IRIS Accounts Production v24.3.2.46 13732569 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 234 234 true true false true true false false false true true true true true false A Ordinary 0 B Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh137325692023-03-31137325692024-03-31137325692023-04-012024-03-31137325692021-11-08137325692021-11-092023-03-31137325692023-03-3113732569ns15:EnglandWales2023-04-012024-03-3113732569ns14:PoundSterling2023-04-012024-03-3113732569ns10:Director12023-04-012024-03-3113732569ns10:Consolidated2024-03-3113732569ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3113732569ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3113732569ns10:Consolidatedns10:FRS1022023-04-012024-03-3113732569ns10:Consolidatedns10:Audited2023-04-012024-03-3113732569ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3113732569ns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3113732569ns10:Consolidatedns10:LargeCompaniesRegimeForDirectorsReport2023-04-012024-03-3113732569ns10:Consolidatedns10:LargeCompaniesRegimeForAccounts2023-04-012024-03-3113732569ns10:FullAccounts2023-04-012024-03-311373256912023-04-012024-03-3113732569ns10:OrdinaryShareClass12023-04-012024-03-3113732569ns10:OrdinaryShareClass22023-04-012024-03-3113732569ns10:Consolidated2023-04-012024-03-3113732569ns10:Director22023-04-012024-03-3113732569ns10:Director32023-04-012024-03-3113732569ns10:Director42023-04-012024-03-3113732569ns10:RegisteredOffice2023-04-012024-03-3113732569ns10:Consolidated2021-11-092023-03-3113732569ns5:CurrentFinancialInstruments2024-03-3113732569ns5:CurrentFinancialInstruments2023-03-3113732569ns5:Non-currentFinancialInstruments2024-03-3113732569ns5:Non-currentFinancialInstruments2023-03-3113732569ns5:ShareCapital2024-03-3113732569ns5:ShareCapital2023-03-3113732569ns5:RetainedEarningsAccumulatedLosses2024-03-3113732569ns5:RetainedEarningsAccumulatedLosses2023-03-3113732569ns5:ShareCapital2021-11-092023-03-3113732569ns5:RetainedEarningsAccumulatedLosses2021-11-092023-03-3113732569ns5:ShareCapital2023-04-012024-03-3113732569ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113732569ns5:NetGoodwill2023-04-012024-03-3113732569ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3113732569ns5:ComputerEquipment2023-04-012024-03-3113732569ns5:ComputerEquipment2024-03-3113732569ns5:CostValuation2023-03-3113732569ns5:AdditionsToInvestments2024-03-3113732569ns5:CostValuation2024-03-3113732569ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3113732569ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3113732569ns10:OrdinaryShareClass12024-03-3113732569ns10:OrdinaryShareClass22024-03-3113732569ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 13732569 (England and Wales)



















AUREM CARE GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 9

Consolidated Income Statement 13

Consolidated Other Comprehensive Income 14

Consolidated Balance Sheet 15

Company Balance Sheet 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Cash Flow Statement 20

Notes to the Consolidated Financial Statements 21


AUREM CARE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S M P Adcock
E C Gilvear
J S Godden
K J G Hillen





REGISTERED OFFICE: 5th Floor
167-169 Great Portland Street
London
W1W 5PF





REGISTERED NUMBER: 13732569 (England and Wales)





AUDITORS: Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

The principal activity of the group in the period under review was the operation of twelve care homes.

REVIEW OF BUSINESS
On 20 January 2022, the group's trading activities commenced when Aurem Care (Bidco) Limited, a 100% sub-subsidiary of Aurem Care Group Limited ("the Company") purchased Aurem Care (Acqco) Limited and its subsidiaries.

Following this, the size of the group was increased through three further acquisitions being:

- the purchase of Aurem Care (OP1) Limited by Aurem Care (Midco 2) Limited, a subsidiary of the Company, on 18 January 2023; and

- the purchase of Aurem Care (Brimington) Limited and Aurem Care (Kilburn) Limited by Aurem Care (Bidco II) Limited, a sub-subsidiary of the Company, on 26 January 2023.

- the purchase of Aurem Care (Lostock Lodge) and Aurem Care (Hillcrest) Limited by Aurem Care (Bidco III) Limited, on 3 July 2023.

All of these acquisitions were funded by a mixture of loan notes, bank financing and further share issues by the Company.

The goodwill on consolidation was £16.83m.

The consolidated income statement on page 13 reflects the results of the Group since the above acquisitions and shows turnover of £29.55m (2023: £20.03m) and costs of £36.36m (2023: £23.96m), including finance costs of £3.27m and amortisation of goodwill on consolidation of £1.63m, leaving a loss of £6.82m compared witth the loss generated last year of £3.93m.

