REGISTERED NUMBER: 15485088 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Period |
12 February 2024 to 31 December 2024 |
for |
RDCP Care Holdings Limited |
REGISTERED NUMBER: 15485088 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Period |
12 February 2024 to 31 December 2024 |
for |
RDCP Care Holdings Limited |
RDCP Care Holdings Limited (Registered number: 15485088) |
Contents of the Consolidated Financial Statements |
for the Period 12 February 2024 to 31 December 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Income and Retained Earnings | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Cash Flow Statement | 11 |
Notes to the Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Financial Statements | 13 |
RDCP Care Holdings Limited |
Company Information |
for the Period 12 February 2024 to 31 December 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
RDCP Care Holdings Limited (Registered number: 15485088) |
Group Strategic Report |
for the Period 12 February 2024 to 31 December 2024 |
The principal activity of the company is that of a holding company. The principal activity of the group is that of providing residential, nursing and dementia care services. |
REVIEW OF BUSINESS |
The results for the year, which are set out in the profit and loss account, show turnover of £9,970,500 and an operating loss of £346,910. At 31 December 2024, the group had total assets less current liabilities of £21,079,394. The directors consider the performance for the year and the financial position at the year end to be satisfactory. |
Given the nature of the business, the group's directors are of the opinion that key performance indicators are important. The group uses a number of indicators to monitor and improve development, performance or the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the group. |
During the period ended 31 December 2024, RDCP Care Holdings Limited purchased the investments held by RDCP Care Limited to become the new parent company to the group. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the continued provision of adequate government funding and the ongoing compliance with current and future legislation affecting the sector. |
SECTION 172(1) STATEMENT |
The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006. |
Specifically, the Board has considered long term factors that affect the Group's strategic directions. |
The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Group as set out in Section 172 |
The Board has fulfilled their duties as follows: |
On an ongoing basis, the board assess the major risks affecting the Group and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Group understands the financial impact of these risks and can respond to them on a timely basis. |
Employees are a key to RDCP Care Holdings Ltd's success. The Group engages with employees on a regular basis. Manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The group monitors staff turnover and performance to understand staff progression within the business. |
The Group invests in the future of the business and has a successful mentoring plan to encourage young people into the Group. |
RDCP Care Holdings Ltd aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote RDCP Care Holdings Ltd closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Group. |
ON BEHALF OF THE BOARD: |
RDCP Care Holdings Limited (Registered number: 15485088) |
Report of the Director |
for the Period 12 February 2024 to 31 December 2024 |
The director presents his report with the financial statements of the company and the group for the period 12 February 2024 to 31 December 2024. |
INCORPORATION |
The group was incorporated on 12 February 2024 and commenced trading on the same date. |
DIVIDENDS |
The total distribution of dividends for the period ended 31 December 2024 will be £ 1,600,000 . |
DIRECTOR |
The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting. |
EMPLOYMENT OF DISABLED PERSONS |
The Group's policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses are given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities. |
EMPLOYEE INVOLVEMENT |
The group encourages the involvement of employees in its management through regular departmental meetings. |
FUTURE DEVELOPMENTS |
The external environment is expected to remain competitive going forward, however the directors remain confident that the group will improve on its current level of performance in the future. |
FINANCIAL INSTRUMENTS |
Price risk, credit risk, liquidity risk and cash flow risk |
