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REGISTERED NUMBER: 09020971 (England and Wales)















COUNTRY COURT CARE HOMES 2 LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 9

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14 to 23


COUNTRY COURT CARE HOMES 2 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A Kachra
A Kachra
A A Kachra



REGISTERED OFFICE: c/o Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR



REGISTERED NUMBER: 09020971 (England and Wales)



SENIOR STATUTORY AUDITOR: Alistair Main FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The year ending March 2024 saw the progression of the company strategy to sustain high quality care and increase bed capacity via home purchases, extensions and new builds.

Country Court has accelerated its capital expenditure and growth programme, increasing bed capacity significantly. Midway through the year two new care homes' refurbishments were completed in Dorset and Essex, and a new build progressed in North Yorkshire. Later in the year the group completed the purchase of three homes from another provider, and three more are in the pipeline at year end, and there were also refurbs and extensions completed at 4 homes in Grimsby, Brighton, York and Lincoln.

To support the business expansion a new central services HQ was opened mid-year in Werrington Peterborough. Operational teams have continued to upskill and increase numbers up 22% across estates, training, activities management, operational support, in house legal team, and smaller increases in marketing, finance and HR.

PRINCIPAL RISKS AND UNCERTAINTIES
Looking ahead domestic government debt and international political uncertainty are dominating the economic outlook. Operationally the challenges in attracting the right calibre of staff and retaining them in a competitive job market continue. General inflation has eased, but pay inflation pressures remain, in particular planned minimum wage increases. Across all areas of the business, there is the ongoing threat to cyber security present which the IT team continue to prioritise to ensure our data and systems are protected as far as possible.

The ongoing recruitment and retention issues in the care home sector have not gone away. The business continues to apply for overseas staff, but the process has become more difficult and challenging. The senior management team continue to explore ways to improve staff retention via improved working environments, staff incentives, awards, and better communication.

The strategy to manage increasing costs while maintaining quality of service is being supported by the start of new IT projects to improve efficiency, in human resources, resident invoice processing and management information reporting due to be implemented in 2024-25.


COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

SECTION 172(1) STATEMENT
Stakeholder Engagement

The Board at Country Court have a legal responsibility under section 172 of the Companies Act 2006 to ensure that we act in good faith, and in a way that would be most likely to promote the company's success for the benefit of its members. To have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we, as a Board performed this responsibility.

How we work

Country Court was founded in 1983 by Roshan Bogha and our current Chairman Abdul Kachra. Their first care home to open was Beech Lodge in Holbeach, Lincolnshire. The care home's reputation soon grew, led by kindness, compassion, and dignity. Soon to follow were a further seven care homes, all opening by 1990, this helped to establish Country Court's group of care homes as one of the most trusted in the region.

With a successful combination of nursing skills, along with a professional, yet homely feel, Country Court's model for care helped to support our continued expansion. Today Country Court is both caring for and employing thousands of people across the UK.

Country Court provides the highest quality of care that you would expect your loved ones to receive, this is combined with modern, comfortable homes created for residents in mind. Country Court remains a Family-run company to this day, our philosophy is very much "Our family caring for yours" which Is at the heart of each of our homes.

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees

Recruitment and staff retention is a key part to Country Court, as it is to any business. We recognise that our staff are what makes our homes special and perform a vital role, which they did particularly during the pandemic. With this in mind, we are regularly reviewing our employee offering to ensure we can provide the best package possible, and to become a leading employer within the care sector. This includes regularly benchmarking pay, investing in employee benefits and ensuring that all staff have access to training, career progression opportunities and health & well-being support networks. Nearly a quarter of our staff and just under half of our Home Managers have been with us for 5 years or more. In addition, all of our Operational Team Managers have been promoted internally, clearly showing that career progression is available within Country Court.

Our customers

Our residents come first at Country Court, everything we do is with them in mind, we provide the best possible person-centred care for those who live with us. Every resident who lives with us has an individual care plan. This incorporates their life history, medical needs, care requirements and their mental & physical wellbeing. This is updated daily via our electronic system - Nourish. We recognise that each person is different, it is therefore imperative to take a personal approach for each of our residents. Getting to know our residents and their families is of prime importance to us to be able to understand their needs, preferences and wishes. This helps us to take a holistic approach and to deliver the best possible care which benefits our residents both mentally and physically.

