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Registered number: 04644767









ST MICHAEL'S CARE HOMES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs V Nadesan 
Mrs R Thillainathan 




Registered number
04644767



Registered office
Dorley House,19-20 Bedfordwell Road
Eastbourne

East Sussex

BN21 2BG




Independent auditors
Mantax Lynton
Chartered Accountants & Statutory Auditors

Suite 207, Equitable House

7 General Gordon Square

London

SE18 6FH




Bankers
Santander Bank PLC





 
ST MICHAEL'S CARE HOMES LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 33


 
ST MICHAEL'S CARE HOMES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The principal activity of the group during the year under review was that of providing residential and nursing care to elderly.

Business review
 
Despite difficult trading conditions and shortage of skilled workers especially in the  in the healthcare sector,  turnover of the Group has increased from £2.9 million in 2023 to £3.38 million in the current year. Due to unprecedented level of higher interest, inflation in the economy and impairment provision against investments, profit for the year has decreased from £795k in 2023 to £669k in the current year.  
The Group made decent profits and the directors are pleased with the performance of the Group and believe that the Group will be able to maintain steady growth in sales and operating profits in the foreseeable future. The Group's net assets has increased from £903k in 2023 to £1.4 million in the current year.
The long term prospects for the care sector remains strong as demographic changes in the coming years would see increasing demand for care services. Whilst the business performances are improving and demand for the care services is expected to be stronger in future, the company is subject to following risks:

Principal risks and uncertainties
 
Operating Risk:
The group faces challenges to safeguard adults in varying health condition which may result in non compliance with regulation. Directors have dedicated more resources for care, food safety and health and safety. Continuous quality monitoring, audit programs and good recruitment procedures will help mitigate those risks. Company's revenue from social services is not increasing in line with increase in costs, especially wages cost. Shortage of qualified nurses is resulting in increased agency staff cost. Directors are working closely with commissioning bodies to improve the revenue from social services.
Financial Risk:
The group holds or issues financial instruments in order to achieve three main objectives, being:
(a) to finance its operations;
(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and
(c) for trading purposes.
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.
Credit Risk
The group monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk. The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments

Page 1

 
ST MICHAEL'S CARE HOMES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators
 
Turnover: Directors monitor turnover on regular basis and any major variance from expectation is further discussed with care home manager.
Wages: Wages being the major cost, directors regularly monitor the wages cost and always look for the ways to improve the efficiency without compromising the quality of care service provided.

Other key performance indicators
 
Occupancy of the care home is one of the key performance indicator for this industry. Directors monitor the occupancy on weekly basis and discuss with manager.


This report was approved by the board on 19 March 2025 and signed on its behalf.



Mrs V Nadesan
Director

Page 2

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £493,999 (2023 - £625,225).



Directors

The directors who served during the year were:

Mrs V Nadesan 
Mrs R Thillainathan 




Page 3

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMantax Lyntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 March 2025 and signed on its behalf.
 





Mrs V Nadesan
Director

Page 4

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MICHAEL'S CARE HOMES LIMITED
 

Opinion


We have audited the financial statements of St Michael's Care Homes Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MICHAEL'S CARE HOMES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MICHAEL'S CARE HOMES LIMITED (CONTINUED)


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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:
We obtained detailed understanding of the industry sector, control environment, legal and regulatory frameworks that are applicable to the Group and the Company.
 
Based on our understanding, inquiry with the management and representation from those charged with governance we understood how the company is complying with laws and regulations. We corroborated our understanding with supporting evidence.
 
We assessed the internal controls established by the Group and the Company in order to mitigate risk of fraud or noncompliance with laws and regulations including the risk of management override of control and considering revenue recognition as a fraud risk. We designed our audit procedure and performed testing in all risk areas with special focus on journal entries and unusual transactions. We performed substantive testing, analytical procedure and cut off in order to gain comfort on completeness of revenue.
 
Engagement team meeting discussed various risk areas including how and where fraud might occur in the financial statements including compliance with tax regulations. The engagement partner assessed the competence of engagement team members to ensure the team possess skills to identify fraud risk and recognise non-compliance with applicable laws and regulations.


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 Auditors' report.


Page 7

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MICHAEL'S CARE HOMES LIMITED (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 Auditors' 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.





