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Registered number: 10701552









CAREBROOK HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 MARCH 2024

 
CAREBROOK HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
G Loughran 




Registered number
10701552



Registered office
101 New Cavendish Street

London

United Kingdom

W1G 8TB




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Registered Auditors

101 New Cavendish Street

1st Floor South

London

United Kingdom

W1W 6XH





 
CAREBROOK HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9 - 10
Company Balance Sheet
11 - 12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 36


 
CAREBROOK HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 MARCH 2024

Introduction
 
The director presents the strategic report together with the audited financial statements for the year ended 31 March 2024.

Business review
 
The key financial highlights of the year are as below:

2024
2023
        £
        £

Turnover

26,265,957

20,156,537

Profit before taxation

1,634,898

686,403

Shareholder funds

13,358,359

12,577,104


41,259,214

33,420,044


Principal risks and uncertainties
 
The group's principal risks stem from the trading performance of the business. These include the levels of ongoing demand, and managing the businesses cash flow. The group manages these risks by continually enhancing management information systems to allow close monitoring of income and profitability.
The group's principal financial instruments comprise bank balances, bank loans, and trade creditors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


This report was approved by the board on 25 March 2025 and signed on its behalf.



G Loughran
Director

Page 1

 
CAREBROOK HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 MARCH 2024

The director presents his report and the financial statements for the year ended 28 March 2024.

Director

The director who served during the year was:

G Loughran 

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 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 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

 
CAREBROOK HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 28 MARCH 2024

This report was approved by the board on 25 March 2025 and signed on its behalf.
 





G Loughran
Director

Page 3

 
CAREBROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREBROOK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Carebrook Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 28 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 28 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 4

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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


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


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 directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the 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 
Page 5

 
CAREBROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREBROOK HOLDINGS LIMITED (CONTINUED)


parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates; 
We did not identify any key audit matters relating to irregularities, including fraud.


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.


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.


Page 6

 
CAREBROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREBROOK HOLDINGS LIMITED (CONTINUED)





Neville Newman (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Registered Auditors
  
101 New Cavendish Street
1st Floor South
London
United Kingdom
W1W 6XH

25 March 2025
Page 7

 
CAREBROOK HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 MARCH 2024

As restated
2024
2023
£
£


Turnover
26,265,957
20,156,537

Cost of sales
(9,774,694)
(7,671,707)

Gross profit
16,491,263
12,484,830

Administrative expenses
(14,445,826)
(11,284,495)

Other operating income
386,817
-

Fair value movements
57,619
(16,153)

Operating profit
2,489,873
1,184,182

Income from fixed assets investments
6,048
5,946

Interest receivable and similar income
41,236
109,490

Interest payable and similar expenses
(891,333)
(613,215)

Other finance income
(10,926)
-

Profit before tax
1,634,898
686,403

Tax on profit
(467,336)
65,367

Profit for the financial year
1,167,562
751,770

Profit for the year attributable to:
  

Owners of the parent company
  
(1,167,562)
(751,770)

  
(1,167,562)
(751,770)

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

The notes on pages 18 to 36 form part of these financial statements.

Page 8

 
CAREBROOK HOLDINGS LIMITED
REGISTERED NUMBER: 10701552

CONSOLIDATED BALANCE SHEET
AS AT 28 MARCH 2024

28 March
As restated
31 March
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
355,926
163,483

Tangible assets
 13 
9,424,779
4,492,899

Investments
 14 
603,551
545,771

Investment property
 15 
18,557,935
18,557,935

  
28,942,191
23,760,088

Current assets
  

Stocks
 16 
129,147
91,389

Debtors: amounts falling due within one year
 17 
2,234,820
4,999,400

Cash at bank and in hand
 18 
2,496,399
3,352,092

  
4,860,366
8,442,881

Creditors: amounts falling due within one year
 19 
(9,443,107)
(8,943,330)

Net current liabilities
  
 
 
(4,582,741)
 
 
(500,449)

Total assets less current liabilities
  
24,359,450
23,259,639

Creditors: amounts falling due after more than one year
 20 
(9,709,987)
(9,660,204)

Provisions for liabilities
  

Deferred tax
 21 
(1,291,104)
(1,022,331)

  
 
 
(1,291,104)
 
 
(1,022,331)

Net assets
  
13,358,359
12,577,104


Capital and reserves
  

Called up share capital 
 22 
100
100

Share premium account
 23 
9,511,197
9,511,197

Foreign exchange reserve
 23 
23,450
(11,998)

Other reserves
 23 
742,500
742,500

Profit and loss account
 23 
3,081,112
2,335,305

  
13,358,359
12,577,104


Page 9

 
CAREBROOK HOLDINGS LIMITED
REGISTERED NUMBER: 10701552
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 28 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2025.