Our community

Country Court' was founded as a family-run company and continues this way today. We have established excellent community relationships at our Head Office in Peterborough and throughout our network of homes. Each home plays a key part within their local community by helping to care for those who need it and by establishing strong connections throughout the community. These connections span across the local health care professional network, to schools and to local interest groups. Homes regularly host local events arid fundraisers, as well as reaching out to the vulnerable people in the society through social meet ups or occasions such as 'Community Christmas Lunches'. Many of our homes undertake outreach work to help people in their community who are isolated, particularly including 'Good neighbour' and 'buddy' schemes, as well as raising money for local and national charities across a variety of campaigns.

Our planet

Country Court are committed to disposing waste in a responsible manner and strive to recycle where possible. Due to the nature of our business, Country Court operate under strict regulations for the disposal of medical and clinical waste. We always follow the correct procedures for disposal of these items. We regularly examine our supply chain with a view of cutting down wastage and single use materials. We engage our staff, suppliers, and customers in initiatives to make our business greener.

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


KEY PERFORMANCE INDICATORS
Country Court uses a number of KPIs to monitor the financial and non-financial performance of the business.

Care-related KPls are strong with 27 care homes being rated as good by CQC, 5 require improvement of which 1 now rated good mid-2024, 1 inadequate now rated good mid 2024 (mid-2024), and 4 awaiting inspection. This represents the highest level of compliance of all the care groups within CQC Market Oversight.

The financial key performance indicators are a growth in turnover of 22.34% (2023 22.83%), a gross profit margin of 39.28% (2023 38.22%) and a net profit margin when excluding one-off exceptional items of 15.41% (2023 14.09%).

GOING CONCERN
Country Court at the year-end was within its headroom for its existing facility.
Management continue to mitigate risks in the sector, via a hedging product to cap the exposure to interest rate rises, ongoing initiatives to reward staff and target staffing shortages, and achieve economies of scale via capital projects and purchases. The business is also prioritising the use of technology to improve systems in human resources, payroll, resident records and billing, as well as financial reporting. The Group continues to work with Local Authorities, and communicate with private customers, to negotiate proportionate fees.

ON BEHALF OF THE BOARD:





A Kachra - Director


31 January 2025

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the management of care homes.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

A Kachra
A Kachra
A A Kachra

POLITICAL DONATIONS AND EXPENDITURE
Of the donations made in the year, none of these were to a political party.

EMPLOYEES
Employee Involvement

Country Court keeps their employees informed of updates, activities, and changes through a monthly newsletter. The Directors hold regular meetings with the Senior Leadership team who represent their respective departments from across the business. Our Senior Leadership team also hold regular meetings with their staff to gather feedback for discussion. We also have regular staff surveys which has led to the review of performance related pay along with other benefits and rewards

Disabled Employees

Applications for employment from disabled candidates are given full and fair consideration as per our recruitment process. All candidates are assessed based on their aptitude, experience and ability for the role for which they have applied for. Training, career development and promotion opportunities are available to all employees. In the event of employees becoming disabled, the company would provide support and retraining (if necessary) to ensure their employment with the company can continue where possible.

STREAMLINED ENERGY AND CARBON REPORTING
2024
CO2e tonnes KWh

Combustion of gas, LPG or kerosene 3,117 15,521,074
Consumption of fuel for the purposes of transport 223 830,689
Purchase of electricity for own use 1,344 6,492,666
4,685 22,844,428

The 2019 UK Government GHG Conversion Factors for Company Reporting published by the UK Department for Environment Food & Rural Affairs (DEFRA) are used to convert energy used in the company's operations to emissions of CO2. Carbon emission factors for purchased electricity are calculated according to the 'location-based grid average' method. This reflects the average emissions of the organisations grid where the energy consumption occurs. Data sources include billing from the energy supplier and the organisations internal fuel usage systems.

