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REGISTERED NUMBER: 09634396 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

DEVON CARE HOMES HOLDINGS LIMITED

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)






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 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


DEVON CARE HOMES HOLDINGS LIMITED

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R W Birkett
Mrs J E Birkett



REGISTERED OFFICE: Kingland House
24-30 Kingland Road
Poole
United Kingdom
Dorset
BH15 1TP



REGISTERED NUMBER: 09634396 (England and Wales)



SENIOR STATUTORY AUDITOR: Mrs Anugrah Sharma



AUDITORS: A & N (Haslemere) Limited - Statutory Auditors
Aruna House
2 Kings Road
Haslemere
Surrey
GU27 2QA

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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.

The directors present the strategic report for the year ended 30 June 2024. The Devon Care Homes Group remains committed to delivering high-quality, compassionate care to its residents, while ensuring the organisation is managed with financial responsibility and long-term stability. During the year, the group continued to strengthen its operational and financial position, with modest growth in occupancy and improvements in cost control. Turnover increased to £8.1 million (2023: £7.2 million), and earnings before interest, tax, depreciation and amortisation (EBITDA) improved in line with expectations. These results support the group’s ability to invest in people, care environments, and service quality over the long term.

REVIEW OF BUSINESS
The group has continued to strengthen its operational position throughout the year, supported by stable occupancy levels, effective cost control, and a disciplined approach to resource management. This progress reflects the directors’ focus on sustainable care delivery alongside operational resilience.

Turnover for the year was £8,190,904 (2023: £7,192,195), reflecting increased fee rates and steady resident numbers. The group achieved a gross profit of £3,249,347, representing a gross profit margin of 39.67% (2023: 36.80%), supported by wage cost management and procurement efficiencies.

EBITDA increased to £1,563,261 (2023: loss of £1,269,361), reflecting the group’s return to a positive operating position. Profit before tax was £347,970 (2023: loss of £1,183,576), and net profit for the year was £223,431 (2023: loss of £1,324,730).

Shareholders’ funds increased to £1,388,541 (2023: £1,165,110), despite the impact of prior year adjustments. The results reflect a continued focus on balancing care quality with financial discipline.

The group remains committed to staff training, safe environments, and strong relationships with commissioning bodies. The directors believe that this year’s performance demonstrates both operational stability and capacity to navigate sector-wide challenges.


DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Group Strategic Report
for the Year Ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the following to be the most significant operational and strategic areas requiring continued focus and oversight:
Ensuring full compliance with all care regulations, supported by local management oversight, regular quality reviews, and open engagement with regulators.

Consistently delivering high-quality care, underpinned by comprehensive staff training programmes and ongoing professional development for all team members.

Maintaining occupancy levels across the homes in line with operational expectations, through active referral partnerships, local engagement, and responsive care planning.

Managing rising operating costs while continuing to deliver a high standard of care, with careful negotiation of fee rates and robust financial planning.

Supporting staff recruitment and retention through competitive pay structures, wellbeing initiatives, and a positive working environment that promotes staff satisfaction and development.

Actively managing the risk of infectious outbreaks (including seasonal and respiratory illnesses), with rigorous infection prevention procedures, ongoing staff training, and strong focus on resident wellbeing.

The directors also oversee financial risks, which are considered low in complexity. The group does not operate internationally and therefore has no exposure to foreign currency risk. Price risk is limited, and credit risk is managed through appropriate checks and monitoring.

Liquidity and funding needs are addressed through structured loan finance, which the directors consider appropriate to support the group's ongoing operating and investment requirements. A significant proportion of the group's income is funded through local authority and NHS placements, with payments typically arranged in advance or received regularly.. This contributes to predictable cash flow and helps reduce exposure to short-term liquidity pressures. The directors continue to review financing arrangements regularly and assess them in the context of the group's operational needs.

SECTION 172(1) STATEMENT
The directors of Devon Care Homes (Holdings) Ltd confirm that, in accordance with their duties under section 172 of the Companies Act 2006, they have acted in good faith to promote the success of the group for the benefit of its members as a whole. In doing so, they have had regard to the matters set out in section 172(1)(a) to (f).

