REGISTERED NUMBER: 09386763 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ARUNDEL CARE SERVICES HOLDINGS LIMITED |
REGISTERED NUMBER: 09386763 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ARUNDEL CARE SERVICES HOLDINGS LIMITED |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
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 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Chancery House |
3 Hatchlands Road |
Redhill |
Surrey |
RH1 6AA |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The director presents his strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The Group owns eight houses that are used to provide both residential care and supported living services to adults with learning disabilities across Sussex and Surrey. These consolidated Group accounts include the results of Arundel Care Services Limited in addition to Arundel Care Services Holdings Limited. During the year 100% of the rooms available were occupied. The main aim of the Group is to provide high quality support to service users. The service users are at the centre of the services provided. Improving profitability is an organisational goal but the directors are focussed on ensuring it is never at the expense of the quality of current services. The Directors are closely involved in the day to day running of the Group and whilst pleased with progress will not become complacent and will continue to look at cost efficient ways to improve services. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider the principal risks and uncertainties facing the Group to be: |
1. Exposure to bad debts |
The directors minimise the exposure to this risk by regular management reviews of trade debts and credit control procedures. |
2. Economic factors |
The Group receives the majority of its income from local councils. There will always be a necessity for councils to support the needs of those living in their Boroughs. |
3. Credit risk |
The purchase of the homes is financed via a bank loan. The homes are maintained to high standards and were professionally valued in 2023. It is unlikely that the houses would drop in value to such a degree that their value would not cover the requirements of the outstanding bank loan. |
4. Liquidity/cash flow risk |
The Group actively manages bank balances daily to ensure that it has sufficient available funds for operations. |
The trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet the amounts payable. |
5. Health and safety |
It is the Group's policy to comply with the terms of the Health and Safety at Work Act 1974, and subsequent legislation, and to provide and maintain a healthy and safe working environment. |
The health and safety objective of the Group is to minimise the number of instances of occupational accidents and illnesses and ultimately achieve an accident-free workplace. |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
KEY PERFORMANCE INDICATORS |
Occupation rates |
The Group reached 100% occupation in the houses. |
Gross profit margin |
The gross profit margin has decreased slightly for the year to 22% (2023: 23%). This is largely due to the increase in minimum wage and National Insurance rates. |
Net profit margin |
The net profit margin has decreased to 3.8% (2023: 5.3%). The main driver behind this is the increase in bank loan interest due to the increase in the BOE base rate. |
CQC |
The Group aims to deliver support of the highest quality and are inspected at regular intervals by the Care Quality Commission (CQC). All homes are currently rated good. |
ON BEHALF OF THE BOARD: |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 JUNE 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year was that of a holding company. The principal activity of its trading subsidiary is that of the provision of community care services. |
DIVIDENDS |
Interim dividends were issued during the period on 11 June 2024 as follows: |
Ordinary £1 share £750.00 per share |
The total distribution of dividends for the period ended 30 June 2024 will be £66,000. |
FUTURE DEVELOPMENTS |
The directors will continue to seek ways in which to continue to offer the highest level of care to their service users in a cost effective way. |
DIRECTORS |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The Group's financial risk management objectives consist of identifying those risks which have an adverse impact on the value of the Group's financial assets and liabilities or on the reported profitability and cashflows of the Group. The Group's principal financial instrument is its bank loan, more details of which can be found in note 16. |
GOING CONCERN |
The Group meets its day-to-day working capital requirements through its cash reserves and external financing. The Group's forecasts and projections, taking account of reasonable changes in trading performance, show that the Group is able to operate within the level of its current facilities and has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with Section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties. |
DIRECTOR'S RESPONSIBILITIES STATEMENT |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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. |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR'S RESPONSIBILITIES STATEMENT - continued |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Vista Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARUNDEL CARE SERVICES HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Arundel Care Services Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARUNDEL CARE SERVICES HOLDINGS LIMITED |
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 Report of the Director. |
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 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Director's Responsibilities Statement set out on pages four and five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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: |