Carbon emission factors for purchased electricity are calculated according to the 'location-based grid average' method. Data sources include billing from the energy supplier and the organisations internal fuel usage systems. There aren't any current ratios to express the group's annual emissions in relation to a quantifiable factor in association with the group's activities. The group has taken a range of measures to increase the group's energy efficiency. In the last year the following projects have been implemented:

- New build sites have been constructed to meet the highest energy ratings
- The use of the latest technology and materials when refurbishing care homes across the group
- LED lighting has been fitted for both normal and emergency lighting across the group, both internally and externally
- Movement sensors have been installed to control lighting in areas to reduce the risk of lights being left on unnecessarily
- Older boiler systems have been replaced with newer and more energy efficient model


COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A Kachra - Director


31 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTRY COURT CARE HOMES 2 LIMITED

Opinion
We have audited the financial statements of Country Court Care Homes 2 Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors 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 Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTRY COURT CARE HOMES 2 LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Care Quality Commission (CQC) regulations, health and safety regulations and employment law.

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. This inspection included a review of the CQC inspections conducted in the year, and a review of Health and Safety and employment controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTRY COURT CARE HOMES 2 LIMITED


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 a Report of the Auditors 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.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

31 January 2025

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 61,021,810 49,878,042

Cost of sales 37,049,708 30,814,514
GROSS PROFIT 23,972,102 19,063,528

Administrative expenses 15,243,179 13,397,058
8,728,923 5,666,470

Other operating income 675,807 1,363,549
OPERATING PROFIT 5 9,404,730 7,030,019

Impairment review 6 - (519,907 )
Impairment written back 6 555,119 14,391
Loss on disposal of fixed asset investments 6 - (3,316,639 )
9,959,849 3,207,864

Income from shares in group undertakings - 3,317,039
Interest receivable and similar income 40,161 1,880
40,161 3,318,919
10,000,010 6,526,783

Interest payable and similar expenses 7 6,828,204 4,927,527
PROFIT BEFORE TAXATION 3,171,806 1,599,256

Tax on profit 8 186,713 (207,282 )
PROFIT FOR THE FINANCIAL YEAR 2,985,093 1,806,538

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,985,093 1,806,538


OTHER COMPREHENSIVE INCOME
Property revaluation 7,930,118 24,560,088
Income tax relating to other comprehensive
income

(2,294,184

)

(7,494,637

)
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

5,635,934

17,065,451
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 8,621,027 18,871,989

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 165,486,097 153,203,082
Investments 11 1,763,184 1,763,184
167,249,281 154,966,266

CURRENT ASSETS
Stocks 12 125,393 205,708
Debtors 13 80,228,170 72,281,154
Cash at bank 2,082,441 919,723
82,436,004 73,406,585
CREDITORS
Amounts falling due within one year 14 55,226,083 52,065,087
NET CURRENT ASSETS 27,209,921 21,341,498
TOTAL ASSETS LESS CURRENT LIABILITIES 194,459,202 176,307,764

CREDITORS
Amounts falling due after more than one year 15 (91,542,701 ) (84,306,474 )

PROVISIONS FOR LIABILITIES 19 (21,166,506 ) (18,872,322 )
NET ASSETS 81,749,995 73,128,968

CAPITAL AND RESERVES
Called up share capital 20 2 2
Revaluation reserve 21 51,368,357 45,732,423
Retained earnings 21 30,381,636 27,396,543
SHAREHOLDERS' FUNDS 81,749,995 73,128,968

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





A Kachra - Director


COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 2 25,590,005 27,752,240 53,342,247

Changes in equity
Total comprehensive income - 1,806,538 17,980,183 19,786,721
Balance at 31 March 2023 2 27,396,543 45,732,423 73,128,968

Changes in equity
Total comprehensive income - 2,985,093 5,635,934 8,621,027
Balance at 31 March 2024 2 30,381,636 51,368,357 81,749,995

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Country Court Care Homes 2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

The company has taken advantage of these exemptions under FRS 102 as the ultimate parent company Kibo Holdings Limited prepares consolidated accounts. A copy of these accounts can be obtained at Companies House.

Preparation of consolidated financial statements
The financial statements contain information about Country Court Care Homes 2 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Country Court Care Group Limited, Enterprise Way, Pinchbeck, Spalding, Lincolnshire, PE11 3YR.

Critical accounting judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experiences 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 estimates is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Valuation of freehold property

The valuation of freehold property is sensitive to changes in the market and assumptions in relation to the current economic climate. The value of freehold property is reassessed at regular intervals with information gathered from appropriate sources. The valuation included in the statement of financial position is considered at each financial statement date.

