Company registration number 06444290 (England and Wales)
SURECARE HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SURECARE HOMES LIMITED
COMPANY INFORMATION
Director
Mr J Bamberger
Company number
06444290
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
SURECARE HOMES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 29
SURECARE HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

Surecare Homes Limited is the ultimate parent company of Memory Lane Care Homes Limited.

 

There are four care homes in Memory Lane Care Homes Limited: Bryony Lodge, Bryony Park and Marigold and Read House.

Bryony Park, Bryony Lodge and Read House all have CQC ratings of 'Good' and Marigold has an 'Outstanding' CQC rating.

 

The trading results for the year are strong and consistent with previous performance. The group has continued to maintain and improve the high standards of its freehold buildings during the year and average occupancy rates have been maintained.

 

Management have used their considerable experience of running successful homes to develop the best possible team for the new residents entering the home to ensure that the new residents receive the best care possible. Going forward management will continue to develop a high quality care team and aim to increase occupancy levels to capacity.

.

Principal risks and uncertainties

The principal risk associated with the company is that of the carehomes generating sufficient income to service borrowings.

 

The primary activity of the subsidiaries is that of providing nursing and personal care within the nursing and care homes. Providing adequate staffing with sufficient training to safeguard the residents and provide high quality care are principal risks. We aim to exceed Care Quality Commission (CQC) standards for all of our staff members. We strive to have the right systems and procedures to induct, train and monitor all of our staff to ensure that the residents get the high level of care and support they deserve.

 

We are reliant on the uptake of beds and therefore any changes in the occupancy levels will quickly affect our results. We rely on referrals from the local authorities and building a good reputation for the quality of our care to attract these referrals and also attract private residents.

 

The group is externally financed and subject to the usual financial and occupancy covenants for our industry. Since the end of the year we have met these covenants.

 

The directors consider that the high quality of care that is provided stands the home in an excellent position and secures its ongoing trading position against possible risks and uncertainties.

Development and performance

The position of the group at the year end remained strong and in line with our expectations.

Key performance indicators

The key performance indicator is the group EBITDA after drawings and dividends to debt servicing.

 

The group measures the trading using various key performance indicators to analyse the business on a monthly basis. The KPl's which the directors consider to be the most important to understand the operating trends over the reporting period are shown below:

Turnover

Occupancy %

Gross profit margin

SURECARE HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

On behalf of the board

Mr J Bamberger
Director
11 March 2025
SURECARE HOMES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company was that of parent holding company of the group trading companies. The group provides residential accommodation and nursing home facilities for the elderly.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,100,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr J Bamberger
Auditor

Lopian Gross Barnett & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J Bamberger
Director
11 March 2025
SURECARE HOMES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SURECARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SURECARE HOMES LIMITED
- 5 -
Opinion

We have audited the financial statements of Surecare Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

Our responsibilities and the responsibilities of the director 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard..

 

 

SURECARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SURECARE HOMES LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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.

SURECARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SURECARE HOMES LIMITED
- 7 -

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

11 March 2025
Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
1st Floor, Cloister House
Chartered Accountants
Riverside
Statutory Auditor
New Bailey Street
Manchester
M3 5FS
SURECARE HOMES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
9,883,287
7,492,795
Cost of sales
(6,002,402)
(4,465,150)
Gross profit
3,880,885
3,027,645
Administrative expenses
(1,555,865)
(1,785,266)
Operating profit
4
2,325,020
1,242,379
Interest receivable and similar income
6
17,539
-
0
Interest payable and similar expenses
7
(388,142)
(172,956)
Profit before taxation
1,954,417
1,069,423
Tax on profit
8
(495,404)
(27,373)
Profit for the financial year
1,459,013
1,042,050
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SURECARE HOMES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
£
£
Profit for the year
1,459,013
1,042,050
Other comprehensive income
-
-
Total comprehensive income for the year
1,459,013
1,042,050
Total comprehensive income for the year is all attributable to the owners of the parent company.
SURECARE HOMES LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,822,400
4,823,636
Current assets
Stocks
15
5,260
5,260
Debtors
16
2,048,513
1,489,134
Cash at bank and in hand
3,790,901
2,185,949
5,844,674
3,680,343
Creditors: amounts falling due within one year
17
(2,560,674)
(1,921,219)
Net current assets
3,284,000
1,759,124
Total assets less current liabilities
8,106,400
6,582,760
Creditors: amounts falling due after more than one year
18
(7,730,525)
(4,565,898)
Net assets
375,875
2,016,862
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
375,775
2,016,762
Total equity
375,875
2,016,862