The group is exposed to the usual credit and cashflow risk associated with selling on credit and manages this though credit control procedures. Credit risk in respect of bank balances is safeguarded by using banks with high credit ratings. The group's bank loans are subject to price and liquidity risk as detailed in the note 6 to the financial statements. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
RDCP Care Holdings Limited (Registered number: 15485088) |
Report of the Director |
for the Period 12 February 2024 to 31 December 2024 |
AUDITORS |
The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
RDCP Care Holdings Limited |
Opinion |
We have audited the financial statements of RDCP Care Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the period 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
RDCP Care 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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 |
RDCP Care 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. |
for and on behalf of |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
RDCP Care Holdings Limited (Registered number: 15485088) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the Period 12 February 2024 to 31 December 2024 |
Notes | £ |
TURNOVER | 9,970,500 |
Cost of sales | (7,177,635 | ) |
GROSS PROFIT | 2,792,865 |
Administrative expenses | (3,139,775 | ) |
OPERATING LOSS | 5 | (346,910 | ) |
Gain/loss on revaluation of tangible assets | 9,283,305 |
8,936,395 |
Interest payable and similar expenses | 6 | (1,181,452 | ) |
PROFIT BEFORE TAXATION | 7,754,943 |
Tax on profit | 7 | - |
PROFIT FOR THE FINANCIAL PERIOD |
Dividends | 9 | (1,600,000 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF PERIOD | 6,154,943 |
Profit attributable to: |
Owners of the parent | 7,754,943 |
RDCP Care Holdings Limited (Registered number: 15485088) |
Consolidated Balance Sheet |
31 December 2024 |
Notes | £ |
ASSETS |
FIXED ASSETS |
Intangible assets | 10 | 7,264,067 |
Tangible assets | 11 | 16,148,617 |
Investments | 12 | - |
23,412,684 |
CURRENT ASSETS |
Stocks | 13 | 5,800 |
Debtors | 14 | 916,291 |
Cash at bank and in hand | 280,440 |
1,202,531 |
24,615,215 |
CAPITAL, RESERVES AND LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 | 2 |
Retained earnings | 16 | 6,154,943 |
SHAREHOLDERS' FUNDS | 6,154,945 |
PROVISIONS FOR LIABILITIES | 17 | 214,949 |
CREDITORS |
Amounts falling due within one year | 18 | 3,535,821 |
Amounts falling due after more than one year | 19 | 14,709,500 |
24,615,215 |
The financial statements were approved by the director and authorised for issue on 28 March 2025 and were signed by: |
S Rizvi - Director |
RDCP Care Holdings Limited (Registered number: 15485088) |
Company Balance Sheet |
31 December 2024 |
Notes | £ |
ASSETS |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
21,969,391 |
CAPITAL, RESERVES AND LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings |
SHAREHOLDERS' FUNDS |
CREDITORS |
Amounts falling due within one year | 18 |
Amounts falling due after more than one year | 19 |
Company's profit for the financial year | 1,878,800 |
The financial statements were approved by the director and authorised for issue on |
RDCP Care Holdings Limited (Registered number: 15485088) |
Consolidated Cash Flow Statement |
for the Period 12 February 2024 to 31 December 2024 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,284,682 |
Interest paid | (1,181,452 | ) |
Tax paid | 983,433 |
Net cash from operating activities | 1,086,663 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (8,071,186 | ) |
Purchase of tangible fixed assets | (6,895,389 | ) |
Net cash from investing activities | (14,966,575 | ) |
Cash flows from financing activities |
New loans in year | 16,120,000 |
Loan repayments in year | (359,650 | ) |
Share issue | 2 |
Equity dividends paid | (1,600,000 | ) |
Net cash from financing activities | 14,160,352 |
Increase in cash and cash equivalents | 280,440 |
Cash and cash equivalents at beginning of period | 2 | - |
Cash and cash equivalents at end of period | 2 | 280,440 |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Cash Flow Statement |
for the Period 12 February 2024 to 31 December 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation | 7,754,943 |
Depreciation charges | 837,197 |
Gain on revaluation of fixed assets | (9,283,305 | ) |
Finance costs | 1,181,452 |
490,287 |
Increase in stocks | (5,800 | ) |
Increase in trade and other debtors | (935,119 | ) |
Increase in trade and other creditors | 1,735,314 |
Cash generated from operations | 1,284,682 |
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: |
Period ended 31 December 2024 |
31/12/24 | 12/2/24 |
£ | £ |