(ii) Amortisation of goodwill

The annual amortisation charge for goodwill is sensitive to changes in the estimated useful life of goodwill and ongoing performance within the group. Goodwill values are re-assessed annually for signs of impairment. They are amended when necessary to reflect current estimates, based on known events and conditions at the year end date.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year. Revenue is recognised in the period in which it is earned and comprises resident fees and other ancillary services.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of businesses is being amortised over 1 or 5 years.

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is not charged on freehold property due to the high residual value expected and rolling refurbishment programme. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected lives on the following basis.

Fixtures and fittings 20% reducing balance and 25% on cost
Motor vehicles 25% reducing balance

The directors consider the values shown in the accounts to fairly reflect the current value of the homes as required by FRS102 Section 17. Homes are shown in the accounts at the latest available valuation carried out by the directors. As per FRS102 Section 17 revaluations will be carried out with sufficient regularity such as to ensure that the asset's carrying amount in the statement of financial position does not materially differ from its fair value at the statement of financial position date.

In accordance with FRS102 Section 17, properties are valued using their existing use value, which is the value as fully equipped operational entities having regard to their trading potential.

Any changes to the existing use value are taken to the revaluation reserve within the statement of other comprehensive income unless they are considered permanent and are below cost when they are taken to the profit and loss account.

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items

Financial instruments
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Country Court at the year-end was within its headroom for its existing facility.

Management continues to react to ongoing challenges in the sector. Interest rate risk has been mitigated through the purchase of a hedging product to cap the exposure to rate rises. Inflation will be managed through improved staffing efficiencies in building via capital projects, and the use of technology to improve systems. The group will also work with Local Authorities, and communicate with private customers, to negotiate proportionate fees.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 33,651,848 27,547,692
Social security costs 2,917,306 2,445,043
Other pension costs 668,031 644,490
37,237,185 30,637,225

The average number of employees during the year was as follows:
2024 2023

Management 35 27
Administration 105 97
Nursing staff, care assistants and other 1,358 1,195
1,498 1,319

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 324,673 255,508
Directors' pension contributions to money purchase schemes 18,642 18,642

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 141,605 110,740

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 235,116 238,833
Other operating leases 1,788,478 1,197,846
Depreciation - owned assets 1,248,807 1,281,548
Depreciation - assets on hire purchase contracts - 7,248
Loss on disposal of fixed assets - 275,684
Auditors' remuneration - audit 32,160 32,640
Auditors' remuneration -
taxation compliance 18,480 33,720
Auditors' remuneration - other 37,820 48,494
Operating lease charges of plant and machinery 139,031 146,740

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Impairment review - (519,907 )
Impairment written back 555,119 14,391
Loss on disposal of fixed asset investments - (3,316,639 )
555,119 (3,822,155 )

Impairments relate to revaluation of care homes during the year.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 6,826,083 4,926,149
Hire purchase interest 2,121 1,378
6,828,204 4,927,527

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Over provision in prior year 186,713 (207,282 )
Tax on profit 186,713 (207,282 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,171,806 1,599,256
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

792,952

303,859

Effects of:
Expenses not deductible for tax purposes 34,503 654,917
Income not taxable for tax purposes - (639,288 )
Capital allowances in excess of depreciation (827,455 ) (560,069 )
Adjustments to tax charge in respect of previous periods 186,713 -
Group relief claimed - 33,299
Total tax charge/(credit) 186,713 (207,282 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Property revaluation 7,930,118 (2,294,184 ) 5,635,934

2023
Gross Tax Net
£    £    £   
Property revaluation 24,560,088 (7,265,954 ) 17,294,134
Revaluation transferred within the group 914,732 (228,683 ) 686,049
25,474,820 (7,494,637 ) 17,980,183

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 2,057,996
AMORTISATION
At 1 April 2023
and 31 March 2024 2,057,996
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 148,533,321 10,531,781 120,150 159,185,252
Additions 4,277,846 644,100 124,639 5,046,585
Revaluations 7,930,118 - - 7,930,118
Reversal of impairments 555,119 - - 555,119
At 31 March 2024 161,296,404 11,175,881 244,789 172,717,074
DEPRECIATION
At 1 April 2023 - 5,898,858 83,312 5,982,170
Charge for year - 1,208,438 40,369 1,248,807
At 31 March 2024 - 7,107,296 123,681 7,230,977
NET BOOK VALUE
At 31 March 2024 161,296,404 4,068,585 121,108 165,486,097
At 31 March 2023 148,533,321 4,632,923 36,838 153,203,082

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
Valuation in 2024 161,296,404 - - 161,296,404
Cost - 11,175,881 244,789 11,420,670
161,296,404 11,175,881 244,789 172,717,074

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 90,362,133 85,529,168

Freehold land and buildings were valued on an open market basis on 31 March 2024 by the directors, having taken suitable professional opinion.