Our approach was as follows: |
- | We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and parent company through discussions with management and from our commercial knowledge and previous experience of the specific business sector. We determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework, the relevant tax compliance regulations in the UK, data protection, anti bribery, employment, The Food Safety and Hygiene (England) Regulations 2013, environmental and health and safety legislation. |
- | We obtained a general understanding of how the group and parent company complies with these legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance matters. We also reviewed minutes of the Board and gained an understanding of the group and parent company's approach to governance. |
There are inherent limitations in the 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. The primary responsibility for the prevention and detection of fraud rests with those charged with governance of the group and parent company and management. We are not responsible for preventing non-compliance with laws and regulations and our audit procedures cannot be expected to detect non-compliance with all 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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARUNDEL CARE SERVICES HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Chancery House |
3 Hatchlands Road |
Redhill |
Surrey |
RH1 6AA |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 | 3,075,220 | 2,847,251 |
Cost of sales | 2,404,347 | 2,185,422 |
GROSS PROFIT | 670,873 | 661,829 |
Administrative expenses | 530,712 | 492,055 |
140,161 | 169,774 |
Other operating income | 163,812 | 132,896 |
OPERATING PROFIT | 6 | 303,973 | 302,670 |
Interest receivable and similar income | 4,590 | 3,223 |
308,563 | 305,893 |
Interest payable and similar expenses | 7 | 191,815 | 155,683 |
PROFIT BEFORE TAXATION | 116,748 | 150,210 |
Tax on profit | 8 | 30,331 | 26,996 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Gain on revaluation of freehold property | - | 173,732 |
Income tax relating to other comprehensive income |
- |
(43,433 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
130,299 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
86,417 |
253,513 |
Profit attributable to: |
Owners of the parent | 86,417 | 123,214 |
Total comprehensive income attributable to: |
Owners of the parent | 86,417 | 253,513 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 6,591,194 | 6,609,159 |
Investments | 12 | - | - |
6,591,194 | 6,609,159 |
CURRENT ASSETS |
Debtors | 13 | 306,354 | 344,585 |
Cash at bank and in hand | 230,914 | 84,921 |
537,268 | 429,506 |
CREDITORS |
Amounts falling due within one year | 14 | 2,057,959 | 1,782,069 |
NET CURRENT LIABILITIES | (1,520,691 | ) | (1,352,563 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,070,503 |
5,256,596 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(2,155,781 |
) |
(2,362,291 |
) |
PROVISIONS FOR LIABILITIES | 20 | (153,385 | ) | (153,385 | ) |
NET ASSETS | 2,761,337 | 2,740,920 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 99 | 99 |
Revaluation reserve | 22 | 1,601,963 | 1,601,963 |
Retained earnings | 22 | 1,159,275 | 1,138,858 |
SHAREHOLDERS' FUNDS | 2,761,337 | 2,740,920 |
The financial statements were approved by the director and authorised for issue on 19 March 2025 and were signed by: |
J C Hollywood - Director |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Revaluation reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 67,120 | 105,751 |
The financial statements were approved by the director and authorised for issue on |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 99 | 1,075,644 | 1,471,664 | 2,547,407 |
Changes in equity |
Dividends | - | (60,000 | ) | - | (60,000 | ) |
Total comprehensive income | - | 123,214 | 130,299 | 253,513 |
Balance at 30 June 2023 | 99 | 1,138,858 | 1,601,963 | 2,740,920 |
Changes in equity |
Dividends | - | (66,000 | ) | - | (66,000 | ) |
Total comprehensive income | - | 86,417 | - | 86,417 |
Balance at 30 June 2024 | 99 | 1,159,275 | 1,601,963 | 2,761,337 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 502,259 | 372,376 |
Interest paid | (191,815 | ) | (141,548 | ) |
Tax paid | (85,469 | ) | (40,693 | ) |
Net cash from operating activities | 224,975 | 190,135 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (7,132 | ) | (13,995 | ) |
Sale of tangible fixed assets | 20,000 | - |
Interest received | - | 3,223 |
Net cash from investing activities | 12,868 | (10,772 | ) |
Cash flows from financing activities |
Loan repayments in year | (63,957 | ) | (281,811 | ) |
Amount introduced by directors | 73,921 | 12,923 |
Amount withdrawn by directors | (101,814 | ) | (230,773 | ) |
Net cash from financing activities | (91,850 | ) | (499,661 | ) |
Increase/(decrease) in cash and cash equivalents | 145,993 | (320,298 | ) |
Cash and cash equivalents at beginning of year |
2 |
84,921 |
405,219 |
Cash and cash equivalents at end of year | 2 | 230,914 | 84,921 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 116,748 | 150,210 |
Depreciation charges | 11,077 | 16,212 |
(Profit)/loss on disposal of fixed assets | (5,980 | ) | 1,073 |
Government grants | (3,000 | ) | - |
Finance costs | 191,815 | 155,683 |
Finance income | (4,590 | ) | (3,223 | ) |
306,070 | 319,955 |
Increase in trade and other debtors | (59,360 | ) | (63,105 | ) |
Increase in trade and other creditors | 255,549 | 115,526 |
Cash generated from operations | 502,259 | 372,376 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 230,914 | 84,921 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 84,921 | 405,219 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 84,921 | 145,993 | 230,914 |
84,921 | 145,993 | 230,914 |
Debt |
Debts falling due within 1 year | (153,333 | ) | (77,084 | ) | (230,417 | ) |