The Group balance sheet shows fixed assets of £36.54m, consisting of tangible fixed assets of £22.59m and intangible fixed assets of £13.94m. Current assets were £3.79m (including cash of £1.22m) but with current liabilities of £8.92m, net current liabilities were £5.13m. Long term liabilities and provisions were £40.57m, leaving group net liabilities of £9.17m.

The Directors believe that the outlook for the Group is strong. The losses sustained in the year, and the net current liabilities at the end of the year, are in line with expectations at this point and the Shareholders are fully supportive of the Directors plan to grow the business.


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the following to be the group's principal operational risks in the short term:

Public sector financial constraints
In an environment of tighter fiscal policy, the directors are acutely aware of the risks associated with trading primarily with public sector bodies. To date, the Group has not experienced funding issues as a result of the rise in interest rates, but the directors will continue to monitor this position closely.

Health and safety
The Group understands the need to provide a safe environment for its staff, residents, their guests or anyone else on its premises. Everyone in the 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.

Regulatory changes
The directors pride themselves on providing high-quality care and always aim to respond proactively to, and exceed, any regulatory requirements affecting the Group's operations. Major changes to these regulatory requirements can result in significant cost to the group, but no regulatory changes having a materially adverse effect on the Group's activities are anticipated at this time.

Inflation and rises in energy prices
Inflation in the cost of employment continues to run at high levels do to increases in the national minimum wage and increases in employer's national insurance contribution from April 2025. Energy costs continue to rise at rates significantly more than the general rate of inflation. Inflation affecting other goods and services supplied to the Group has reduced from recent highs, however it continues, together with the increasing cost of employment and energy costs, to put significant upward pressure on costs. Inevitably this puts upward pressure on the fees that the Group need to charge to our residents. The directors will continue to assess the impact of inflation on the business regularly.

Liquidity and cashflow
The Group continues to invest in its operations and therefore has to monitor its liquidity closely in order to ensure working capital requirements are met in addition to the cost of investment. Cash forecasts are maintained which include a range of possible outcomes, with the results discussed at board level so that any operational or financing requirements are agreed in advance of any large expenditure.

Occupancy
An inability to maintain and grow occupancy levels of both private and local authority funded residents is a potential risk to the business. In order to mitigate this risk, the Group has a proactive Sales and Marketing team who work alongside the operational team to monitor and review occupancy levels.

FUTURE DEVELOPMENTS
In recent years, the Group has invested significantly in its properties and people, resulting in it offering high quality care and the Group expects to continue this investment in the coming year. The directors expect the commercial performance of the business to continue to improve in the future.


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

SECTION 172 (1) STATEMENT
Each individual director must act in the way he or she considers, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole and, in doing so, the directors have had regard to the matters set out in Section 172 (1) of the Companies Act.

The directors confirm that, the long-term success of the business has been promoted for the benefit of its members as a whole, by having regard to (amongst others) the following matters:
- the likely consequences of any decision in the long-term;
- the interests of the group's employees;
- the need to foster the group's business relationships with suppliers, customers and others;
- the impact of the group's operations on the community and the environment;
- the desirability of the group maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between members of the group.

With regard to maintaining high standards of business conduct, the group has a strong framework of key policies and procedures that all employees and contractors are expected to maintain and adhere to. These policies include a modern slavery policy, supported by yearly training for all employees, alongside reviews of the group's supply chain. The group has retained an external party to receive all whistleblowing notifications and has a robust whistleblowing policy which all staff have access to, alongside being provided with details of the group's whistleblowing phone line at all its locations. ·

The group takes its data protection responsibilities seriously and provides privacy notices to all staff and the individuals it supports (including in easy-read format, where required). The group has data protection and confidentiality, information security and records management policies in place, supported by annual training. Consent is also obtained and recorded, as needed, when working with personal and sensitive data. As an additional tool, the group has a Caldicott Guardian who oversees and embeds adherence to the Eight Caldicott Principles of good information sharing across the organisation.

Staff are expected to adhere to a code of conduct which aligns with the group's values and the group has a robust grievance policy and procedure for employees. To assist with corporate decision making, the directors maintain a corporate risk register which is updated by the Senior Leadership Team on a quarterly and ad-hoc basis as new items are identified or risk mitigation is changed.

The directors are conscious that the group's operations affect a range of stakeholders, and they take care to consider and engage, to the greatest extent possible, all affected stakeholders in their decision making.

The following matrix sets out the group's various stakeholders and the ways in which the group engages with those stakeholders to influence decision making:

Stakeholder group Key engagement methods Stakeholder expectations Long-term value creation

Clients: Individuals
we support and
families and friends.
Client relationships
managed at multiple levels,
from individual home
managers and principals
through to the CEO.
Transparent and
collaborative relationship
to safely achieve defined
outcomes.Support with
practical, emotional and
health-related matters.
The people we support achieve
positive outcomes and lead a
meaningful and happy life.

