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REGISTERED NUMBER: 07804306 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

CHORLEGH LIMITED

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Group Strategic Report 2 to 5

Report of the Directors 6 to 7

Report of the Independent Auditors 8 to 11

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20 to 33


CHORLEGH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: D J Q Slack
C H F Slack
Mrs H L Slack





SECRETARY: Ms S K Slack





REGISTERED OFFICE: First House
Altrincham Road
Styal
Wilmslow
SK9 4JE





REGISTERED NUMBER: 07804306 (England and Wales)





AUDITORS: Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31st March 2024.

REVIEW OF BUSINESS
The Group's primary activity is the provision of residential nursing care for adults with learning disabilities, mental health, and complex needs. It also provides residential nursing care for the elderly with specialist higher acuity care needs.

The Group's strategy is one of continued growth through new builds, the extension of existing facilities and, where appropriate, through the acquisition of nursing homes of a suitable quality.

Caritas Services Limited operates four care homes across Greater Manchester, Cheshire, and Derbyshire. In January 2023, the Company acquired Beverley Park Nursing Home Limited in Greater Manchester.

The financial year saw considerable financial pressure on the care market, through high inflation and the increase in energy costs. The cost-of-living crisis continues to affect staff recruitment and retention.

Occupancy and room fees are the primary factors affecting revenues. The Company seeks to maintain high occupancy and fee levels by offering high-quality, person-centred care appropriate to the needs of service-users, in purpose-built facilities managed by well qualified staff.

Total revenue increased by £0.39m (7.9%) to £5.34m in the year (2023: £4.95m). Occupancy levels remained stable at 96%, with revenue growth driven by inflationary fee adjustments.

Interest rate increases, higher energy costs and other inflationary pressures, and our duty to protect and sustain the financial viability of our business required inflationary fee increases, necessary to maintain and continue to provide our services for the financial year.

Operating profit from continuing operations reduced by £0.57m to £0.54m (2023: £1.11m). This was due to higher administrative expenses associated with the care business and the provision to write off certain historic long-term debt further impacted profitability.

Net assets at the year end reduced to £2.79m (2023: £2.99m). The reconciliation of the movement is shown in the consolidated statement of changes in equity.


CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal risks and uncertainties are:

- A decline in occupancy or in negotiated fee rates for the provision of care
- The recruitment and retention of high-quality nursing and care staff
- Maintaining the quality of the home environment

The Company continues to address these risks through:

- Continuous improvement in the quality of care it provides, which enhances its reputation and maintains its position as the provider of choice for Local Authority and Clinical Commissioning Group commissioners and for private care purchasers
- Investment in our staff in terms of learning, development, and reward
- A programme of refurbishment, upgrading our facilities with investment in the homes and through increased maintenance expenditure
- The Board analyses key risks to the business and monitor exposure to these risks through a series of Key Performance Indicators (KPIs). These KPIs are reviewed to ensure that the Group is achieving its principal objectives of providing the highest quality of care for residents and patients, at the same time ensuring that the infrastructure is as fully and efficiently utilised as possible to provide appropriate returns to shareholders.

FINANCIAL RISK MANAGEMENT

The Company's principal financial instruments comprise sterling cash and bank deposits and inter-company loans, together with trade debtors and creditors arising from normal operations.

The Company's activities are not over exposed to interest rate risk as long-term financing is at an agreed fixed rate.

The Company has no exposure to price or currency risk as it has no equity investments or foreign currency balances.

Over time, some bad debt has accumulated, and this year, a provision was made for these outstanding amounts, which were subsequently written off. However, the credit risk associated with trade debtors remains minimal, as the majority of fees are funded by local authorities and the NHS. Additionally, instances of bad debt among private residents have been minimal.


CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

KEY PERFORMANCE INDICATORS
1) Clinical quality risk
We are committed to the need to provide a consistent level of care. We have invested in a number of key areas to monitor care provision, including a specialist dementia team, clinical development nurses and a more rigorous programme of quality inspections. The business operates sophisticated levels of performance monitoring with regular reporting to senior management and the Board of any potential issues. In addition, a comprehensive programme of service audits is undertaken across all homes with reports and resulting action plans being the subject of comprehensive review. Perhaps most importantly, the Board encourages a culture of reporting any minor concerns from staff, residents and relatives, all of which are appropriately investigated. There is increased awareness of regulatory changes at Board level and regular briefing updates are being used to ensure appropriate knowledge transfer to staff throughout the business.