Debts falling due after 1 year | (2,362,291 | ) | 206,510 | (2,155,781 | ) |
(2,515,624 | ) | 129,426 | (2,386,198 | ) |
Total | (2,430,703 | ) | 275,419 | (2,155,284 | ) |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Arundel Care Services Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
All amounts in the financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The directors have considered the Group's operating financial requirements for the forthcoming year and expect that the Group will have sufficient cash reserves to meet those requirements and as a result they have prepared the accounts on the going concern basis. |
Basis of consolidation |
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertaking made up to 30 June 2024. The comparatives show the results and financial position of the Group as if the Group had always existed. Intra-group transactions and balances are eliminated in full. |
Any subsidiary undertakings or associates sold or acquired during the period are included up to, or from, the dates of change of control or change of significant influence respectively. |
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated statement of comprehensive income. The cumulative amounts of any exchange differences on translation, recognised in equity are not included in the gain or loss on disposal and are transferred to retained earnings. |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the Group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine whether there are indicators of impairment of the Group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Other key sources of estimation uncertainty |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets held for the Group's own use are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold property | - not provided |
Fixtures and fittings | - 15% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Office equipment | - 15% on reducing balance |
No depreciation is provided on freehold property as the useful economic lives of these assets is considered so high that any depreciation would not be material. Residual values are based upon prices prevailing at the date of acquisition or subsequent valuation. |
Government grants |
A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and the grant will be received. |
A government grant is recognised in income on a systematic basis over the periods in which the Group recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs shall be recognised in income in the period in which it becomes receivable. |
Financial instruments |
Basic financial assets, which include trade debtors, other debtors, directors loan accounts and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost. |
Basic financial liabilities, including trade creditors, other creditors, accruals and bank financing are initially recognised at transaction price and are subsequently recognised at amortised cost. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its financial liabilities. |
The Group has no financial assets or financial liabilities measured at fair value. Although the Group has external borrowings it is not exposed to risks arising from the interest rate benchmark reform, as LIBOR is replaced with alternative benchmark interest rates, as all of the borrowings are at a fixed rate of interest. |
Interest bearing borrowings |
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
Interest receivable and interest payable |
Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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 Group operates a defined contribution pension scheme. Contributions payable to the Group's pension scheme are charged to profit or loss in the period to which they relate. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Rendering of services | 3,075,220 | 2,847,251 |
3,075,220 | 2,847,251 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,072,539 | 1,889,424 |
Social security costs | 173,304 | 142,154 |
Other pension costs | 33,882 | 26,866 |
2,279,725 | 2,058,444 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Staff | 74 | 69 |
2024 | 2023 |
£ | £ |
Directors' remuneration | - | - |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 46,025 | 21,476 |
Depreciation - owned assets | 11,077 | 16,214 |
(Profit)/loss on disposal of fixed assets | (5,980 | ) | 1,073 |
Auditors' remuneration | 15,680 | 14,940 |
Government grants | (3,000 | ) | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 191,815 | 155,683 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 28,726 | 34,290 |
Adjustments in respect of previous years | - | (1,360 | ) |
Total current tax | 28,726 | 32,930 |
Deferred tax | 1,605 | (5,934 | ) |
Tax on profit | 30,331 | 26,996 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
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: |
2024 | 2023 |
£ | £ |
Profit before tax | 116,748 | 150,210 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
29,187 |
28,540 |
Effects of: |
Expenses not deductible for tax purposes | 1,964 | 2,540 |
Adjustments to tax charge in respect of previous periods | - | (1,360 | ) |
investment |
Change in tax rates | - | (2,500 | ) |
Marginal rate relief | (820 | ) | (224 | ) |
Total tax charge | 30,331 | 26,996 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 30 June 2024. |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Gain on revaluation of freehold property | 173,732 | (43,433 | ) | 130,299 |
The Corporation tax rate increased to 25% from 1 April 2023, affecting companies with profits of £250,000 and over. |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 66,000 | 60,000 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor | Office |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 6,543,684 | 123,166 | 91,374 | 25,471 | 6,783,695 |
Additions | - | - | 5,995 | 1,137 | 7,132 |
Disposals | - | (1,091 | ) | (30,800 | ) | (1,578 | ) | (33,469 | ) |
