one year
17
(2,040,121)
(1,725,104)
Net current liabilities
(296,992)
(769,540)
Total assets less current liabilities
11,833,759
12,020,781
Creditors: amounts falling due after more than one year
18
(9,068,093)
(8,861,555)
Provisions for liabilities
Deferred tax liability
21
1,084,966
1,113,782
(1,084,966)
(1,113,782)
Net assets
1,680,700
2,045,444
Capital and reserves
Called up share capital
23
100
100
Revaluation reserve
24
3,271,515
3,228,781
Profit and loss reserves
24
(1,590,915)
(1,183,437)
Total equity
1,680,700
2,045,444
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Mr J Gray
Director
Company registration number 12430106 (England and Wales)
GRAY CARE GROUP LTD
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,513,915
7,567,770
Investments
13
4,997,828
4,997,828
12,511,743
12,565,598
Current assets
Debtors
16
1,101,733
456,373
Cash at bank and in hand
22,112
13,054
1,123,845
469,427
Creditors: amounts falling due within one year
17
(2,217,398)
(994,083)
Net current liabilities
(1,093,553)
(524,656)
Total assets less current liabilities
11,418,190
12,040,942
Creditors: amounts falling due after more than one year
18
(9,068,093)
(8,684,514)
Provisions for liabilities
Deferred tax liability
21
1,057,823
1,086,085
(1,057,823)
(1,086,085)
Net assets
1,292,274
2,270,343
Capital and reserves
Called up share capital
23
100
100
Revaluation reserve
24
3,271,515
3,228,781
Profit and loss reserves
24
(1,979,341)
(958,538)
Total equity
1,292,274
2,270,343
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,020,803 (2023 - £678,622 loss).
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Mr J Gray
Director
Company registration number 12430106 (England and Wales)
GRAY CARE GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
100
4,391,281
72,632
4,464,013
Year ended 30 April 2023:
Loss for the year
-
-
(1,256,069)
(1,256,069)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(1,550,000)
-
(1,550,000)
Tax relating to other comprehensive income
-
387,500
387,500
Total comprehensive income
-
(1,162,500)
(1,256,069)
(2,418,569)
Balance at 30 April 2023
100
3,228,781
(1,183,437)
2,045,444
Year ended 30 April 2024:
Loss for the year
-
-
(407,478)
(407,478)
Other comprehensive income:
Tax relating to other comprehensive income
-
42,734
42,734
Total comprehensive income
-
42,734
(407,478)
(364,744)
Balance at 30 April 2024
100
3,271,515
(1,590,915)
1,680,700
GRAY CARE GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
4,391,281
(279,917)
4,111,464
Year ended 30 April 2023:
Loss for the year
-
-
(678,621)
(678,621)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(1,550,000)
-
(1,550,000)
Tax relating to other comprehensive income
-
387,500
387,500
Total comprehensive income
-
(1,162,500)
(678,621)
(1,841,121)
Balance at 30 April 2023
100
3,228,781
(958,538)
2,270,343
Period ended 30 April 2024:
Loss for the year
-
-
(1,020,803)
(1,020,803)
Other comprehensive income:
Tax relating to other comprehensive income
-
42,734
42,734
Total comprehensive income
-
42,734
(1,020,803)
(978,069)
Balance at 30 April 2024
100
3,271,515
(1,979,341)
1,292,274
GRAY CARE GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1,178,507
949,258
Interest paid
(889,552)
(775,562)
Income taxes (paid)/refunded
(20,974)
22,706
Net cash inflow from operating activities
267,981
196,402
Investing activities
Purchase of tangible fixed assets
(126,379)
(169,617)
Directors' loan movements
(212,672)
(79,740)
Interest received
4,362
839
Net cash used in investing activities
(334,689)
(248,518)
Financing activities
Repayment of borrowings
-
(43,627)
Proceeds from new bank loans
6,299,100
-
Repayment of bank loans
(6,205,765)
(286,157)
Net cash generated from/(used in) financing activities
93,335
(329,784)
Net increase/(decrease) in cash and cash equivalents
26,627
(381,900)
Cash and cash equivalents at beginning of year
117,645
499,545
Cash and cash equivalents at end of year
144,272
117,645
Relating to:
Cash at bank and in hand
145,301
121,636
Bank overdrafts included in creditors payable within one year
(1,029)
(3,991)
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information
Gray Care Group Ltd (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Gray House, Lawn Road, Carlton-in-Lindrick, S81 9LB.
The group consists of Gray Care Group Ltd and all of its subsidiaries.
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 Group and 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
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Gray Care Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
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 value at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern
The below wording has been provided by management relating to the current position of the group which we consider to be appropriate and in line with our understanding:
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 of £296,992 at the balance sheet date. The Directors acknowledge that the Group is reliant on the continued support of their significant creditors, including The Bank and HMRC, and that a funding requirement would arise in the event this support was to be removed which would present a material uncertainty with regards to going concern.
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.
