Company Registration No. 07192363 (England and Wales)
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
COMPANY INFORMATION
Directors
Dr S M Feldman
Mrs S A Feldman
Company number
07192363
Registered office
4215 Park Approach
Thorpe Park
Leeds
LS15 8GB
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
England
LS2 7PN
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8 - 9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 35
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 30 March 2024.
Fair review of the business
As the business continues to grow, we have focused on improving efficiencies in the current business. We continue to focus on profitable services we can provide to both the NHS and private patients.
The year under review continued to be challenging, with well-publicised pressures on NHS resources resulting in staff shortages and the need to increase the use of locum staff to ensure the increases in patient numbers treated did not impact on the safe operation of our medical centres.
The Group invested in new medical equipment during the year to improve efficiencies and will continue to do so to both improve efficiency and increase the number of medical centres.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group concern the time, date and nature of certain contracts awarded by NHS commissioning bodies for the delivery of patient care. The continuing evolution of NHS service commissioning is both an opportunity and a risk. Therefore, in so far as it is possible, we mitigate that risk through regular monitoring of performance under our current contracts and careful selection when bidding for new contracts.
Key performance indicators
The key financial performance indicators are turnover and EBITDA. The Group grew turnover by £1m as a result of increasing activity levels and the acquisition of Living Care Imaging Ltd. EBITDA for 2024 was £1.343m (2023 - £1.148m) with the increase attributable to the acquisition of Living Care Imaging Ltd.
..............................
Dr S M Feldman
Director
Date: .............................................
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 March 2024.
Principal activities
The principal activity of the company was a holding company. The principal activity of the group continued to be that of the provision of outpatient services.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr S M Feldman
Mrs S A Feldman
Auditor
The auditor, Henton & Co LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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
Dr S M Feldman
Director
24 February 2025
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 MARCH 2024
- 3 -
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.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
- 4 -
Opinion
We have audited the financial statements of Living Care Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 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 FRS 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 group's and the parent company's affairs as at 30 March 2024 and of the group's 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent 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.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
- 5 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has 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 group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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; or
the company is entitled to claim exemption in preparing a strategic report due to it being a member of an ineligible group.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
- 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Reviewed the nature of the industry and sector, the control environment and business performance for the year.
Identifying the laws and regulations the company operates within and enquiring with management if they are aware of any non compliance issues.
Discussed how and where fraud may occur with all members of the audit engagement team.
In line with all audits under ISAs (UK) we were required to perform tests to respond to the risk of management override. We tested the appropriateness of journal entries, evaluated the judgements made for accounting estimates to assess if any bias, and assessed the rationale behind any significant or unusual transactions.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Chris Howitt
(Senior Statutory Auditor)
For and on behalf of Henton & Co LLP
20 February 2025
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
England
LS2 7PN
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
15,644,286
14,587,562
Cost of sales
(7,395,047)
(6,508,454)
Gross profit
8,249,239
8,079,108
Administrative expenses
(7,579,868)
(7,413,420)
Other operating income
25,458
73,885
Operating profit
4
694,829
739,573
Share of results of associates and joint ventures
-
(23,229)
Interest receivable and similar income
7
60
Interest payable and similar expenses
8
(269,086)
(135,403)
Profit before taxation
425,803
580,941
Tax on profit
9
103,293
(187,461)
Profit for the financial year
529,096
393,480
Profit for the financial year is attributable to:
- Owners of the parent company
529,096
357,490
- Non-controlling interests
-
35,990
529,096
393,480
Total comprehensive income for the year is attributable to:
- Owners of the parent company
529,096
357,490
- Non-controlling interests
-
35,990
529,096
393,480
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
