Registration number:
Care Today/Parallel Parents Ltd
for the Period from 1 November 2023 to 30 April 2024
Care Today/Parallel Parents Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Care Today/Parallel Parents Ltd
Company Information
Directors |
Sean Fitzpatrick Ellen Fitzpatrick |
Registered office |
|
Auditors |
|
Care Today/Parallel Parents Ltd
Strategic Report for the period from 1 November 2023 to 30 April 2024
The directors present their strategic report for the period from 1 November 2023 to 30 April 2024.
Principal activity
The principal activity of the group is that of a fostering agency and provision of children's care homes.
Fair review of the business
In this Strategic Review, we intend to present a balanced view of the development and performance of the Group throughout the year and its position at year end. This Review is consistent with the size and non-complex nature of our business and is written in the context of the current risks and uncertainties.
Our principal activities are as an independent Fostering Agency (IFA) and provider of children’s care homes. We have continued this throughout the year, working across the North West, North East and Midlands. We operate solely in the United Kingdom and have no offices outside the UK. We are an Equal Opportunities Employer, with non discriminatory selection processes. The company's Health and Safety policies meet all current regulations to ensure the health, safety and welfare of our employees (and foster carers and children) - as far as is reasonably practicable. Our management and whistleblowing policies protect any employee or carer who wishes to raise any issues or concerns about the company. We consult and communicate with all by phone and email. We continue to expand our geographical spread and provide children’s care homes to ensure diverse support services for foster children (respite and step up and step down placements). The company does not offer any form of employee share scheme and does not intend to do so.
The group's key financial and other performance indicators during the period were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
8,657,064 |
16,605,029 |
EBITDA |
£ |
1,573,251 |
4,087,522 |
Note 2024 was a period of 6 months whilst 2023 was a full year.
Principal risks and uncertainties
The group is exposed to a moderate level of price risk. They have a flexible and transparent pricing model which allows them to adjust to changes in their cost base quickly.
Exposure to liquidity and cashflow risk is managed by good credit terms with customers.
The group manages these risks by financing its operations through retained profits which is also used to fund expansion or capital expenditure programmes.
The management objectives are to retain sufficient liquid funds to enable it to meet its day-to-day requirements.
Approved and authorised by the
......................................... |
Care Today/Parallel Parents Ltd
Directors' Report for the Period from 1 November 2023 to 30 April 2024
The directors present their report and the for the period from 1 November 2023 to 30 April 2024.
Directors of the group
The directors who held office during the period were as follows:
Information included in the Strategic Report
The Group has chosen, in accordance with Companies Act 2006, s.141C (11), to set out in the Group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2006, Sch.7 to be contained in the Directors' Report.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
Williamson & Croft Audit Limited were appointed as the group and company’s auditors during the year.
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Williamson & Croft Audit Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Care Today/Parallel Parents Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
Opinion
We have audited the financial statements of Care Today/Parallel Parents Ltd (the 'parent company') and its subsidiaries (the 'group') for the period from 1 November 2023 to 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 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 auditor 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.
In the previous accounting period the Directors of the Company took advantage of audit exemption under s477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to audit.
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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept 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 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have given consideration to the control environment (including management's own process for identifying and assessing risks) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration was also given to the attitudes and incentives of management to commit fraud. We determined that the greatest potential for fraud existed in the following areas: timing of recognition of income and posting of unusual journals and complex transactions. In line with all audits performed under International Standards on Auditing (UK), we planned and performed specific procedures to respond to the risk of management override of controls. We also obtained an understanding of the applicable laws and regulations that the company has to abide by, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation. We paid particular focus to those laws and regulations that had the potential to materially impact the amounts and disclosures within the financial statements. The key laws and regulations we identified were the UK Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice), health and safety legislation, tax legislation, employment law, Data Protection Regulation. The company is also required to be inspected by OFSTED.
After our initial risk assessment, we performed the following procedures to detect material misstatements in respect of irregularities arising due to fraud or error:
• |
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; |
• |
Reviewing financial statement disclosures and testing these against supporting documentation to assess compliance with applicable laws and regulations; |
• |
Assessing key accounting estimates within the financial statements in order to assess their reasonableness and determine whether there were any indications of management bias in the estimates; |
• |
Reviewing minutes of meetings of those charged with governance; |
• |
Making enquiries of management as to whether they are aware of any alleged, suspected or actual fraud during the year; |
• |
Testing completeness of income from source documents to the financial statements; |
• |
Confirming existence of both income and foster carer payments by tracing to formal agreements with the relevant Local Authority |
We also performed procedures to satisfy ourselves regarding compliance with applicable laws and regulations, including: |
|
• |
Making enquiries of management and those charged with governance if there were any actual and potential litigation and claims; |
• |
Reviewing legal and professional fees incurred in the year for indicators of any litigation or claims against the company; |
• |
Reviewing minutes of meetings of those charged with governance; |
• |
Reviewing correspondence with relevant legal authorities; |
• |
Reviewing latest OFSTED inspection report. |
All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance with relevant laws and regulations or fraud. |
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the Directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the law in itself is far removed from any financial transactions. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
20 York Street
Manchester
M2 3BB
Care Today/Parallel Parents Ltd
Consolidated Profit and Loss Account for the Period from 1 November 2023 to 30 April 2024
Note |
Period ended 30 April 2024 |
Year ended 31 October 2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
- |
|
391,608 |
314,916 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial period |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The above results were derived from continuing operations.