Regulators Discussion of any relevant
matters with regulators in a
timely and open fashion.
Full, accurate and timely
disclosure of information.
Maximised quality within our
services, to the benefit and
reassurance of the people we
support and their families.
Engagement in
improvement plans agreed
with inspectors.
Adherence to regulatory
standards.
Improved relationships with
regulators and our reputation
within the industry.

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Regular circulation of
regulatory requirements,
including updates, to key
affected staff.
Prompt resolution of
identified issues.
Growth opportunities as a
result of good relationships
with regulators and enhanced
reputation.
Systems developed to better enable the group to track the quality and compliance levels of our services.








Stakeholder group Key engagement methods Stakeholder expectations Long-term value creation

Employees Regular employee surveys. All employees treated
fairly and equally.
Improved recruitment,
retention and quality.
Introduction of Blink app
available to all employees
allowing real-time
communications and
feedback.
Employee views taken
into consideration when
decisions made that affect
them.
Promotion of an innovative
and efficient environment
through teamwork and
communication.
Quarterly newsletters
regarding new
developments and key
messages.
Meaningful development
and career progression
opportunities.
Creating an attractive
workplace for culture and
benefits.
Quarterly manager
conference.
Fair remuneration.
Whistleblowing facilities.

Suppliers Dedicated accounts payable
team, engaging with
suppliers daily.
Open dialogue. Higher quality of service
delivery due to good
relationships with quality
suppliers.
Specialist support teams
engage directly with
suppliers in their respective
areas.
Prompt payment upon
invoices falling due.
Improved payment terms and
credit limits.

Shareholders Monthly reporting. Meeting agreed financial
and operational targets.
Shared understanding of and
support for long-term business
goals.
Regular board meetings
with investor
representation.
Transparent, reliable and
timely information.
Support for future growth
activities.

Banking partners Monthly and quarterly
reporting.
Meeting agreed financial
targets.
Ensuring a financial platform
to support growth,
developments or acquisitions.
Open dialogue. Transparent, reliable and
timely.

Local communities Community events. Hiring local people. Sustainable employment base.

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Meaningful opportunities
to participate in the
community to the benefit
of all.
Positive outcomes for people
we support.
Considerate, neighbourly
behaviour.
More support with growth
activities in area.

Environment Efforts to minimise wastage
eg of food, water and
power.
Minimal power usage. Protection of resources.
Adopting remote working
practices wherever possible,
outside frontline services.
Paperless working to the
greatest possible extent.
Reducing travel as far as
possible, and using
efficient methods for
travel.
Only consuming what we
need.
Sustainable cloud-based
methods of working available
securely in any location,
providing real-time
information so employees can
focus on care provision.

Public Maintaining clear corporate
governance with effective
controls in place to ensure
business is conducted to
highethical standards.
Stakeholders are treated
fairly and the business acts
to promote high standards
of business efficacy.
Improved business reputation.
Higher levels of staff and
customer retention.


ON BEHALF OF THE BOARD:





K J G Hillen - Director


27 March 2025

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

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

S M P Adcock
E C Gilvear
J S Godden
K J G Hillen

STREAMLINED ENERGY AND CARBON REPORTING
No Streamlined Energy and Carbon Report ('SECR') is provided, as the annual energy consumption of Aurem Care Group Limited itself did not exceed 40,000 kWh and none of its subsidiaries is individually required to provide an SECR.

INDEMNITY PROVISION FOR DIRECTORS
No qualifying third party indemnity provision for the benefit of one or more directors was in force at any time during the financial period or to the date of approval of this report.

EMPLOYEE INFORMATION
The directors recognise the importance of human resources. Employee views are taken into consideration when decisions are made that affect them, through real-time communication and feedback . There is meaningful development and career progression opportunities within the group, creating an attractive workplace. Employees are treated fairly and equally, as monitored by regular employee surveys.
.

DISABLED EMPLOYEES
The policies the company undertakes for disabled employees are as follows:

- provide employees systematically with information affecting them as employees,

- consult them regularly on decisions likely to effect their interests,

- achieve a common awareness by all employees of the financial and economic factors affecting the company's performance


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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.

ON BEHALF OF THE BOARD:





K J G Hillen - Director


27 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

Opinion
We have audited the financial statements of Aurem Care Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 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 31 March 2024 and of the group's loss 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
AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)


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 Directors' Responsibilities Statement set out on page eight, 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
AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud and the detection of fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
- obtained an understanding of the nature of the sector, including the legal and regulatory framework, in which the entity operates and how the entity is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters concerning non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider that the most significant laws and regulations which have a direct impact on the financial statements are compliance with Financial Reporting Framework FRS 102, Companies Act 2006, Corporation Tax Act 2010, General Data Protection Regulations and applicable Employment Legislation. In addition, we considered other laws and regulations which do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity's ability to operate or to avoid a material penalty. The key laws and regulations that we considered in this context included the Health and Safety at Work etc Act 1974.