G Loughran
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 
CAREBROOK HOLDINGS LIMITED
REGISTERED NUMBER: 10701552

COMPANY BALANCE SHEET
AS AT 28 MARCH 2024

28 March
31 March
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
12,553
-

Investments
 14 
10,081,685
10,023,819

Investment Property
 15 
18,557,935
18,557,935

  
28,652,173
28,581,754

Current assets
  

Debtors: amounts falling due within one year
 17 
2,839,477
2,391,829

Cash at bank and in hand
 18 
887,795
191,719

  
3,727,272
2,583,548

Creditors: amounts falling due within one year
 19 
(3,340,960)
(1,549,697)

Net current assets
  
 
 
386,312
 
 
1,033,851

Total assets less current liabilities
  
29,038,485
29,615,605

  

Creditors: Amounts Falling Due After More Than One Year
 20 
(7,230,050)
(7,650,499)

Provisions for liabilities
  

Deferred taxation
 21 
(499,117)
(499,117)

  
 
 
(499,117)
 
 
(499,117)

Net assets excluding pension asset
  
21,309,318
21,465,989

Net assets
  
21,309,318
21,465,989


Capital and reserves
  

Called up share capital 
 22 
100
100

Share premium account
 23 
9,511,197
9,511,197

Other reserves
 23 
742,500
742,500

Profit and loss account brought forward
  
11,212,192
11,232,464

Profit for the year
  
265,084
545,928

Other changes in the profit and loss account

  

(421,755)
(566,200)

Profit and loss account carried forward
  
11,055,521
11,212,192

  
21,309,318
21,465,989


Page 11

 
CAREBROOK HOLDINGS LIMITED
REGISTERED NUMBER: 10701552
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 28 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2025.


G Loughran
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 12

 
CAREBROOK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 MARCH 2024


Called up share capital
Share premium account
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 April 2022
100
9,511,197
-
742,500
2,149,735
12,403,532



Profit for the year
-
-
-
-
751,770
751,770

Foreign exchange difference
-
-
(11,998)
-
-
(11,998)

Dividends: Equity capital
-
-
-
-
(566,200)
(566,200)



At 1 April 2023
100
9,511,197
(11,998)
742,500
2,335,305
12,577,104



Profit for the year
-
-
-
-
1,167,562
1,167,562

Foreign exchange difference
-
-
35,448
-
-
35,448

Dividends: Equity capital
-
-
-
-
(421,755)
(421,755)


At 28 March 2024
100
9,511,197
23,450
742,500
3,081,112
13,358,359


The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
CAREBROOK HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 MARCH 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
100
9,511,197
742,500
11,232,464
21,486,261


Comprehensive income for the year

Profit for the year
-
-
-
545,928
545,928

Dividends: Equity capital
-
-
-
(566,200)
(566,200)



At 1 April 2023
100
9,511,197
742,500
11,212,192
21,465,989



Profit for the year
-
-
-
265,084
265,084


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(421,755)
(421,755)


At 28 March 2024
100
9,511,197
742,500
11,055,521
21,309,318


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
CAREBROOK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 MARCH 2024

28 March
As restated
31 March
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,167,562
751,770

Adjustments for:

Amortisation of intangible assets
13,154
-

Depreciation of tangible assets
1,295,606
783,736

Interest paid
891,333
613,215

Interest received
(47,284)
(115,436)

Taxation charge
467,336
(65,368)

(Increase) in stocks
(37,757)
(32,104)

Decrease/(increase) in debtors
2,705,213
(4,588,132)

(Decrease)/increase in creditors
(294,031)
3,978,737

Net fair value (gains)/losses recognised in P&L
(57,619)
16,153

Corporation tax (paid)
(66,216)
(350,714)

Difference on foreign exchange
10,952
-

Net cash generated from operating activities

6,048,249
991,857


Cash flows from investing activities

Purchase of intangible fixed assets
(216,565)
(125,888)

Purchase of tangible fixed assets
(6,194,772)
(2,710,619)

Purchase of investment properties
-
(27,781)

Purchase of listed investments
-
(8,784)

Interest received
41,236
109,490

Dividends received
6,048
5,946

Net cash from investing activities

(6,364,053)
(2,757,636)

Cash flows from financing activities

New secured loans
781,227
-

Other new loans
-
19,470

Repayment of other loans
(8,028)
-

Dividends paid
(421,755)
(566,200)

Interest paid
(891,333)
(613,215)

Net cash used in financing activities
(539,889)
(1,159,945)

Net (decrease) in cash and cash equivalents
(855,693)
(2,925,724)
Page 15

 
CAREBROOK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 28 MARCH 2024

28 March
As restated
31 March

2024
2023

£
£



Cash and cash equivalents at beginning of year
3,352,092
6,277,816

Cash and cash equivalents at the end of year
2,496,399
3,352,092


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,496,399
3,352,092

2,496,399
3,352,092


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
CAREBROOK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 MARCH 2024




At 1 April 2023
Cash flows
At 28 March 2024
£

£

£

Cash at bank and in hand

3,352,092

(855,693)

2,496,399

Debt due after 1 year

(9,660,204)

(49,783)

(9,709,987)

Debt due within 1 year

(893,935)

(705,318)

(1,599,253)


(7,202,047)
(1,610,794)
(8,812,841)

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

1.


