Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3059592023-07-01falseResidential nursing care facilitiesfalsefalsefalse 04362082 2023-07-01 2024-06-30 04362082 2024-06-30 04362082 2023-06-30 04362082 2023-07-01 2024-06-30 04362082 2022-07-01 2023-06-30 04362082 2024-06-30 04362082 2023-06-30 04362082 2022-07-01 04362082 1 2023-07-01 2024-06-30 04362082 1 2022-07-01 2023-06-30 04362082 d:Director1 2023-07-01 2024-06-30 04362082 d:Director2 2023-07-01 2024-06-30 04362082 d:RegisteredOffice 2023-07-01 2024-06-30 04362082 d:Agent1 2023-07-01 2024-06-30 04362082 e:Buildings 2023-07-01 2024-06-30 04362082 e:Buildings 2024-06-30 04362082 e:Buildings 2023-06-30 04362082 e:Buildings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04362082 e:FurnitureFittings 2023-07-01 2024-06-30 04362082 e:FurnitureFittings 2024-06-30 04362082 e:FurnitureFittings 2023-06-30 04362082 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04362082 e:OfficeEquipment 2023-07-01 2024-06-30 04362082 e:OfficeEquipment 2024-06-30 04362082 e:OfficeEquipment 2023-06-30 04362082 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04362082 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04362082 e:CurrentFinancialInstruments 2024-06-30 04362082 e:CurrentFinancialInstruments 2023-06-30 04362082 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 04362082 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 04362082 e:ReportableOperatingSegment1 2023-07-01 2024-06-30 04362082 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 04362082 f:UnitedKingdom 2023-07-01 2024-06-30 04362082 f:UnitedKingdom 2022-07-01 2023-06-30 04362082 e:UKTax 2023-07-01 2024-06-30 04362082 e:UKTax 2022-07-01 2023-06-30 04362082 e:ShareCapital 2023-07-01 2024-06-30 04362082 e:ShareCapital 2024-06-30 04362082 e:ShareCapital 2022-07-01 2023-06-30 04362082 e:ShareCapital 2023-06-30 04362082 e:ShareCapital 2022-07-01 04362082 e:RevaluationReserve 2023-07-01 2024-06-30 04362082 e:RevaluationReserve 2024-06-30 04362082 e:RevaluationReserve 1 2023-07-01 2024-06-30 04362082 e:RevaluationReserve 2022-07-01 2023-06-30 04362082 e:RevaluationReserve 2023-06-30 04362082 e:RevaluationReserve 2022-07-01 04362082 e:RevaluationReserve 8 2022-07-01 2023-06-30 04362082 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04362082 e:RetainedEarningsAccumulatedLosses 2024-06-30 04362082 e:RetainedEarningsAccumulatedLosses 1 2023-07-01 2024-06-30 04362082 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 04362082 e:RetainedEarningsAccumulatedLosses 2023-06-30 04362082 e:RetainedEarningsAccumulatedLosses 2022-07-01 04362082 e:RetainedEarningsAccumulatedLosses 1 2022-07-01 2023-06-30 04362082 e:OtherDeferredTax 2024-06-30 04362082 e:OtherDeferredTax 2023-06-30 04362082 d:OrdinaryShareClass1 2023-07-01 2024-06-30 04362082 d:OrdinaryShareClass1 2024-06-30 04362082 d:OrdinaryShareClass1 2023-06-30 04362082 d:FRS102 2023-07-01 2024-06-30 04362082 d:Audited 2023-07-01 2024-06-30 04362082 d:FullAccounts 2023-07-01 2024-06-30 04362082 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04362082 2 2023-07-01 2024-06-30 04362082 5 2023-07-01 2024-06-30 04362082 e:ShareCapital 1 2023-07-01 2024-06-30 04362082 e:ShareCapital 1 2022-07-01 2023-06-30 04362082 g:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04362082









CAMELOT CARE HOMES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
CAMELOT CARE HOMES LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs V Nadesan 
Mrs R Thillainathan 




Registered number
04362082



Registered office
1 Countess Road
Amesbury,Salisbury

Wiltshire

SP4 7DW




Independent auditors
Mantax Lynton
Chartered  Accountants & Statutory Auditors

Suite 207 Equitable House

7 General Gordon Square

London

SE18 6FH




Bankers
Barclays Bank PLC
Birmingham

B1 3PF





 
CAMELOT CARE HOMES LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 25


 
CAMELOT CARE HOMES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The principal activity of the company during the year was that of elderly nursing homes at registered office 1 Countess Road, Salisbury, Wiltshire, SP4 7DW.