Our procedures to respond to risks identified included the following:
- reviewing financial statement disclosures;
- enquiring of management, the directors, and external legal; advisors concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate material misstatement due to fraud;
- testing the appropriateness of journal entries and assessing the assumptions reflected in accounting estimates for indications of potential bias;
- addressing the risk of fraud in revenue recognition by performing substantive testing on the revenue.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud, rather than error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)


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.




Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

27 March 2025

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
Notes £    £   

TURNOVER 29,546,104 20,025,234

Cost of sales 23,127,356 16,235,480
GROSS PROFIT 6,418,748 3,789,754

Administrative expenses 9,969,018 6,231,505
(3,550,270 ) (2,441,751 )

Other operating income - 18,624
OPERATING LOSS 4 (3,550,270 ) (2,423,127 )

Loan and rent release 5 - 983,026
(3,550,270 ) (1,440,101 )

Interest receivable and similar income 1,190 -
(3,549,080 ) (1,440,101 )

Interest payable and similar expenses 6 3,266,860 2,491,889
LOSS BEFORE TAXATION (6,815,940 ) (3,931,990 )

Tax on loss 7 356,196 -
LOSS FOR THE FINANCIAL YEAR (7,172,136 ) (3,931,990 )
Loss attributable to:
Owners of the parent (7,172,136 ) (3,931,990 )

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
Notes £    £   

LOSS FOR THE YEAR (7,172,136 ) (3,931,990 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(7,172,136

)

(3,931,990

)

Total comprehensive income attributable to:
Owners of the parent (7,172,136 ) (3,931,990 )

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 13,942,005 13,323,887
Tangible assets 10 22,593,716 20,123,267
Investments 11 - -
36,535,721 33,447,154

CURRENT ASSETS
Debtors 12 2,571,276 2,794,507
Cash at bank and in hand 1,217,158 1,146,879
3,788,434 3,941,386
CREDITORS
Amounts falling due within one year 13 8,921,751 6,772,417
NET CURRENT LIABILITIES (5,133,317 ) (2,831,031 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,402,404

30,616,123

CREDITORS
Amounts falling due after more than one
year

14

(39,857,077

)

(32,884,950

)

PROVISIONS FOR LIABILITIES 18 (715,671 ) (359,475 )
NET LIABILITIES (9,170,344 ) (2,628,302 )

CAPITAL AND RESERVES
Called up share capital 19 1,933,782 1,303,688
Retained earnings 20 (11,104,126 ) (3,931,990 )
SHAREHOLDERS' FUNDS (9,170,344 ) (2,628,302 )

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





K J G Hillen - Director


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 18,130 -
Investments 11 878,337 576,916
896,467 576,916

CURRENT ASSETS
Debtors 12 1,775,414 1,248,373
Cash in hand 158 -
1,775,572 1,248,373
CREDITORS
Amounts falling due within one year 13 123,476 206,531
NET CURRENT ASSETS 1,652,096 1,041,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,548,563

1,618,758

CREDITORS
Amounts falling due after more than one
year

14

2,308,257

1,003,118
NET ASSETS 240,306 615,640

CAPITAL AND RESERVES
Called up share capital 19 1,933,781 1,303,688
Retained earnings 20 (1,693,475 ) (688,048 )
SHAREHOLDERS' FUNDS 240,306 615,640

Company's loss for the financial year (1,005,427 ) (688,048 )

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





K J G Hillen - Director


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1,303,688 - 1,303,688
Total comprehensive income - (3,931,990 ) (3,931,990 )
Balance at 31 March 2023 1,303,688 (3,931,990 ) (2,628,302 )

Changes in equity
Issue of share capital 630,094 - 630,094
Total comprehensive income - (7,172,136 ) (7,172,136 )
Balance at 31 March 2024 1,933,782 (11,104,126 ) (9,170,344 )

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1,303,688 - 1,303,688
Total comprehensive income - (688,048 ) (688,048 )
Balance at 31 March 2023 1,303,688 (688,048 ) 615,640

Changes in equity
Issue of share capital 630,093 - 630,093
Total comprehensive income - (1,005,427 ) (1,005,427 )
Balance at 31 March 2024 1,933,781 (1,693,475 ) 240,306

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 317,546 4,812,483
Interest paid (2,921,690 ) (2,076,005 )
Interest element of finance lease payments
paid

(345,170

)

(415,884

)
Net cash from operating activities (2,949,314 ) 2,320,594

Cash flows from investing activities
Purchase of intangible fixed assets (2,252,110 ) (14,582,657 )
Purchase of tangible fixed assets (3,349,414 ) (21,290,298 )
Sale of tangible fixed assets - 40
Interest received 1,190 -
Net cash from investing activities (5,600,334 ) (35,872,915 )