The directors have considered the likely long-term consequences of their decisions, particularly in relation to maintaining high-quality care provision, supporting staff retention, and ensuring the sustainability of the group’s property operations. The interests of the group’s employees have remained central to decision-making. Staff are regarded as essential to the delivery of safe and compassionate care, and the group continues to invest in regular training, wellbeing support, and professional development opportunities.

The directors also value the importance of fostering positive relationships with stakeholders, including commissioners, suppliers, regulators, and professional advisers. The group maintains strong working relationships with NHS partners, local authorities, and Care Quality Commission (CQC) inspectors.

In terms of environmental and community impact, each care facility operates with a focus on community engagement, energy efficiency, and safe working practices. Where appropriate, environmental improvements are considered as part of ongoing capital projects.

Finally, the directors are mindful of their duty to act fairly between members of the group. Group-level decisions are made with a view to long-term stability, responsible intercompany arrangements, and appropriate governance over director interests.


DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Group Strategic Report
for the Year Ended 30 June 2024

FINANCIAL PERFORMANCE AT THE REPORTING DATE
At the balance sheet date, the group had consolidated net assets of £2.84 million (2023: £2.61 million), including shareholders’ funds of £1.39 million (2023: £1.17 million). Cash at bank and in hand amounted to £506,027 (2023: £487,230). The directors consider this a stable financial position, supporting the ongoing delivery of care services and investment in staff and facilities.

ON BEHALF OF THE BOARD:





Mrs J E Birkett - Director


9 April 2025

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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.

The directors present their report and the audited consolidated financial statements for Devon Care Homes (Holdings) Ltd and its subsidiaries for the year ended 30 June 2024. In accordance with section 415(2) of the Companies Act 2006, the Directors' Report excludes information on the group’s principal activities, business review, and principal risks and uncertainties, as this is presented in the Strategic Report.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

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

R W Birkett
Mrs J E Birkett

DISABLED EMPLOYEES
The group gives full consideration to applications for employment from disabled persons where the candidate’s skills and abilities are aligned with the requirements of the role. Where appropriate, reasonable adjustments are made to accommodate individual needs. Opportunities for training, career development and promotion are available to all employees, including those with disabilities.

Where existing employees become disabled during the course of their employment, it is the group’s policy to continue their employment wherever practicable, either in their current role or an alternative position, supported by appropriate training where required.

Employee Involvement

All employees undergo enhanced Disclosure and Barring Service (DBS) checks prior to commencing employment, in accordance with statutory requirements for the care sector.

To meet the requirements of the Care Quality Commission (CQC), ongoing training is provided to all employees, tailored to their role and responsibilities. Each employee maintains an individual training record, which is available for inspection by CQC at any time. Staff meetings are held regularly to ensure open communication and to keep employees informed of any developments relating to residents or the wider care environment.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The group recognises the importance of maintaining constructive and transparent relationships with its suppliers, commissioning bodies, residents and their families, and other key stakeholders. Open dialogue and timely communication help ensure that services are delivered to a high standard and in a manner that respects the needs of all parties involved.

The group works closely with NHS and local authority commissioners to ensure contract compliance, timely placements, and fair fee negotiations. Relationships with suppliers are managed with a focus on service reliability, value, and responsiveness to the specific needs of care environments. Regular feedback is encouraged from families and residents through informal channels and structured reviews to support continuous improvement in care delivery.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
The company is privately owned and not subject to the UK Corporate Governance Code. The board is committed to maintaining appropriate standards of governance, proportionate to the size and nature of the group. Internal controls and key decision-making processes are reviewed regularly to ensure compliance with legal and regulatory obligations.


DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Report of the Directors
for the Year Ended 30 June 2024

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

AUDITORS
The auditors, A & N (Haslemere) Limited - Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs J E Birkett - Director


9 April 2025

Report of the Independent Auditors to the Members of
Devon Care Homes Holdings Limited

Opinion
We have audited the financial statements of Devon Care Homes 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
Devon Care Homes 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 six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
Devon Care Homes Holdings Limited


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

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

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks 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; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, control environment and business performance;

- the results of enquiries of management about their own identification and assessment of the risks of irregularities;

- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in respect of the recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other
adjustments made by management for indications of potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


Report of the Independent Auditors to the Members of
Devon Care Homes Holdings Limited

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

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




Mrs Anugrah Sharma (Senior Statutory Auditor)
for and on behalf of A & N (Haslemere) Limited - Statutory Auditors
Aruna House
2 Kings Road
Haslemere
Surrey
GU27 2QA

9 April 2025

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Consolidated
Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   

TURNOVER 8,190,904 7,192,195

Cost of sales 4,941,557 4,545,243
GROSS PROFIT 3,249,347 2,646,952

Administrative expenses 2,260,772 3,398,158
988,575 (751,206 )

Other operating income 10,886 142,608
OPERATING PROFIT/(LOSS) 5 999,461 (608,598 )


Interest payable and similar expenses 6 651,490 574,979
PROFIT/(LOSS) BEFORE TAXATION 347,971 (1,183,577 )

Tax on profit/(loss) 7 124,539 141,154
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

223,432

(1,324,731

)
Profit/(loss) attributable to:
Owners of the parent 223,432 (1,324,731 )

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Consolidated
Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 223,432 (1,324,731 )


OTHER COMPREHENSIVE INCOME
- (168,070 )
Income tax relating to other comprehensive
income

-

34,532
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(133,538

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

223,432

(1,458,269

)

Total comprehensive income attributable to:
Owners of the parent 223,432 (1,458,269 )

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23 1.7.22
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 264,120 624,766 985,413
Tangible assets 11 8,542,857 9,538,201 9,966,522
Investments 12 - - -
8,806,977 10,162,967 10,951,935

CURRENT ASSETS
Stocks - - 1,129,292
Debtors 13 2,046,025 1,179,457 2,659,913
Cash at bank and in hand 506,027 487,230 320,609
2,552,052 1,666,687 4,109,814
CREDITORS
Amounts falling due within one year 14 (1,966,878 ) (2,333,741 ) (3,173,110 )
NET CURRENT ASSETS/(LIABILITIES) 585,174 (667,054 ) 936,704
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,392,151

9,495,913

11,888,639

CREDITORS
Amounts falling due after more than one year 15 (7,632,648 ) (7,964,752 ) (8,906,910 )

PROVISIONS FOR LIABILITIES 18 (370,962 ) (366,052 ) (358,351 )
NET ASSETS 1,388,541 1,165,109 2,623,378

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000 1,000
Share premium 20 1,661,507 1,661,507 1,661,507
Revaluation reserve 20 1,576,330 1,576,330 1,752,148
Retained earnings 20 (1,850,296 ) (2,073,728 ) (791,277 )
SHAREHOLDERS' FUNDS 1,388,541 1,165,109 2,623,378

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:




Mrs J E Birkett - Director


DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 449,676 449,676
449,676 449,676

CURRENT ASSETS
Debtors 13 - 232,686
Cash in hand 1,000 1,000
1,000 233,686
CREDITORS
Amounts falling due within one year 14 343,563 682,662
NET CURRENT LIABILITIES (342,563 ) (448,976 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,113

700

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 20 106,113 (300 )
SHAREHOLDERS' FUNDS 107,113 700

Company's profit for the financial year - -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





Mrs J E Birkett - Director


DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 1,000 (791,277 ) 1,661,507 1,752,148 2,623,378

Changes in equity
Total comprehensive income - 33,746 - (175,818 ) (142,072 )
Balance at 30 June 2023 1,000 (757,531 ) 1,661,507 1,576,330 2,481,306
Prior year adjustment - (1,316,197 ) - - (1,316,197 )
As restated 1,000 (2,073,728 ) 1,661,507 1,576,330 1,165,109