Business review
 
Despite difficult trading conditions, the company managed to achieve the similar revenue over the  years. Turnover of the Company decreased slightly from £3.02 million in 2023 to £2.75 million in the current year. However, due to rising costs operating profits were decreased to £707k in the current year as compared to £1.01 million in 2023. Company's net assets increased from £5.1 million in 2023 to £5.8 million in the current year.
The Company is continuing to focus on consolidating its operations and enhancing its attention on monitoring the quality of care delivered. Internal policies, procedures and systems were enhanced and strengthened in line with the demands of the marketplace. With these policies in place, directors are confident that Company will be able to make steady profits in the foreseeable future.
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:
Company faces challenges to safeguard residents in varying health condition which may result non compliance with regulation. Directors have dedicated more resources for care, food safety and health and safety in place. Also 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. Directors are working closely with commissioning bodies to improve the revenue from social services
Financial Risk:
The company 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 company 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

 
CAMELOT CARE HOMES LIMITED
 

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

 
CAMELOT 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 Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make 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 Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £628,429 (2023 - £796,386).



Directors

The directors who served during the year were:

Mrs V Nadesan 
Mrs R Thillainathan 

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'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's auditors are aware of that information.

Page 3

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

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

 
CAMELOT CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMELOT CARE HOMES LIMITED
 

Opinion


We have audited the financial statements of Camelot Care Homes Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 5

 
CAMELOT CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMELOT 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
CAMELOT CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMELOT CARE HOMES LIMITED (CONTINUED)


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 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 an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were Care Quality Commission (CQC) regulations, the Companies Act 2006, FRS 102 and relevant taxation legislation.
 
 We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
 
Owing 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. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
 
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as thismay involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

 
CAMELOT CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMELOT 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.





Janak 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

 
CAMELOT CARE HOMES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
2,750,226
3,002,017

Cost of sales
  
(157,121)
(153,745)

Gross profit
  
2,593,105
2,848,272

Administrative expenses
  
(1,903,029)
(1,864,375)

Other operating income
 5 
15,180
29,697

Operating profit
  
705,256
1,013,594

Interest receivable and similar income
 8 
301,434
107,861

Interest payable and similar expenses
 9 
(143,311)
(105,281)

Profit before tax
  
863,379
1,016,174

Tax on profit
 10 
(234,950)
(219,788)

Profit for the financial year
  
628,429
796,386

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 
CAMELOT CARE HOMES LIMITED
REGISTERED NUMBER: 04362082

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,396,123
2,469,498

  
2,396,123
2,469,498

Current assets
  

Debtors: amounts falling due within one year
 12 
1,856,103
2,708,067

Cash at bank and in hand
 13 
7,453,902
5,006,195

  
9,310,005
7,714,262

Creditors: amounts falling due within one year
 14 
(5,778,261)
(4,884,322)

Net current assets
  
 
 
3,531,744
 
 
2,829,940

Total assets less current liabilities
  
5,927,867
5,299,438

Provisions for liabilities
  

Deferred tax
 15 
(150,000)
(150,000)

  
 
 
(150,000)
 
 
(150,000)

Net assets
  
5,777,867
5,149,438


Capital and reserves
  

Called up share capital 
 16 
100,000
100,000

Revaluation reserve
 17 
1,255,040
1,291,619

Profit and loss account
 17 
4,422,827
3,757,819

  
5,777,867
5,149,438


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 14 to 25 form part of these financial statements.

Page 10

 
CAMELOT CARE HOMES LIMITED
 

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


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

£
£
£
£


At 1 July 2022
100,000
1,328,198
2,924,854
4,353,052


Comprehensive income for the year

Profit for the year

-
-
796,386
796,386

Transfer to/from profit and loss account
-
-
36,579
36,579


Other comprehensive income for the year
-
-
36,579
36,579


Total comprehensive income for the year
-
-
832,965
832,965


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(36,579)
-
(36,579)


Total transactions with owners
-
(36,579)
-
(36,579)



At 1 July 2023
100,000
1,291,619
3,757,819
5,149,438


Comprehensive income for the year

Profit for the year

-
-
628,429
628,429

Transfer to/from profit and loss account
-
-
36,579
36,579


Other comprehensive income for the year
-
-
36,579
36,579


Total comprehensive income for the year
-
-
665,008
665,008


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(36,579)
-
(36,579)


Total transactions with owners
-
(36,579)
-
(36,579)


At 30 June 2024
100,000
1,255,040
4,422,827
5,777,867


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 
CAMELOT CARE HOMES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
705,256
1,013,594

Adjustments for:

Depreciation of tangible assets
73,375
78,859

Decrease in debtors
851,964
1,277,733

Increase/(decrease) in creditors
941,760
(110,384)

Corporation tax (paid)
(235,460)
(244,595)

Net cash generated from operating activities

2,336,895
2,015,207


Cash flows from investing activities

Purchase of tangible fixed assets
-
(4,687)

Interest received
301,434
107,861

Net cash from investing activities

301,434
103,174

Cash flows from financing activities

Repayment of loans
(47,311)
(128,986)

Interest paid
(143,311)
(105,281)

Net cash used in financing activities
(190,622)
(234,267)

Net increase in cash and cash equivalents
2,447,707
1,884,114

Cash and cash equivalents at beginning of year
5,006,195
3,122,081

Cash and cash equivalents at the end of year
7,453,902
5,006,195


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,453,902
5,006,195

7,453,902
5,006,195


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 
CAMELOT CARE HOMES LIMITED
 

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

5,006,195

2,447,707

7,453,902

Debt due within 1 year

(2,073,515)

47,311

(2,026,204)


2,932,680
2,495,018
5,427,698

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 
CAMELOT 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 1 Countess Road, Amesbury, Salisbury, SP4 7DQ.
The principal activity of the company 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements have been prepared in GBP which is the functional currency of the company. Monetary amounts are rounded to the nearest Pound Sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is maintaining steady profits and has healthy net asset position. On the basis of the assessment of company's financial position and after making necessary enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

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

Rendering of services

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

Page 14

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Government grants

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

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

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

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

Page 15

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

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

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


 
2.10

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% straight line
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% 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 16

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

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

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

 
2.12

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.