Cash flows from financing activities
New loans in year 8,534,184 23,524,868
Loan repayments in year (500,003 ) -
New finance leases - 9,870,644
Capital repayments in year (44,348 ) -
Share issue 630,094 1,303,688
Net cash from financing activities 8,619,927 34,699,200

Increase in cash and cash equivalents 70,279 1,146,879
Cash and cash equivalents at beginning of
year

2

1,146,879

-

Cash and cash equivalents at end of year 2 1,217,158 1,146,879

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

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

PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
£    £   
Loss before taxation (6,815,940 ) (3,931,990 )
Depreciation charges 2,512,956 2,425,801
Profit on disposal of fixed assets - (40 )
Other items 7 -
Finance costs 3,266,860 2,491,889
Finance income (1,190 ) -
(1,037,307 ) 985,660
Decrease/(increase) in trade and other debtors 213,409 (2,794,507 )
Increase in trade and other creditors 1,141,444 6,621,330
Cash generated from operations 317,546 4,812,483

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 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,217,158 1,146,879
Period ended 31 March 2023
31.3.23 9.11.21
£    £   
Cash and cash equivalents 1,146,879 -


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 1,146,879 70,279 1,217,158
1,146,879 70,279 1,217,158
Debt
Finance leases (9,870,644 ) 44,348 (9,826,296 )
Debts falling due within 1 year (500,004 ) - (500,004 )
Debts falling due after 1 year (23,024,864 ) (7,012,141 ) (30,037,005 )
(33,395,512 ) (6,967,793 ) (40,363,305 )
Total (32,248,633 ) (6,897,514 ) (39,146,147 )

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ('FRS 102'), the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006.

The financial statements are prepared in Pounds Sterling ('£'), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
In preparing these financial statements, advantage has been taken of the following disclosure exemptions available in FRS 102:

- related party transactions and balances with group members are not disclosed. Transactions between group entities that have been eliminated on consolidation are not included in the consolidated financial statements.

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

2. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiaries ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. These estimates and judgements are made in the light of historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual results may differ from those anticipated.

In the preparation of these financial statements, the group's critical accounting judgements and estimates are in respect of impairment of assets, depreciation and the provision for doubtful debts. Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below:

- Impairment of fixed assets: factors taken into consideration include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

- Depreciation of tangible fixed assets: these are depreciated over their useful lives, taking into account residual values. The useful lives and residual values are assessed annually and depend on a number of factors. As regards useful lives, considerations include technological innovation and maintenance programmes, while residual value assessments review matters such as future market conditions, the remaining life of the asset and projected disposal values.

- Doubtful debts: a provision is made when the directors consider that collection of the full amount due is no longer probable. Their assessment is based on the age of the debt, the likely success of any action taken to recover it and the costs of such action.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The group operates 12 care homes for up to 500 older residents who require residential, nursing care or who are living with dementia. Turnover represents fees in respect of these residents and is recognised for each period of occupancy within the accounting period.

Goodwill
Goodwill represents the difference between the cost of a business combination and the acquirer's interest in the fair value of the group's share of the identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis and charged to the Consolidated Profit and Loss Account over its useful economic life of ten years.

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.

Development costs are being amortised evenly over their estimated useful like of 10 years.

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

2. ACCOUNTING POLICIES - continued

Impairment of assets
At the end of each reporting period, the directors review the carrying amounts of the company's tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in the Consolidated Profit and Loss Account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of:
a. the revised estimate of its recoverable amount; and
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years.

A reversal of an impairment loss is recognised immediately in the Consolidated Profit and Loss Account.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments
The entity has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the entity's balance sheet when the entity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity
Equity comprises the following:
- share capital, which represents the nominal value of equity shares; and
- profit and loss reserves, which represent retained profits.


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

2. ACCOUNTING POLICIES - continued
An equity share is a contract that evidences a residual interest in the assets of the company after deducting all its liabilities. Equity shares issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity shares are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in creditors, net of the finance charge, allocated to future periods. The finance element of the rental payment is charged to the Consolidated Profit and Loss Account so as to produce a constant rate of charge on the net obligation outstanding in each period.

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.

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

Finance costs
Finance costs are charged to the Consolidated Profit and Loss Account over the term of the debt, using the effective interest method, so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Operating leases
Rentals paid under operating leases are charged to the Consolidated Profit and Loss Account on a straight line basis over the lease term.