Changes in equity
Total comprehensive income - 223,432 - - 223,432
Balance at 30 June 2024 1,000 (1,850,296 ) 1,661,507 1,576,330 1,388,541

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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 1,000 (300 ) 700

Changes in equity
Balance at 30 June 2023 1,000 (300 ) 700

Changes in equity
Total comprehensive income - 106,413 106,413
Balance at 30 June 2024 1,000 106,113 107,113

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,907,071 1,043,815
Tax paid (88,031 ) (95,141 )
Net cash from operating activities 1,819,040 948,674

Cash flows from investing activities
Purchase of tangible fixed assets (135,209 ) (149,800 )
Sale of tangible fixed assets 800,000 536,213
Net cash from investing activities 664,791 386,413

Cash flows from financing activities
Loan repayments in year (330,193 ) (937,050 )
Interest paid (651,490 ) (574,979 )
Amount introduced by directors - 171,782
Amount withdrawn by directors (1,483,351 ) 171,781
Net cash from financing activities (2,465,034 ) (1,168,466 )

Increase in cash and cash equivalents 18,797 166,621
Cash and cash equivalents at beginning of
year

2

487,230

320,609

Cash and cash equivalents at end of year 2 506,027 487,230

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
as restated
£    £   
Profit/(loss) before taxation 347,971 (1,183,577 )
Depreciation charges 203,155 300,117
Profit on disposal of fixed assets - (536,213 )
Amortisation charges 360,646 360,647
Reduced Revaluation Reserve - 133,538
Finance costs 651,490 574,979
1,563,262 (350,509 )
Decrease in stocks - 1,129,292
Decrease in trade and other debtors 154,634 101,758
Increase in trade and other creditors 189,175 163,274
Cash generated from operations 1,907,071 1,043,815

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 506,027 487,230
Year ended 30 June 2023
30.6.23 1.7.22
as restated
£    £   
Cash and cash equivalents 487,230 320,609


DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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 487,230 18,797 506,027
487,230 18,797 506,027
Debt
Debts falling due within 1 year (462,846 ) (1,911 ) (464,757 )
Debts falling due after 1 year (7,964,752 ) 332,104 (7,632,648 )
(8,427,598 ) 330,193 (8,097,405 )
Total (7,940,368 ) 348,990 (7,591,378 )

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

1. STATUTORY INFORMATION

Devon Care Homes 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in the financial statements have been rounded to the nearest whole £.

2. STATEMENT OF COMPLIANCE

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 CompaniesAct 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements present the results of the company and its own 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 have been prepared using FRS 102 merger accounting methodology. The results, cash flows and balances of all combining entities have been brought into the financial statements of the group.

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.

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement
estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

The directors' have made key assumptions regarding the expected useful life of intangible fixed assets, these being depreciated at the rates documented in the accounting policies.The expected useful life has been determined by the director's expectations of the homes acquired and their experience of the industry.

The directors' have made key assumptions to determine whether there are any indicators of impairment of the group's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance.

Changes in accounting policies
During the prior year, the directors reassessed the accounting policy for freehold properties. As a result, the group has elected to discontinue the use of the revaluation model under FRS 102 for the Dunmore property, which was previously held within West Bank Residential Home Ltd.

The policy has been changed to the cost model, and the carrying value has been adjusted retrospectively to reflect this change. The effect of the policy change has been accounted for as a prior year adjustment.
The impact on the 2023 comparatives is disclosed in Note 8. This change had no effect on the 2024 results or net assets at 30 June 2023.

Turnover
Services
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts.

Turnover is recognised in advance of nursing care provided to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. This is funded by individuals or Government agencies. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its 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 to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 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.

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Consolidated Statement of Comprehensive Income during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:
Freehold property - Straight line over 50 years
Fixtures and fittings - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant charge since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

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.

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.

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
as restated
£    £   
Wages and salaries 4,166,142 3,863,791
Social security costs 317,794 272,606
Other pension costs 54,611 48,582
4,538,547 4,184,979

The average number of employees during the year was as follows:
30.6.24 30.6.23
as restated

Staff 206 206

The average number of employees by undertakings that were proportionately consolidated during the year was 206 (2023 - NIL ) .

