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Registration number: 10078435

M & D Care (Holdings) Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

M & D Care (Holdings) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 17

 

M & D Care (Holdings) Limited

Company Information

Directors

A J Dawber

T C Pridmore

Registered office

Forum 4 Solent Business Park
Parkway South
Whiteley
Fareham
PO15 7AD

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

M & D Care (Holdings) Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024. The comparative period is for the period 1 January 2022 to 31 March 2023.

Principal activity

The principal activity of the company is the lease of specialised property to adults with learning disabilities, mental illness, challenging behaviours and other long term conditions. It was also a holding company for M & D Care Limited.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show an operating loss of £32,482 (2023 - £2,935). At 31 March 2024, the company had net assets of £1,550,947 (2023 - £1,266,827). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Given the nature of the business, the directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the continued provision of adequate government funding and the ongoing compliance with current and future legislation affecting the sector.

Approved by the Board on 27 March 2025 and signed on its behalf by:


A J Dawber
Director

 

M & D Care (Holdings) Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

S A M Bowen (resigned 17 February 2024)

M Martin (resigned 17 February 2024)

A J Dawber (appointed 17 February 2024)

T C Pridmore (appointed 17 February 2024)

Financial instruments

Objectives and policies

The directors constantly monitor the company's trading results and revise projections as appropriate to ensure that the company can continue to meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures.

The company has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the company to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Future developments

The company will be a property investment company going forward and is expected to be profitable.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Appointment of auditors

Hazlewoods LLP were appointed as auditors to the company during the period, following the resignation of Bevan Buckland LLP, and have expressed their willingness to continue in office.

Approved by the Board on 27 March 2025 and signed on its behalf by:


A J Dawber
Director

 

M & D Care (Holdings) Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

M & D Care (Holdings) Limited

Independent Auditor's Report to the Members of M & D Care (Holdings) Limited

Opinion

We have audited the financial statements of M & D Care (Holdings) Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

M & D Care (Holdings) Limited

Independent Auditor's Report to the Members of M & D Care (Holdings) Limited

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

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

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those 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.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

M & D Care (Holdings) Limited

Independent Auditor's Report to the Members of M & D Care (Holdings) Limited

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

27 March 2025

 

M & D Care (Holdings) Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

Year ended 31 March
2024
£

1 January 2022 to 31 March 2023
 £

Turnover

3

-

7,881

Gross profit

 

-

7,881

Administrative expenses

 

(32,482)

(10,816)

Operating loss

5

(32,482)

(2,935)

Gain on revaluation of investment properties

4

316,602

-

Other interest receivable and similar income

6

-

59,259

Profit before tax

 

284,120

56,324

Profit for the financial year

 

284,120

56,324

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

M & D Care (Holdings) Limited

(Registration number: 10078435)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

31 March 2023
 £

Fixed assets

 

Tangible assets

11

-

1,463,398

Investment property

12

1,780,000

-

Investments

13

1,252,615

1,252,615

 

3,032,615

2,716,013

Current assets

 

Debtors

14

142,904

142,904

Cash at bank and in hand

 

87,241

77,681

 

230,145

220,585

Creditors: Amounts falling due within one year

15

(1,711,813)

(1,669,771)

Net current liabilities

 

(1,481,668)

(1,449,186)

Net assets

 

1,550,947

1,266,827

Capital and reserves

 

Called up share capital

16

1

1

Share premium reserve

1,002,091

1,002,091

Profit and loss account

548,855

264,735

Total equity

 

1,550,947

1,266,827

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 


A J Dawber
Director

 

M & D Care (Holdings) Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 April 2023

1

1,002,091

264,735

1,266,827

Profit for the year

-

-

284,120

284,120

At 31 March 2024

1

1,002,091

548,855

1,550,947

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2022

1

1,002,091

267,670

1,269,762

Profit for the period

-

-

56,324

56,324

Dividends

-

-

(59,259)

(59,259)

At 31 March 2023

1

1,002,091

264,735

1,266,827

 

M & D Care (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Forum 4 Solent Business Park
Parkway South
Whiteley
Fareham
PO15 7AD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirements to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking consolidated in a higher group consolidation.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

M & D Care (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Straight line over 100 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts arc shown within borrowings in current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

M & D Care (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

M & D Care (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

3

Turnover

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

Year ended 31 March
2024
£

1 January 2022 to 31 March 2023
£

Gain from revaluation of investment properties

316,602

-

 

5

Operating profit

Arrived at after charging/(crediting)

Year ended 31 March
2024
£


1 January 2022 to 31 March
2023
£

Depreciation expense

-

10,569

 

6

Other interest receivable and similar income

Year ended 31 March
2024
£

1 January 2022 to 31 March 2023
 £

Dividend income

-

59,259

 

7

Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

Year ended 31 March
2024
No.