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

3. EMPLOYEES AND DIRECTORS

Period
Year Ended 9.11.21
31.3.24 to 31.3.23
£ £
Wages and salaries 18,985,990 13,299,565
Social security costs 1,459,396 981,225
Other pension costs 294,681 194,665
20,740,067 14,475,455
The average number of employees during the period was as follows:

Period
Year Ended 9.11.21
31.3.24 to 31.3.23
Management 27 13
Nursing and care 523 307
Ancillary 145 87
Administration 30 18
724 425

PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
£    £   
Directors' remuneration - -

4. OPERATING LOSS

The operating loss is stated after charging/(crediting):

PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
£    £   
Hire of plant and machinery 72,603 16,769
Other operating leases 2,824,083 1,155,580
Depreciation - owned assets 713,753 923,777
Depreciation - assets on finance leases 165,212 243,254
Profit on disposal of fixed assets - (40 )
Goodwill amortisation 1,633,401 1,258,062
Development costs amortisation 591 708
Auditors' remuneration 20,400 24,000
Auditors' remuneration for non audit work 28,800 12,000
The auditing of accounts of any associate of the company 20,400 54,000
Taxation compliance services - 6,000
Other non- audit services 45,600 24,000

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

5. EXCEPTIONAL ITEMS
PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
£    £   
Loan and rent release - 983,026

Last year the exceptional item represents the Group's share of loan and rent releases from Aurem Care (Brimington) Limited and Aurem Care (Kilburn) Limited which have been adjusted on consolidation.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
£    £   
Bank loan interest 1,153,861 977,238
Other interest 1,757,309 1,094,915
Late payment interest 10,520 2,010
Loan interest - 1,842
Leasing 345,170 415,884
3,266,860 2,491,889

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
£    £   
Deferred tax 356,196 -
Tax on loss 356,196 -

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

7. TAXATION - continued

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:

PERIOD
9.11.21
YEAR ENDED TO
31.3.24 31.3.23
£    £   
Loss before tax (6,815,940 ) (3,931,990 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

(1,703,985

)

(747,078

)

Effects of:
Expenses not deductible for tax purposes 4,749 (161,460 )
Capital allowances in excess of depreciation (313,232 ) (136,187 )
Tax liability on pre acquisition profits - (121,358 )
Disallowed charge for goodwill 408,350 239,032
Utilisation of management expenses - (6,984 )
Utilisation of group losses brought forward - (108,653 )
Unused losses carried forward 1,603,970 1,042,688
Utilisation of losses brought forward 148 -
Deferred tax 356,196 -
Total tax charge 356,196 -

8. 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.


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

9. INTANGIBLE FIXED ASSETS

Group
Development
Goodwill costs Totals
£    £    £   
COST
At 1 April 2023 14,573,646 9,011 14,582,657
Additions 2,252,110 - 2,252,110
At 31 March 2024 16,825,756 9,011 16,834,767
AMORTISATION
At 1 April 2023 1,258,062 708 1,258,770
Amortisation for year 1,633,401 591 1,633,992
At 31 March 2024 2,891,463 1,299 2,892,762
NET BOOK VALUE
At 31 March 2024 13,934,293 7,712 13,942,005
At 31 March 2023 13,315,584 8,303 13,323,887

10. TANGIBLE FIXED ASSETS

Group
Improveme
Freehold Long to
property leasehold property
£    £    £   
COST
At 1 April 2023 - 18,251,134 998,568
Additions 985,831 350,887 915,228
At 31 March 2024 985,831 18,602,021 1,913,796
DEPRECIATION
At 1 April 2023 - 235,328 24,226
Charge for year 23,212 159,120 195,958
At 31 March 2024 23,212 394,448 220,184
NET BOOK VALUE
At 31 March 2024 962,619 18,207,573 1,693,612
At 31 March 2023 - 18,015,806 974,342

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 565,842 1,300,285 174,469 21,290,298
Additions 401,241 610,267 85,960 3,349,414
At 31 March 2024 967,083 1,910,552 260,429 24,639,712
DEPRECIATION
At 1 April 2023 124,187 771,565 11,725 1,167,031
Charge for year 158,139 275,751 66,785 878,965
At 31 March 2024 282,326 1,047,316 78,510 2,045,996
NET BOOK VALUE
At 31 March 2024 684,757 863,236 181,919 22,593,716
At 31 March 2023 441,655 528,720 162,744 20,123,267

Fixed assets, included in the above, which are held under finance leases are as follows:
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 April 2023 18,251,134 31,517 18,282,651
Additions 350,887 - 350,887
At 31 March 2024 18,602,021 31,517 18,633,538
DEPRECIATION
At 1 April 2023 235,328 7,926 243,254
Charge for year 159,120 6,092 165,212
At 31 March 2024 394,448 14,018 408,466
NET BOOK VALUE
At 31 March 2024 18,207,573 17,499 18,225,072
At 31 March 2023 18,015,806 23,591 18,039,397

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

10. TANGIBLE FIXED ASSETS - continued

Company
Computer
equipment
£   
COST
Additions 20,096
At 31 March 2024 20,096
DEPRECIATION
Charge for year 1,966
At 31 March 2024 1,966
NET BOOK VALUE
At 31 March 2024 18,130

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 April 2023 576,916
Additions 301,421
At 31 March 2024 878,337
NET BOOK VALUE
At 31 March 2024 878,337
At 31 March 2023 576,916


AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

11. FIXED ASSET INVESTMENTS - continued


The following are wholly-owned subsidiary undertakings of Aurem Care Group Limited:

Name Class of Shares Principal Activity

Aurem Care (Bidco) Limited Ordinary Holding company
Aurem Care (Acqco) Limited Ordinary Holding company
Aurem Care (Westbank) Limited Ordinary Care home operator
Aurem Care (Buxton Lodge) Limited Ordinary Care home operator
Aurem Care (The Oaks) Limited Ordinary Care home operator
Aurem Care (Kenwood) Limited Ordinary Care home operator
Aurem Care (Aaron House) Limited Ordinary Care home operator
Aurem Care (South Haven Lodge) Limited Ordinary Care home operator

New Century Care Limited

Ordinary
Administrative service
company

New Century Finance & Leasing Limited

Ordinary
Administrative service
company
Aurem Care (Midco) Limited Ordinary Holding company
Aurem Care (Midco II) Limited Ordinary Holding company
Aurem Care (Bidco II) Limited Ordinary Holding company
Aurem Care (Brimington) Limited Ordinary Care home operator
Aurem Care (Kilburn) Limited Ordinary Care home operator
Aurem Care Shared Services Limited Ordinary Holding company
Aurem Care (Midco 2) Limited Ordinary Holding company
Aurem Care (OP1) Limited Ordinary Holding company
Aurem Care (Alium) Limited Ordinary Holding company
Kettlewell House And Operations Limited Ordinary Care home operator
Hailsham House And Operations Limited Ordinary Care home operator
Aurem Care (Midco III) Limited Ordinary Holding company
Aurem Care (Bidco III) Limited Ordinary Holding company
Aurem Care (Lostock Lodge) Limited Ordinary Care home operator
Aurem Care (Hillcrest) Limited Ordinary Care home operator

The above companies have their registered office at 5th Floor, 167-169 Great Portland Street, London,England, W1W 5PF.

The following subsidiary entities are exempt from audit by virtue of s479A of Companies Act 2006:

Aurme Care (Midco) Limited
Aurem Care (Midco II) Limited
Aurem Care (Bidco II) Limited
Aurem Care (Brimington) Limited
Aurem Care (Kilburn) Limited
Aurem Care Shared Services Limited
Aurem Care (Midco 2) Limited
Aurem Care (OP1) Limited
Aurem Care (Alium) Limited
Kettlewell House And Operations Limited
Aurem Care (Midco III) Limited
Aurem Care (Bidco III) Limited
Aurem Care (Lostock Lodge) Limited
Aurem Care (Hillcrest) Limited
New Century Care Limited
New Century Finance & Leasing Limited
Aurem Care (Acqco) Limited
Aurem Care (Kenwood) Limited

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

11. FIXED ASSET INVESTMENTS - continued

Aurem Care (South Haven Lodge) Limited

12. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,735,284 1,741,453 - -
Other debtors 52,489 73,210 - -
Prepayments and accrued income 783,503 979,844 53,900 78,414
2,571,276 2,794,507 53,900 78,414

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 1,721,514 1,169,959

Aggregate amounts 2,571,276 2,794,507 1,775,414 1,248,373

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 500,004 500,004 - -
Finance leases (see note 16) 6,224 10,558 - -
Trade creditors 1,635,436 1,718,872 113,476 206,531
Tax 97,909 - - -
Social security and other taxes 1,105,653 558,234 - -
Other creditors 1,873,887 1,556,029 - -
Accruals and deferred income 3,702,638 2,428,720 10,000 -
8,921,751 6,772,417 123,476 206,531

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 10,791,654 11,291,657 - -
Other loans (see note 15) 19,245,351 11,733,207 - -
Finance leases (see note 16) 9,820,072 9,860,086 - -
Amounts owed to group undertakings - - 2,308,257 1,003,118
39,857,077 32,884,950 2,308,257 1,003,118

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 500,004 500,004
Amounts falling due between one and two years:
Bank loans - 1-2 years 500,004 500,004
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,500,012 1,500,012
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more than 5 years
- secured 13,121,857 8,115,187
Other loans more than 5 years
- unsecured 6,123,494 3,618,020
19,245,351 11,733,207
Repayable by instalments
Bank loans more than 5 years 8,791,638 9,291,641

The bank loan is repayable by May 2034 and interest is charged at 6% over the SONIA (previously LIBOR).