30.6.24 30.6.23
as restated
£    £   
Directors' remuneration - -

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

30.6.24 30.6.23
as restated
£    £   
Depreciation - owned assets 203,154 300,117
Loss on disposal of fixed assets - 530
Goodwill amortisation 360,646 360,647
Auditors' remuneration 15,040 14,640
Other non- audit services 10,569 15,013

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
as restated
£    £   
Bank loan interest 521,060 444,568
Interest - Hire Purchase 130,430 130,411
651,490 574,979

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
as restated
£    £   
Current tax:
UK corporation tax 119,629 98,921

Deferred tax 4,910 42,233
Tax on profit/(loss) 124,539 141,154

Tax effects relating to effects of other comprehensive income

30.6.23
Gross Tax Net
£    £    £   
Reversed Deferred Tax on revaluation (168,070 ) 34,532 (133,538 )

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.


9. PRIOR YEAR ADJUSTMENT

A prior year adjustment has been recorded to reflect changes in accounting treatment in two wholly owned subsidiaries, Blackwater Mill Ltd and West Bank Residential Home Ltd.

In the case of Blackwater Mill Ltd, the company had previously adopted the revaluation model for its freehold property, resulting in the recognition of a revaluation surplus of £170,810 and a related deferred tax provision of £34,162. During the current year, the directors reassessed the appropriateness of this accounting policy in light of the decision to cease trading operations in 2025 and determined that the cost model would provide more reliable and relevant information for the users of the financial statements. As a result, the revaluation model has been replaced retrospectively with the cost model. The prior year adjustment removed the revaluation reserve of £136,648 and reversed the deferred tax liability of £34,162, resulting in a net reduction of £102,486 to retained earnings as at 30 June 2023.

In West Bank Residential Home Ltd, a prior year adjustment was required to reflect the reclassification and full impairment of the Dunmore property. This property ceased to be used in operations and was reclassified as held for sale. Following an assessment of the recoverable amount, the directors determined that a full impairment of the carrying value was necessary, resulting in a reduction of £861,167 to tangible fixed assets and an equivalent reduction to profit and loss reserves in the prior year.

The property was subsequently sold to two directors at the fully impaired value during the current year. This transaction is disclosed under related party transactions.

As a result, the total prior year adjustment to consolidated profit and loss reserves was £1,316,197, which has been reflected as a reduction to the opening reserves in these financial statements.

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 3,906,465
AMORTISATION
At 1 July 2023 3,281,699
Amortisation for year 360,646
At 30 June 2024 3,642,345
NET BOOK VALUE
At 30 June 2024 264,120
At 30 June 2023 624,766

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 9,698,519 1,241,595 10,940,114
Additions - 135,209 135,209
Disposals (800,000 ) - (800,000 )
Impairments - (309,768 ) (309,768 )
At 30 June 2024 8,898,519 1,067,036 9,965,555
DEPRECIATION
At 1 July 2023 581,337 820,576 1,401,913
Charge for year 107,327 95,827 203,154
Impairments - (182,369 ) (182,369 )
At 30 June 2024 688,664 734,034 1,422,698
NET BOOK VALUE
At 30 June 2024 8,209,855 333,002 8,542,857
At 30 June 2023 9,117,182 421,019 9,538,201

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2022 1,439,861 - 1,439,861
Cost 7,458,658 1,067,036 8,525,694
8,898,519 1,067,036 9,965,555

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 449,676
NET BOOK VALUE
At 30 June 2024 449,676
At 30 June 2023 449,676

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

Subsidiaries

West Bank Residential Home Ltd
Registered office: Kingland House, 24–30 Kingland Road, Poole, Dorset BH15 1TP
Nature of business: Operation of residential care homes
%
Class of shares: holding
Ordinary Shares 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 2,241,037 1,970,699
Profit/(loss) for the year 270,338 (268,972 )

