IRIS Accounts Production
v24.3.2.46
02128699
Board of Directors
1.4.23
31.3.24
31.3.24
The company's principal activity is the provision of care for older people in the North West of England by way of residential, nursing, continuing care, specialist dementia care units with respite and short stay availability. The company currently operates 8 homes, with approximately 276 available beds and employs more than 300 people throughout the Northwest as follows:
++
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REGISTERED NUMBER: 02128699 (England and Wales) |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
CENTURY HEALTHCARE LIMITED |
|
Report of the Directors |
4 |
|
|
Report of the Independent Auditors |
6 |
|
|
Statement of Comprehensive Income |
10 |
|
|
Statement of Changes in Equity |
12 |
|
|
Notes to the Cash Flow Statement |
14 |
|
|
Notes to the Financial Statements |
15 |
|
|
DIRECTORS: |
Mr N Brahmabhatt |
|
REGISTERED OFFICE: |
Temple Chambers |
|
REGISTERED NUMBER: |
02128699 (England and Wales) |
|
AUDITORS: |
Xeinadin Audit Limited |
The directors present their strategic report for the year ended 31 March 2024. |
Established in 1998, Century Healthcare is one of the leading providers of care for older people in the North West of England. There are six care homes within the Century Healthcare group of homes. All are in the North West of England and all of them provide excellent standards of care, including residential, nursing, specialist dementia care units with respite and short stay. |
The directors are pleased with the performance of the company this year. |
Key Performance Indicators: |
Turnover |
|
11,643,572 |
|
|
11,107,907 |
|
|
Operating profit |
|
903,774 |
|
|
271,831 |
|
|
Profit before taxation |
|
927,048 |
|
|
272,633 |
|
|
Profit after taxation |
|
630,341 |
|
|
169,922 |
|
|
Shareholders funds |
|
12,198,195 |
|
|
11,567,854 |
|
|
During the year, we made the decision to sell one of our homes that was under performing. Despite this, we have managed to increase turnover by almost 5% on the previous year. |
Occupancy rates have remained the same as the previous year at 91%. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, price risk, liquidity risk and interest rate risk. |
The company's principle financial instruments comprise cash deposits, bank loans and overdrafts, together with trade debtors and trade creditors arising directly from trading. |
The company pricing policy is largely dependant upon social services. Each year social services revise their fees dependant upon the placement type. The company use these revised fees as a basis for their own fees in order to remain competitive. |
The credit risk attributable to trade debtors is low as the company receives regular monthly payments from both social services and private residents. The company has good systems in place for the management of debts and the incidence of bad debt on private fees has been minimal. |
The company's activities expose it to a number of operational risks including reputational risk and regulatory risk. |
We welcome independent visits from authorities such as the CQC to ensure we are acting at the very highest standard. This in turns ensures that our reputation remains high. |
The care home sector is a highly regulated industry and the company is subject to a number of inspections from various agencies, the majority of which, are unannounced. Any failure to meet the necessary regulations could lead to the homes being placed in special measures or even closed. |
When combined with the impact of Covid, most industries have experienced labour shortages. Encouragingly, at the end of 2021 the Government announced that care workers would be added to the Shortage Occupation List. |
The UK is currently navigating it's way out of a period of high inflation and high interest rates. As the company has no bank borrowings we are not effected by the high interest rates. Management feel that we are well placed to absorb the increasing costs caused by inflation. |