160,447
171,383
Tangible assets
11
9,637,254
3,705,682
Investments
13
278
9,797,701
3,877,343
Current assets
Stocks
15
26,191
20,000
Debtors
16
3,417,022
2,332,167
Cash at bank and in hand
630,748
659,697
4,073,961
3,011,864
Creditors: amounts falling due within one year
17
(5,525,986)
(3,805,366)
Net current liabilities
(1,452,025)
(793,502)
Total assets less current liabilities
8,345,676
3,083,841
Creditors: amounts falling due after more than one year
18
(7,019,180)
(2,147,157)
Provisions for liabilities
Deferred tax liability
21
261,170
364,464
(261,170)
(364,464)
Net assets
1,065,326
572,220
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
1,065,226
536,130
Equity attributable to owners of the parent company
1,065,326
536,230
Non-controlling interests
-
35,990
1,065,326
572,220
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2024
30 March 2024
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Dr S M Feldman
Director
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 MARCH 2024
30 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
11,671
15,561
Investment properties
12
2,600,000
2,810,294
Investments
13
535,575
799,084
3,147,246
3,624,939
Current assets
Debtors
16
124,634
484,801
Cash at bank and in hand
465,055
124,320
589,689
609,121
Creditors: amounts falling due within one year
17
(1,707,440)
(2,479,105)
Net current liabilities
(1,117,751)
(1,869,984)
Total assets less current liabilities
2,029,495
1,754,955
Creditors: amounts falling due after more than one year
18
-
(956,133)
Provisions for liabilities
Deferred tax liability
21
689
195,435
(689)
(195,435)
Net assets
2,028,806
603,387
Capital and reserves
Called up share capital
23
100
100
Revaluation reserve
282,287
440,007
Profit and loss reserves
1,746,419
163,280
Total equity
2,028,806
603,387
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024
30 March 2024
- 11 -
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,583,139 (2023 - £110,063 profit).
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Dr S M Feldman
Director
Company Registration No. 07192363
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 31 March 2022
100
178,640
178,740
-
178,740
Year ended 30 March 2023:
Profit and total comprehensive income for the year
-
357,490
357,490
35,990
393,480
Balance at 30 March 2023
100
536,130
536,230
35,990
572,220
Year ended 30 March 2024:
Profit and total comprehensive income for the year
-
529,096
529,096
-
529,096
Other movements
-
-
-
(35,990)
(35,990)
Balance at 30 March 2024
100
1,065,226
1,065,326
1,065,326
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 31 March 2022
100
440,007
53,217
493,324
Year ended 30 March 2023:
Profit and total comprehensive income for the year
-
-
110,063
110,063
Balance at 30 March 2023
100
440,007
163,280
603,387
Year ended 30 March 2024:
Profit and total comprehensive income for the year
-
-
1,583,139
1,583,139
Other movements
-
(157,720)
-
(157,720)
Balance at 30 March 2024
100
282,287
1,746,419
2,028,806
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,803,770
834,741
Interest paid
(269,086)
(135,403)
Net cash inflow from operating activities
1,534,684
699,338
Investing activities
Purchase of business
(122,842)
118,682
Purchase of tangible fixed assets
(210,876)
(107,233)
Receipts from associates
278
-
Receipts arising from loans made
438
21,170
Interest received
60
Net cash (used in)/generated from investing activities
(332,942)
32,619
Financing activities
Repayment of borrowings
13,807
(376,177)
Repayment of bank loans
(1,165,114)
(123,009)
Payment of finance leases obligations
(255,706)
(345,661)
Net cash used in financing activities
(1,407,013)
(844,847)
Net decrease in cash and cash equivalents
(205,271)
(112,890)
Cash and cash equivalents at beginning of year
659,697
772,587
Cash and cash equivalents at end of year
454,426
659,697
Relating to:
Cash at bank and in hand
630,748
659,697
Bank overdrafts included in creditors payable within one year
(176,322)
-
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 15 -
1
Accounting policies
Company information
Living Care Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4215 Park Approach, Thorpe Park, Leeds, LS15 8GB.
The group consists of Living Care Group Limited 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 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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Living Care Group Limited 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 March 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
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 5 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.
1.7
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.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold land and buildings
15% straight line
Right of use asset
5 - 10 years straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
3 years straight line
Motor vehicles
25% reducing balance
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.
1.8
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, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.9
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
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.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.12
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
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.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
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.
