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Registered number: 10826548
Absolute Healthcare North Limited
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Strategic Report 1
Director's Report 2
Independent Auditor's Report 3—6
Consolidated Profit and Loss Account 7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Company Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Company Statement of Cash Flows 15
Notes to the Company Statement of Cash Flows 16
Notes to the Financial Statements 17—23
Page 1
Strategic Report
The director presents his strategic report for the year ended 30 April 2024.
Review of the Business
A summary of the results for the year is given on page 8 of the financial statements.
The Group's principal trade is the operation of a care home. In respect of its trading activities as a care home during the year ended 30 April 2024 fees received increased by £1,912,345, an increase of 27.4% from the previous year.
Throughout the year, cost control has been manageable with some cost rises being met with efficiencies in other areas. The increase in trading within the care home has required additional staffing which has driven these costs up. The Group has been able to utilise the rises in inflation to generate higher returns on the cash held within the business. As a result, profit before tax for the year increased up to 44.4% for the year compared to 36.9% in the previous year.
A profitable trading year has transferred into another strong closing balance sheet For the Group at the year end date with overall net assets rising by £3,040,311 year on year. The complexion of these net assets largely remains the same with cash generated from operations being utilised to repay related party creditors without restricting the cash balance held in the business to continue operating comfortably.
We believe this strong balance sheet will provide the Group with a good platform to move forward and continue to trade as a going concern despite fears of further rising costs and inflation.
Principal Risks and Uncertainties
High quality care and high quality general health and safety standards need to be maintained to ensure the Group mitigates risks and uncertainties and continues to be successful. It is the Group's aim to continue to meet and exceed statutory requirements through rigorous monitoring of procedures and careful vetting and training of staff.
Continued uncertainty surrounding instability in the UK economy and the ongoing effect of overseas wars on international supply chains is an aspect which is unlikely to have a direct effect on the Group's ability to raise finance and continue to move forward.
Despite the significant changes to the care industry since the COVID-19 pandemic, these changes have had a big impact on how the care home operates but little impact on the ability for the Group to continue as a going concern.
Financial Instruments
Objectives and policies
The Group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for, and to finance, the Group's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances and loans the liquidity risk is managed by maintaining positive bank balances to meet the upcoming operational costs of the Group. The significant creditors on the Group balance cheet represent amounts owed to related entities. 
Trade debtors are managed in respect of credit and cash flow risk by policies concerning each resident in the Group's care and each debt owed and the regular monitoring of amounts outstanding for both time and credit allowed.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
On behalf of the board
Dr M S Pawar
Director
31 March 2025
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 30 April 2024.
Principal Activity
The group's principal activity continues to be that of the provision of healthcare for the elderly.
Directors
The director who held office during the year were as follows:
Dr M S Pawar
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Dr M S Pawar
Director
31 March 2025
Page 2
Page 3
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of Absolute Healthcare North Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 April 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 
Basis for Qualified 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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.
During our audit, we were unable to obtain sufficient appropriate audit evidence regarding the closing balance sheet as at 30 April 2023 as the comparative financial statements were not audited. As a result, we cannot express an opinion on the accuracy of the opening balance sheet for this financial period although we are not aware of any material misstatements that would impact the financial statements for the year ending 30 April 2024.
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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.
Page 3
Page 4
Matters on Which We Are Required to Report by Exception
In the light of the 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 or the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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.
In respect solely of the limitation of our work relating to the opening balance sheet as at 30 April 2023, described above:
  • we have not obtained all the information and explanations that we considered necessary for the purpose of our audit;
  • we were unable to determine whether adequate accounting records had been maintained. 
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 2, 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 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 director is 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.
Page 4
Page 5
Auditor's 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: 
Detecting irregularities, including fraud
Based on our knowledge and understanding of the Group and industry, we identified that the key risk of fraud or non-compliance with laws and regulations related to:
  • Management bias in respect of accounting estimates and judgements made.
  • Management override of control.
  • Posting of unusual journals or transactions.
  • Non-compliance with CQC regulations.
We focused on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included but were not limited to:
  • Enquiring of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud.
  • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud.
  • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
  • Performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business.
  • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud, or management override.
  • Assessing accounting estimates which have a material impact of the year end accounts, to determine if there is indication of management bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the Group’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.