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £NIL (2023 - £ 21,744 ) in respect of assets held under hire purchase contracts.

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1,763,184
NET BOOK VALUE
At 31 March 2024 1,763,184
At 31 March 2023 1,763,184

Subsidiaries



Percentage of
Ordinary Shares
Held

Financing of property developments

Country Court Care Homes 2 Propco Limited 100

The above company is incorporated in England and Wales. The registered office for the company above is c/o Duncan & Toplis Limited, Enterprise Way, Pinchbeck, Spalding, Lincolnshire, PE11 3YR.

The financial statements in respect of the above company for the period ended 31 March 2024 have not been audited as exemption has been claimed under section 479a of the Companies Act 2006.

12. STOCKS
2024 2023
£    £   
Stocks 125,393 205,708

There is no material difference between the carrying cost of stocks and it's replacement value.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,619,902 1,379,790
Amounts owed by group undertakings 73,723,918 64,599,309
Other debtors 444,278 148,520
Tax 92,164 1,200,000
Prepayments and accrued income 4,347,908 4,953,535
80,228,170 72,281,154

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) - 7,158
Trade creditors 2,844,913 1,544,818
Amounts owed to group undertakings 45,142,528 44,387,151
Other taxes and social security 1,931,699 1,683,198
Other creditors 3,248,171 2,697,504
Accruals and deferred income 2,058,772 1,745,258
55,226,083 52,065,087

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 91,542,701 84,306,474

16. LOANS

This company and the fellow subsidiaries of Country Court Care Group Limited have two banking facilities with Starwood Trust Inc. and Starfin Lux 5 S.a.r.l.. These facilities are on an interest only basis due for repayment in May 2027. The two facilities are as follows, Facility A being £149,500,000 and Facility B being £15,000,000. Facility A funded the refinance of the group's core portfolio i.e. existing care homes and attracts interest at 3.90% over SONIA. Facility B provides development finance, available to fund further acquisition and development and attracts interest at 3.90% over SONIA.

A hedging agreement is in place for the first four years of the loan, with an interest rate cap with a strike rate not exceeding 3.00% per annum on the third anniversary date, 3.50% per annum for the period from the third anniversary date to the fourth anniversary date and 3.5% the for the period from the fourth anniversary date.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 7,158

Non-cancellable operating leases
2024 2023
£    £   
Within one year 2,275,587 1,303,932
Between one and five years 8,641,476 4,959,362
In more than five years 38,495,033 23,106,525
49,412,096 29,369,819

The leasing commitments relate to two 25 year leases in place with a group undertaking Country Court Care Homes 2 Propco Limited, a 35 year lease in place with a third party which is not a group undertaking and various leases of motor vehicles.

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 91,542,701 84,306,474
Hire purchase contracts - 7,158
91,542,701 84,313,632

The company's bank loans are secured by way of fixed and floating charges , together with a negative pledge over the company's assets.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Revaluation gains 21,166,506 18,872,322

Deferred
tax
£   
Balance at 1 April 2023 18,872,322
Charge on revaluation gains 2,294,184
Balance at 31 March 2024 21,166,506

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

21. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 27,396,543 45,732,423 73,128,966
Profit for the year 2,985,093 2,985,093
Property revaluation - 7,930,118 7,930,118
Deferred tax - (2,294,184 ) (2,294,184 )
At 31 March 2024 30,381,636 51,368,357 81,749,993

a) Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

b) Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

COUNTRY COURT CARE HOMES 2 LIMITED (REGISTERED NUMBER: 09020971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

22. ULTIMATE PARENT COMPANY

The company's parent company is Country Court Care Group Limited. Kibo Holdings Limited is regarded by the directors as being the company's ultimate parent company. The registered office address for both companies is: Enterprise Way, Pinchbeck, Spalding, Lincolnshire, PE11 3YR.