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.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
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.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Medical Services
15,644,286
14,587,562
2024
2023
£
£
Other significant revenue
Interest income
60
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
550,031
333,321
Amortisation of intangible assets
97,788
74,788
Operating lease charges
1,106,848
877,155
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 24 -
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
-
-
Audit of the financial statements of the company's subsidiaries
20,000
19,000
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
206
327
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,600,819
3,560,836
Social security costs
339,518
349,001
-
-
Pension costs
77,322
77,696
4,017,659
3,987,533
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
60
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 25 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
86,805
68,771
Other interest on financial liabilities
130,540
-
Interest on finance leases and hire purchase contracts
51,741
66,632
Total finance costs
269,086
135,403
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(163,266)
202,154
Adjustment in respect of prior periods
59,973
(14,693)
Total deferred tax
(103,293)
187,461
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
425,803
580,941
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
106,451
110,379
Tax effect of expenses that are not deductible in determining taxable profit
4,896
1,140
Tax effect of utilisation of tax losses not previously recognised
68,517
Permanent capital allowances in excess of depreciation
(38,967)
(15,551)
Depreciation on assets not qualifying for tax allowances
302
-
Under/(over) provided in prior years
(228,622)
Deferred tax adjustments in respect of prior years
52,647
22,976
Taxation (credit)/charge
(103,293)
187,461
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 26 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 31 March 2023
899,544
Additions - business combinations
86,852
At 30 March 2024
986,396
Amortisation and impairment
At 31 March 2023
728,161
Amortisation charged for the year
97,788
At 30 March 2024
825,949
Carrying amount
At 30 March 2024
160,447
At 30 March 2023
171,383
The company had no intangible fixed assets at 30 March 2024 or 30 March 2023.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 27 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Right of use asset
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 31 March 2023
2,261,401
2,657,520
379,077
59,758
5,357,756
Additions
30,147
6,270,727
21,899
11,287
6,343
141,200
6,481,603
At 30 March 2024
2,261,401
30,147
6,270,727
2,679,419
390,364
66,101
141,200
11,839,359
Depreciation and impairment
At 31 March 2023
453,761
894,004
251,107
53,202
1,652,074
Depreciation charged in the year
46,709
1,074
188,877
286,980
21,297
2,152
2,942
550,031
At 30 March 2024
500,470
1,074
188,877
1,180,984
272,404
55,354
2,942
2,202,105
Carrying amount
At 30 March 2024
1,760,931
29,073
6,081,850
1,498,435
117,960
10,747
138,258
9,637,254
At 30 March 2023
1,807,640
1,763,516
127,970
6,556
3,705,682
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 28 -
Company
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 31 March 2023 and 30 March 2024
73,508
41,812
10,781
126,101
Depreciation and impairment
At 31 March 2023
63,447
36,312
10,781
110,540
Depreciation charged in the year
2,515
1,375
3,890
At 30 March 2024
65,962
37,687
10,781
114,430
Carrying amount
At 30 March 2024
7,546
4,125
11,671
At 30 March 2023
10,061
5,500
15,561
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 31 March 2023
-
2,810,294
Net gains or losses through fair value adjustments
-
(210,294)
At 30 March 2024
-
2,600,000
In the opinion of the director, the investment property is shown at open market value and has been determined on a rental yield basis. There has been no change during the year.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
535,575
799,084
Investments in associates
278
278
535,575
799,084
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 31 March 2023
278
Disposals
(278)
At 30 March 2024
-
Carrying amount
At 30 March 2024
-
At 30 March 2023
278
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 March 2023
799,084
Additions
194,870
Disposals
(458,379)
At 30 March 2024
535,575
Carrying amount
At 30 March 2024
535,575
At 30 March 2023
799,084
14
Subsidiaries
Details of the company's subsidiaries at 30 March 2024 are as follows:
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
14
Subsidiaries
(Continued)
- 30 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Fountain Diagnostics Limited
4215, Park Approach, Thorpe Park, Leeds LS15 8GB