Page 5
Page 6
Mr Daniel Johnson FCCA (Senior Statutory Auditor)
for and on behalf of Nuvo Audit Limited , Statutory Auditor
31 March 2025
Nuvo Audit Limited
7 Faraday Court
First Avenue
Burton upon Trent
Staffordshire
DE14 2WX
Page 6
Page 7
Consolidated Profit and Loss Account
30 April 2024 30 April 2023
Notes £ £
TURNOVER 8,898,957 6,986,612
Cost of sales (4,188,869 ) (3,675,945 )
GROSS PROFIT 4,710,088 3,310,667
Administrative expenses (838,979 ) (741,501 )
OPERATING PROFIT 3 3,871,109 2,569,166
Other interest receivable and similar income 7 41,021 11,522
Interest payable and similar charges 8 (1,049 ) (787 )
PROFIT BEFORE TAXATION 3,911,081 2,579,901
Tax on Profit 9 (899,492 ) (504,578 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 3,011,589 2,075,323
The notes on pages 14 to 23 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
30 April 2024 30 April 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 3,011,589 2,075,323
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 3,011,589 2,075,323
Page 8
Page 9
Consolidated Balance Sheet
Registered number: 10826548
30 April 2024 30 April 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 6,027,133 6,092,675
6,027,133 6,092,675
CURRENT ASSETS
Debtors 12 1,673,857 1,863,926
Cash at bank and in hand 2,598,749 2,210,562
4,272,606 4,074,488
Creditors: Amounts Falling Due Within One Year 13 (5,217,689 ) (8,103,672 )
NET CURRENT ASSETS (LIABILITIES) (945,083 ) (4,029,184 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,082,050 2,063,491
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,970 ) -
NET ASSETS 5,075,080 2,063,491
CAPITAL AND RESERVES
Called up share capital 15 3 3
Profit and Loss Account 5,075,077 2,063,488
SHAREHOLDERS' FUNDS 5,075,080 2,063,491
On behalf of the board
Dr M S Pawar
Director
31 March 2025
The notes on pages 14 to 23 form part of these financial statements.
Page 9
Page 10
Company Balance Sheet
Registered number: 10826548
30 April 2024 30 April 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 5,996,477 6,057,562
Investments 11 1 1
5,996,478 6,057,563
CURRENT ASSETS
Debtors 12 169,542 1,005,956
Cash at bank and in hand 4,878 1,324
174,420 1,007,280
Creditors: Amounts Falling Due Within One Year 13 (4,015,651 ) (7,127,551 )
NET CURRENT ASSETS (LIABILITIES) (3,841,231 ) (6,120,271 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,155,247 (62,708 )
NET ASSETS/(LIABILITIES) 2,155,247 (62,708 )
CAPITAL AND RESERVES
Called up share capital 15 3 3
Profit and Loss Account 2,155,244 (62,711 )
SHAREHOLDERS' FUNDS 2,155,247 (62,708)
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £ 2,217,955 (2023: £(52,656 ) loss).
On behalf of the board
Dr M S Pawar
Director
31 March 2025
The notes on pages 14 to 23 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2022 3 (11,835 ) (11,832)
Profit for the period and total comprehensive income - 2,075,323 2,075,323
As at 30 April 2023 and 1 May 2023 3 2,063,488 2,063,491
Profit for the year and total comprehensive income - 3,011,589 3,011,589
Dividends paid - - -
As at 30 April 2024 3 5,075,077 5,075,080
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2022 3 (10,055 ) (10,052)
Loss for the period and total comprehensive income - (52,656 ) (52,656)
As at 30 April 2023 and 1 May 2023 3 (62,711 ) (62,708)
Profit for the year and total comprehensive income - 2,217,955 2,217,955
As at 30 April 2024 3 2,155,244 2,155,247
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Consolidated Statement of Cash Flows
30 April 2024 30 April 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 4,270,319 2,208,188
Interest paid (1,049 ) (787 )
Tax paid (1,004,578 ) -
Net cash generated from operating activities 3,264,692 2,207,401
Cash flows from investing activities
Purchase of tangible assets (1,457 ) (34,338 )
Interest received 41,021 11,522
Amounts paid to associated companies (3,061,542) (42,822)
Net cash used in investing activities (3,021,978 ) (65,638 )
Cash flows from financing activities
Amount introduced by directors 145,473 (233,917)
Increase in cash and cash equivalents 388,187 1,907,846
Cash and cash equivalents at beginning of year 2 2,210,562 302,716
Cash and cash equivalents at end of year 2 2,598,749 2,210,562
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
30 April 2024 30 April 2023
£ £
Profit for the financial year 3,011,589 2,075,323
Adjustments for:
Tax on profit 899,492 504,578
Interest expense 1,049 787
Interest income (41,021 ) (11,522 )
Depreciation of tangible assets 66,999 54,834
Movements in working capital:
Decrease/(increase) in trade and other debtors 435,784 (475,897 )
(Decrease)/increase in trade and other creditors (103,573 ) 60,085
Net cash generated from operations 4,270,319 2,208,188
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
30 April 2024 30 April 2023
£ £
Cash at bank and in hand 2,598,749 2,210,562
3. Analysis of changes in net funds
As at 1 May 2023 Cash flows As at 30 April 2024
£ £ £
Cash at bank and in hand 2,210,562 388,187 2,598,749
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Company Statement of Cash Flows
30 April 2024 30 April 2023
Notes £ £
Cash flows from operating activities
