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REGISTERED NUMBER: 12278754 (England and Wales)








Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

Cherish Holdings Limited

Cherish Holdings Limited (Registered number: 12278754)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


Cherish Holdings Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mrs W M Watson
P Watson





REGISTERED OFFICE: 19 Park Street
Lytham St. Annes
United Kingdom
Lancashire
FY8 5LU





REGISTERED NUMBER: 12278754 (England and Wales)





AUDITORS: Crossley & Davis Chartered Accountants
Ground Floor Seneca House
Links Point
Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

Cherish Holdings Limited (Registered number: 12278754)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The "Cherish Holdings Group"" is formed of the following companies:
Cherish Holdings Limited
Cherish UK Limited
Cherish Childrens Care Limited
Cherish Lancashire Limited (dormant)

The Group considers its financial KPI's to be turnover, gross profit and operating profit.

For the year ending 30 June 2024 the Cherish Holdings group achieved a turnover of £21,025,705 (2023:£16,147,705), an increase of £4,878,000 (30%).

For the year ending 30 June 2024 the gross profit margin for the Group was 25%, (2023: 26%), The group has achieved a gross profit of £5,246,125 (2023: £4,060,098) an increase of £1,186,027 . The increase in gross profit is attributable to increased turnover across all the group's activities .

For the year ending 30 June 2024 the Cherish Holdings group achieved an operating profit of £2,379,064 ( 2023 : £1,572,529), an increase of £806,535.

PRINCIPAL RISKS AND UNCERTAINTIES
The group financial results are influenced by a number of risks and uncertainties, some of which cannot be controlled and management are looking to mitigate these risks.
The group has identified the following as potential financial risks.
- CQC downgrades. Most of the company's are regulated by CQC. If any branch or service was downgraded from 'Good' this could limit future work opportunities and growth, contract suspension or cancellation is not viewed as a risk due to over demand in the market. All Cherish Group branches are currently rated as Good or higher and performance management in this regard is constantly monitored.

ON BEHALF OF THE BOARD:





P Watson - Director


27 March 2025

Cherish Holdings Limited (Registered number: 12278754)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
An interim dividend of 3287.50 per share on the A Ordinary £1 shares was paid on 30 June 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the B Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 June 2024 will be £ 710,100 .

FUTURE DEVELOPMENTS
Group sales increased 30% in the period, with EBITDA correspondingly up in a year in which the Group continued to experience sustained growth. The Group continues to forecast steady growth in our chosen sectors though pricing and fee increases continue to disappoint.
In 2023 the company won two new long-term Homecare Framework Contracts in Warrington and Blackburn with Darwin and we have now built up a robust number of hours in each which has benefited the 2024 accounts. Existing long-term framework contracts have experienced growth of between 10% and 15% year on year.
Cherish Childrens Care experienced high growth with an increase of 55% in sales for the accounting period. This is the full effect of a 5th fully open home and a 6th in start-up phase (which subsequently opened in August 2024). We continue to develop new home provision in line with demand from Northwest based Councils. The company plans to open two further homes within the next financial year.
Looking forward - demand is continuing to grow in all of the market areas we operate in and we view this as sustainable in the medium and long term. In Cherish UK we will continue to build up newer contracts, tender for suitable opportunities and are planning to increase our presence in the privately paid market. In Childrens Care we are planning 2 more home openings within the next financial year as this service aims for continued high growth.
Our Group Senior Management Team is fully in place with each having measurable targets to achieve in the coming year. We have also initiated and delivered a high-level Branch Leadership Programme as we continue to invest highly in our employees. The Group will also continue to support a minimum pay level above the real living wage despite the pressures from additional minimum pay thresholds and higher NI costs, this is a challenge for all companies working in the social care sector.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

Mrs W M Watson
P Watson

FINANCIAL INSTRUMENTS
The group's principal financial instrument are loans and corporate finance arrangements. The main purpose of the financial instruments is to raise finance for the group's operations. The group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.

The main risks arising from the group's financial instruments are credit risk, interest risk and liquidity risk.

Credit Risk
The group considers its customer credit risk to be low due to the cash nature of the business. The group operates under normal credit terms determined by its suppliers.

Interest rate risk
The group is subject to interest risk on borrowings.

Liquidity & cash flow risk
The group's objective is to maintain a balance between continuity of funding through the use of loans facilities and its operations.

