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Company registration number: 03729130







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024


MILKWOOD CARE LTD






































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MILKWOOD CARE LTD
 


 
COMPANY INFORMATION


Directors
R Cheesman 
J Lloyd-Leech 
G Seddon 
A Hooper 
Y Messenbird 




Company secretary
R Cheesman



Registered number
03729130



Registered office
Dylan House
17 Bowen Lane

Petersfield

Hampshire

GU31 4DR




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


MILKWOOD CARE LTD
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 29


 


MILKWOOD CARE LTD
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Fair Review of the Business
 
In respect of occupancy the company saw demand for beds rise through the year as the homes filled up. Overall occupation for the year ran at 89.9%, a drop from the 93.4% achieved in 2023. This fall was due entirely to the issues encountered at The Mountains Nursing Home, where occupation dropped as low as 59% in March, but had recovered  back to 88% by the end of the financial year. Indeed by the end of October group occupation was 91.4%. 
The average bed fee rose to £1,336.33 (2023 - £1,216.45) which was an 9.85% increase. 
The turnover for the company rose to £16,638,916 (2023 - £15,940,380) which was an increase of 4.38 %. 

Staffing
 
Staff in all the homes are paid very competitive rates of pay, and all employees are paid over and above the Real Living Wage. Staff are rewarded financially for attaining further qualifications and encouraged to work towards the highest level of care that they can achieve. Training remains a key element and is essential in both valuing the staff and achieving the highest levels of care.
The company continue to work hard to minimise the use of agency staff, which has been kept at under 0.4% of the total wage bill.
Staff retention remains good and the company has had no particular problems with recruitment. The policy of promoting existing staff to management posts continues to pay dividends and give all employees a clear career path.

Principal risks and uncertainties
 
Although the government figures show levels of inflation running at under 3%, the major risk in the new year comes from government policies on pay and the rapidly increasing cost of food. The increase in the minimum wage of 5% from 1st April 2025, coupled with the increase in employers national insurance payments of 1.8%, will obviously affect the operating costs for the company. These must be met by reasonable matching increases from these government funded bodies, many of which are in dire financial straits and struggling to balance their books.
Food costs are continuing to rise over and above inflation and the company will have to work hard to achieve budget figures. Milkwood Care are continuing to work closely with their major suppliers and contractors to control or reduce costs wheresoever possible. 
The cost of funding in the past year was very much as expected, and it is hoped that interest rates will drop during the course of 2024/25.
The company has now completed the installation of new software systems and packages, including new electronic care packages, reporting software, online medical reporting into every home in the year.

Financial Key Performance Indicators
The directors consider occupancy levels, average bed fees and home wages as a percentage of turnover to be the key performance indicators when measuring performance. 
Occupancy levels as a percentage of available rooms        89.9%             (2023 – 93.7%)
Average weekly bed fee per resident               £1,336.33      (2023 - £1,216.45)
Home wages including agency costs as percentage of fees 66.63% (2023 – 63.50%)
The increase in wages was mainly as a result of a decision to retain full staff at The Mountains Nursing Home during the period of low occupation.

Page 1

 


MILKWOOD CARE LTD
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Section 172 Statement
 
This section serves as our section 172 statement and should be read in conjunction with the Director’s report on pages 3 to 5.
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interest of the stakeholders in their decision making. The Directors continue to have regard to the interests company’s employees and other stakeholders, including the impact of its activities on the community, the environment and the company’s reputation when making decisions. This is not a new requirement, but we are now required to explain in this statement how we discharge our duties to our stakeholders.
Employees
The company recognises that our staff are key to delivering the quality of service that we require in order to achieve our objectives in providing first class care to our residents. We provide high level training and encourage and pay for our staff to enrol in NVQ courses at levels 2,3,4,5 and beyond.
Residents
The care and wellbeing of our residents is the prime objective of the company, with residents and the relatives of residents encouraged to complete regular surveys. These are reviewed by the directors, who consider all suggestions made when implementing changes in procedures.
The company uses carehomes.com website to monitor their reviews and are pleased to end the year with an overall rating of 9.7 for the group.
Suppliers and contractors
The company continue to work with our principal suppliers and contractors to improve the quality of overall service that we offer our residents. Our negotiations with our suppliers and contractors are always made with a view to mutual satisfaction of both parties, with loyalty on both sides being a major consideration.
Environment
The Directors remain passionate about protecting the environment and are constantly looking at ways to reduce the company’s impact on the environment. During the course of the year the company replaced boilers with new more efficient ones. A scheme was put in place to plant new trees, with 1000 trees put in the ground in Usk by the team.


