REGISTERED NUMBER: |
AUREM CARE (THE OAKS) LIMITED |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
AUREM CARE (THE OAKS) LIMITED |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
AUREM CARE (THE OAKS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors, Chartered Tax Advisers |
and Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
CHANGE OF NAME |
The company passed a special resolution on 7 August 2024 changing its name from |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a care home. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
INDEMNITY PROVISION FOR DIRECTORS |
No qualifying third party indemnity provision for the benefit of one or more directors was in force at any time during the financial year or at the date of approval of this report. |
STRATEGIC REPORT EXEMPTION STATEMENT |
For the financial year ended 31 March 2024, Aurem Care (The Oaks) Limited has taken advantage of the exemption under Section 414A(4) of the Companies Act 2006 from preparing its own strategic report. |
This exemption applies because the company is a subsidiary of Aurem Care (Acqco) Limited who's immediate parent is Aurem Care (Bidco) Limited, which has prepared a group strategic report in accordance with the Companies Act 2006. |
The group strategic report, which includes information about the development, performance, and position of the group and its subsidiaries, is publicly available and can be obtained from, 167-169 Great Portland Street, 5th Floor, London, England, W1W 5PF. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS' RESPONSIBILITIES STATEMENT - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUREM CARE (THE OAKS) LIMITED |
Opinion |
We have audited the financial statements of Aurem Care (The Oaks) Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUREM CARE (THE OAKS) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on pages two and three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUREM CARE (THE OAKS) LIMITED |
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: |
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud and the detection of fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: |
- obtained an understanding of the nature of the sector, including the legal and regulatory framework, in which the entity operates and how the entity is complying with the legal and regulatory framework; |
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; |
- discussed matters concerning non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
As a result of these procedures we consider that the most significant laws and regulations which have a direct impact on the financial statements are compliance with Financial Reporting Framework FRS 102, Companies Act 2006, Corporation Tax Act 2010, General Data Protection Regulations and applicable Employment Legislation. In addition, we considered other laws and regulations which do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity's ability to operate or to avoid a material penalty. The key laws and regulations that we considered in this context included the Health and Safety at Work etc Act 1974. |
Our procedures to respond to risks identified included the following: |
- reviewing financial statement disclosures; |
- enquiring of management, the directors, and external legal; advisors concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate material misstatement due to fraud; |
- testing the appropriateness of journal entries and assessing the assumptions reflected in accounting estimates for indications of potential bias; |
- addressing the risk of fraud in revenue recognition by performing substantive testing on the revenue. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud, rather than error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
AUREM CARE (THE OAKS) 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 |
Statutory Auditors, Chartered Tax Advisers |
and Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
228,991 | (586,190 | ) |
Other operating income | 3 |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest receivable and similar income |
229,039 | (519,349 | ) |
Interest payable and similar expenses | 6 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 7 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Revaluation reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 | ( |
) |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Aurem Care (The Oaks) Limited is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
The companies financial statements have been prepared in accordance with the full FRS 102. |
The financial statements are prepared in Pounds Sterling ('£'), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Related parties |
For the purpose of these financial statements, a related party is as defined by FRS 102. |
Reduced disclosure |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
Additionally, the company has taken advantage of the exemption provided by FRS 102 not to disclose transactions with group members. |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. These estimates and judgements are made in the light of historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance. However, actual results may differ from those anticipated. |
In the preparation of these financial statements, the company's critical accounting judgements and estimates are in respect of the recoverability of group debts, impairment of assets, depreciation and the provision for doubtful debts. Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below: |
- Impairment of the company's tangible fixed assets: factors taken into consideration 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. |
- Depreciation of tangible fixed assets: these are depreciated over their useful lives, taking into account residual values. The useful lives and residual values are assessed annually and depend on a number of factors. As regards useful lives, considerations include technological innovation and maintenance programmes, while residual value assessments review matters such as future market conditions, the remaining life of the asset and projected disposal values. |
- Doubtful debts: a provision is made when the directors consider that collection of the full amount due is no longer probable. Their assessment is based on the age of the debt, the likely success of any action taken to recover it and the costs of such action. |
Turnover |
The company operates a care home for up to 61 older people who require residential or nursing support. Turnover represents fees in respect of these residents and is recognised for each period of occupancy within the accounting period. |
Tangible fixed assets |
Tangible fixed assets are stated at cost, less accumulated depreciation and any accumulated impairment losses. |
Land and buildings are stated at revaluation, less accumulated depreciation and any accumulated impairment losses. |
Land and buildings are treated as separate assets and accounted for separately, even though they have been acquired together. Land is considered to have an unlimited useful life and is therefore not depreciated, buildings are depreciated in line with the company's depreciation policy. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Buildings - 2% on revaluation |