Jaank Raj Pokhrel (Senior statutory auditor)
  
for and on behalf of
Mantax Lynton
 
Chartered Accountants & Statutory Auditors
  
Suite 207, Equitable House
7 General Gordon Square
London
SE18 6FH

19 March 2025
Page 8

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
3,375,504
2,913,784

Cost of sales
  
(191,607)
(130,885)

Gross profit
  
3,183,897
2,782,899

Administrative expenses
  
(2,148,631)
(1,895,665)

Impairment provision
  
(175,000)
-

Other operating income
 5 
370
8,204

Operating profit
  
860,636
895,438

Profit on disposal of investment property
  
27,376
-

Interest receivable and similar income
 9 
-
38,425

Interest payable and similar expenses
 10 
(218,934)
(137,916)

Profit before taxation
  
669,078
795,947

Tax on profit
 11 
(175,079)
(170,722)

Profit for the financial year
  
493,999
625,225

  

Total comprehensive income for the year
  
493,999
625,225

Profit for the year attributable to:
  

Owners of the parent Company
  
493,999
625,225

  
493,999
625,225

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
493,999
625,225

  
493,999
625,225

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
ST MICHAEL'S CARE HOMES LIMITED
REGISTERED NUMBER: 04644767

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
1,096,713
1,131,939

Investment property
  
2,535,351
-

  
3,632,064
1,131,939

Current assets
  

Stocks
 16 
-
2,830,909

Debtors: amounts falling due within one year
 17 
5,418,068
5,520,621

Current asset investments
 18 
1,575,000
1,750,000

Cash at bank and in hand
 19 
1,008,214
1,278,524

  
8,001,282
11,380,054

Creditors: amounts falling due within one year
 20 
(7,630,375)
(8,899,004)

Net current assets
  
 
 
370,907
 
 
2,481,050

Total assets less current liabilities
  
4,002,971
3,612,989

Creditors: amounts falling due after more than one year
 21 
(2,605,402)
(2,709,419)

Provisions for liabilities
  

Net assets excluding pension asset
  
1,397,569
903,570

Net assets
  
1,397,569
903,570


Capital and reserves
  

Called up share capital 
 23 
3
3

Profit and loss account
 24 
1,397,566
903,567

Equity attributable to owners of the parent Company
  
1,397,569
903,570

  
1,397,569
903,570


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2025.


Mrs V Nadesan
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10

 
ST MICHAEL'S CARE HOMES LIMITED
REGISTERED NUMBER: 04644767

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
1,096,713
1,131,939

Fixed asset investments
  
349,144
349,144

  
1,445,857
1,481,083

Current assets
  

Debtors: amounts falling due within one year
 17 
3,025,611
2,001,953

Current asset investments
 18 
1,575,000
1,750,000

Cash at bank and in hand
 19 
755,287
1,260,008

  
5,355,898
5,011,961

Creditors: amounts falling due within one year
 20 
(538,562)
(591,148)

Net current assets
  
 
 
4,817,336
 
 
4,420,813

Total assets less current liabilities
  
6,263,193
5,901,896

  

Creditors: amounts falling due after more than one year
 21 
(2,605,402)
(2,709,419)

  

Net assets excluding pension asset
  
3,657,791
3,192,477

Net assets
  
3,657,791
3,192,477


Capital and reserves
  

Called up share capital 
 23 
3
3

Profit and loss account brought forward
  
3,192,474
2,556,597

Profit for the year
  
465,314
635,877

Profit and loss account carried forward
  
3,657,788
3,192,474

  
3,657,791
3,192,477


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2025.

Mrs V Nadesan
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
ST MICHAEL'S CARE HOMES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 July 2022
3
278,342
278,345
278,345


Comprehensive income for the year

Profit for the year

-
625,225
625,225
625,225


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
625,225
625,225
625,225


Total transactions with owners
-
-
-
-



At 1 July 2023
3
903,567
903,570
903,570


Comprehensive income for the year

Profit for the year

-
493,999
493,999
493,999


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
493,999
493,999
493,999


Total transactions with owners
-
-
-
-


At 30 June 2024
3
1,397,566
1,397,569
1,397,569


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
ST MICHAEL'S CARE HOMES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
3
2,556,597
2,556,600


Comprehensive income for the year

Profit for the year

-
635,877
635,877


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
635,877
635,877


Total transactions with owners
-
-
-



At 1 July 2023
3
3,192,474
3,192,477


Comprehensive income for the year

Profit for the year

-
465,314
465,314


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
465,314
465,314


Total transactions with owners
-
-
-


At 30 June 2024
3
3,657,788
3,657,791


The notes on pages 16 to 33 form part of these financial statements.

Page 13

 
ST MICHAEL'S CARE HOMES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
669,078
795,947

Adjustments for:

Depreciation of tangible assets
38,202
37,251

Impairments of fixed assets
175,000
-

Profit on disposal of investment property
(27,376)
-

Interest paid
209,545
137,916

Interest received
-
(38,425)

Decrease/(increase) in stocks
-
(423,412)

Decrease in debtors
102,553
180,788

(Decrease)/increase in creditors
(1,278,860)
390,870

Corporation tax (paid)
(170,722)
(241,299)

Net cash generated from operating activities

(282,580)
839,636


Cash flows from investing activities

Purchase of tangible fixed assets
(2,976)
-

Purchase of investment properties
(12,427)
-

Sale of investment properties
344,750
-

Interest received
-
38,425

Net cash from investing activities

329,347
38,425

Cash flows from financing activities

Repayment of loans
(107,532)
(125,720)