This report was approved by the board and signed on its behalf.



................................................
R Cheesman
Director

Date: 12 March 2025

Page 2

 


MILKWOOD CARE LTD
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £834,153 (2023 - £1,202,783).

The details of dividends paid are contained in notes to the accounts.

Directors

The directors who served during the year were:

R Cheesman 
J Lloyd-Leech 
G Seddon 
A Hooper 
Y Messenbird 

Future developments

Future developments are disclosed within the Strategic Report.

Engagement with employees

During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

Page 3

 


MILKWOOD CARE LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Engagement with suppliers, customers and others

Engagement with suppliers, customers and others are disclosed within the Strategic Report.

Disabled employees

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Greenhouse gas emissions, energy consumption and energy efficiency action

Envirionmental matters - streamlined energy and carbon reporting
In accordance with the requirements of the companies (Directors' Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the Directors would like to disclose the following information for the year ended 31 October 2024.

Emissions and energy consumption
 

Intensity Ratio
tCO2e per resident
The intensity measurement is calculated in tonnes of CO2e per resident. During the year ended 31st October 2024 this was 2.83 per resident (2023 – 2.87) 
Methodologies used within the calculation
Greenhouse gas emissions have been calculated using the “Government conversion factors for company reporting”.
Energy efficient action taken this year
The company continues to upgrade boilers and improve insulation to our heating systems. The replacement of single glaze windows with double glazed windows was completed in the year in all homes except one, which is scheduled for this year. The awareness of staff to the need for energy efficiency has improved, partly as a result of our programme to inform them of the need to improve efficiency, but also as a result of the general awareness of fuel costs that is impacting all of our staff.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 4

 


MILKWOOD CARE LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

This report was approved by the board and signed on its behalf.
 





................................................
R Cheesman
Director

Date: 12 March 2025

Page 5

 


MILKWOOD CARE LTD
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD

Opinion


We have audited the financial statements of Milkwood Care Ltd (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The 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 ReportOur 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.


Page 6

 


MILKWOOD CARE LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 Directors' Responsibilities Statement set out on page 3, 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 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.


Page 7

 


MILKWOOD CARE LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)

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.


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, those responsible for legal and compliance procedures and the company secretary. 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 recognise 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; and
Manipulation of amounts subject to significant judgment or estimate.


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 Auditor's Report.


Page 8

 


MILKWOOD CARE LTD


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)

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 2006Our 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.





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
Page 9

 


MILKWOOD CARE LTD
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

  

Turnover
 4 
16,638,916
15,940,382

Cost of sales
  
(12,057,165)
(10,861,981)

Gross profit
  
4,581,751
5,078,401

Administrative expenses
  
(2,792,741)
(2,827,054)

Exceptional administrative expenses
  
-
(23,364)

Other operating income
  
-
3,488

Operating profit
 5 
1,789,010
2,231,471

Interest receivable and similar income
  
77,386
11,251

Interest payable and similar expenses
 9 
(661,641)
(611,932)

Profit before tax
  
1,204,755
1,630,790

Tax on profit
 10 
(370,602)
(428,007)

Profit for the financial year
  
834,153
1,202,783

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 29 form part of these financial statements.