Mr N Brahmabhatt - Director |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
No dividends will be distributed for the year ended 31 March 2024. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
The director shown below has held office during the whole of the period from 1 April 2023 to the date of this report. |
See the Strategic Report for a summary of risks relating to financial instruments. |
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable, to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. |
ENGAGEMENT WITH EMPLOYEES |
We consider communication with our employees to be of the utmost importance and as such, our staff are kept informed of the company's activities through regular meetings with staff representatives. During these meetings, employees are given the opportunity to relay any ideas they may have that could benefit not only themselves, but the company as a whole. Employees are more than welcome to approach management directly with any comments or ideas that they may have and we remain committed to be approachable at all times. |
We are committed to giving our employees a safe and positive working environment, with our staff's mental and physical wellbeing at the forefront. A range of benefits are offered to employees to invest themselves in the company performance including enhanced sick pay, training opportunities and career support. Pay is reviewed on an annual basis and all staff are eligible to join the work place pension scheme. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Mr N Brahmabhatt - Director |
We have audited the financial statements of Century Healthcare Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 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. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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. |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- |
the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- |
the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- |
the financial statements are not in agreement with the accounting records and returns; or |
- |
certain disclosures of directors' remuneration specified by law are not made; or |
- |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The extent to which the audit was considered capable of detecting irregularities including fraud |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and the industry in which it operates; |
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, care home regulations and health and safety legislation; |
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
Performed analytical procedures to identify any unusual or unexpected relationships; |
Tested journal entries to identify unusual transactions; |
Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
Agreeing financial statement disclosures to underlying supporting documentation; |
Enquiring of management as to actual and potential litigation and claims; and |
Reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, CQC, and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
Martin Wigley MSc ACA ATII (Senior Statutory Auditor) |
for and on behalf of Xeinadin Audit Limited |
TURNOVER |
4 |
11,643,572 |
|
11,107,907 |
|
|
Cost of sales |
8,330,888 |
|
8,521,848 |
|
|
GROSS PROFIT |
3,312,684 |
|
2,586,059 |
|
|
Administrative expenses |
2,437,384 |
|
2,415,864 |
|
|
Other operating income |
28,474 |
|
101,636 |
|
|
OPERATING PROFIT |
6 |
903,774 |
|
271,831 |
|
|
Interest receivable and similar income |
23,415 |
|
11,302 |
|
|
Interest payable and similar expenses |
7 |
141 |
|
10,500 |
|
|
PROFIT BEFORE TAXATION |
927,048 |
|
272,633 |
|
|
Tax on profit |
8 |
296,707 |
|
102,711 |
|
|
PROFIT FOR THE FINANCIAL YEAR |
630,341 |
|
169,922 |
|
|
OTHER COMPREHENSIVE INCOME |
- |
|
- |
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