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 11 March 2025
11 March 2025
Mr J  Bamberger
Director
Company registration number 06444290 (England and Wales)
SURECARE HOMES LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
2,152,200
2,152,200
Current assets
Debtors
16
100
100
Creditors: amounts falling due within one year
17
(2,102,109)
(2,102,109)
Net current liabilities
(2,102,009)
(2,102,009)
Net assets
50,191
50,191
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
50,091
50,091
Total equity
50,191
50,191

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,100,000 (2023 - £2,238,810 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 11 March 2025
11 March 2025
Mr J  Bamberger
Director
Company registration number 06444290 (England and Wales)
SURECARE HOMES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
3,114,712
3,114,812
Year ended 30 June 2023:
Profit and total comprehensive income
-
1,042,050
1,042,050
Dividends
9
-
(2,140,000)
(2,140,000)
Balance at 30 June 2023
100
2,016,762
2,016,862
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,459,013
1,459,013
Dividends
9
-
(3,100,000)
(3,100,000)
Balance at 30 June 2024
100
375,775
375,875
SURECARE HOMES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
(48,719)
(48,619)
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
2,238,810
2,238,810
Dividends
9
-
(2,140,000)
(2,140,000)
Balance at 30 June 2023
100
50,091
50,191
Year ended 30 June 2024:
Profit and total comprehensive income
-
3,100,000
3,100,000
Dividends
9
-
(3,100,000)
(3,100,000)
Balance at 30 June 2024
100
50,091
50,191
SURECARE HOMES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,265,371
2,362,615
Interest paid
(388,142)
(165,195)
Income taxes paid
(260,570)
(372,362)
Net cash inflow from operating activities
1,616,659
1,825,058
Investing activities
Purchase of tangible fixed assets
(154,990)
(2,607,580)
Repayment of loans
-
43,513
Interest received
17,539
-
0
Net cash used in investing activities
(137,451)
(2,564,067)
Financing activities
Proceeds from new bank loans
-
4,755,441
Repayment of bank loans
3,225,744
(2,226,249)
Dividends paid to equity shareholders
(3,100,000)
(2,140,000)
Net cash generated from financing activities
125,744
389,192
Net increase/(decrease) in cash and cash equivalents
1,604,952
(349,817)
Cash and cash equivalents at beginning of year
2,185,949
2,535,766
Cash and cash equivalents at end of year
3,790,901
2,185,949
SURECARE HOMES LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
-
0
2,089,995
Interest paid
-
0
(69,191)
Net cash (outflow)/inflow from operating activities
-
2,020,804
Investing activities
Dividends received
3,100,000
2,330,000
Net cash generated from investing activities
3,100,000
2,330,000
Financing activities
Repayment of bank loans
-
(2,226,249)
Dividends paid to equity shareholders
(3,100,000)
(2,140,000)
Net cash used in financing activities
(3,100,000)
(4,366,249)
Net increase/(decrease) in cash and cash equivalents
-
(15,445)
Cash and cash equivalents at beginning of year
-
0
15,445
Cash and cash equivalents at end of year
-
0
-
0
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information

Surecare Homes Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

 

The group consists of Surecare Homes Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Surecare Homes Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. The goodwill is fully amortised at the balance sheet date.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation
Fixtures and fittings
20% Straight line
Motor vehicles
25% Reducing balance
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Due to the high standards that the freehold land and buildings are maintained the directors do not believe it to be necessary to provide for depreciation on the properties.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Carehome operations
9,883,287
7,492,795
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,883,287
7,492,795
2024
2023
£
£
Other revenue
Interest income
17,539
-
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
-
5,000
Depreciation of owned tangible fixed assets
156,226
176,740
Operating lease charges
20,000
15,356
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
233
239
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,737,920
3,533,767
-
0
-
0
Social security costs
383,031
288,058
-
-
Pension costs
72,385
59,122
-
0
-
0
5,193,336
3,880,947
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17,539
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
17,539
-
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
378,281
155,465
Other finance costs:
Other interest
9,861
17,491
Total finance costs
388,142
172,956
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
495,404
27,373