Page 10

 


MILKWOOD CARE LTD
REGISTERED NUMBER:03729130



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
40,719
81,444

Tangible assets
 14 
26,260,044
26,547,739

  
26,300,763
26,629,183

Current assets
  

Stocks
 15 
37,143
37,548

Debtors: amounts falling due within one year
 16 
5,323,377
4,986,046

Cash at bank and in hand
  
586,798
593,666

  
5,947,318
5,617,260

Creditors: amounts falling due within one year
 17 
(2,210,140)
(2,181,620)

Net current assets
  
 
 
3,737,178
 
 
3,435,640

Total assets less current liabilities
  
30,037,941
30,064,823

Creditors: amounts falling due after more than one year
 18 
(7,813,000)
(8,313,458)

Provisions for liabilities
  

Deferred tax
 21 
(2,642,551)
(2,643,128)

  
 
 
(2,642,551)
 
 
(2,643,128)

Net assets
  
19,582,390
19,108,237


Capital and reserves
  

Called up share capital 
 22 
2
2

Revaluation reserve
 23 
10,160,004
10,260,616

Profit and loss account
 23 
9,422,384
8,847,619

  
19,582,390
19,108,237


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.




................................................
R Cheesman
Director

The notes on pages 16 to 29 form part of these financial statements.

Page 11

 


MILKWOOD CARE LTD
 



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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2022
2
10,361,228
7,904,224
18,265,454


Comprehensive income for the year

Profit for the year
-
-
1,202,783
1,202,783


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,202,783
1,202,783


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(360,000)
(360,000)

Transfer to/from profit and loss account
-
(100,612)
100,612
-


Total transactions with owners
-
(100,612)
(259,388)
(360,000)



At 1 November 2023
2
10,260,616
8,847,619
19,108,237


Comprehensive income for the year

Profit for the year
-
-
834,153
834,153


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
834,153
834,153


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(360,000)
(360,000)

Transfer to/from profit and loss account
-
(100,612)
100,612
-


Total transactions with owners
-
(100,612)
(259,388)
(360,000)


At 31 October 2024
2
10,160,004
9,422,384
19,582,390


The notes on pages 16 to 29 form part of these financial statements.

Page 12

 


MILKWOOD CARE LTD
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
834,153
1,202,783

Adjustments for:

Amortisation of intangible assets
40,725
40,725

Depreciation of tangible assets
432,428
430,685

Loss on disposal of tangible assets
-
6,766

Government grants
-
(3,488)

Interest paid
661,641
611,932

Interest received
(77,386)
(11,251)

Taxation charge
370,602
428,007

Decrease in stocks
405
34,913

(Increase) in debtors
(337,331)
(1,560,921)

Increase in creditors
188,862
275,305

Corporation tax (paid)
(529,230)
(431,356)

Net cash generated from operating activities

1,584,869
1,024,100


Cash flows from investing activities

Purchase of tangible fixed assets
(144,733)
(128,339)

Sale of tangible fixed assets
-
8,000

Government grants received
-
3,488

Interest received
77,386
11,251

HP interest paid
(565)
(3,207)

Net cash from investing activities

(67,912)
(108,807)
Page 13

 


MILKWOOD CARE LTD
 



STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(500,000)
(500,000)

Repayment of/new finance leases
(2,749)
(21,346)

Dividends paid
(360,000)
(360,000)

Interest paid
(661,076)
(608,725)

Net cash used in financing activities
(1,523,825)
(1,490,071)

Net (decrease) in cash and cash equivalents
(6,868)
(574,778)

Cash and cash equivalents at beginning of year
593,666
1,168,444

Cash and cash equivalents at the end of year
586,798
593,666


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
586,798
593,666

586,798
593,666


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 


MILKWOOD CARE LTD
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024




At 1 November 2023
Cash flows
At 31 October 2024
£

£

£

Cash at bank and in hand

593,666

(6,868)

586,798

Debt due after 1 year

(8,313,000)

500,000

(7,813,000)

Debt due within 1 year

(539,400)

(3,823)

(543,223)

Finance leases

(3,207)

2,749

(458)


(8,261,941)
492,058
(7,769,883)

The notes on pages 16 to 29 form part of these financial statements.