Interest paid
(209,545)
(137,916)

Net cash used in financing activities
(317,077)
(263,636)

Net (decrease)/increase in cash and cash equivalents
(270,310)
614,425

Cash and cash equivalents at beginning of year
1,278,524
664,099

Cash and cash equivalents at the end of year
1,008,214
1,278,524


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,008,214
1,278,524

1,008,214
1,278,524


Page 14

 
ST MICHAEL'S CARE HOMES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

1,278,524

(270,310)

1,008,214

Debt due after 1 year

(2,709,419)

104,017

(2,605,402)

Debt due within 1 year

(167,367)

1,397

(165,970)


(1,598,262)
(164,896)
(1,763,158)

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dorley House, 19-20 Bedfordwell Road, Eastbourne, East Sussex, BN21 2BG. The principal activity of the group during the year under review was that of providing residential care to the elderly.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014.

Page 16

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 17

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Taxation

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 and the Group operate and generate income.


 
2.9

Exceptional items

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

 
2.10

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, on the following basis.

Depreciation is provided on the following basis:

Freehold property
-
2% on straight line
Fixtures and fittings
-
25% on reducing balance
Office equipment
-
25% 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.

Page 18

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

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 Consolidated 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 Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Financial instruments

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

Page 19

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Actual results may defer from these estimates. Revision to accounting estimates are recognised in the period in which the estimate is revised.

Page 20

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

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


2024
2023
£
£

Provision of residential care
3,314,232
2,907,184

Rent receivable
61,272
6,600

3,375,504
2,913,784


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,375,504
2,913,784

3,375,504
2,913,784



5.


Other operating income

2024
2023
£
£

Other income
370
8,204

370
8,204



6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
7,360
5,000

Page 21

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,498,040
1,340,518
1,498,040
1,340,518

Social security costs
129,603
114,262
129,603
114,262

Cost of defined contribution scheme
104,491
107,403
104,491
107,403

1,732,134
1,562,183
1,732,134
1,562,183


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


        2024
        2023
            No.
            No.







Admin and management
7
7



Care workers
62
57

69
64


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
77,500
70,000

Group contributions to defined contribution pension schemes
80,000
80,000

157,500
150,000


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
-
38,425

-
38,425

Page 22

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
218,934
137,916

218,934
137,916


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
175,079
170,722


175,079
170,722


Total current tax
175,079
170,722

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 - 19% upto 31 March 2023 and thereafter at the rate of 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
669,078
795,947


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
167,270
165,320

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
529
787

Depreciation in excess of capital allowance
7,970
6,799

Group relief
-
(2,184)

Marginal relief
(690)
-

Total tax charge for the year
175,079
170,722


Factors that may affect future tax charges

Page 23

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)

There were no factors that may affect future tax charges.




12.


Impairment provision

2024
2023
£
£


Impairment provision in investments
175,000
-

175,000
-

Unlisted investments (refer note 18 below) represent a loan of £750,000 to a Jersey Trust under a syndicate, which was ultimately lent to a UK company. The syndicate’s total loan is secured by way of a first charge over a UK property which is in an advanced stage of being sold as the buyer has already paid non- refundable commitment fees of £250k. However, there is ongoing litigation over the security that the syndicate has and another creditor and the outcome of which is uncertain. 
It also includes another loan of £1 million made to another Jersey Trust under a different syndicate, which was ultimately lent to a UK company. The syndicate’s loan is secured by way of a first charge over part of a UK property. The ultimate UK resident borrower was placed in administration on 28 September 2023 and the syndicate is liasing with the administrators to recover the loan.
Given the facts above, it is unlikely that the investments would be recovered in full as the syndicate need to cover the legal fees, transaction costs, litigation costs etc from the sales proceeds. In the opinion of the directors, an impairment provision of 10% i.e. £175,000 would be prudent to cover potential future losses.

Page 24

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Tangible fixed assets

Group






Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
1,733,866
247,945
62,359
2,044,170


Additions
-
-
2,976
2,976



At 30 June 2024

1,733,866
247,945
65,335
2,047,146



Depreciation


At 1 July 2023
610,284
244,659
57,288
912,231


Charge for the year on owned assets
34,677
1,342
2,183
38,202



At 30 June 2024

644,961
246,001
59,471
950,433



Net book value



At 30 June 2024
1,088,905
1,944
5,864
1,096,713



At 30 June 2023
1,123,582
3,286
5,071
1,131,939

Page 25

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 July 2023
1,733,866
247,945
62,359
2,044,170