At 30 June 2024 | 6,543,684 | 122,075 | 66,569 | 25,030 | 6,757,358 |
DEPRECIATION |
At 1 July 2023 | - | 108,439 | 51,733 | 14,364 | 174,536 |
Charge for year | - | 2,193 | 7,262 | 1,622 | 11,077 |
Eliminated on disposal | - | (979 | ) | (17,712 | ) | (758 | ) | (19,449 | ) |
At 30 June 2024 | - | 109,653 | 41,283 | 15,228 | 166,164 |
NET BOOK VALUE |
At 30 June 2024 | 6,543,684 | 12,422 | 25,286 | 9,802 | 6,591,194 |
At 30 June 2023 | 6,543,684 | 14,727 | 39,641 | 11,107 | 6,609,159 |
Cost or valuation at 30 June 2024 is represented by: |
Fixtures |
Freehold | and | Motor | Office |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | 1,975,671 | - | - | - | 1,975,671 |
Valuation in 2023 | 218,684 | - | - | - | 218,684 |
Cost | 4,349,329 | 122,075 | 66,569 | 25,030 | 4,563,003 |
6,543,684 | 122,075 | 66,569 | 25,030 | 6,757,358 |
Freehold properties were revalued in 2023 by independent surveyors/valuers using market based evidence for similar properties sold in the local area. |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2018 | 1,975,671 |
Valuation in 2023 | 218,684 |
Cost | 4,349,329 |
6,543,684 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Arundel Care Services Limited |
Registered office: Chancery House, 3 Hatchlands Road, Redhill, Surrey, United Kingdom, RH1 6AA |
Nature of business: Provision of community care services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
The above subsidiary is included in the consolidation. |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 43,884 | 6,468 |
Other debtors | 30,617 | 26,449 |
Directors' current accounts | 94,050 | 191,641 | - | - |
Tax | 51,179 | 51,179 |
Prepayments and accrued income | 86,624 | 68,848 |
306,354 | 344,585 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 230,417 | 153,333 |
Trade creditors | 28,762 | 23,733 |
Amounts owed to group undertakings | - | - |
Tax | 28,726 | 85,469 |
Social security and other taxes | 45,069 | 37,275 |
Other creditors | 1,619,243 | 1,385,078 |
Accruals and deferred income | 105,742 | 97,181 |
2,057,959 | 1,782,069 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 2,155,781 | 2,362,291 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 230,417 | 153,333 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 118,125 | 153,333 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 2,037,656 | 2,208,958 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | - | 22,000 |
This note relates to the future minimum lease payments due to the company under non-cancellable operating leases. |
The gross amount of assets held by Arundel Care Services Holdings Limited for use in operating leases totalled £6,543,684 at the balance sheet date. |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 2,386,198 | 2,515,624 |
The bank loan is secured by a debenture giving a fixed and floating charge over the assets and undertakings of the Group and a first legal charge over each of the properties owned by the Group. |
19. | FINANCIAL INSTRUMENTS |
The Group's financial instruments may be analysed as follows: |
Financial assets |
2024 | 2023 |
Financial assets that are debt instruments measured at amortised cost | £432,932 | £332,876 |
Financial liabilities |
2024 | 2023 |
Financial liabilities measured at amortised cost | £4,104,034 | £3,982,902 |
The Company's financial instruments may be analysed as follows: |
Financial assets |
2024 | 2023 |
Financial assets that are debt instruments measured at amortised cost | £6,179 | £5,573 |
Financial liabilities |
2024 | 2023 |
Financial liabilities measured at amortised cost | £3,735,891 | £3,729,012 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Other timing differences | 153,385 | 153,385 | 153,385 | 153,385 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 153,385 |
Balance at 30 June 2024 | 153,385 |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Balance at 30 June 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 88 | 88 |
Ordinary A | £1 | 11 | 11 |
99 | 99 |
Both classes are entitled to receive dividends as declared from time to time, however, the Ordinary A shares do not have voting rights and the Ordinary shares have an entitlement to repayment before the Ordinary A shares on liquidation. |
Called-up share capital represents the nominal value of shares that have been issued. |
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. |
22. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 1,138,858 | 1,601,963 | 2,740,821 |
Profit for the year | 86,417 | 86,417 |
Dividends | (66,000 | ) | (66,000 | ) |
At 30 June 2024 | 1,159,275 | 1,601,963 | 2,761,238 |
ARUNDEL CARE SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 09386763) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
22. | RESERVES - continued |
Company |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 3,016,994 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | 3,018,114 |
23. | PENSION COMMITMENTS |
Pension contributions for the year totalled £33,882 (2023: £26,866) of which £7,229 (2023: £5,323) were outstanding at the balance sheet date. |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the Group advanced £101,814 in total to directors and £203,995 in total was repaid by directors. The amounts advanced have interest of £4,590 charged on them and are repayable on demand. |
At the balance sheet date the Group was owed £94,050 (2023: £191,641) in total by directors. |
25. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
The wholly owned subsidiary of the Group is Arundel Care Services Limited, 100% of its shares are held by Arundel Care Services Holdings Limited. The nature of its business is the provision of care services. The company is incorporated in England and Wales and has its registered office situated at Chancery House, 3 Hatchlands Road, Redhill, Surrey RH1 6AA. |
The Group considers that the directors comprise the key management personnel and their remuneration is disclosed in note 5. |