KPIs used:
- Regulatory compliance (both internal and external)
- Various indicators of clinical well-being; and
- Number of hours for staffing (employed and agency)

2) Health & Safety
We understand the need to provide a safe environment for our staff, residents, their guests or anyone else on our premises. Everyone in our business has accountability for health and safety, and they are given the necessary tools (including training, safety equipment and resources) to operate safely. Compliance is organised and monitored through a dedicated health and safety team across the business.

KPIs used:
- Notifiable accident frequency; and
- Accident statistics

3) Public spending policy
Continued pressure is being exerted to reduce Government and Local Authority spending, which is manifesting itself increasingly in the fees being paid for the care of funded residents not keeping pace with the increase to our cost base. To mitigate this, we undertake robust fee negotiations with the public sector and have a focus more on the provision of space to privately funded individuals.

KPIs used:
- Average fee rates; and
- Occupancy rates and mix

4) Employment of staff
Control over staffing costs whilst retaining the quality of care remains a high priority for the Company. In line with many others in the care sector, the company faced the challenges of retention and recruitment of its workforce in order to maintain safe staffing levels; in response to this competitive marketplace, the Company remains committed to paying a fair, above living wage rate to staff and to funding its programmes of employee engagement, training and development in an effort to reduce staff turnover and, therefore, its exposure to expensive agency costs which had impacted margins during the year.

Our business thrives on the skills and expertise of the staff we employ. The shortage of appropriate labour is a potential risk to the business, this is particularly acutely felt with the national shortage of qualified nursing staff. To mitigate this risk, the business has a proactive Human Resources and Recruitment team.

Continuity of service and care provided to residents is vitally important to the business. In order to ensure high quality care is provided is it is necessary for the business to employ well trained staff and to encourage strong staff retention. To ensure staff have appropriate skills, the business provides on-going statutory and mandatory training to all resident facing staff. Development opportunities are identified and promoted throughout the business to continue to develop staff and encourage staff retention.

In addition, the business has procedures in place to ensure continued compliance with regulations.

KPIs used:

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

- Staff turnover
- Staff training statistics; and
- Number of hours for staffing (employed and agency)

5) Cost base inflation
The principal costs for the successful operation of the business include staff costs, energy, and food. These areas are subject to on-going cost pressures in advance of inflation. To mitigate these areas, we have procurement processes to source energy and food at the best possible rates. We have a well organised operational structure to ensure that labour is employed as effectively as possible.

6) Occupancy
The inability to maintain and grow occupancy levels of both private and local authority funded residents is a potential risk to the business. To mitigate this risk, we proactively monitor and review occupancy levels.

KPIs used:
- Occupancy rates and mix; and
- Enquiry levels and conversion rates

FUTURE DEVELOPMENTS
The Group maintained steady trading throughout 2023/2024. Delivering high standards of care and sustaining profitability remain key priorities for the future. Our commitment to paying staff above the National Living Wage has increased our cost base and will continue to do so as wages rise in line with government commitments. Additionally, we anticipate ongoing inflationary pressures across our broader cost base in the short term.

Notwithstanding these trading pressures on our consistent quality care delivery, we are confident in the Group's continued further success. This includes the continuation of investment in the maintenance and enhancement of our existing estate as well as growing the business further through the opening of new, purpose-built premium care facilities.

ON BEHALF OF THE BOARD:





D J Q Slack - Director


27th March 2025

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year is that of a holding company.

The principal activity of the Company's subsidiary undertakings (the "Group") is the operation of care homes with related care services. Chorlegh is a company domiciled in England and Wales.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £474,157.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.

D J Q Slack
C H F Slack
Mrs H L Slack

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 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 group's auditors are aware of that information.