Plant and machinery etc - 15% on cost |
Fixtures and fittings etc - 15% on cost |
Government grants |
Government grants have been accounted for under the accrual model, recognised as other income in the period to which they relate. There were no unfulfilled conditions or contingencies attached to the grants. |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The entity has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the entity's balance sheet when the entity becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Equity |
Equity comprises the following |
- share capital, which represents the nominal value of equity shares; |
- profit and loss reserves, which represent retained profits; and |
- the revaluation reserve, which represents the cumulative gains and losses arising on the revaluation of fixed assets. |
An equity share is a contract that evidences a residual interest in the assets of the company after deducting all its liabilities. Equity shares issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity shares are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year-end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Impairment of fixed assets |
At the end of each reporting period, the directors review the carrying amounts of the company's tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs. |
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in the Profit and Loss Account. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of: |
a. the revised estimate of its recoverable amount; and |
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. |
A reversal of an impairment loss is recognised immediately in the Profit and Loss Account. |
3. | OTHER OPERATING INCOME |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Government grants |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
Management, nursing and administrative |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on finance leases |
Auditors' remuneration |
- audit services |
Auditors' remuneration |
- non-audit services |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
PAYE late payment interest |
Finance lease interest |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Tax on profit/(loss) |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Movement in deferred tax | 40,203 | - |
Adjusted against Group Relief | (19,634 | ) | - |
Total tax charge | 40,203 | - |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and | Motor |
Buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 4,441,982 | 331,318 | 2,639,783 | 30,587 | 7,443,670 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Land and | Plant and |
Buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions | 215,970 |
At 31 March 2024 | 4,657,952 |
DEPRECIATION |
At 1 April 2023 | 1,606,202 |
Charge for year | 21,053 |
At 31 March 2024 | 1,627,255 |
NET BOOK VALUE |
At 31 March 2024 | 3,030,697 |
At 31 March 2023 | 2,835,780 |
9. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Prepayments and accrued income |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 12) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 12) |
Amounts owed to group undertakings |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
In more than five years |
Finance charges repayable: |
Within one year |
Between one and five years |
In more than five years |
Net obligations repayable: |
Within one year |
Between one and five years |
In more than five years |
In 2019, the company entered into a sale and leaseback arrangement in respect of property recognised in these accounts. As a result, a finance lease over 150 years commenced on 24 May 2019. The terms of the lease include an option to repurchase the property for £1 at the end of the lease. |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Finance leases | 1,814,906 | 1,828,100 |
The debts in respect of the finance leases are secured against the assets of the company to which they relate. |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
16. | PENSION COMMITMENTS |
The company contributes to workplace pension schemes for the benefit of its employees. The assets of the schemes are held in independent funds. At the balance sheet date, £7,206 was payable to these funds (2023: £19,908). |
17. | PARENT COMPANIES |
The Company's immediate parent is Aurem Care (Acqco) Limited, incorporated in England and Wales. This company's registered office is at 5th Floor, 167-169 Great Portland Street, London W1W 5PF. |
On 20 January 2022, Aurem Care (Acqco) Limited (along with all of its subsidiaries) was sold. Prior to the sale, the Company's ultimate controlling party was Healthcare Enterprise Partners LLP, a limited liability partnership incorporated in England and Wales with its registered office at Broad House, 1 The Broadway, Old Hatfield, Hertfordshire AL9 5BG. Following the sale, the three companies formerly between Aurem Care (Acqco) Limited and the LLP were put into members' voluntary liquidation and the LLP was dissolved; neither the LLP nor any of the three intermediate companies produced any accounts for the period covered by these financial statements. |
Aurem Care (Acqco) Limited was purchased by Aurem Care (Bidco) Limited ('Bidco'), a member of a sub-group of Gresham House plc. Bidco is incorporated in England and Wales and has its registered office at 5th Floor, 167-169 Great Portland Street, London W1W 5PF. It is the most proximate parent of the Company preparing consolidated financial statements, copies of which are available from Companies House, Crown Way, Cardiff CF14 3UZ. |
Since the purchase, Gresham House plc, incorporated in England and Wales, has been the Company's ultimate controlling party. Its registered office is at 5 New Street Square, London EC4A 3TW and its consolidated financial statements are available from Companies House, Crown Way, Cardiff CF14 3UZ. |
AUREM CARE (THE OAKS) LIMITED (REGISTERED NUMBER: 03001554) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | GUARANTEES SUPPORTED BY CHARGES OVER ASSETS |
As stated in Note 17, the Company was acquired on 20 January 2022 by Aurem Care (Bidco) Limited ('Bidco'), a member of a sub-group of Gresham House plc. To assist with this purchase, Bidco took on a bank loan of £12.5m that is guaranteed by the Company, all its fellow subsidiaries and their immediate parent, Aurem Care (Acqco) Limited. This guarantee is supported by a fixed and floating charge over the Company's assets. |
Additionally, to assist further with this purchase, Bidco's immediate parent (Aurem Care (Midco) Limited ('Midco') raised £9.387m from within the Gresham House group by issuing loan notes for this amount. These loan notes are guaranteed by the Company, all its fellow subsidiaries, Aurem Care (Acqco) Limited and Bidco. This guarantee is also supported by a fixed and floating charge over the Company's assets. |
Accordingly, the total amount of debt belonging to Bidco and Midco that has been guaranteed by the Company is £21.887m. |