Cherish Holdings Limited (Registered number: 12278754)

Report of the Directors
for the Year Ended 30 June 2024


DISABLED PERSONS
The directors endeavour to ensure as far as possible the training, career development and promotion of disabled persons is the same as for other employees. Should employees become disabled, every effort is made to ensure that their employment continues, and appropriate retraining is received.

ENGAGEMENT WITH EMPLOYEES
Regular meetings with employees' representatives are held to inform them of the development of the business. The Group is committed to improving its participative and consultative arrangements with all employees.

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Crossley & Davis Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs W M Watson - Director


27 March 2025

Report of the Independent Auditors to the Members of
Cherish Holdings Limited

Opinion
We have audited the financial statements of Cherish Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

Report of the Independent Auditors to the Members of
Cherish Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

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:

Detecting irregularities

We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above 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 would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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
Cherish Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr P Swarbrick (Senior Statutory Auditor)
for and on behalf of Crossley & Davis Chartered Accountants
Ground Floor Seneca House
Links Point
Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

27 March 2025

Cherish Holdings Limited (Registered number: 12278754)

Consolidated Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 21,025,705 16,147,705

Cost of sales 15,779,580 12,087,607
GROSS PROFIT 5,246,125 4,060,098

Administrative expenses 2,888,817 2,518,143
2,357,308 1,541,955

Other operating income 3 21,756 30,574
OPERATING PROFIT 5 2,379,064 1,572,529

Interest receivable and similar income 761 1,493
2,379,825 1,574,022

Interest payable and similar expenses 7 197,217 141,527
PROFIT BEFORE TAXATION 2,182,608 1,432,495

Tax on profit 8 576,357 305,761
PROFIT FOR THE FINANCIAL YEAR 1,606,251 1,126,734
Profit attributable to:
Owners of the parent 1,606,251 1,126,734

Cherish Holdings Limited (Registered number: 12278754)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,606,251 1,126,734


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,606,251

1,126,734

Total comprehensive income attributable to:
Owners of the parent 1,606,251 1,126,734

Cherish Holdings Limited (Registered number: 12278754)

Consolidated Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 2,874,155 1,920,352
Investments 12 4 4
2,874,159 1,920,356

CURRENT ASSETS
Debtors 13 3,625,898 3,468,625
Cash at bank and in hand 1,590,102 777,209
5,216,000 4,245,834
CREDITORS
Amounts falling due within one year 14 2,287,174 1,677,697
NET CURRENT ASSETS 2,928,826 2,568,137
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,802,985

4,488,493

CREDITORS
Amounts falling due after more than one
year

15

1,349,050

930,709
NET ASSETS 4,453,935 3,557,784

CAPITAL AND RESERVES
Called up share capital 19 220 220
Other reserves 20 90 90
Retained earnings 20 4,453,625 3,557,474
SHAREHOLDERS' FUNDS 4,453,935 3,557,784

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:





P Watson - Director


Cherish Holdings Limited (Registered number: 12278754)

Company Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 1,715,827 857,786
Investments 12 110 110
1,715,937 857,896

CURRENT ASSETS
Cash at bank and in hand 13,847 710

CREDITORS
Amounts falling due within one year 14 683,981 317,152
NET CURRENT LIABILITIES (670,134 ) (316,442 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,045,803

541,454

CREDITORS
Amounts falling due after more than one
year

15

1,021,442

548,046
NET ASSETS/(LIABILITIES) 24,361 (6,592 )

CAPITAL AND RESERVES
Called up share capital 19 220 220
Retained earnings 20 24,141 (6,812 )
SHAREHOLDERS' FUNDS 24,361 (6,592 )

Company's profit for the financial year 741,053 849,228

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:





P Watson - Director


Cherish Holdings Limited (Registered number: 12278754)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 July 2022 220 3,286,780 90 3,287,090

Changes in equity
Dividends - (856,040 ) - (856,040 )
Total comprehensive income - 1,126,734 - 1,126,734
Balance at 30 June 2023 220 3,557,474 90 3,557,784

Changes in equity
Dividends - (710,100 ) - (710,100 )
Total comprehensive income - 1,606,251 - 1,606,251
Balance at 30 June 2024 220 4,453,625 90 4,453,935

Cherish Holdings Limited (Registered number: 12278754)

Company Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 220 - 220

Changes in equity
Dividends - (856,040 ) (856,040 )
Total comprehensive income - 849,228 849,228
Balance at 30 June 2023 220 (6,812 ) (6,592 )

Changes in equity
Dividends - (710,100 ) (710,100 )
Total comprehensive income - 741,053 741,053
Balance at 30 June 2024 220 24,141 24,361