1.4
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the Group in respect of its services as a care home and is recognised in the period which the services are provided.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
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:
Leasehold land and buildings
0.4 - 25% on cost
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% on reducing balance
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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 recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) 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.
1.9
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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 group 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.
1.12
Equity instruments
Equity instruments issued by the group 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 group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
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 if, and only if, there is 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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
The following estimates are key to the financial statements:
Property valuation
The long-term leasehold properties are revalued regularly with any change in value reflected in the financial statements. Properties are reviewed annually for indicators of impairments and any such impairments are recognised against the revaluation reserves or through the profit and loss as appropriate.
Impairment of Goodwill
Determining whether the goodwill is impaired required an estimation of the recoverable amount which requires the Group to estimate the value in use. Management performs annual reviews to identify any impairment triggers. If a trigger is identified, a review of the goodwill is undertaken to establish whether the carrying value of the goodwill should be impaired.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,513,750
6,649,234
2024
2023
£
£
Other revenue
Interest income
4,362
839
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the period is stated after charging:
Depreciation of owned tangible fixed assets
195,891
186,859
Amortisation of intangible assets
590,058
590,058
Operating lease charges
38,856
40,189
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 group and company
9,000
-
Audit of the financial statements of the company's subsidiaries
15,000
-
24,000
-
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
185
173
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,853,626
3,514,185
Social security costs
286,827
250,870
-
-
Pension costs
59,753
78,435
4,200,206
3,843,490
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
99,908
91,657
Company pension contributions to defined contribution schemes
1,163
990
101,071
92,647
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2
44
Other interest income
4,360
795
Total income
4,362
839
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2
44
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
674,825
561,282
Other finance costs:
Interest in respect of lease liabilities
210,000
210,000
Other interest
4,727
4,280
Total finance costs
889,552
775,562
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
4,677
15,455
Deferred tax
Origination and reversal of timing differences
13,918
36,237
Total tax charge
18,595
51,692
The tax assessed for the year is greater than (2023: greater than) the standard rate of corporation tax in the UK of 25% (2023: 19.49%) as set out below:
2024
2023
£
£
Loss before taxation
(388,883)
(1,204,377)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
(97,221)
(234,733)
Amortisation on goodwill
147,521
115,007
Carried forward tax losses utilised
(84,245)
Movement in deferred tax not recognised
45,075
172,180
Adjustments to tax charge in respect of prior periods
4,677
15,455
Expenses not deductible for tax purposes, other than goodwill
2,788
(16,217)
Taxation charge
18,595
51,692
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 22 -
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
(42,734)
(387,500)
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
5,900,579
Amortisation and impairment
At 1 May 2023
885,087
Amortisation charged for the year
590,058
At 30 April 2024
1,475,145
Carrying amount
At 30 April 2024
4,425,434
At 30 April 2023
5,015,492
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
8,034,995
264,370
225,455
43,346
9,921
8,578,087
Additions
6,000
68,534
44,518
7,327
126,379
At 30 April 2024
8,040,995
332,904
269,973
50,673
9,921
8,704,466
Depreciation and impairment
At 1 May 2023
407,267
212,135
143,600
30,335
9,921
803,258
Depreciation charged in the year
134,265
23,554
32,632
5,440
195,891
At 30 April 2024
541,532
235,689
176,232
35,775
9,921
999,149
Carrying amount
At 30 April 2024
7,499,463
97,215
93,741
14,898
7,705,317
At 30 April 2023
7,627,728
52,235
81,855
13,011
7,774,829
Company
Leasehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost or valuation
At 1 May 2023
7,725,000
668
7,725,668
Additions
61,697
61,697
At 30 April 2024
7,725,000
61,697
668
7,787,365
Depreciation and impairment
At 1 May 2023
157,675
223
157,898
Depreciation charged in the year
111,300
4,085
167
115,552
At 30 April 2024
268,975
4,085
390
273,450
Carrying amount
At 30 April 2024
7,456,025
57,612
278
7,513,915
At 30 April 2023
7,567,325
445
7,567,770
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 24 -
Included within Leasehold land and buildings, are 4 care homes which were valued in September 2021 at an aggregate value of £9,275,000 by Knight Frank LLP, an external Chartered Surveyors, as fully equipped operating entities having regard to their trading potential. The valuations were carried out in accordance with RICS recommendations. During the year ended 30 April 2023, an impairment of £1,550,000 was recognised against the properties.
If the long-term leasehold properties had not been disclosed at the revalued amount, the carrying value under the historical cost convention would have been £3,323,191 (2023: £3,282,623).