General information

Carebrook Holdings Limited is a private company limited by shares and incorporated in England & Wales (registered number 10701552). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.

 
2.3

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. As a result, the director considers it appropriate to prepare the financial statements on a going concern basis.

Page 18

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

Page 20

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

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

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

 
2.11

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.


Page 21

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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 a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
straight-line over the life of the lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
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.

 
2.14

Investment property

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

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 22

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

2.Accounting policies (continued)

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

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.

 
2.18

Cash and cash equivalents

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

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

 
2.19

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.

 
2.20

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.

Page 23

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

3.


Turnover

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


As restated
2024
2023
£
£

Retail sales
25,622,274
19,535,463

Rent receivable
643,683
621,074

26,265,957
20,156,537


Analysis of turnover by country of destination:

As restated
2024
2023
£
£

United Kingdom
26,265,957
20,156,537

26,265,957
20,156,537



4.


Other operating income

As restated
2024
2023
£
£

Insurance claims receivable
386,817
-

386,817
-



5.


Operating profit

The operating profit is stated after charging:

As restated
2024
2023
£
£

Research & development charged as an expense
17,500
45,039

Exchange differences
54,710
11,835

Page 24

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
39,600
55,310


7.


Employees

Staff costs were as follows:


Group
28 March
Group
31 March
Company
28 March
Company
31 March
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,744,204
5,485,427
17,386
-

Social security costs
478,544
180,547
1,660
-

Cost of defined contribution scheme
128,959
99,577
410
-

7,351,707
5,765,551
19,456
-


The average monthly number of employees in the Group, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
282
254


8.


Income from investments

2024
2023
£
£



Income from current asset investments
(6,048)
(5,946)

(6,048)
(5,946)




Page 25

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
41,236
109,490

41,236
109,490


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
891,333
613,215

891,333
613,215


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
198,564
63,618


198,564
63,618


Total current tax
198,564
63,618

Deferred tax


Origination and reversal of timing differences
268,772
(128,985)

Total deferred tax
268,772
(128,985)


Tax on profit
467,336
(65,367)
Page 26

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,634,898
686,403


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
408,725
130,417

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,240
17,141

Capital allowances for year in excess of depreciation
(202,570)
(78,738)

Deferred tax
268,772
(128,986)

Other timing differences leading to an increase (decrease) in taxation
-
(4,071)

Non-taxable income
(21,831)
(1,130)

Total tax charge for the year
467,336
(65,367)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

12.


Intangible assets

Group and Company







Patents

£



Cost


At 1 April 2023
185,889


Additions
216,565



At 28 March 2024

402,454



Amortisation


At 1 April 2023
22,406


Charge for the year on owned assets
24,122



At 28 March 2024

46,528



Net book value



At 28 March 2024
355,926



At 31 March 2023
163,483



Page 28

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

13.


Tangible fixed assets

Group








Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
2,132,754
333,254
6,458,993
8,925,001


Additions
1,922,791
2,572,369
1,699,611
6,194,771



At 28 March 2024

4,055,545
2,905,623
8,158,604
15,119,772



Depreciation


At 1 April 2023
405,193
31,071
3,995,838
4,432,102


Charge for the year on owned assets
150,866
174,628
820,053
1,145,547


Charge for the year on financed assets
117,344
-
-
117,344



At 28 March 2024

673,403
205,699
4,815,891
5,694,993



Net book value



At 28 March 2024
3,382,142
2,699,924
3,342,713
9,424,779



At 31 March 2023
1,727,561
302,183
2,463,155
4,492,899




The net book value of land and buildings may be further analysed as follows:


28 March
31 March
2024
2023
£
£

Long leasehold
3,382,141
1,727,561

3,382,141
1,727,561


Page 29

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

           13.Tangible fixed assets (continued)


Company









Plant and machinery

£

Cost or valuation


Additions
13,209



At 28 March 2024

13,209



Depreciation


Charge for the year on owned assets
656



At 28 March 2024

656



Net book value



At 28 March 2024
12,553



At 31 March 2023
-





The net book value of land and buildings may be further analysed as follows:





14.