630,341 |
|
169,922 |
|
|
Tangible assets |
10 |
10,373,588 |
|
12,081,601 |
|
|
Debtors |
13 |
3,475,376 |
|
806,069 |
|
|
Cash at bank and in hand |
330,794 |
|
1,153,239 |
|
|
Amounts falling due within one year |
14 |
(1,618,031 |
) |
(2,121,132 |
) |
|
NET CURRENT ASSETS/(LIABILITIES) |
2,190,139 |
|
(159,824 |
) |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,563,728 |
|
11,921,778 |
|
|
PROVISIONS FOR LIABILITIES |
15 |
(365,533 |
) |
(353,924 |
) |
|
NET ASSETS |
12,198,195 |
|
11,567,854 |
|
|
Called up share capital |
16 |
160 |
|
160 |
|
|
Fair value reserve |
4,493,530 |
|
5,265,982 |
|
|
Capital redemption reserve |
55 |
|
55 |
|
|
Retained earnings |
7,704,450 |
|
6,301,657 |
|
|
SHAREHOLDERS' FUNDS |
12,198,195 |
|
11,567,854 |
|
|
The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by: |
Mr N Brahmabhatt - Director |
|
share |
|
Retained |
|
value |
|
redemption |
|
Total |
|
capital |
|
earnings |
|
reserve |
|
reserve |
|
equity |
Balance at 1 April 2022 |
160 |
|
6,139,693 |
|
5,258,024 |
|
55 |
|
11,397,932 |
|
|
Total comprehensive income |
- |
|
161,964 |
|
7,958 |
|
- |
|
169,922 |
|
|
Balance at 31 March 2023 |
160 |
|
6,301,657 |
|
5,265,982 |
|
55 |
|
11,567,854 |
|
|
Total comprehensive income |
- |
|
1,402,793 |
|
(772,452 |
) |
- |
|
630,341 |
|
|
Balance at 31 March 2024 |
160 |
|
7,704,450 |
|
4,493,530 |
|
55 |
|
12,198,195 |
|
|
Cash flows from operating activities |
Cash generated from operations |
1 |
233,719 |
|
817,538 |
|
|
Interest paid |
(141 |
) |
(10,500 |
) |
|
Tax paid |
(403,182 |
) |
10,496 |
|
|
Net cash from operating activities |
(169,604 |
) |
817,534 |
|
|
Cash flows from investing activities |
Purchase of tangible fixed assets |
(184,011 |
) |
(111,176 |
) |
|
Purchase of fixed asset investments |
- |
|
(1 |
) |
|
Sale of tangible fixed assets |
1,523,246 |
|
- |
|
|
Interest received |
23,415 |
|
11,302 |
|
|
Net cash from investing activities |
1,362,650 |
|
(99,875 |
) |
|
Cash flows from financing activities |
Repayment of loan from parent company |
(2,015,491 |
) |
(534,879 |
) |
|
Net cash from financing activities |
(2,015,491 |
) |
(534,879 |
) |
|
(Decrease)/increase in cash and cash equivalents |
(822,445 |
) |
182,780 |
|
|
Cash and cash equivalents at beginning of year |
2 |
1,153,239 |
|
970,459 |
|
|
Cash and cash equivalents at end of year |
2 |
330,794 |
|
1,153,239 |
|
|
1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
|
Profit before taxation |
927,048 |
|
272,633 |
|
|
|
Depreciation charges |
319,498 |
|
342,665 |
|
|
|
Loss on disposal of fixed assets |
49,280 |
|
- |
|
|
|
Finance income |
(23,415 |
) |
(11,302 |
) |
|
|
Decrease in stocks |
- |
|
13,107 |
|
|
|
Increase in trade and other debtors |
(773,736 |
) |
(209,327 |
) |
|
|
(Decrease)/increase in trade and other creditors |
(265,097 |
) |
291,080 |
|
|
|
Cash generated from operations |
233,719 |
|
817,538 |
|
|
2. |
CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
|
Cash and cash equivalents |
330,794 |
|
1,153,239 |
|
|
|
Cash and cash equivalents |
1,153,239 |
|
970,459 |
|
|
3. |
ANALYSIS OF CHANGES IN NET FUNDS |
|
At 1/4/23 |
Cash flow |
At 31/3/24 |
|
Cash at bank and in hand |
1,153,239 |
|
(822,445 |
) |
330,794 |
|
|
1,153,239 |
|
(822,445 |
) |
330,794 |
|
|
|
Total |
1,153,239 |
|
(822,445 |
) |
330,794 |
|
|
|
Century Healthcare Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
|
Basis of preparing the financial statements |
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
| Amortisation is calculated so as to write off the cost of an asset over the useful economic life of that asset of 10 years straight line.Goodwill has now been fully amortised. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
|
Freehold property |
- |
2% on cost |
|
Long leasehold |
- |
2% on cost |
|
Plant and machinery |
- |
6.67% on cost |
|
Fixtures and fittings |
- |
12.5% on cost |
|
Motor vehicles |
- |
25% on reducing balance |
|
