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REGISTERED NUMBER: 03978762 (England and Wales)















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: Ms N L Canbek
Mrs C F Downs
C F Downs
Mrs C L Shann
R A Shann



SECRETARY: Ms N L Canbek



REGISTERED OFFICE: The Loft
St Vincent House
Forton Road
Gosport
Hampshire
PO12 4TH



REGISTERED NUMBER: 03978762 (England and Wales)



AUDITORS: Menzies LLP
Chartered Accountants &
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX



BANKERS: Nat West Bank plc
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:





Ms N L Canbek - Secretary


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.

Ms N L Canbek
Mrs C F Downs
C F Downs
Mrs C L Shann
R A Shann


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:



Ms N L Canbek - Secretary


11 March 2025

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.




Andrew Galliers FCA (Senior Statutory Auditor)
for and on behalf of Menzies LLP
Chartered Accountants &
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX

13 March 2025

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 8,354,762 4,851,119

Cost of sales 6,594,563 3,711,228
GROSS PROFIT 1,760,199 1,139,891

Administrative expenses 1,464,260 946,232
295,939 193,659

Other operating income 25,094 29,660
OPERATING PROFIT 4 321,033 223,319

Interest receivable and similar income 394 154
321,427 223,473

Interest payable and similar expenses 5 241,371 103,937
PROFIT BEFORE TAXATION 80,056 119,536

Tax on profit 6 34,130 46,839
PROFIT FOR THE FINANCIAL PERIOD 45,926 72,697

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

45,926

72,697

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 5,470,366 5,602,043
5,470,366 5,602,043

CURRENT ASSETS
Stocks 10 7,950 7,950
Debtors 11 129,187 111,703
Cash at bank and in hand 324,336 261,868
461,473 381,521
CREDITORS
Amounts falling due within one year 12 3,009,555 3,002,131
NET CURRENT LIABILITIES (2,548,082 ) (2,620,610 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,922,284

2,981,433

CREDITORS
Amounts falling due after more than
one year

13

(313,000

)

(313,000

)

PROVISIONS FOR LIABILITIES 17 (71,813 ) (80,288 )
NET ASSETS 2,537,471 2,588,145

CAPITAL AND RESERVES
Called up share capital 18 50,000 50,000
Revaluation reserve 19 1,543,561 1,564,574
Capital redemption reserve 19 236,950 236,950
Retained earnings 19 706,960 736,621
SHAREHOLDERS' FUNDS 2,537,471 2,588,145

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:



Mrs C L Shann - Director


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 50,000 716,165 1,578,583 236,950 2,581,698

Changes in equity
Dividends - (66,250 ) - - (66,250 )
Total comprehensive income - 86,706 (14,009 ) - 72,697
Balance at 31 March 2023 50,000 736,621 1,564,574 236,950 2,588,145

Changes in equity
Dividends - (96,600 ) - - (96,600 )
Total comprehensive income - 66,939 (21,013 ) - 45,926
Balance at 30 September 2024 50,000 706,960 1,543,561 236,950 2,537,471

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 1 533,136 342,540
Interest paid (241,371 ) (103,937 )
Tax paid (23,304 ) (16,223 )
Taxation refund 785 -
Net cash from operating activities 269,246 222,380

Cash flows from investing activities
Purchase of tangible fixed assets (17,542 ) (58,597 )
Interest received 394 154
Net cash from investing activities (17,148 ) (58,443 )

Cash flows from financing activities
Loan repayments in year (2,140,623 ) (174,281 )
New loans in year 2,033,457 -
Amount introduced by directors 15,000 -
Amount withdrawn by directors (864 ) (768 )
Equity dividends paid (96,600 ) (66,250 )
Net cash from financing activities (189,630 ) (241,299 )

Increase/(decrease) in cash and cash equivalents 62,468 (77,362 )
Cash and cash equivalents at beginning
of period

2

261,868

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 80,056 119,536
Depreciation charges 149,220 103,530
Finance costs 241,371 103,937
Finance income (394 ) (154 )
470,253 326,849
Increase in trade and other debtors (17,178 ) (20,126 )
Increase in trade and other creditors 80,061 35,817
Cash generated from operations 533,136 342,540

