REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 April 2023 to 30 September 2024 |
for |
St Vincent Care Homes Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 April 2023 to 30 September 2024 |
for |
St Vincent Care Homes Limited |
St Vincent Care Homes Limited (Registered number: 03978762) |
Contents of the Financial Statements |
for the Period 1 April 2023 to 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
St Vincent Care Homes Limited |
Company Information |
for the Period 1 April 2023 to 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditor |
3000a Parkway |
Whiteley |
Hampshire |
PO15 7FX |
BANKERS: |
Commercial Road Branch |
Portsmouth |
Hampshire |
PO1 1ES |
St Vincent Care Homes Limited (Registered number: 03978762) |
Strategic Report |
for the Period 1 April 2023 to 30 September 2024 |
The directors present their strategic report for the period 1 April 2023 to 30 September 2024. |
REVIEW OF BUSINESS |
The 18 month period saw some issues that hadn't been foreseen. Occupancy suffered principally as a result of a poor Care Quality Commission (CQC) rating for one of the homes which resulted in difficulties in replacing residents. The issues that caused the poor rating were made good very quickly but CQC did not reinspect in the required time frame (6 months) and issued their revised report and rating in late September 2024. All homes are now rated good but the average occupancy fell to 96.5 rooms on average from 98.8 in the previous financial year. The company have concentrated efforts on providing better quality rooms and this has paid of in that average fees for the period were £1,115.82 (2023 - £944.01) which is an 18.2% increase, partly due to two fee increases (in April 2023 and April 2024). |
Staff costs increased by 18.1% after adjusting for the extended period. There were two increases in the National Minimum Wage in that period - April 23 and April 24 - of 9.6% and 9.7% which heavily impacted our own wage costs. |
Our Operating Profit at £229,276 (2023 - £223,066) declined by 31.5% when annualised. The biggest contributing factor to the decline was loan interest, with EBITDA at £470,647 (2023 - £332,617) showing a much more modest decline of 5.7%. |
Staffing |
We have stepped up our recruitment effort in the year with some success, although staffing remains a prime issue throughout the care sector. We have reduced our agency costs from 2023 at £379,484 (£31,624 per month) to £359,565 (£19,976 per month) and the current level is less than £16,000 per month, and we are targeting £12,000 per month. Wage costs will be heavily impacted by the recent budgeted increase in National Insurance, which is estimated to add £145,000 to our annual wage costs. |
St Vincent Care Homes Limited (Registered number: 03978762) |
Strategic Report |
for the Period 1 April 2023 to 30 September 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Interest rates are set to remain high for the next few years, with some small reductions now forecast by the Bank of England. This will continue to be a major risk and will be a major factor in renegotiating our bank loans with the general affordability of loan interest and repayments being an issue. |
Inflation in our industry will remain significant with our wage costs being by far our biggest expense. The National Minimum Wage increase in April combined with the national Insurance increase mentioned above will set the target for our fee increases in April 2025 at around 8%. The ability of Local Authorities to pay this uncertain. We are likely to suffer an above inflation increase in our electric bills as the current contracts, which were entered into before the Ukraine crisis, are finishing in December. We have estimated a 20% increase in our budgets but this is uncertain at present. The gas contracts run until June 2025, but are also expected to result in significant increases when they are renewed. |
ON BEHALF OF THE BOARD: |
11 March 2025 |
St Vincent Care Homes Limited (Registered number: 03978762) |
Report of the Directors |
for the Period 1 April 2023 to 30 September 2024 |
The directors present their report with the financial statements of the company for the period 1 April 2023 to 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of the provision of residential care homes. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
0.1325 | - 27 April 2023 |
0.1325 | - 26 May 2023 |
0.1325 | - 23 June 2023 |
0.1325 | - 25 July 2023 |
0.1325 | - 22 August 2023 |
0.1325 | - 22 September 2023 |
0.1325 | - 27 October 2023 |
0.1325 | - 27 November 2023 |
0.1090 | - 27 December 2023 |
0.1090 | - 29 January 2024 |
0.1090 | - 31 May 2024 |
0.1090 | - 25 June 2024 |
0.1090 | - 18 July 2024 |
0.1090 | - 23 August 2024 |
0.1090 | - 19 September 2024 |
0.1090 | - 30 September 2024 |
1.9320 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the period ended 30 September 2024 will be £96,600. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
St Vincent Care Homes Limited (Registered number: 03978762) |
Report of the Directors |
for the Period 1 April 2023 to 30 September 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). 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; |
- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
St Vincent Care Homes Limited |
Opinion |
We have audited the financial statements of St Vincent Care Homes Limited (the 'company') for the period ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 September 2024 and of its profit for the period 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. |
Material uncertainty 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. |
Report of the Independent Auditors to the Members of |
St Vincent Care Homes Limited |
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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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. |
Report of the Independent Auditors to the Members of |
St Vincent Care Homes Limited |
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: |
Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are industry specific laws and regulations, the Care Quality Commission (CQC) regulations, which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. |
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance. We corroborated our inquiries through our review of board minutes. |
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non compliance with laws and regulations. The assessment did not identify any issues in this area. |
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- Identifying and assessing the design effectiveness of controls management has in place to prevent and |
detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override |
of controls or other inappropriate influence over the financial reporting process; |
- Challenging assumptions and judgments made by management in its significant accounting estimates; |
and |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account |
combinations. |
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: |
- Posting of unusual journals and complex transactions. |
- Misappropriation of funds through fraudulent purchase ledger and payroll activity |
- Manipulation of amounts subject to significant judgment or estimate. |
Report of the Independent Auditors to the Members of |
St Vincent Care Homes Limited |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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. |
for and on behalf of |
Chartered Accountants & |
Statutory Auditor |
3000a Parkway |
Whiteley |
Hampshire |
PO15 7FX |
St Vincent Care Homes Limited (Registered number: 03978762) |
Statement of Comprehensive Income |
for the Period 1 April 2023 to 30 September 2024 |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
295,939 | 193,659 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
321,427 | 223,473 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
St Vincent Care Homes Limited (Registered number: 03978762) |
Balance Sheet |
30 September 2024 |
30.9.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
St Vincent Care Homes Limited (Registered number: 03978762) |
Statement of Changes in Equity |
for the Period 1 April 2023 to 30 September 2024 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 September 2024 |
St Vincent Care Homes Limited (Registered number: 03978762) |
Cash Flow Statement |
for the Period 1 April 2023 to 30 September 2024 |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Taxation refund |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
New loans in year |
Amount introduced by directors | 15,000 | - |
Amount withdrawn by directors | (864 | ) | (768 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
339,230 |
Cash and cash equivalents at end of period |
2 |
324,336 |
261,868 |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Cash Flow Statement |
for the Period 1 April 2023 to 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 241,371 | 103,937 |
Finance income | (394 | ) | (154 | ) |
470,253 | 326,849 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 30 September 2024 |
30.9.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 324,336 | 261,868 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 261,868 | 339,230 |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Cash Flow Statement |
for the Period 1 April 2023 to 30 September 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 261,868 | 62,468 | 324,336 |
261,868 | 324,336 |
Debt |
Debts falling due within 1 year | (2,140,622 | ) | 107,165 | (2,033,457 | ) |
Debts falling due after 1 year | (313,000 | ) | - | (313,000 | ) |
(2,453,622 | ) | 107,165 | (2,346,457 | ) |
Total | (2,191,754 | ) | 169,633 | (2,022,121 | ) |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements |
for the Period 1 April 2023 to 30 September 2024 |
1. | STATUTORY INFORMATION |
St Vincent Care Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The reporting period in these financial statements is not equal to one year as the company period end was extended during the period. The reporting period is now 18 months and as a result the comparative amounts presented are not entirely comparable due to the change in accounting period. |
Turnover |
Turnover represents fees charged to privately funded residents and fees received from Local Authorities, NHS trusts and other publically funded bodies. |