1 January 2022 to 31 March 2023
  No.

Directors

2

2

 

8

Directors' remuneration

Directors' remuneration has been borne by a related party.

 

9

Auditors' remuneration

Auditors' remuneration has been borne by a related party

 

M & D Care (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

10

Taxation

Tax charged/(credited) in the profit and loss account

Year ended 31 March
2024
£

1 January 2022 to 31 March 2023
£

Current taxation

UK corporation tax

-

-

-

-

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

Year ended 31 March
2024
£

1 January 2022 to 31 March 2023
£

Profit before tax

284,120

56,324

Corporation tax at standard rate

71,030

10,702

Effect of revenues exempt from taxation

(79,151)

(11,259)

Effect of expense not deductible in determining taxable profit (tax loss)

-

2,007

Tax increase/(decrease) arising from group relief

8,121

(1,450)

Total tax charge/(credit)

-

-


Deferred tax under the REIT regime

Civitas Social Housing Limited (the 'REIT') is indirectly the 100% share owner of the company as of 17 February 2024. Property income from the date of acquisition is exempt from UK tax under UK REIT regulations and accordingly no deferred tax has been recognised.
 

 

11

Tangible assets

Freehold property
£

Cost

At 1 April 2023

1,498,904

Transfers to investment property

(1,463,398)

At 31 March 2024

35,506

Depreciation

At 1 April 2023 and at 31 March 2024

35,506

Carrying amount

At 31 March 2024

-

At 31 March 2023

1,463,398

 

M & D Care (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

12

Investment properties

2024
£

Transfers from freehold property

1,463,398

Fair value adjustments

316,602

At 31 March 2024

1,780,000

The investment properties were revalued as at 31 March 2024 by JLL, an independent third party. The valuation was at the estimated market value as at that date based upon an arms length transaction.

 

13

Investments

31 March 2024
£

31 March 2023
 £

Investments in subsidiaries

1,252,615

1,252,615

Subsidiaries

£

Cost and carrying amount

At 1 April 2023 and at 31 March 2024

1,252,615

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

M & D Care Limited

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

M & D Care Limited

The principal activity of M & D Care Limited was that of the provision of care and support services to adults with learning disabilities, mental illness, challenging behaviour and other long term conditions. Following a hive-up of trade, the company is now a property investment company.

 

M & D Care (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

14

Debtors

31 March 2024
£

31 March 2023
 £

Corporation tax asset

142,904

142,904

 

15

Creditors

31 March 2024
 £

31 March 2023
 £

Due within one year

Amounts due to group undertakings

1,698,813

1,669,771

Accrued expenses

13,000

-

1,711,813

1,669,771

 

16

Share capital

Allotted, called up and fully paid shares

 

31 March 2024

31 March 2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

17

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 March 2024
£

31 March 2023
£

Not later than one year

113,490

97,600

Later than one year and not later than five years

453,960

265,233

Later than five years

1,688,756

-

2,256,206

362,833

 

18

Dividends

31 March 2024
 £

31 March 2023
 £

Dividends paid

-

59,259

 

19

Parent and ultimate parent undertaking

The company's immediate parent is M & D Care Group Limited, incorporated in England and Wales.

Up until 17 February 2024 the ultimate parent was Koala Care Holdings Limited, incorporated in England and Wales. Up until the 17 February 2024 the results of this company are consolidated into that group and the financial statements may be obtained from Companies House.

Following the sale of the company on 17 February 2024, CIM Healthcare Properties LP is the smallest group into which the results of the company are consolidated. The largest UK group into which the results of the company are consolidated is Civitas Social Housing Limited (the 'REIT'). The ultimate parent undertaking is CK Asset Holdings Limited, a company which is registered in the Cayman Islands and listed on the Hong Kong stock exchange.