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 62,468 324,336
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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost of buildings
Short leasehold - 33% on cost
Improvements to property - 2% on cost
Fixtures & fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 5,458,930 2,957,440
Social security costs 409,704 208,432
Other pension costs 95,776 46,720
5,964,410 3,212,592

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
198 186

Period
1.4.23
to Year Ended
30.9.24 31.3.23
£    £   
Directors' remuneration 256,221 158,491
Directors' pension contributions to money purchase schemes 5,442 3,410

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

Money purchase schemes 3 3

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 77,583
Pension contributions to money purchase schemes 1,867

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 1,985 1,310
Depreciation - owned assets 149,219 103,531
Auditors' remuneration 26,100 20,160

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.23
to Year Ended
30.9.24 31.3.23
£    £   
Bank loan interest 241,371 103,937

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 42,605 23,304

Deferred tax (8,475 ) 23,535
Tax on profit 34,130 46,839

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 80,056 119,536
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

20,014

22,712

Effects of:
Utilisation of tax losses (5,585 ) (3,248 )
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 96,600 66,250

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 849,974
AMORTISATION
At 1 April 2023
and 30 September 2024 849,974
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 5,873,226 1,059 75,548
Additions - - 1,325
At 30 September 2024 5,873,226 1,059 76,873
DEPRECIATION
At 1 April 2023 710,647 1,059 11,086
Charge for period 88,098 - 2,306
At 30 September 2024 798,745 1,059 13,392
NET BOOK VALUE
At 30 September 2024 5,074,481 - 63,481
At 31 March 2023 5,162,579 - 64,462

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 908,397 14,175 4,434 6,876,839
Additions 16,217 - - 17,542
At 30 September 2024 924,614 14,175 4,434 6,894,381
DEPRECIATION
At 1 April 2023 533,953 13,617 4,434 1,274,796
Charge for period 58,606 209 - 149,219
At 30 September 2024 592,559 13,826 4,434 1,424,015
NET BOOK VALUE
At 30 September 2024 332,055 349 - 5,470,366
At 31 March 2023 374,444 558 - 5,602,043

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 7,950 7,950

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 31.3.23
£    £   
Trade debtors 41,138 60,061
Directors' current accounts 6,499 5,981
Tax 2,193 2,405
Prepayments and accrued income 79,357 43,256
129,187 111,703

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 31.3.23
£    £   
Bank loans and overdrafts (see note 14) 2,033,457 2,140,622
Trade creditors 115,967 88,662
Tax 43,178 23,304
Social security and other taxes 62,678 49,384
Other creditors 534,144 566,254
Directors' current accounts 60,973 46,319
Accruals and deferred income 159,158 87,586
3,009,555 3,002,131

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 31.3.23
£    £   
Other loans (see note 14) 313,000 313,000

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 2,033,457 2,140,622

Amounts falling due between two and five years:
Preference shares - 2-5 years 313,000 313,000

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 850 946
Between one and five years 2,336 -
3,186 946

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 2,033,457 2,140,622

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 80,288
Accelerated capital allowances (8,475 )
Balance at 30 September 2024 71,813

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: £    £   
50,000 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 736,621 1,564,574 236,950 2,538,145
Profit for the period 45,926 45,926
Dividends (96,600 ) (96,600 )
Transfer excess depreciation
charge on revalued assets 21,013 (21,013 ) - -
At 30 September 2024 706,960 1,543,561 236,950 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
£    £   
Mrs C F Downs and C F Downs
Balance outstanding at start of period (46,319 ) (46,626 )
Amounts advanced 346 307
Amounts repaid (15,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (60,973 ) (46,319 )

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

Mrs C L Shann and R A Shann
Balance outstanding at start of period 3,187 2,880
Amounts advanced 346 307
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 3,533 3,187

Ms N L Canbek
Balance outstanding at start of period 2,794 2,640
Amounts advanced 173 154
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 2,967 2,794

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.