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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Registered Auditors and |
Chartered Accountants |
123 Wellington Road South |
Stockport |
Cheshire |
SK1 3TH |
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 |
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 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve |
Retained earnings |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Revaluation transfer | - | 33,111 | (33,111 | ) | - |
Balance at 31st March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Revaluation transfer | - | 33,111 | (33,111 | ) | - |
Balance at 31st March 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Improvements to property | - |
Fixtures & fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: First House Altrincham Road,Styal, Wilmslow, Cheshire SK9 4JE |
Nature of business: |
% |
Class of shares: | holding |
CHORLEGH LIMITED (REGISTERED NUMBER: 07804306) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: First House Altrincham Road,Styal, Wilmslow, Cheshire SK9 4JE |
Nature of business: |
% |
Class of shares: | holding |
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 |
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 |
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 |
Trade creditors | 204,852 | 155,855 |
Amounts owed to group undertakings | - | - |
Corporation Tax | 143,206 | 249,486 |
Income Tax | - | 28,398 | - | 28,398 |
Social security and other taxes | 98,397 | 80,069 |
Other creditors | 99,752 | 38,171 |
Directors' loan accounts | 128,678 | - | 128,678 | - |
Accruals and deferred income | 206,631 | 112,841 |
1,081,431 | 852,475 |
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 |
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 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 209,915 | 194,855 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 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 |
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 |
Credit to Income Statement during year | ( |
) |
Other comprehensive income | (8,278 | ) |
Balance at 31st March 2024 |
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 | 2,143,313 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Deferred tax on revaluation | - | 8,278 | 8,278 |
Revaluation transfer | 33,111 | (33,111 | ) | - |
At 31st March 2024 | 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. |