Goodwill |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Goodwill | - over 10 years |
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 |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Fixtures & fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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 |
Rentals paid under operating leases are charged to profit or loss 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. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
Production and administrative staff | 193 | 181 |
Directors | 5 | 5 |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director for the period ended 30 September 2024 is as follows: |
Period |
1.4.23 |
to |
30.9.24 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Bank loan interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Utilisation of tax losses | ( |
) | ( |
) |
Depreciation on assets not qualifying for tax allowances | 22,600 | 11,446 |
Enhanced capital allowances | - | (3,340 | ) |
Increase deferred tax provision to 25% | - | 19,269 |
Marginal relief | (2,899 | ) | - |
Total tax charge | 34,130 | 46,839 |
7. | DIVIDENDS |
Period |
1.4.23 |
to | Year Ended |
30.9.24 | 31.3.23 |
£ | £ |
Ordinary shares of £1 each |
Equity dividends |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 April 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 March 2023 |
9. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 March 2023 |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixtures | Motor | Computer |
& fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 March 2023 |
Land and buildings includes investment property which, in the opinion of the directors cannot be valued independently. |
Cost or valuation at 30 September 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2011 | 1,400,853 | - | 1,400,853 |
Cost | 4,473,432 | 1,020,096 | 5,493,528 |
5,874,285 | 1,020,096 | 6,894,381 |
If the freehold properties had not been revalued they would have been included at the following historical cost: |
30.9.24 | 31.3.23 |
£ | £ |
Cost | 4,472,373 | 4,472,373 |
Aggregate depreciation | 894,216 | 827,130 |
Value of land in freehold land and buildings | 2,236,186 | 2,236,186 |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
10. | STOCKS |
30.9.24 | 31.3.23 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 31.3.23 |
£ | £ |
Trade debtors |
Directors' current accounts | 6,499 | 5,981 |
Tax |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 60,973 | 46,319 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 31.3.23 |
£ | £ |
Other loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Preference shares - 2-5 years |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
14. | LOANS - continued |
Other loans relate to redeemable preference shares that are redeemable at 3 months notice, the holding parties have indicated that there is no current intention to serve this notice within 12 months of the balance sheet date and as such these have been classified as due after more than one year. |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
The total lease payments relating to operating leases recognised as an expense in the financial period amounts to £1,626 (2023: £1,310) |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.24 | 31.3.23 |
£ | £ |
Bank loans |
National Westminster Bank PLC hold a mortgage debenture created on 5 July 2001 in relation to all freehold and leasehold properties. |
In addition to this, the bank have legal mortgages on the freehold properties held by the company. |
17. | PROVISIONS FOR LIABILITIES |
30.9.24 | 31.3.23 |
£ | £ |
Deferred tax | 71,813 | 80,288 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances | (8,475 | ) |
Balance at 30 September 2024 |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
The called up share capital represents the nominal value of shares that have been issued. |
19. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 2,538,145 |
Profit for the period |
Dividends | ( |
) | ( |
) |
Transfer excess depreciation |
charge on revalued assets | 21,013 | (21,013 | ) | - | - |
At 30 September 2024 | 2,487,471 |
The retained earnings account includes all current and prior period retained profit and losses. |
The revaluation reserve comprises of the cumulative effect of revaluations of freehold land and buildings. |
The capital redemption reserve represents the amounts transferred following the redemption or purchase of a company's own shares out of distributable profits. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 30 September 2024 and the year ended 31 March 2023: |
30.9.24 | 31.3.23 |
£ | £ |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
St Vincent Care Homes Limited (Registered number: 03978762) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2024 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
All of the above directors current accounts are interest free, unsecured, and have no fixed repayment date. |
21. | ULTIMATE CONTROLLING PARTY |
The company was under the control of the directors throughout the current and previous year. |