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
2024 2023
£    £   
Gross obligations repayable:
Within one year 350,952 355,494
Between one and five years 1,671,231 1,671,381
In more than five years 48,587,022 48,936,963
50,609,205 50,963,838

Finance charges repayable:
Within one year 344,728 344,936
Between one and five years 1,658,219 1,658,550
In more than five years 38,779,962 39,089,708
40,782,909 41,093,194

Net obligations repayable:
Within one year 6,224 10,558
Between one and five years 13,012 12,831
In more than five years 9,807,060 9,847,255
9,826,296 9,870,644

In 2019, six subsidiaries each entered into a sale and leaseback arrangement in respect of property recognised in these accounts. As a result, finance leases over 150 years commenced on 24 May 2019. The terms of the leases include an option to repurchase the properties for £1 each at the end of the leases.

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Other loans 13,121,857 8,115,187
Bank loans 11,291,658 11,791,661
Finance leases 9,826,295 9,870,644
34,239,810 29,777,492

The bank loan is secured by way of a fixed and floating charge over the assets of the group.

The finance leases are secured on the assets to which they relate.

Other loans include loan notes of £9,386,887 which are secured by a fixed charge over the entire issued share capital of Aurem Care (Bidco) Limited.

Other loans include loan notes of £2,107,913 which are secured by a fixed and floating charge over all the property and undertakings of Aurem Care (Midco III) Limited.

Other loans include loan notes of £1,121,224 which are secured over the freehold of the property of Aurem Care (Hillcrest) Limited.

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 715,671 359,475

Group
Deferred
tax
£   
Balance at 1 April 2023 359,475
Excess of capital allowances
over depreciation 356,196
Balance at 31 March 2024 715,671

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,933,781 A Ordinary £1 1,933,781 1,303,687
1 B Ordinary £1 1 1
1,933,782 1,303,688

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

20. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 (3,931,990 )
Deficit for the year (7,172,136 )
At 31 March 2024 (11,104,126 )

Company
Retained
earnings
£   

At 1 April 2023 (688,048 )
Deficit for the year (1,005,427 )
At 31 March 2024 (1,693,475 )

The following share were allotted and fully paid for cash at par during the year:

On 3 July 2023, a further £217,594 A Ordinary shares of £1.00 each were allotted.
On 14 September 2023, a further £35,000 A Ordinary shares of £1.00 each were allotted.
On 30 October 2023, a further £60,000 A Ordinary shares of £1.00 each were allotted.
On 28 November 2023, a further £150,000 A Ordinary shares of £1.00 each were allotted.
On 5 February 2024, a further £47,500 A Ordinary shares of £1.00 each were allotted.

The A Ordinary and B Ordinary shares rank equally in all respects except that the B Ordinary shares shall not be entitles to dividend, return of capital on winding-up or voting rights.

21. PENSION COMMITMENTS

The group contributes to pension schemes for the benefit of its employees. These schemes operate on the money purchase principle, which ensures that their liabilities cannot exceed their assets. The assets of the schemes are held in independent funds. The pension charge represents contributions payable for the year by the group and amounts to £294,681 (2023: £194,665). Pension contributions of £70,831 (2023: £118,832) were owed at the balance sheet date.

22. PARENT COMPANIES

The immediate parent of the Company is Gresham House (Nominees) Limited, a company incorporated in England, whose registered office is at 5 New Street Square, London, EC4A 3TW. Gresham House (Nominees) Limited owns 78% of the Company's share capital, whilst 22% of the Company's share capital is owned by SSL Care Limited, a company registered in England, whose registered office is at 5th Floor, 167-169 Great Portland Street, London, W1W 5PF.
The Company's ultimate controlling party is Gresham House plc, whose registered office is at 5 New Street Square, London, EC4A 3RW. The consolidated financial statements of Gresham House plc are available from Companies House, Crown Way, Cardiff CF14 3UZ.

AUREM CARE GROUP LIMITED (REGISTERED NUMBER: 13732569)

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

23. RELATED PARTY DISCLOSURES

During the year:
- GHC Midco Limited, a subsidiary of the Company, issued loan notes of £9.39m to Gresham House (Nominees) Limited, the most proximate parent company of the Company, and SSL Care Limited. Interest of £2,033,848 (at a rate of 10% per annum) has been accrued on these loan notes; and
- GHC Midco 2 Limited, a subsidiary of the Company, issued loan notes of £5.61m to Gresham House (Nominees) Limited, the most proximate parent company of the Company, and SSL Care Limited. Interest of £514,674 (at a rate of 10% per annum) has been accrued on these loan notes; and
- GHC Bidco II Limited, a sub-subsidiary of the Company, issued loan notes of £450,000 to Gresham House (Nominees) Limited, the most proximate parent company of the Company, and SSL Care Limited. Interest of £55,833 (at a rate of 10% per annum) has been accrued on these loan notes.
- Aurem Care (Hillcrest) Limited, a sub-subsidiary of the Company, issued loan notes of £1,121,224 to Gresham House (Nominees) Limited, the most proximate parent company of the Company, and SSL Care Limited. Interest of £85,969 (at a rate of 10% per annum) has been accrued on these loan notes.

All other transactions with related parties outside of the group are considered to be at arm's length.