Cherish Holdings Limited (Registered number: 12278754)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,509,240 1,940,101
Interest paid (197,217 ) (141,527 )
Tax paid (228,761 ) (359,045 )
Net cash from operating activities 2,083,262 1,439,529

Cash flows from investing activities
Purchase of tangible fixed assets (1,108,973 ) (998,277 )
Sale of tangible fixed assets 10,376 -
Interest received 761 1,493
Net cash from investing activities (1,097,836 ) (996,784 )

Cash flows from financing activities
New loans in year 596,820 593,233
Loan repayments in year (111,577 ) (71,056 )
Amount introduced by directors 3,345 138,185
Equity dividends paid (710,100 ) (856,040 )
Net cash from financing activities (221,512 ) (195,678 )

Increase in cash and cash equivalents 763,914 247,067
Cash and cash equivalents at beginning of
year

2

319,310

72,243

Cash and cash equivalents at end of year 2 1,083,224 319,310

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

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

2024 2023
£    £   
Profit before taxation 2,182,608 1,432,495
Depreciation charges 139,984 99,288
Loss on disposal of fixed assets 4,810 -
Finance costs 197,217 141,527
Finance income (761 ) (1,493 )
2,523,858 1,671,817
(Increase)/decrease in trade and other debtors (162,870 ) 71,438
Increase in trade and other creditors 148,252 196,846
Cash generated from operations 2,509,240 1,940,101

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 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 1,590,102 777,209
Bank overdrafts (506,878 ) (457,899 )
1,083,224 319,310
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 777,209 883,922
Bank overdrafts (457,899 ) (811,679 )
319,310 72,243


Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 777,209 812,893 1,590,102
Bank overdrafts (457,899 ) (48,979 ) (506,878 )
319,310 763,914 1,083,224
Debt
Debts falling due within 1 year (65,533 ) (66,902 ) (132,435 )
Debts falling due after 1 year (930,709 ) (418,341 ) (1,349,050 )
(996,242 ) (485,243 ) (1,481,485 )
Total (676,932 ) 278,671 (398,261 )

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Basis of consolidation
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The merger method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

A full year's depreciation is charged in the year of purchase.

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments -trade debtors, trade creditors, bank loans and directors' loans.

Bank Loans are initially measured at the present value of future payments,
discounted at a market rate of interest, and subsequently at amortised cost
using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. OTHER OPERATING INCOME
2024 2023
£    £   
Grant income 21,756 30,574

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 16,518,274 12,811,534
Other pension costs 229,618 184,285
16,747,892 12,995,819

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

Management & administration 40 36
Direct labour 686 593
726 629

2024 2023
£    £   
Directors' remuneration 35,686 19,500

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 145,403 130,052
Depreciation - owned assets 139,984 99,287
Loss on disposal of fixed assets 4,810 -

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

20,400

20,100

The company entered into a liability limitation agreement with the auditor on 2 March 2023. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest' and costs.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 97,925 48,026
Other interest - 2,342
Funding charges 99,292 91,159
197,217 141,527

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 570,760 339,234

Deferred tax 5,597 (33,473 )
Tax on profit 576,357 305,761

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,182,608 1,432,495
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.500 %)

545,652

293,661

Effects of:
Expenses not deductible for tax purposes 19,376 11,216
Depreciation in excess of capital allowances 11,801 6,827
Adjustments to tax charge in respect of previous periods (472 ) (277 )
Difference on deferred tax rates - (5,666 )
Total tax charge 576,357 305,761

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 710,100 856,040

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Short and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 1,721,402 174,257 195,553 113,105 2,204,317
Additions 893,415 128,016 12,994 74,548 1,108,973
Disposals - - - (35,529 ) (35,529 )
At 30 June 2024 2,614,817 302,273 208,547 152,124 3,277,761
DEPRECIATION
At 1 July 2023 78,504 39,105 113,891 52,465 283,965
Charge for year 52,296 30,227 23,664 33,797 139,984
Eliminated on disposal - - - (20,343 ) (20,343 )
At 30 June 2024 130,800 69,332 137,555 65,919 403,606
NET BOOK VALUE
At 30 June 2024 2,484,017 232,941 70,992 86,205 2,874,155
At 30 June 2023 1,642,898 135,152 81,662 60,640 1,920,352