Provision of medical services
Ordinary
100.00
-
Calepark Limited
4215, Park Approach, Thorpe Park, Leeds LS15 8GB
Dormant
Ordinary
-
100.00
Standard Healthcare Services Limited
4215, Park Approach, Thorpe Park, Leeds LS15 8GB
Dormant
Ordinary
-
100.00
Leodis Care Limited
4215, Park Approach, Thorpe Park, Leeds LS15 8GB
Dormant
Ordinary
-
75.00
Livingcare Sheffield Limited
Eis Sheffield, Coleridge Road, Sheffield S9 5DA
Diagnostics imaging
Ordinary
-
100.00
Exceed Sports Group Limited
4215, Park approach, Thorpe Park, Leeds LS15 8GB
Provision of orthopedic services
Ordinary
-
100.00
Livingcare Diagnostics Limited
4215, Park approach, Thorpe Park, Leeds LS15 8GB
Medical diagnostic services
Ordinary
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Fountain Diagnostics Limited
2,134,933
548,006
Calepark Limited
18,271
-
Standard Healthcare Services Limited
545
-
Leodis Care Limited
782
-
Livingcare Sheffield Limited
(796,953)
(470,177)
Exceed Sports Group Limited
(5,387)
3,376
Livingcare Diagnostics Limited
598,412
176,081
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
20,000
20,000
-
-
Finished goods and goods for resale
6,191
26,191
20,000
-
-
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 31 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,989,863
1,102,819
89,137
14,586
Other debtors
611,495
680,330
3,600
434,318
Prepayments and accrued income
815,664
549,018
31,897
35,897
3,417,022
2,332,167
124,634
484,801
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
309,655
219,650
76,429
Obligations under finance leases
20
360,478
362,277
Other borrowings
19
13,807
Trade creditors
1,930,505
1,803,383
2,930
19,885
Amounts owed to group undertakings
596,759
Other taxation and social security
271,385
90,645
-
-
Other creditors
1,121,054
82,334
1,048,703
2,266,250
Accruals and deferred income
1,519,102
1,247,077
59,048
116,541
5,525,986
3,805,366
1,707,440
2,479,105
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
49,176
1,127,973
956,133
Obligations under finance leases
20
6,767,254
750,434
Other creditors
202,750
268,750
7,019,180
2,147,157
-
956,133
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 32 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
182,509
1,347,623
1,032,562
Bank overdrafts
176,322
Other loans
13,807
372,638
1,347,623
-
1,032,562
Payable within one year
323,462
219,650
76,429
Payable after one year
49,176
1,127,973
956,133
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
360,478
362,277
In two to five years
862,917
750,434
In over five years
5,904,337
7,127,732
1,112,711
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 33 -
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
259,620
402,963
Tax losses
-
(37,191)
Retirement benefit obligations
1,550
(1,308)
261,170
364,464
Liabilities
Liabilities
2024
2023
Company
£
£
Investment property
689
195,435
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 31 March 2023
364,464
195,435
Credit to profit or loss
(50,720)
(142,172)
Credit to other comprehensive income
(52,574)
(52,574)
Liability at 30 March 2024
261,170
689
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,322
77,696
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.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 34 -
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
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
6,689,332
-
-
-
Between two and five years
1,014,797
1,138,227
-
-
7,704,129
1,138,227
-
-
26
Directors' transactions
At 30 March 2024 the director owed the group £nil (2023 - £13,434). The maximum outstanding during the year was £13,434. The whole balance has been repaid after the year end.
CONSOLIDATED RECORD FOR LIVING CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 35 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
529,096
393,481
Adjustments for:
Share of results of associates and joint ventures
-
23,229
Taxation (credited)/charged
(103,293)
187,461
Finance costs
269,086
135,403
Investment income
(60)
Amortisation and impairment of intangible assets
97,788
74,788
Depreciation and impairment of tangible fixed assets
550,030
333,320
Movements in working capital:
Increase in stocks
(6,191)
(3,000)
Increase in debtors
(1,085,293)
(327,579)
Increase in creditors
1,552,607
17,636
Cash generated from operations
1,803,770
834,739
Difference
-
2
Per cash flow statement page
1,803,770
834,741
28
Analysis of changes in net debt - group
31 March 2023
Cash flows
New finance leases
30 March 2024
£
£
£
£
Cash at bank and in hand
659,697
(28,949)
-
630,748
Bank overdrafts
(176,322)
-
(176,322)
659,697
(205,271)
-
454,426
Borrowings excluding overdrafts
(1,347,623)
1,151,307
-
(196,316)
Obligations under finance leases
(1,112,711)
255,706
(6,270,727)
(7,127,732)
(1,800,637)
1,201,742
(6,270,727)
(6,869,622)
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