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
4,997,828
4,997,828
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
4,997,828
Carrying amount
At 30 April 2024
4,997,828
At 30 April 2023
4,997,828
14
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alston View Nursing Home Limited
UK
ORDINARY
100.00
Bramling Cross Care Limited
UK
ORDINARY
100.00
Bramling Cross Registrations Limited
UK
ORDINARY
100.00
Longton Home Limited
UK
ORDINARY
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Consumables
50,345
7,294
-
-
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
294,938
137,649
Corporation tax recoverable
98,689
98,689
Other debtors
624,424
178,558
612,893
145,173
Prepayments and accrued income
224,432
205,427
85,151
6,200
1,242,483
521,634
796,733
151,373
Amounts falling due after more than one year:
Other debtors
305,000
305,000
305,000
305,000
Total debtors
1,547,483
826,634
1,101,733
456,373
Included within other debtors is a director's loan account totalling £292,412 (2023: £79,740). Interest is charged on the loan provided at the official rate, the loan provided is unsecured and repayable on demand.
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
314,558
430,723
313,529
240,000
Trade creditors
355,247
408,882
38,549
(18,997)
Amounts owed to group undertakings
1,754,794
774,383
Corporation tax payable
166,671
84,279
98,689
Other taxation and social security
714,100
527,620
-
709
Other creditors
154,366
139,014
2,837
(2,012)
Accruals and deferred income
335,179
134,586
9,000
2,040,121
1,725,104
2,217,398
994,083
Amounts owed to Group undertakings are unsecured, interest free and repayable on demand.
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
5,803,579
5,597,041
5,803,579
5,420,000
Obligations under finance leases
20
3,264,514
3,264,514
3,264,514
3,264,514
9,068,093
8,861,555
9,068,093
8,684,514
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
6,117,108
6,023,773
6,117,108
5,660,000
Bank overdrafts
1,029
3,991
6,118,137
6,027,764
6,117,108
5,660,000
Payable within one year
314,558
430,723
313,529
240,000
Payable after one year
5,803,579
5,597,041
5,803,579
5,420,000
The long-term loans are secured by fixed charges over the land and buildings over a term of 25 years.
The Group has a 60 month term loan of £6,046,000. This is repayable in monthly instalments. Interest is charged at a rate of 5.65% over the term SONIA per annum.
The Group has a 60 month term loan of £253,100. This is repayable in monthly instalments. Interest is charged at a rate of 5.65% over the term SONIA per annum.
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
210,000
210,000
210,000
210,000
In two to five years
840,000
840,000
840,000
840,000
In over five years
2,214,514
2,214,514
2,214,514
2,214,514
3,264,514
3,264,514
3,264,514
3,264,514
Finance lease payments represent rentals payable by the company or group for certain items of land and buildings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 250 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
43,093
23,949
Revaluations
1,043,351
1,086,085
Retirement benefit obligations
(1,511)
(1,373)
Unrecognised deferred tax in prior periods
33
5,121
1,084,966
1,113,782
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
14,472
-
Revaluations
1,043,351
1,086,085
1,057,823
1,086,085
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
1,113,782
1,086,085
Charge to profit or loss
13,918
14,472
Credit to other comprehensive income
(42,734)
(42,734)
Liability at 30 April 2024
1,084,966
1,057,823
The expected net reversal of deferred tax is not expected to be material.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,753
78,435
Contributions totalling £4,813 (2023: £7,224) were payable to the fund at the balance sheet date.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
24
Reserves
Revaluation reserve
Revaluation reserve - includes the surplus of revaluations relating to the long-term leasehold properties and the impact of deferred tax on the revaluations and is non-distributable.
Profit and loss account
Profit and loss account - includes all current and prior period distributable retained profits and losses.
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
54,174
67,851
7,500
5,625
Between two and five years
50,234
106,283
5,000
14,375
104,408
174,134
12,500
20,000
26
Related party transactions
In accordance with FRS102 the company has taken advantage of disclosure requirements in respect of wholly owned subsidiary companies. However, the Group also has other related entities and the transactions with them are as stated below:
At 30 April 2024, the Group was owed £250,000 (2023: £NIL) from companies under common control in which J Gray is a director.
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
27
Directors' transactions
The director has made a personal guarantee of £100,000 in regards to the bank loan provided to Gray Care Group Limited.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
2.25
79,740
208,312
4,360
292,412
79,740
208,312
4,360
292,412
28
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
121,636
23,665
145,301
Bank overdrafts
(3,991)
2,962
(1,029)
117,645
26,627
144,272
Borrowings excluding overdrafts
(6,023,773)
(93,335)
(6,117,108)
Obligations under finance leases
(3,264,514)
-
(3,264,514)
(9,170,642)
(66,708)
(9,237,350)
29
Prior period adjustment
Reconciliation of changes in equity - company
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Revaluation of tangible fixed assets
-
(1,550,000)
Deferred tax adjustment
-
387,500
Total adjustments
-
(1,162,500)
Equity as previously reported
4,111,464
3,432,843
Equity as adjusted
4,111,464
2,270,343
Analysis of the effect upon equity
Revaluation reserve
-
(1,162,500)
GRAY CARE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
29
Prior period adjustment
(Continued)
- 30 -
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(678,621)
Loss as adjusted
(678,621)
2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr J GrayMrs S 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