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


AUDITORS
The auditors, Allens Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D J Q Slack - Director


27th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEGH LIMITED

Opinion
We have audited the financial statements of Chorlegh Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st 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 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 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 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 Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEGH 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 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 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEGH 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for the directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management and the board of directors about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedure to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management and the board of directors concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEGH LIMITED


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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.




Paul Wright (Senior Statutory Auditor)
for and on behalf of Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

27th March 2025

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

TURNOVER 4 5,336,721 4,946,455

Cost of sales 3,533,734 2,937,989
GROSS PROFIT 1,802,987 2,008,466

Administrative expenses 1,261,945 897,006
OPERATING PROFIT 6 541,042 1,111,460

Interest receivable and similar income 3,896 6
544,938 1,111,466

Interest payable and similar expenses 7 148,675 100,963
PROFIT BEFORE TAXATION 396,263 1,010,503

Tax on profit 8 128,127 241,424
PROFIT FOR THE FINANCIAL YEAR 268,136 769,079
Profit attributable to:
Owners of the parent 268,136 769,079

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 268,136 769,079


OTHER COMPREHENSIVE INCOME
Revaluation gains
Income tax relating to other comprehensive
income

8,278

(84,107

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

8,278

(84,107

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

276,414

684,972

Total comprehensive income attributable to:
Owners of the parent 276,414 684,972

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

CONSOLIDATED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 155,128 172,690
Tangible assets 12 5,016,984 5,190,944
Investments 13 - -
5,172,112 5,363,634

CURRENT ASSETS
Debtors 14 719,207 1,098,912
Cash at bank and in hand 535,362 152,033
1,254,569 1,250,945
CREDITORS
Amounts falling due within one year 15 1,081,431 852,475
NET CURRENT ASSETS 173,138 398,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,345,250

5,762,104

CREDITORS
Amounts falling due after more than one
year

16

(2,065,842

)

(2,261,519

)

PROVISIONS FOR LIABILITIES 19 (491,400 ) (514,834 )
NET ASSETS 2,788,008 2,985,751

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Revaluation reserve 21 1,212,911 1,237,744
Retained earnings 21 1,574,097 1,747,007
2,788,008 2,985,751

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





D J Q Slack - Director


CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

COMPANY BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 4,822,496 4,964,141
Investments 13 140,912 140,912
4,963,408 5,105,053

CURRENT ASSETS
Debtors 14 290,764 129,858
Cash at bank 41,465 627
332,229 130,485
CREDITORS
Amounts falling due within one year 15 482,974 350,975
NET CURRENT LIABILITIES (150,745 ) (220,490 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,812,663

4,884,563

CREDITORS
Amounts falling due after more than one
year

16

(2,065,842

)

(2,261,519

)

PROVISIONS FOR LIABILITIES 19 (461,533 ) (478,731 )
NET ASSETS 2,285,288 2,144,313

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Revaluation reserve 1,212,911 1,237,744
Retained earnings 1,071,377 905,569
2,285,288 2,144,313

Company's profit for the financial year 606,854 726,557

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





D J Q Slack - Director


CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st April 2022 1,000 1,353,650 1,354,962 2,709,612

Changes in equity
Dividends - (408,833 ) - (408,833 )
Total comprehensive income - 769,079 (84,107 ) 684,972
Revaluation transfer - 33,111 (33,111 ) -
Balance at 31st March 2023 1,000 1,747,007 1,237,744 2,985,751

Changes in equity
Dividends - (474,157 ) - (474,157 )
Total comprehensive income - 268,136 8,278 276,414
Revaluation transfer - 33,111 (33,111 ) -
Balance at 31st March 2024 1,000 1,574,097 1,212,911 2,788,008

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st April 2022 1,000 554,734 1,354,962 1,910,696

Changes in equity
Dividends - (408,833 ) - (408,833 )
Total comprehensive income - 726,557 (84,107 ) 642,450
Revaluation transfer - 33,111 (33,111 ) -
Balance at 31st March 2023 1,000 905,569 1,237,744 2,144,313

Changes in equity
Dividends - (474,157 ) - (474,157 )
Total comprehensive income - 606,854 8,278 615,132
Revaluation transfer - 33,111 (33,111 ) -
Balance at 31st March 2024 1,000 1,071,377 1,212,911 2,285,288