Computer equipment |
- |
33% on cost |
| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. The valuation of the property on the date of transition to FRS 102 was taken as the deemed cost as per the transition relief allowances. |
|
Investments in subsidiaries |
|
Investments in subsidiary undertakings are recognised at cost. |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
| All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included in finance revenue in the income statement. |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
| Critical judgements in applying the Company's accounting policies and key source of estimation uncertainty |
| The following are the key sources of estimation uncertainty that the directors have assessed as being applicable to the entity and that have the most significant effect on the amounts recognised in the financial statements. It is deemed that there are no critical accounting judgements. |
| Accounting for fixed assets involves the use of estimates for (a) the useful live of the assets over which they are to be depreciated , and (b) the existence and any amount of impairment. Details of fixed assets can be found in note 10. |
| Fixed assets are depreciated on a straight line basis over the estimated useful lives. When the company estimates useful lives various factors are considered including expected technology obsolescence and the expected usage of the asset. The company regularly reviews these assets useful lives and future economic utilization and the physical condition of the assets concerned. |
| The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case, an impairment charge is taken against the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets require management judgement in determining the amounts to be impaired, in particular judgement is used when assessing the future cash flows. |
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by class of business is given below: |
|
Care services |
11,643,572 |
|
11,107,907 |
|
|
5. |
EMPLOYEES AND DIRECTORS |
|
Wages and salaries |
6,923,729 |
|
6,455,577 |
|
|
|
Social security costs |
577,468 |
|
523,571 |
|
|
|
Other pension costs |
113,384 |
|
112,738 |
|
|
|
The average number of employees during the year was as follows: |
|
Care and domestic staff |
320 |
|
319 |
|
|
|
Directors' remuneration |
- |
|
- |
|
|
|
The operating profit is stated after charging/(crediting): |
|
Hire of plant and machinery |
25,331 |
|
20,549 |
|
|
|
Other operating leases |
18,496 |
|
17,072 |
|
|
|
Operating lease income |
(3,308 |
) |
(3,167 |
) |
|
|
Depreciation - owned assets |
319,498 |
|
342,665 |
|
|
|
Loss on disposal of fixed assets |
49,280 |
|
- |
|
|
|
Auditors' remuneration |
26,400 |
|
21,300 |
|
|
7. |
INTEREST PAYABLE AND SIMILAR EXPENSES |
|
|
Analysis of the tax charge |
|
The tax charge on the profit for the year was as follows: |
|
UK corporation tax |
285,098 |
|
106,506 |
|
|
|
Deferred tax |
11,609 |
|
(3,795 |
) |
|
|
Tax on profit |
296,707 |
|
102,711 |
|
|
|
Reconciliation of total tax charge included in profit and loss |
|
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
|
Profit before tax |
927,048 |
|
272,633 |
|
|
|
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%) |
231,762 |
|
51,800 |
|
|
|
Expenses not deductible for tax purposes |
52,624 |
|
64,207 |
|
|
|
Capital allowances in excess of depreciation |
- |
|
(3,163 |
) |
|
|
Depreciation in excess of capital allowances |
712 |
|
- |
|
|
|
Deferred tax |
11,609 |
|
(3,796 |
) |
|
|
Capital allowances super deduction |
- |
|
(6,337 |
) |
|
|
Total tax charge |
296,707 |
|
102,711 |
|
|
9. |
INTANGIBLE FIXED ASSETS |
|
and 31 March 2024 |
1,451,325 |
|
|
|
and 31 March 2024 |
1,451,325 |
|
|
10. |
TANGIBLE FIXED ASSETS |
|
property |
|
leasehold |
|
machinery |
|
At 1 April 2023 |
11,029,478 |
|
2,485,191 |
|
1,183,195 |
|
|
|
Additions |
43,691 |
|
- |
|
35,905 |
|
|
|
Disposals |
(1,833,355 |
) |
- |
|
- |