 
2.13

Cash and cash equivalents

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

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

 
2.14

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.

 
2.15

Provisions for liabilities

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

 
2.16

Financial instruments

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

Basic financial assets
Page 17

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 18

 
CAMELOT 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
£
£

Residential care
2,750,226
3,002,017

2,750,226
3,002,017


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,750,226
3,002,017

2,750,226
3,002,017



5.


Other operating income

2024
2023
£
£

Net rents receivable
15,180
15,657

Grants and reimbursement of Covid related costs
-
14,040

15,180
29,697



6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,500
3,600
Page 19

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,364,535
1,308,083

Social security costs
122,444
126,382

Cost of defined contribution scheme
21,701
19,187

1,508,680
1,453,652


The directors did not receive any remuneration and retirement benefit during the year (2023: £nil)

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


        2024
        2023
            No.
            No.







Care workers and Admin
57
57



Management
2
2

59
59


8.


Interest receivable

2024
2023
£
£


Other interest receivable
301,434
107,861

301,434
107,861


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
143,311
105,281

143,311
105,281

Page 20

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
234,950
219,788


234,950
219,788


Total current tax
234,950
219,788

Deferred tax

Total deferred tax
-
-


Tax on profit
234,950
219,788

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 2519% up to 31 Match 2023 and 25% thereafter). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
863,379
1,016,174


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
215,845
208,274

Effects of:


Depreciation for the year in excess of capital allowances
18,145
14,786

Pension contribution
960
(3,272)

Total tax charge for the year
234,950
219,788


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 21

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
3,400,000
176,579
174,381
3,750,960



At 30 June 2024

3,400,000
176,579
174,381
3,750,960



Depreciation


At 1 July 2023
952,000
155,081
174,381
1,281,462


Charge for the year on owned assets
68,000
5,375
-
73,375



At 30 June 2024

1,020,000
160,456
174,381
1,354,837



Net book value



At 30 June 2024
2,380,000
16,123
-
2,396,123



At 30 June 2023
2,448,000
21,498
-
2,469,498

Cost or valuation at 30 June 2024 is as follows:

Land and buildings
£


At cost
1,571,050
At valuation:

22 January 2011 on open market value basis
1,828,950



3,400,000

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

2024
2023
£
£



Cost
1,571,050
1,571,050

Accumulated depreciation
(596,090)
(564,669)

Net book value
974,960
1,006,381

Page 22

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Debtors

2024
2023
£
£


Trade debtors
157,016
199,849

Other debtors
1,539,505
2,404,115

Prepayments and accrued income
159,582
104,103

1,856,103
2,708,067



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,453,902
5,006,195

7,453,902
5,006,195



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,026,204
2,073,515

Trade creditors
40,323
80,633

Corporation tax
234,020
234,530

Other taxation and social security
34,865
30,654

Other creditors
3,337,609
2,403,993

Accruals and deferred income
105,240
60,997

5,778,261
4,884,322



15.


Deferred taxation




2024


£






At beginning of year
(150,000)



At end of year
(150,000)

Page 23

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
15.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation Gain
(150,000)
(150,000)

(150,000)
(150,000)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary Shares shares of £1.00 each
100,000
100,000



17.


Reserves

Revaluation reserve

This represents the revaluation gain on freehold property which is non distributable reserve.

Profit and loss account

This represents the accumulated retained earning of the Company which is a fully distributable reserve.


18.


Contingent liabilities

The Company has provided cross guarantee to Barclays Bank PLC for the loan borrowed by Xcel Care Homes Limited. Amount outstanding at year end in the books of Xcel Care Homes was £1,977,961 (2023: £2,006,668). 


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £21,701 (2023: £19,187) .Contributions totaling £3,843 (2023: £Nil) were outstanding at year end.

Page 24

 
CAMELOT CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Related party transactions

Details of the related party transactions and balances with companies under common control as below:
 


1 July 23
Debit
Credit
30 June 24
£
£
£
£

Amount owed to companies under common control
(2,398,377)
64,611
(1,000,000)
(3,333,766)
Amount due from companies under common control
2,404,114
-
(864,609)
1,539,505

These balances are interest free unsecured advances which are repayable on demand.
During the year, the Company declared dividends of £Nil to the directors (2023: £Nil). 


21.


Controlling party

The ultimate controlling parties are Mr and Mrs Nadesan and Mrs R Thillainathan who own the entire share capital in the Company.

 
Page 25