Cash and cash equivalents | 280,440 | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 12/2/24 | Cash flow | At 31/12/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 280,440 | 280,440 |
- | 280,440 | 280,440 |
Debt |
Debts falling due within 1 year | - | (806,000 | ) | (806,000 | ) |
Debts falling due after 1 year | - | (14,709,500 | ) | (14,709,500 | ) |
- | (15,515,500 | ) | (15,515,500 | ) |
Total | - | (15,235,060 | ) | (15,235,060 | ) |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements |
for the Period 12 February 2024 to 31 December 2024 |
1. | STATUTORY INFORMATION |
RDCP Care Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company, RDCP Care Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates. |
All financial statements are made up to 31 December 2024. where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The group recognises revenue when the mount of revenue can be reliably measured, it is probable that future economic benefits will flow to the group and specific criteria have been met for each of the group's activities. |
Goodwill |
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. |
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. |
Amortisation |
Amortisation is provided on goodwill so as to write off the cost, less any estimated residual value, over the entities estimated useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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. |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements. |
4. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 5,436,784 |
Social security costs | 610,030 |
Other pension costs | 137,198 |
6,184,012 |
The average number of employees during the period was as follows: |
Care | 305 |
Administration and support | 7 |
Directors | 1 |
The average number of employees by undertakings that were proportionately consolidated during the period was 306 . |
£ |
Director's remuneration | - |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
£ |
Depreciation - owned assets | 30,078 |
Goodwill amortisation | 807,119 |
Auditors remuneration | 32,500 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank loan interest | 1,181,452 |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period. |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
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. | DIVIDENDS |
£ |
Ordinary shares of £1 each |
Interim | 1,600,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions | 8,071,186 |
At 31 December 2024 | 8,071,186 |
AMORTISATION |
Amortisation for period | 807,119 |
At 31 December 2024 | 807,119 |
NET BOOK VALUE |
At 31 December 2024 | 7,264,067 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST OR VALUATION |
At 12 February 2024 | 9,218,966 | 9,750 | 1,647,717 |
Additions | 141,641 | 86,315 | 27,848 |
Revaluations | 6,506,035 | - | - |
At 31 December 2024 | 15,866,642 | 96,065 | 1,675,565 |
DEPRECIATION |
At 12 February 2024 | 2,777,271 | - | 1,467,317 |
Charge for period | - | - | 28,031 |
Revaluation adjustments | (2,777,271 | ) | - | - |
At 31 December 2024 | - | - | 1,495,348 |
NET BOOK VALUE |
At 31 December 2024 | 15,866,642 | 96,065 | 180,217 |
At 11 February 2024 | 6,441,695 | 9,750 | 180,400 |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 12 February 2024 | 13,398 | 6,097 | 10,895,928 |
Additions | - | 2,297 | 258,101 |
Revaluations | - | - | 6,506,035 |
At 31 December 2024 | 13,398 | 8,394 | 17,660,064 |
DEPRECIATION |
At 12 February 2024 | 12,869 | 1,183 | 4,258,640 |
Charge for period | 409 | 1,638 | 30,078 |
Revaluation adjustments | - | - | (2,777,271 | ) |
At 31 December 2024 | 13,278 | 2,821 | 1,511,447 |
NET BOOK VALUE |
At 31 December 2024 | 120 | 5,573 | 16,148,617 |
At 11 February 2024 | 529 | 4,914 | 6,637,288 |
Cost or valuation at 31 December 2024 is represented by: |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
Valuation in 2024 | 6,506,035 | - | - |
Cost | 9,360,607 | 96,065 | 1,675,565 |
15,866,642 | 96,065 | 1,675,565 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2024 | - | - | 6,506,035 |
Cost | 13,398 | 8,394 | 11,154,029 |
13,398 | 8,394 | 17,660,064 |
If freehold land and property had not been revalued they would have been included at the following historical cost: |
£ |
Cost | 9,360,607 |
Aggregate depreciation | 2,777,271 |
Freehold land and buildings were valued on an open market basis on 29 January 2024 by Knight Frank LLP (RCIS Registered Valuer) . |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 12 February 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
Charge for period |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 11 February 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Bartholamew Lodge Nursing Home Limited |