Page 15

 


MILKWOOD CARE LTD
 


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

1.


General information

Milkwood Care Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The principal place of business is Dylan House, 17 Bowen Lane, Petersfield, GU31 4DR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 16

 


MILKWOOD CARE LTD
 


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

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 17

 


MILKWOOD CARE LTD
 


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

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, the bases of depreciation are listed below.

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost of the buildings element
Property improvements
-
2%
on cost
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
15%
on reducing balance
Computer equipment
-
50%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 18

 


MILKWOOD CARE LTD
 


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

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 


MILKWOOD CARE LTD
 


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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.
Goodwill
The directors have reviewed the goodwill and its residual value and have concluded that there is no reason for impairment in the current year. Amortisation over 10 years is considered to be appropriate.
Valuation of property
The directors have reviewed the property valuation and the underlying calculations, and have concluded that the valuation is appropriate.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Fees receivable
16,638,916
15,940,382

16,638,916
15,940,382


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,638,916
15,940,382

16,638,916
15,940,382



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
16,250
16,202

Page 20

 


MILKWOOD CARE LTD
 


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

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
15,810
13,275

Fees payable to the Company's auditor and its associates in respect of:

Accounts preparation and taxation compliance services
4,350
4,350

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£



Wages and salaries
10,261,943
9,179,348

Social security costs
906,352
771,368

Cost of defined contribution scheme
184,011
171,534

11,352,306
10,122,250

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Care home staff
434
426



Administrative staff
4
4



Management staff
4
4

442
434

Page 21

 


MILKWOOD CARE LTD
 


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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
178,855
155,583

Company contributions to defined contribution pension schemes
2,985
2,353

181,840
157,936


During the year retirement benefits were accruing to 4 directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £100,921 (2023 - £70,182).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £110).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
661,076
608,642

Finance leases and hire purchase contracts
565
3,207

Other interest payable
-
83

661,641
611,932
Page 22

 


MILKWOOD CARE LTD
 


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

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
371,179
440,708


371,179
440,708


Total current tax
371,179
440,708

Deferred tax


Origination and reversal of timing differences
(577)
(12,701)

Total deferred tax
(577)
(12,701)


Taxation on profit on ordinary activities
370,602
428,007

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,204,755
1,630,790


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.5%)
301,189
367,218

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
30
4,806

Permanent timing differences
65,875
57,244

Adjustments to tax charge in respect of prior periods
3,508
-

Changes in tax rates
-
(1,261)

Total tax charge for the year
370,602
428,007


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 


MILKWOOD CARE LTD
 


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

11.


Dividends

2024
2023
£
£


Dividends
360,000
360,000

360,000
360,000


12.


Exceptional items

2024
2023
£
£


Exceptional items
-
23,364

-
23,364

Exceptional items relate to one-off legal costs.


13.


Intangible assets




Goodwill

£



Cost


At 1 November 2023
836,446



At 31 October 2024

836,446



Amortisation


At 1 November 2023
755,002


Charge for the year on owned assets
40,725



At 31 October 2024

795,727



Net book value



At 31 October 2024
40,719



At 31 October 2023
81,444



Page 24

 


MILKWOOD CARE LTD
 


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

14.


Tangible fixed assets





Freehold property
Property Improvement
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
26,350,000
193,808
2,748,861
397,031
29,689,700


Additions
-
30,577
69,456
44,700
144,733



At 31 October 2024

26,350,000
224,385
2,818,317
441,731
29,834,433



Depreciation


At 1 November 2023
790,500
9,432
2,015,229
326,800
3,141,961


Charge for the year on owned assets
263,500
4,488
120,462
43,978
432,428



At 31 October 2024

1,054,000
13,920
2,135,691
370,778
3,574,389



Net book value



At 31 October 2024
25,296,000
210,465
682,626
70,953
26,260,044



At 31 October 2023
25,559,500
184,376
733,632
70,231
26,547,739

Freehold property was revalued in 2020 by Cushman & Wakefield, independent and qualified chartered surveyors. These valuations are based on the qualified chartered surveyors local market knowledge and no significant assumptions are relied upon.
The directors have assessed the valuation of the property as at 31 October 2024 and they believe it to stand at the market value of the above amount. 