|
|
|
At 31 March 2024 |
9,239,814 |
|
2,485,191 |
|
1,219,100 |
|
|
|
At 1 April 2023 |
1,620,255 |
|
449,232 |
|
653,694 |
|
|
|
Charge for year |
160,794 |
|
49,704 |
|
65,817 |
|
|
|
Eliminated on disposal |
(260,829 |
) |
- |
|
- |
|
|
|
At 31 March 2024 |
1,520,220 |
|
498,936 |
|
719,511 |
|
|
|
At 31 March 2024 |
7,719,594 |
|
1,986,255 |
|
499,589 |
|
|
|
At 31 March 2023 |
9,409,223 |
|
2,035,959 |
|
529,501 |
|
|
|
fittings |
|
vehicles |
|
equipment |
|
Totals |
|
At 1 April 2023 |
1,032,690 |
|
60,019 |
|
148,343 |
|
15,938,916 |
|
|
|
Additions |
83,638 |
|
- |
|
20,777 |
|
184,011 |
|
|
|
Disposals |
- |
|
- |
|
- |
|
(1,833,355 |
) |
|
|
At 31 March 2024 |
1,116,328 |
|
60,019 |
|
169,120 |
|
14,289,572 |
|
|
|
At 1 April 2023 |
935,432 |
|
58,376 |
|
140,326 |
|
3,857,315 |
|
|
|
Charge for year |
35,513 |
|
413 |
|
7,257 |
|
319,498 |
|
|
|
Eliminated on disposal |
- |
|
- |
|
- |
|
(260,829 |
) |
|
|
At 31 March 2024 |
970,945 |
|
58,789 |
|
147,583 |
|
3,915,984 |
|
|
|
At 31 March 2024 |
145,383 |
|
1,230 |
|
21,537 |
|
10,373,588 |
|
|
|
At 31 March 2023 |
97,258 |
|
1,643 |
|
8,017 |
|
12,081,601 |
|
|
|
Included in cost of land and buildings is freehold land of £ 1,868,590 (2023 - £ 2,135,504 ) which is not depreciated. |
11. |
FIXED ASSET INVESTMENTS |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
Century Healthcare Management Services Limited |
|
Registered office: Temple Chambers, 296 Clifton Drive South, Lytham St. Annes, Lancashire, FY8 1LH, England |
|
Consumable stores |
2,000 |
|
2,000 |
|
|
13. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade debtors |
443,355 |
|
706,349 |
|
|
|
Amounts owed by group undertakings |
1,895,870 |
|
299 |
|
|
|
Other debtors |
1,071,736 |
|
3,000 |
|
|
|
Prepayments |
64,415 |
|
96,421 |
|
|
14. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade creditors |
222,281 |
|
284,682 |
|
|
|
Amounts owed to group undertakings |
- |
|
119,920 |
|
|
|
Social security and other taxes |
167,190 |
|
152,808 |
|
|
|
Other creditors |
546,443 |
|
714,470 |
|
|
|
Accruals and deferred income |
397,062 |
|
446,113 |
|
|
| Amounts owed to group undertakings are due on demand and bear no interest. |
15. |
PROVISIONS FOR LIABILITIES |
|
Other timing differences |
228,065 |
|
216,456 |
|
|
|
Accelerated capital allowances |
137,468 |
|
137,468 |
|
|
|
Balance at 1 April 2023 |
353,924 |
|
|
|
Charge to Statement of Comprehensive Income during year |
11,609 |
|
|
|
Balance at 31 March 2024 |
365,533 |
|
|
| Finance bill 2021 provisions to increase the main rate of UK corporation tax from 1st April 2023. As substantive enactment had occurred before the balance sheet date, deferred tax balances as at 31st March 2023 have been updated to be measured at a rate of 25% (2022: 25%). |
16. |
CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid |
|
Number: |
|
|
Class: |
|
|
Nominal |
|
|
2022 |
|
|
2021 |
|
|
The Ordinary B and Ordinary C shares rank pari passu with the Ordinary A shares. The Ordinary D shares do not have voting rights. |
17. |
ULTIMATE PARENT COMPANY |
|
The immediate and ultimate parent undertaking and controlling party is Renal Health Limited. The registered office of Renal Health Ltd is, 66 Avior Drive, Northwood, Middlesex, HA6 3J. |
18. |
RELATED PARTY DISCLOSURES |
|
The company has taken advantage of the exemption permitted under Section 33 'Related Party Disclosures' paragraph 33.1A from disclosing transactions with the parent company. |
19. |
POST BALANCE SHEET EVENTS |
| One of the nursing homes operated by the company, Brimstage Manor Nursing Home, was sold in October 2024. This is considered a non adjusting event. |
| In October 2024, 2 of the homes owned by the company, Gillibrand Nursing home and Ambleside Nursing home, were transferred to a company within the same group as Century Healthcare Limited. |
| In May 2024 a group restructure lead to NBB Holdings Limited becoming the ultimate parent company. |