The group has no recognised gains or losses for the period other than the results above.
Care Today/Parallel Parents Ltd
Consolidated Statement of Comprehensive Income for the Period from 1 November 2023 to 30 April 2024
30 April |
31 October |
|
Profit for the period |
|
|
Deficit on property, plant and equipment revaluation |
- |
( |
Total comprehensive income for the period |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Care Today/Parallel Parents Ltd
(Registration number: 04311745)
Consolidated Balance Sheet as at 30 April 2024
Note |
30 April |
31 October |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
300 |
300 |
|
Revaluation reserve |
656,288 |
656,288 |
|
Other reserves |
3,900 |
3,900 |
|
Retained earnings |
33,842,320 |
32,454,012 |
|
Equity attributable to owners of the company |
34,502,808 |
33,114,500 |
|
Shareholders' funds |
34,502,808 |
33,114,500 |
Approved and authorised by the
......................................... |
Care Today/Parallel Parents Ltd
(Registration number: 04311745)
Balance Sheet as at 30 April 2024
Note |
30 April |
31 October |
|
Fixed assets |
|||
Investments |
|
|
|
Capital and reserves |
|||
Called up share capital |
300 |
300 |
|
Shareholders' funds |
300 |
300 |
The company made a profit after tax for the financial period of £Nil
Approved and authorised by the
......................................... |
Care Today/Parallel Parents Ltd
Consolidated Statement of Changes in Equity for the Period from 1 November 2023 to 30 April 2024
Equity attributable to the parent company
Share capital |
Revaluation reserve |
Merger reserve |
Retained earnings |
Total |
Total equity |
|
At 1 November 2023 |
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
|
|
|
At 30 April 2024 |
|
|
|
|
|
|
Share capital |
Revaluation reserve |
Merger reserve |
Retained earnings |
Total |
Total equity |
|
At 1 November 2022 |
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
( |
- |
- |
( |
( |
Total comprehensive income |
- |
( |
- |
|
|
|
At 31 October 2023 |
300 |
656,288 |
3,900 |
32,454,012 |
33,114,500 |
33,114,500 |
Care Today/Parallel Parents Ltd
Statement of Changes in Equity for the Period from 1 November 2023 to 30 April 2024
Share capital |
Total |
|
At 1 November 2023 |
|
|
At 30 April 2024 |
|
|
Share capital |
Total |
|
At 1 November 2022 |
|
|
At 31 October 2023 |
300 |
300 |
Care Today/Parallel Parents Ltd
Consolidated Statement of Cash Flows for the Period from 1 November 2023 to 30 April 2024
Note |
30 April |
31 October |
|
Cash flows from operating activities |
|||
Profit for the period |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Finance income |
( |
( |
|
Finance costs |
|
- |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
- |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 November |
|
|
|
Cash and cash equivalents at 30 April |
19,319,749 |
21,940,788 |
Care Today/Parallel Parents Ltd
Statement of Cash Flows for the Period from 1 November 2023 to 30 April 2024
30 April |
31 October |
|
Cash flows from operating activities |
||
Profit/(loss) for the period |
- |
- |
Net cash flow from operating activities |
- |
- |
Net increase/(decrease) in cash and cash equivalents |
- |
- |
Cash and cash equivalents at 1 November |
- |
- |
Cash and cash equivalents at 30 April |
- |
- |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The consolidation of the subsidiary companies has been accounted for using the merger method of accounting following a group reorganisation in previous years as permitted by FRS 102. Assets and liabilities of the parties to the combination were not required to be adjusted to fair value.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Disclosure of long or short period
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
The land & Buildings are measured using the revaluation model with the change in value reflected in the revaluation reserve. The valuation is based on the Directors’ knowledge and conditions in the local property market and comparable market data. |
The financial Statements include an accrual for obligations for savings due to children in care. This is based on required amounts owed to children and average occupancy of care homes. |
Revenue recognition
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 and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tax
The tax expense for the period comprises current tax and movement in deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Tangible assets
Land and buildings held and used in the Company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful lives, using the straight-line method.