Company
Freehold
property
£   
COST
At 1 July 2023 875,292
Additions 893,415
At 30 June 2024 1,768,707
DEPRECIATION
At 1 July 2023 17,506
Charge for year 35,374
At 30 June 2024 52,880
NET BOOK VALUE
At 30 June 2024 1,715,827
At 30 June 2023 857,786

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 July 2023
and 30 June 2024 4
NET BOOK VALUE
At 30 June 2024 4
At 30 June 2023 4
Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 110
NET BOOK VALUE
At 30 June 2024 110
At 30 June 2023 110

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

Subsidiaries

Cherish UK Limited
Registered office: 8 Skyways Commercial Campus, Amy Johnson Way Blackpool FY4 3RS
Nature of business: Domiciliary care
%
Class of shares: holding
Ordinary 100.00

Cherish Childrens Care Limited
Registered office: 8 Skyways Commercial Campus, Amy Johnson Way Blackpool FY$ 3RS
Nature of business: Childrens homes
%
Class of shares: holding
Ordinary- 100.00

This is an indirect holding of shares by virtue of the company being a 100% subsidiary of Cherish UK Limited.

Cherish Lancashire Limited
Registered office: 17/19 Park Street Lytham St Annes Lancashire FY8 5LU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

This is an indirect holding of shares by virtue of the company being a 100% subsidiary of Cherish UK Limited

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

12. FIXED ASSET INVESTMENTS - continued


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 1,346,870 1,354,466
Other debtors 2,121,448 1,969,307
Deferred tax asset 9,735 15,332
Prepayments 147,845 129,520
3,625,898 3,468,625

Deferred tax asset
Group
2024 2023
£    £   
Deferred tax 9,735 15,332

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 639,313 523,432 83,437 22,593
Trade creditors 51,855 56,971 - -
Amounts owed to group undertakings - - 579,344 288,250
Tax 574,997 232,998 15,249 2,758
Social security and other taxes 254,333 203,580 - -
Other creditors 111,960 155,306 2,351 2,351
Directors' loan accounts 4,653 1,308 - -
Accruals and deferred income 650,063 504,102 3,600 1,200
2,287,174 1,677,697 683,981 317,152

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 1,349,050 930,709 1,021,442 548,046

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 506,878 457,899 - -
Bank loans 132,435 65,533 83,437 22,593
639,313 523,432 83,437 22,593
Amounts falling due between one and two years:
Bank loans - 1-2 years 132,435 87,823 83,437 44,883
Amounts falling due between two and five years:
Bank loans - 2-5 years 397,304 263,466 250,311 134,647
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 819,311 579,420 687,694 368,516

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,481,485 996,242
Commercial finance 506,878 457,899
1,988,363 1,454,141

Lloyds have debentures, secured by way of fixed and floating charges over all of the property or undertaking of the company.

18. DEFERRED TAX

Group
£   
Balance at 1 July 2023 (15,332 )
Charge to Income Statement during year 5,597
Balance at 30 June 2024 (9,735 )

.

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
216 A Ordinary £1 216 216
4 B Ordinary £1 4 4
220 220

The A & B ordinary shares are entitled to voting rights ,dividends and a share of capital on winding up .

20. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 July 2023 3,557,474 90 3,557,564
Profit for the year 1,606,251 1,606,251
Dividends (710,100 ) (710,100 )
At 30 June 2024 4,453,625 90 4,453,715

Company
Retained
earnings
£   

At 1 July 2023 (6,812 )
Profit for the year 741,053
Dividends (710,100 )
At 30 June 2024 24,141


21. OTHER FINANCIAL COMMITMENTS

Total commitments under operating leases at the year end were as follows :-
due within one year £242,400
due between two and five years £729,600
due after 5 years £646,500

Cherish Holdings Limited (Registered number: 12278754)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mrs W M Watson and P Watson
Balance outstanding at start of year (1,308 ) 136,877
Amounts advanced 706,755 717,855
Amounts repaid (710,100 ) (856,040 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,653 ) (1,308 )

Interest at the official rate has been charged on the average balance outstanding on the directors loan during the year.
The directors loans are repayable on demand.

23. RELATED PARTY DISCLOSURES

Included in Debtors (amounts due within one year) are the following amounts:-
Loans to Companies under common control £2,039,452 Advances of £135,703 were made in the year.

These amounts are interest free and repayable on demand.

During the year, a total of key management personnel compensation of £ 35,686 was paid.

24. POST BALANCE SHEET EVENTS

The group has brought a further property into use as a children's home .

25. ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is not an ultimate controlling party.