Registered office: As parent undertaking - see page 1 |
Nature of business: Provision of care services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves | 747,121 | 654,832 |
Profit for the period | 842,389 | 178,881 |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Bearwood Nursing Home Limited |
Registered office: As parent undertaking - see page 1 |
Nature of business: Provision of care services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves | 4,133,646 | 2,021,922 |
Profit for the period | 2,861,724 | 413,925 |
Richmond Court Nursing Home Limited |
Registered office: As parent undertaking - see page 1 |
Nature of business: Provision of care services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves | 4,456,942 | 3,046,824 |
Profit for the period | 2,160,219 | 544,436 |
RDCP Care One Limited |
Registered office: As parent undertaking - see page 1 |
Nature of business: Provision of dementia care |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves | 1,707,000 | 1,090,396 |
Profit for the period | 1,616,605 | 480,845 |
Registered office: As parent undertaking - see page 1 |
Nature of business: Provision of care services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves | 6,597,797 | 3,839,873 |
Profit for the period | 3,857,924 | 914,127 |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Coton Holdings Limited |
Registered office: 55 Coton Road, Penn, Wolverhampton, WV4 5AT |
Nature of business: Holding company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves |
Profit for the period | 20,139 |
Coton Care Limited |
Registered office: 55 Coton Road, Penn, Wolverhampton, WV4 5AT |
Nature of business: Provision of care services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves | 331,546 | 301,591 |
Profit for the period | 179,955 | 299,944 |
RDCP Care Limited |
Registered office: As parent undertaking - see page 1 |
Nature of business: Holding company |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
Ordinary B | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves | 108,889 | 21,813,392 |
(Loss)/profit for the period | (97,892 | ) | 6,933 |
13. | STOCKS |
Group |
£ |
Stocks | 5,800 |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Trade debtors | 442,901 |
Amounts owed by group undertakings | - |
Amounts owed by associates | 11,196 |
Other debtors | 18,826 |
Called up share capital not paid | 2 |
Prepayments | 443,366 |
916,291 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary A | £1 | 1 |
Ordinary B | £1 | 1 |
2 |
The following shares were issued during the period for cash at par : |
2 Ordinary shares of £1 |
All classes of shares have pari passu rights in all aspects. |
16. | CONSOLIDATION RESERVES |
Group |
Retained |
earnings |
£ |
Profit for the period | 7,754,943 |
Dividends | (1,600,000 | ) |
At 31 December 2024 | 6,154,943 |
17. | PROVISIONS FOR LIABILITIES |
At 31 December 2024, deferred tax provision of £214,949 has been provided for. |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Bank loans and overdrafts (see note 20) | 806,000 |
Trade creditors | 398,676 |
Amounts owed to group undertakings | - |
Tax | 768,484 |
Social security and other taxes | 584,870 |
pension creditor | 43,841 | 2,558 |
Other creditors | 707,927 |
Accrued expenses | 226,023 |
3,535,821 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
£ | £ |
Bank loans (see note 20) | 14,709,500 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 806,000 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 806,000 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 2,418,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 11,485,500 | 11,485,500 |
RDCP Care Holdings Limited (Registered number: 15485088) |
Notes to the Consolidated Financial Statements - continued |
for the Period 12 February 2024 to 31 December 2024 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
£ |
Bank loans |
Barclays Bank plc hold a fixed and floating charge dated 2 April 2024, over all assets of the group which can be enforced on demand. |
The group is bound by an intra-group cross guarantee in respect of the bank loans. |
22. | RELATED PARTY DISCLOSURES |
Balances owed between wholly owned group companies are exempt from disclosure under FRS 102. |
As at 31 December 2024, the group was owed £312 by RDCP Limited, a company under common control. The loan is interest free and has no fixed repayment terms. |
As at 31 December 2024, the group was owed £10,884 by RDCP Group Limited, a company under common control. The loan is interest free and has no fixed repayment terms. |
23. | ULTIMATE CONTROLLING PARTY |