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
As restated 2023
£
£



Cost
16,288,757
16,288,757

Accumulated depreciation
(1,562,765)
(1,399,877)

Net book value
14,725,992
14,888,880

The accumulated depreciation on the historic cost had been incorrectly calculated in the prior year and so has been restated.

Page 25

 


MILKWOOD CARE LTD
 


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

15.


Stocks

2024
2023
£
£

Consumables
37,143
37,548

37,143
37,548



16.


Debtors

2024
2023
£
£


Trade debtors
361,152
273,278

Other debtors
4,015,669
3,637,533

Prepayments and accrued income
142,794
283,244

Tax recoverable
803,762
791,991

5,323,377
4,986,046



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
500,000
500,000

Trade creditors
294,605
303,074

Corporation tax
122,285
280,336

Other taxation and social security
199,401
174,994

Obligations under finance lease and hire purchase contracts
458
2,749

Other creditors
91,637
73,039

Accruals and deferred income
1,001,754
847,428

2,210,140
2,181,620


Included within the above totals is £500,000 (2023 - £500,000) which relates to a 5 year term loan that was reissued on 3rd March 2021. This is secured by means of a fixed and floating charge over the company's assets. The interest charged for the year is calculated at 2.5% per annum above SONIA.

Page 26

 


MILKWOOD CARE LTD
 


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

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,813,000
8,313,000

Net obligations under finance leases and hire purchase contracts
-
458

7,813,000
8,313,458


Included within the above totals is £7,813,000 (2023 - £8,313,000) which relates to a 5 year term loan that was reissued on 3rd March 2021. This is secured by means of a fixed and floating charge over the company's assets. The interest charged for the year is calculated at 2.5% per annum above SONIA.


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
500,000
500,000


500,000
500,000


Amounts falling due 2-5 years

Bank loans
7,813,000
8,313,000


7,813,000
8,313,000


8,313,000
8,813,000



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
458
2,749

Between 1-5 years
-
458

458
3,207

Page 27

 


MILKWOOD CARE LTD
 


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

21.


Deferred taxation




2024


£






At beginning of year
2,643,128


Charged to profit or loss
(577)



At end of year
2,642,551

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
133,059
132,630

Gain on revalued properties
2,513,498
2,513,497

Short term timing differences
(4,006)
(2,999)

2,642,551
2,643,128


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £0.01 each
2
2

Each ordinary share has equal voting and dividend rights.



23.


Reserves

Revaluation reserve
This reserve is the accumulation of periodic revaluations of fixed assets.
Profit and loss account
This reserve records retained earnings and accumulated losses.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £184,011 (2023 - £171,534) contributions totalling £16,021 (2023 - £13,101) were payable to the fund at the reporting date.

Page 28

 


MILKWOOD CARE LTD
 


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

25.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
9,333
16,000

Later than 1 year and not later than 5 years
-
9,333

9,333
25,333

The total lease payments relating to operating leases recognised as an expense in the financial year amounts to £16,250 (2023: £16,202).


26.


Transactions with directors

At the year end, the directors owed the company £2,606,786 (2023 - £2,571,909). During the year the directors withdrew amounts totalling £34,878 (2023 - £844,921). The highest amount owed during the year was £2,606,786 (2023 - £2,571,909). The loan is undated and interest free. 


27.


Related party transactions

During the year there were transactions with a director for consultancy that amount to £17,850 (2023 - £19,440). There were also amounts paid to a connected party for gardening services amounting to £2,792 (2023 - £4,295).
During the year Milkwood Care Limited was owed £1,340,500 (2023 - £1,061,000) by Skylark Rise Limited, a company under the control of Mr R Cheesman and Mrs J Lloyd-Leech. The loan is repayable on demand and interest free.
At the balance sheet date the full amount of the loan remains outstanding.

 
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