Fixed asset investments

Group








Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2023
312,523
233,248
545,771


Revaluations
57,780
-
57,780



At 28 March 2024
370,303
233,248
603,551




Page 30

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024
Company








Investments in subsidiary companies
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 April 2023
9,511,296
312,523
200,000
10,023,819


Additions
-
-
86
86


Revaluations
-
57,780
-
57,780



At 28 March 2024
9,511,296
370,303
200,086
10,081,685





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Carebrook Limited
Ordinary
100%
Carebrook (Camden Market) Limited
Ordinary
100%
Carebrook (Walthamstow) Limited
Ordinary
100%
Vauxhall London Limited
Ordinary
100%
Carebrook Partnership (NI) Limited
Ordinary
100%
Carebrook Partnership Limited
Ordinary
100%
Carebrook Dublin Property Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 28 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

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

Carebrook Limited
1,889,076
838,942

Carebrook (Camden Market) Limited
392,574
188,475

Carebrook (Walthamstow) Limited
1
-

Vauxhall London Limited
1
-

Carebrook Partnership (NI) Limited
(82,209)
(82,209)

Carebrook Partnership Limited
(614,541)
(5,117)

Carebrook Dublin Property Limited
(41,991)
(41,991)

Page 31

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

15.


Investment property

Group





Long term leasehold investment property

£



Valuation


At 1 April 2023
18,557,935



At 28 March 2024
18,557,935

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





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

28 March
31 March
2024
2023
£
£


Historic cost
16,570,833
16,570,833

16,570,833
16,570,833

Company








Long term leasehold investment property

£



Valuation


At 1 April 2023
18,557,935



At 28 March 2024
18,557,935

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


Page 32

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

16.


Stocks

Group
28 March
Group
31 March
2024
2023
£
£

Finished goods and goods for resale
129,147
91,389

129,147
91,389


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
28 March
As restated Group
31 March
Company
28 March
Company
31 March
2024
2023
2024
2023
£
£
£
£


Trade debtors
594,439
279,711
66,781
19,740

Amounts owed by group undertakings
-
-
2,661,081
602,197

Other debtors
541,970
2,814,584
-
1,703,289

Prepayments and accrued income
1,098,411
1,905,105
111,615
66,603

2,234,820
4,999,400
2,839,477
2,391,829



18.


Cash and cash equivalents

Group
28 March
As restated Group
31 March
Company
28 March
Company
31 March
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,496,399
3,352,092
887,795
191,719

2,496,399
3,352,092
887,795
191,719


Page 33

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

19.


Creditors: Amounts falling due within one year

Group
28 March
As restated Group
31 March
Company
28 March
Company
31 March
2024
2023
2024
2023
£
£
£
£

Bank loans
1,585,426
853,982
440,746
408,147

Other loans
11,442
19,470
-
-

Trade creditors
1,781,308
2,299,487
78
8,445

Amounts owed to group undertakings
-
-
2,561,462
882,532

Corporation tax
132,348
61,955
62,955
26,260

Other taxation and social security
514,944
509,049
41,346
-

Other creditors
923,638
583,066
82,568
82,928

Accruals and deferred income
4,494,001
4,616,321
151,805
141,385

9,443,107
8,943,330
3,340,960
1,549,697



20.


Creditors: Amounts falling due after more than one year

Group
28 March
As restated Group
31 March
Company
28 March
Company
31 March
2024
2023
2024
2023
£
£
£
£

Bank loans
9,709,987
9,660,204
7,230,050
7,650,499

9,709,987
9,660,204
7,230,050
7,650,499





21.


Deferred taxation

Page 34

 
CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024
 
21.Deferred taxation (continued)


Group



2024


£






At beginning of year
(1,022,332)


Charged to profit or loss
(268,772)



At end of year
(1,291,104)

Company


2024


£






At beginning of year
(499,117)



At end of year
(499,117)

Group
28 March
Group
31 March
Company
28 March
Company
31 March
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(791,987)
(523,215)
-
-

Revaluation surplus
(499,117)
(499,117)
(499,117)
(499,117)

(1,291,104)
(1,022,332)
(499,117)
(499,117)


22.


Share capital

28 March
31 March
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


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CAREBROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024

23.


Reserves

Share premium account

Includes all premiums paid on the acquisition of share capital.

Foreign exchange reserve

Includes all adjustments for differences on foreign exchange on consolidation.

Profit and loss account

Includes all current and prior period retained profits and losses.


24.


Prior year adjustment

The subsidiary, Carebrook Partnership Limited began trading in the year ended 31 March 2023, however, these figures were not included in the cosolidated postion presented in the Groups 2023 financial statements. Carebrook Partnership Limited was lossmaking for the period and this has lead to a reduction in the profit for the year ended 31 March 2023 and decrease in the net asset value as at 31 March 2023 of £619,748.


25.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group. Contributions totaling £2,385 (2023: £20,458) were payable to the fund at the balance sheet date and are included in creditors.


26.


Related party transactions

The group has taken advantage of the exemption available in FRS 102, section 33, whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.


27.


Controlling party

The ultimate controlling party is G Loughran.

 
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