Additions
-
-
2,976
2,976



At 30 June 2024

1,733,866
247,945
65,335
2,047,146



Depreciation


At 1 July 2023
610,284
244,659
57,288
912,231


Charge for the year on owned assets
34,677
1,342
2,183
38,202



At 30 June 2024

644,961
246,001
59,471
950,433



Net book value



At 30 June 2024
1,088,905
1,944
5,864
1,096,713



At 30 June 2023
1,123,582
3,286
5,071
1,131,939






Page 26

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
349,144



At 30 June 2024
349,144





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Cornelia Care Homes Ltd
England & Wales
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Cornelia Care Homes Ltd
(1,909,891)
29,862

Page 27

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Investment property

Group


Freehold investment property

£



Valuation


Additions at cost
12,427


Disposals
(307,985)


Transfers between classes
2,830,909



At 30 June 2024
2,535,351

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

At balance sheet date the market value of the investment property was not materially different from the historical cost as the development project was recently completed. 



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,535,351
-

2,535,351
-

The 2024 valuations were made by the Directors, on an open market value for existing use basis.


16.


Stocks

Group

Group
2024
2023
£
£

Finished goods and goods for resale
-
2,830,909

-
2,830,909


The building development project has been completed during the year. Due to unfavourable market conditions for real estate, the directors have decided to retain the properties (flats) and let out for rental income instead of immediate sale. Accordingly, the value of stock in trade has been reclassified as Investment Properties.

Page 28

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Debtors

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
140,069
161,228
140,079
161,238

Amounts owed by group undertakings
-
-
5,910
5,910

Other debtors
5,091,429
5,282,253
2,693,052
1,757,665

Prepayments and accrued income
186,570
77,140
186,570
77,140

5,418,068
5,520,621
3,025,611
2,001,953



18.


Current asset investments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Unlisted investments
1,575,000
1,750,000
1,575,000
1,750,000

1,575,000
1,750,000
1,575,000
1,750,000


 Refer note 12 for impairment provision on investments. 


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,008,214
1,278,524
755,287
1,260,008

1,008,214
1,278,524
755,287
1,260,008


Page 29

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Bank loans
122,205
125,720
122,205
125,720

Trade creditors
40,866
38,452
40,866
38,452

Corporation tax
175,079
170,722
166,437
170,722

Other taxation and social security
37,705
40,821
37,705
40,821

Other creditors
7,192,366
6,440,087
114,044
159,162

Accruals and deferred income
62,154
2,083,202
57,305
56,271

7,630,375
8,899,004
538,562
591,148



The following liabilities were secured:
Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Bank loans
122,205
125,720
122,205
125,720

122,205
125,720
122,205
125,720

Details of security provided:

Bank loans are secured by a first and only legal charge over the freehold properties and floating charge over all other assets of the group. Bank loans are repayable by installments and subject to variable rate of interest.

Page 30

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,605,402
2,709,419
2,605,402
2,709,419

2,605,402
2,709,419
2,605,402
2,709,419



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank Loans
2,605,402
2,709,419
2,605,402
2,709,419

2,605,402
2,709,419
2,605,402
2,709,419

Details of security provided:

Bank loans are secured by a first and only legal charge over the freehold properties and floating charge over all other assets of the group. Bank loans are repayable by installments and subject to variable rate of interest.



Page 31

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
122,205
125,720
122,205
125,720


122,205
125,720
122,205
125,720

Amounts falling due 1-2 years

Bank loans
122,205
125,720
122,205
125,720


122,205
125,720
122,205
125,720

Amounts falling due 2-5 years

Bank loans
366,615
377,161
366,615
377,161


366,615
377,161
366,615
377,161

Amounts falling due after more than 5 years

Bank loans
2,116,582
2,206,538
2,116,582
2,206,538

2,116,582
2,206,538
2,116,582
2,206,538

2,727,607
2,835,139
2,727,607
2,835,139



23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3 (2023 - 3) Ordinary shares of £1.00 each
3
3



24.


Reserves

Profit and loss account

Profit and loss account represents the retained earnings which is a distributable reserve.

Page 32

 
ST MICHAEL'S CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £465,314 (2023 - £635,877).


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £104,190 (2023 - £107,403).  Contributions totaling £8,109 (2023: £5,991) were outstanding at year end.


27.


Related party transactions

The company has taken advantage of exemption available under Sec 33 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group that are eliminated on consolidation.
Details of the related party transactions and balances with directors and companies under common control were as below:


1 July 2023
Debit
Credit
30 June 2024
£
£
£
£

Amount owed by the Companies under
common control
5,282,252
1,000,000
(1,190,822)
5,091,430
Amount owed to the Companies under
common control
(6,345,536)
1,226,211
(2,023,607)
(7,078,322)
Amount owed to directors
(35,656)
-
-
(35,656)




28.


Controlling party

The ultimate controlling parties are Mr & Mrs S Nadesan and Mrs R Thillainathan by virtue of their shareholding in the company.

 
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