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

12. FIXED ASSET INVESTMENTS - continued

Blackwater Mill Ltd
Registered office: Kingland House, 24-30 Kingland Road, Poole, BH15 1TP
Nature of business: Operation of residential care home
%
Class of shares: holding
Ordinary Shares 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (509,931 ) 758,156
Loss for the year (46,906 ) (1,055,757 )


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Trade debtors 57,369 194,077 - -
Amounts owed by group undertakings - - - 232,686
Amounts owed by participating interests 789,756 883,058 - -
Other debtors 5,503 36,799 - -
Directors' loan accounts 1,139,788 - - -
Prepayments and accrued income 53,609 65,523 - -
2,046,025 1,179,457 - 232,686

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 16) 464,757 462,846 - -
Payments on account 143,716 194,432 - -
Trade creditors 72,118 44,342 - -
Amounts owed to group undertakings - - - 339,099
Tax 130,519 98,921 - -
Social security and other taxes 75,982 69,578 - -
Other creditors 719,810 744,713 - -
Directors' loan accounts - 343,563 343,563 343,563
Accruals and deferred income 359,976 375,346 - -
1,966,878 2,333,741 343,563 682,662

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

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

Group
30.6.24 30.6.23
as restated
£    £   
Bank loans (see note 16) 5,328,388 5,790,922
Other loans (see note 16) 2,304,260 2,173,830
7,632,648 7,964,752

16. LOANS

An analysis of the maturity of loans is given below:

Group
30.6.24 30.6.23
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 464,757 462,846
Amounts falling due between one and two years:
Bank loans - 1-2 years 464,757 462,845
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,632,337 3,956,064
Other loans - 2-5 years 2,304,260 2,173,830
5,936,597 6,129,894
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,231,294 1,372,013

Interest on the bank loans is paid at the rate of 3.8% per annum (2023 3.75%) above the London Inter-Bank Offered Rate (LIBOR).

Other loans bear interest at 6% (2023 6%).

17. SECURED DEBTS

The bank loans, £5,793,145 (2023 £6,253,768) are secured by a fixed charge over the freehold properties held by the company.

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

18. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
as restated
£    £   
Deferred tax
Accelerated capital allowances 26,299 7,701
Other timing differences 344,663 358,351
370,962 366,052

Group
Deferred
tax
£   
Balance at 1 July 2023 366,052
Provided during year 4,910
Balance at 30 June 2024 370,962

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: as restated
£    £   
1,000 Ordinary 1 1,000 1,000

20. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 (757,531 ) 1,661,507 1,576,330 2,480,306
Prior year adjustment (1,316,197 ) (1,316,197 )
(2,073,728 ) 1,164,109
Profit for the year 223,432 223,432
At 30 June 2024 (1,850,296 ) 1,661,507 1,576,330 1,387,541

DEVON CARE HOMES HOLDINGS LIMITED (REGISTERED NUMBER: 09634396)

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

20. RESERVES - continued

Company
Retained
earnings
£   

At 1 July 2023 (300 )
Profit for the year -
Interco transfer to equity 106,413
At 30 June 2024 106,113


21. RELATED PARTY DISCLOSURES

At the balance sheet date, a total of £1,139,788 (2023: £nil) was jointly due from two directors of the company, R W Birkett and J E Birkett. The balance was unsecured, interest-free, and repayable on demand. This amount was fully repaid following the balance sheet date as part of a wider group restructuring.

Also, please check the numbers to go in this one, also related parties being the other group transactions or balances - the below can go under the DLA note above. I can see management charges in the profit and loss £286,040 (2023 £269,710) but I am not sure this is to participating entities, please check.

The group has trading relationships with other entities under common control or common directorship (participating interests). During the year, management and administrative services were recharged to the group from participating interests. The total management charges in the year was £286,040 (2023: £269,710),

At the balance sheet date, the group had net amount receivable of £789,756 (2023:£883,058) from participating interest under common control.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr and Mrs Birkett, 100% shareholders of the company.