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,450,114 667,318
Interest paid (148,605 ) (94,163 )
Tax paid (252,589 ) (103,200 )
Net cash from operating activities 1,048,920 469,955

Cash flows from investing activities
Purchase of tangible fixed assets (18,353 ) (755,988 )
Cash paid/refunded for subsidiary 66,003 (206,415 )
Cash acquired with subsidiary - 48,715
Interest received 3,896 6
Net cash from investing activities 51,546 (913,682 )

Cash flows from financing activities
New loans in year - 900,000
Loan repayments in year (183,417 ) (163,473 )
Other loans 54,342 -
Amount withdrawn by directors (113,905 ) (140,055 )
Equity dividends paid (474,157 ) (408,833 )
Net cash from financing activities (717,137 ) 187,639

Increase/(decrease) in cash and cash equivalents 383,329 (256,088 )
Cash and cash equivalents at beginning of
year

2

152,033

408,121

Cash and cash equivalents at end of year 2 535,362 152,033

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 396,263 1,010,503
Depreciation charges 209,875 169,855
Finance costs 148,675 100,963
Finance income (3,896 ) (6 )
750,917 1,281,315
Decrease/(increase) in trade and other debtors 543,636 (634,529 )
Increase in trade and other creditors 155,561 20,532
Cash generated from operations 1,450,114 667,318

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 535,362 152,033
Year ended 31st March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 152,033 408,121


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 152,033 383,329 535,362
152,033 383,329 535,362
Debt
Debts falling due within 1 year (139,474 ) 62,978 (76,496 )
Debts falling due after 1 year (2,261,519 ) 195,677 (2,065,842 )
(2,400,993 ) 258,655 (2,142,338 )
Total (2,248,960 ) 641,984 (1,606,976 )

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Chorlegh Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and will continue to have the support of the group. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 31 March 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated balance sheet immediately below goodwill.

All inter-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration receivable and represents the total amount receivable by the company for services provided in the normal course of business, excluding value added tax and trade discounts. The following criteria must also be met before revenue is recognised:

Rendering of services

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

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired, is capitalised and written off on a straight line basis over its estimated useful life of 10 years. Provision is made for any impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - Straight line over 8 years
Fixtures & fittings - 20% on reducing balance and Straight line over 8 years
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

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 rate method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

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.

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.

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Dividends
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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
£    £   
Provision of care services 5,336,721 4,946,455
5,336,721 4,946,455

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,271,194 2,791,505
Social security costs 223,708 149,086
Other pension costs 51,011 31,875
3,545,913 2,972,466

The average number of employees during the year was as follows:
2024 2023

Care staff 95 91
Management and administration 11 11
106 102

2024 2023
£    £   
Directors' remuneration 10,382 10,600
Directors' pension contributions to money purchase schemes 349 349

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 6,755 827
Other operating leases 33,114 12,211
Depreciation - owned assets 192,313 166,928
Goodwill amortisation 17,562 2,927
Auditors' remuneration 21,780 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 36
Bank loan interest 147,487 92,261
Interest on overdue taxation 1,188 8,666
148,675 100,963

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 143,284 195,515

Deferred tax (15,157 ) 45,909
Tax on profit 128,127 241,424

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 396,263 1,010,503
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

99,066

191,996

Effects of:
Expenses not deductible for tax purposes 29,061 17,567
Capital allowances in excess of depreciation - (1,300 )
Change in Corporation Tax rate - 33,161
Total tax charge 128,127 241,424

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation gains - 8,278 8,278

2023
Gross Tax Net
£    £    £   
Revaluation gains - (84,107 ) (84,107 )

9. INDIVIDUAL INCOME STATEMENT

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.