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,954,417
1,069,423
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
488,604
219,232
Permanent capital allowances in excess of depreciation
-
(191,859)
Depreciation on assets not qualifying for tax allowances
6,800
-
Taxation charge
495,404
27,373
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
3,100,000
2,140,000
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
1,021,245
Amortisation and impairment
At 1 July 2023 and 30 June 2024
1,021,245
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
4,408,832
1,182,549
92,757
5,684,138
Additions
20,000
89,234
45,756
154,990
Disposals
-
0
(307,509)
-
0
(307,509)
At 30 June 2024
4,428,832
964,274
138,513
5,531,619
Depreciation and impairment
At 1 July 2023
-
0
808,084
52,418
860,502
Depreciation charged in the year
-
0
134,702
21,524
156,226
Eliminated in respect of disposals
-
0
(307,509)
-
0
(307,509)
At 30 June 2024
-
0
635,277
73,942
709,219
Carrying amount
At 30 June 2024
4,428,832
328,997
64,571
4,822,400
At 30 June 2023
4,408,832
374,465
40,339
4,823,636
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,152,200
2,152,200
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
2,152,200
Carrying amount
At 30 June 2024
2,152,200
At 30 June 2023
2,152,200
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Memory Lane Care Homes Limited
England & Wales
Ordinary
100.00
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,983,661
1,454,780
100
100
Carrying amount of financial liabilities
Measured at amortised cost
9,379,231
5,900,149
2,102,109
2,102,109
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,260
5,260
-
-
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
845,066
727,902
-
0
-
0
Other debtors
1,138,595
726,878
100
100
Prepayments and accrued income
64,852
34,354
-
0
-
0
2,048,513
1,489,134
100
100
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
250,660
189,543
-
0
-
0
Trade creditors
508,121
491,663
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,016,099
2,016,099
Corporation tax payable
495,404
260,570
-
0
-
0
Other taxation and social security
179,391
103,046
-
-
Deferred income
20
237,173
223,352
-
0
-
0
Other creditors
285,222
266,745
86,010
86,010
Accruals and deferred income
604,703
386,300
-
0
-
0
2,560,674
1,921,219
2,102,109
2,102,109
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
7,730,525
4,565,898
-
0
-
0
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
7,981,185
4,755,441
-
0
-
0
Payable within one year
250,660
189,543
-
0
-
0
Payable after one year
7,730,525
4,565,898
-
0
-
0
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Loans and overdrafts
(Continued)
- 28 -

In 2023, the group secured a facility loan of £4.8million. The loan has a termination date 5 years from the first drawdown, with repayments scheduled monthly based on a 15 year repayment profile from the first drawdown date.

 

In 2024, the group secured an additional £3.4million loan facility. This loan has a termination date 4 years and 2 months from the first drawdown, with repayments scheduled monthly based on a 20 year repayment profile from the first drawdown date.

 

The remaining balances are repayable on the termination date. The rate of interest on the loans are on a floating rate basis based on The Bank of England base rate plus a margin of 2.9% and 2.45% respectively.

 

The loans are secured by a composite debenture over three of the properties owned by the company (Bryony Lodge, Bryony Park and Marigold) and a cross guarantee and debenture in favour of the bank granted by Memory Lane Care Homes and its parent company Surecare Homes Limited.

20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
237,173
223,352
-
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,385
59,122

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
SURECARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,459,013
1,042,050
Adjustments for:
Taxation charged
495,404
27,373
Finance costs
388,142
172,956
Investment income
(17,539)
-
0
Depreciation and impairment of tangible fixed assets
156,226
176,740
Movements in working capital:
(Increase)/decrease in debtors
(559,379)
261,877
Increase in creditors
329,683
750,948
Increase/(decrease) in deferred income
13,821
(69,329)
Cash generated from operations
2,265,371
2,362,615
24
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
3,100,000
2,238,810
Adjustments for:
Finance costs
-
0
69,191
Investment income
(3,100,000)
(2,330,000)
Movements in working capital:
Decrease in debtors
-
110,895
Increase in creditors
-
2,001,099
Cash (absorbed by)/generated from operations
-
2,089,995
25
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
2,185,949
1,604,952
3,790,901
Borrowings excluding overdrafts
(4,755,441)
(3,225,744)
(7,981,185)
(2,569,492)
(1,620,792)
(4,190,284)
26
Analysis of changes in net funds - company
1 July 2023
30 June 2024
£
£
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