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.
Fittings, furniture, tools and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income
immediately.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings, tools and equipment |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the group's turnover for the period from continuing operations is as follows:
30 April |
31 October |
|
Rendering of services |
|
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
The analysis of the group's turnover for the period by market is as follows:
30 April |
31 October |
|
UK |
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the period is as follows:
30 April |
31 October |
|
(Loss)/gain on disposal of tangible assets |
( |
|
Operating profit |
Arrived at after charging/(crediting)
30 April |
31 October |
|
Depreciation expense |
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Other interest receivable and similar income |
30 April |
31 October |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
30 April |
31 October |
|
Interest on bank overdrafts and borrowings |
|
- |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
30 April |
31 October |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
30 April |
31 October |
|
Administration and support |
|
|
|
|
Auditors' remuneration |
30 April |
31 October |
|
Audit of financial statements |
|
|
Non audit services providers by auditors - accounts preparation |
|
- |
18,000 |
11,500 |
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
30 April |
31 October |
|
Current taxation |
||
UK corporation tax |
|
|
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
30 April |
31 October |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
- |
Increase in UK and foreign current tax from unrecognised temporary difference from a prior period |
- |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Deferred tax on revaluation of Land & Buildings |
- |
|
- |
|
2023 |
Asset |
Liability |
Deferred tax on revaluation of Land & Buildings |
- |
|
- |
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 November 2023 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 November 2023 |
- |
|
|
|
Charge for the period |
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 April 2024 |
- |
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 31 October 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £10,139,386 (2023 - £8,728,872) in respect of freehold land and buildings.
The original cost of the Land & Buildings is £9,264,584.
Investments |
Company
30 April |
31 October |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 November 2023 |
|
Provision |
|
Carrying amount |
|
At 30 April 2024 |
|
At 31 October 2023 |
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital (all of which are consolidated into the Group Financial Statements) are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
Subsidiary undertakings |
Parallel Parents Ltd The principal activity of Parallel Parents Ltd is |
Care Today (Chlidrens Services) Ltd The principal activity of Care Today (Chlidrens Services) Ltd is |
Training to Care Ltd The principal activity of Training to Care Ltd is |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Debtors |
Group |
Company |
|||
Current |
30 April |
31 October |
30 April |
31 October |
Trade debtors |
|
|
- |
- |
Other debtors |
|
|
- |
- |
Prepayments |
|
|
- |
- |
Accrued income |
|
|
- |
- |
|
|
- |
- |
The payments on account of £5,595,420 (2023: £3,595,421) included in prepayments is for the trade and assets purchase from the Care Today Partnership which is expected to complete within the next 12 months..
Cash and cash equivalents |
Group |
Company |
|||
30 April |
31 October |
30 April |
31 October |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
- |
- |
|
|
- |
- |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Creditors |
Group |
Company |
||||
Note |
30 April |
31 October |
30 April |
31 October |
|
Due within one year |
|||||
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
|
|
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
- |
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
- |
- |
|
Income tax liability |
59,656 |
436,148 |
- |
- |
|
|
|
- |
- |
Provisions for liabilities |
Group
Deferred tax on revaluation of Land & Buildings |
Total |
|
At 1 November 2023 |
|
|
At 30 April 2024 |
|
|
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
Share capital |
Allotted, called up and fully paid shares
30 April |
31 October |
|||
No. |
£ |
No. |
£ |
|
|
|
300 |
|
300 |
Related party transactions |
Group
The Company has taken advantage of the available exemption under FRS 102 from disclosing transactions with related parties where those transaction have been eliminated within the consolidated financial statements.
As at 30 April 2024, there is an amount of £3,582 (2023: £3,582) owed to the Directors from the Group which is included within creditors due within one year. These amounts are provided interest free and unsecured.
As at 30 April 2024, there is an amount of £506,337 (2023: £506,337) owed by the Group to the Parallel Parents Family Findings Ltd which is controlled by the directors of the Group. This is included within creditors due within one year. These amounts are provided interest free and unsecured.
As at 30 April 2024, there is an amount of £398,451 (2023: £752,540) owed by the Group to the Care Today (Childrens Services) partnership which is controlled by the directors of the Group. This is included within creditors due within one year. These amounts are provided interest free and unsecured.
During the period to 30 April 2024, Care Today (Childrens Services) partnership recharged expenditure of £299,808 (year ended 31st October 2023: £627,254) to the Group.
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 30 April 2024
Financial instruments |
Group
Categorisation of financial instruments
30 April 2024 |
31 October 2023 |
|
Financial assets that are debt instruments measured at amortised cost |
|
|
Financial liabilities measured at amortised cost |
|
|