10. DIVIDENDS

2024 0223
Interim dividends paid: £ £
Ordinary 'A' £1 shares 61,500 73,000
Ordinary 'B' £1 shares 139,500 139,500
Ordinary 'C' £1 shares 139,500 133,500
Ordinary 'D' £1 shares 23,237 4,834
Ordinary 'E' £1 shares 23,237 4,833
Ordinary 'F' £1 shares 23,237 4,833
Ordinary 'G' £1 shares 23,236 4,833
Ordinary 'H' £1 shares 13,570 14,500
Ordinary 'I' £1 shares 13,570 14,500
Ordinary 'J' £1 shares 13,570 14,500
474,157 408,833

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 175,617
AMORTISATION
At 1st April 2023 2,927
Amortisation for year 17,562
At 31st March 2024 20,489
NET BOOK VALUE
At 31st March 2024 155,128
At 31st March 2023 172,690

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Fixtures
property property & fittings
£    £    £   
COST OR VALUATION
At 1st April 2023 5,259,162 117,052 1,347,516
Additions - - 18,353
At 31st March 2024 5,259,162 117,052 1,365,869
DEPRECIATION
At 1st April 2023 466,247 117,047 951,346
Charge for year 105,184 - 86,739
At 31st March 2024 571,431 117,047 1,038,085
NET BOOK VALUE
At 31st March 2024 4,687,731 5 327,784
At 31st March 2023 4,792,915 5 396,170

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st April 2023 70,925 1,946 6,796,601
Additions - - 18,353
At 31st March 2024 70,925 1,946 6,814,954
DEPRECIATION
At 1st April 2023 70,920 97 1,605,657
Charge for year - 390 192,313
At 31st March 2024 70,920 487 1,797,970
NET BOOK VALUE
At 31st March 2024 5 1,459 5,016,984
At 31st March 2023 5 1,849 5,190,944

Cost or valuation at 31st March 2024 is represented by:

Improvements
Freehold to Fixtures
property property & fittings
£    £    £   
Valuation in 2014 170,054 - -
Valuation in 2018 1,485,484 - -
Cost 3,603,624 117,052 1,365,869
5,259,162 117,052 1,365,869

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2014 - - 170,054
Valuation in 2018 - - 1,485,484
Cost 70,925 1,946 5,159,416
70,925 1,946 6,814,954

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,603,624 3,603,624
Aggregate depreciation 497,186 425,113

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Freehold property was revalued in April 2018 by GVA Grimley Limited, which is regulated by RICS.

The valuations were performed on a market basis as existing, fully equipped registered care homes having regard to their trading potential. In arriving at their valuations the valuers have made the following assumptions:

- The market's perception of trading potential, with an assumed ability on the part of the purchaser to renew the existing care homes registrations and other relevant licences, consents and permits;

- The properties are sold subject to the contractual rights of the service users in occupation at the date of sale;

- The properties are registered with CQC for beds for adults with mental health issues and / or learning disability;

- Trade fixtures, fittings, furniture, furnishings and equipment are included.

Company
Freehold Fixtures
property & fittings Totals
£    £    £   
COST OR VALUATION
At 1st April 2023
and 31st March 2024 5,259,162 327,687 5,586,849
DEPRECIATION
At 1st April 2023 466,247 156,461 622,708
Charge for year 105,184 36,461 141,645
At 31st March 2024 571,431 192,922 764,353
NET BOOK VALUE
At 31st March 2024 4,687,731 134,765 4,822,496
At 31st March 2023 4,792,915 171,226 4,964,141

Cost or valuation at 31st March 2024 is represented by:

Freehold Fixtures
property & fittings Totals
£    £    £   
Valuation in 2014 170,054 - 170,054
Valuation in 2018 1,485,484 - 1,485,484
Cost 3,603,624 327,687 3,931,311
5,259,162 327,687 5,586,849

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

12. TANGIBLE FIXED ASSETS - continued

Company

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,603,624 3,603,624
Aggregate depreciation 497,186 425,113

Freehold property was revalued in April 2018 by GVA Grimley Limited, which is regulated by RICS.

The valuations were performed on a market basis as existing, fully equipped registered care homes having regard to their trading potential. In arriving at their valuations the valuers have made the following assumptions:

- The market's perception of trading potential, with an assumed ability on the part of the purchaser to renew the existing care homes registrations and other relevant licences, consents and permits;

- The properties are sold subject to the contractual rights of the service users in occupation at the date of sale;

- The properties are registered with CQC for beds for adults with mental health issues and / or learning disability;

- Trade fixtures, fittings, furniture, furnishings and equipment are included.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 140,912
NET BOOK VALUE
At 31st March 2024 140,912
At 31st March 2023 140,912

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Caritas Services Limited
Registered office: First House Altrincham Road,Styal, Wilmslow, Cheshire SK9 4JE
Nature of business: Provision of nursing services
%
Class of shares: holding
Ordinary 100.00

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

13. FIXED ASSET INVESTMENTS - continued

Beverley Park Nursing Home Limited
Registered office: First House Altrincham Road,Styal, Wilmslow, Cheshire SK9 4JE
Nature of business: Provision of nursing services
%
Class of shares: holding
Ordinary 100.00


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 377,162 944,607 - -
Other debtors 764 93,078 - 81,677
Directors' loan accounts 290,764 48,181 290,764 48,181
Tax 3,025 - - -
Prepayments and accrued income 47,492 13,046 - -
719,207 1,098,912 290,764 129,858

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 199,915 187,655 199,915 187,655
Trade creditors 204,852 155,855 - -
Amounts owed to group undertakings - - 27,538 78,904
Corporation Tax 143,206 249,486 76,440 44,352
Income Tax - 28,398 - 28,398
Social security and other taxes 98,397 80,069 - -
Other creditors 99,752 38,171 38,667 -
Directors' loan accounts 128,678 - 128,678 -
Accruals and deferred income 206,631 112,841 11,736 11,666
1,081,431 852,475 482,974 350,975

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 2,065,842 2,261,519 2,065,842 2,261,519

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

17. 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 199,915 187,655 199,915 187,655
Amounts falling due between one and two years:
Bank loans - 1-2 years 209,915 194,855 209,915 194,855
Amounts falling due between two and five years:
Bank loans - 2-5 years 683,746 607,564 683,746 607,564
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - due after 5 years 1,172,181 1,459,100 1,172,181 1,459,100

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 2,265,757 2,449,174 2,265,757 2,449,174

The bank loan is secured by:-

- a fixed and floating charge over all assets of the company;
- legal mortgages over freehold properties owned by the company.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 491,400 514,834 461,533 478,731

Group
Deferred
tax
£   
Balance at 1st April 2023 514,834
Credit to Income Statement during year (15,156 )
Other comprehensive income (8,278 )
Balance at 31st March 2024 491,400

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1st April 2023 478,731
Credit to Income Statement during year (8,920 )
Other comprehensive income (8,278 )
Balance at 31st March 2024 461,533

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number Class Nominal 2024 2023
value:
150 Ordinary 'A' £1 150 150
250 Ordinary 'B' £1 250 250
250 Ordinary 'C' £1 250 250
50 Ordinary 'D' £1 50 50
50 Ordinary 'E' £1 50 50
50 Ordinary 'F' £1 50 50
50 Ordinary 'G' £1 50 50
50 Ordinary 'H' £1 50 50
50 Ordinary 'I' £1 50 50
50 Ordinary 'J' £1 50 50

1,000 1,000

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st April 2023 1,747,007 1,237,744 2,984,751
Profit for the year 268,136 268,136
Dividends (474,157 ) (474,157 )
Deferred tax on revaluation - 8,278 8,278
Revaluation transfer 33,111 (33,111 ) -
At 31st March 2024 1,574,097 1,212,911 2,787,008

CHORLEGH LIMITED (REGISTERED NUMBER: 07804306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

21. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st April 2023 905,569 1,237,744 2,143,313
Profit for the year 606,854 606,854
Dividends (474,157 ) (474,157 )
Deferred tax on revaluation - 8,278 8,278
Revaluation transfer 33,111 (33,111 ) -
At 31st March 2024 1,071,377 1,212,911 2,284,288


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
D J Q Slack
Balance outstanding at start of year 48,181 -
Amounts advanced 290,765 48,181
Amounts repaid (48,181 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 290,765 48,181

23. 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.

24. ULTIMATE CONTROLLING PARTY

This group is under the ultimate control of Mr & Mrs D J Q Slack and Mr C H F Slack by way of their shareholdings in the company.