Net cash used in operations 1 (2,248 ) (1,752 )
Net cash used in operating activities (2,248 ) (1,752 )
Cash flows from investing activities
Amounts repaid to associated companies (3,137,438) 27,441
Amounts received from group companies 3,143,240 (25,747)
Net cash generated from investing activities 5,802 1,694
Increase/(decrease) in cash and cash equivalents 3,554 (58 )
Cash and cash equivalents at beginning of year 2 1,324 1,382
Cash and cash equivalents at end of year 2 4,878 1,324
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash used in operations
30 April 2024 30 April 2023
£ £
Profit/(loss) for the financial year 2,217,955 (52,656 )
Adjustments for:
Tax on profit/(loss) (107,091 ) -
Income from shares in group undertakings (2,200,000) -
Depreciation of tangible assets 61,085 50,904
Movements in working capital:
Decrease in trade and other debtors 266 7,128
Increase/(decrease) in trade and other creditors 25,537 (7,128 )
Net cash used in operations (2,248 ) (1,752 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
30 April 2024 30 April 2023
£ £
Cash at bank and in hand 4,878 1,324
3. Analysis of changes in net funds
As at 1 May 2023 Cash flows As at 30 April 2024
£ £ £
Cash at bank and in hand 1,324 3,554 4,878
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Notes to the Financial Statements
1. General Information
Absolute Healthcare North Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10826548 . The registered office is The Willows, Ransom Wood Business Park, Southwell Road West, Rainworth, Mansfield, Nottinghamshire, NG21 0HJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 April 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added taxes, rebates and discounts. Turnover is recognised on a daily basis when the service and care have been received by the resident. These services are invoiced on a periodic basis. Turnover received in advance is treated as deferred income and recognised as income in future trading periods.
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2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% straight line basis
Plant & Machinery 20% reducing balance
Fixtures & Fittings 15% reducing balance
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Operating Profit
The operating profit is stated after charging:
30 April 2024 30 April 2023
£ £
Depreciation of tangible fixed assets 66,999 54,834
4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
30 April 2024 30 April 2023
£ £
Audit Services
Audit of the group and company's financial statements 9,000 -
Other Services
Auditing accounts of associates 12,000 -
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5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
30 April 2024 30 April 2023
£ £
Wages and salaries 3,459,074 2,190,994
Social security costs 296,119 182,278
Other pension costs 77,123 62,169
3,832,316 2,435,441
6. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 140 (2023: 96)
Company
Average number of employees, including directors, during the year was as follows:
30 April 2024 30 April 2023
1 1
140 96
7. Interest Receivable and Similar Income
30 April 2024 30 April 2023
£ £
Bank interest receivable 41,021 11,522
8. Interest Payable and Similar Charges
30 April 2024 30 April 2023
£ £
Bank loans and overdrafts - 35
Other finance charges 1,049 752
1,049 787
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9. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 30 April 2024 30 April 2023
30 April 2024 30 April 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.5% 892,522 504,578
Deferred Tax
Deferred taxation 6,970 -
Total tax charge for the period 899,492 504,578
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
30 April 2024 30 April 2023
£ £
Profit before tax 3,911,081 2,579,901
Tax on profit at 25% (UK standard rate) 977,770 503,081
Goodwill/depreciation not allowed for tax 16,750 1,497
Expenses not deductible for tax purposes 694 -
Capital allowances (95,722 ) -
Total tax charge for the period 899,492 504,578
10. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 6,108,466 7,380 31,663 6,147,509
Additions - - 1,457 1,457
As at 30 April 2024 6,108,466 7,380 33,120 6,148,966
Depreciation
As at 1 May 2023 50,904 1,086 2,844 54,834
Provided during the period 61,085 1,480 4,434 66,999
As at 30 April 2024 111,989 2,566 7,278 121,833
Net Book Value
As at 30 April 2024 5,996,477 4,814 25,842 6,027,133
As at 1 May 2023 6,057,562 6,294 28,819 6,092,675
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Company
Land & Property
Freehold
£
Cost
As at 1 May 2023 6,108,466
As at 30 April 2024 6,108,466
Depreciation
As at 1 May 2023 50,904
Provided during the period 61,085
As at 30 April 2024 111,989
Net Book Value
As at 30 April 2024 5,996,477
As at 1 May 2023 6,057,562
11. Investments
Company
Subsidiaries
£
Cost
As at 1 May 2023 1
As at 30 April 2024 1
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 1
As at 1 May 2023 1
Subsidiaries
Details of the company's subsidiaries as at 30 April 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Absolute Healthcare West Limited The Willows, Ransom Wood Business Park, Southwell Road West, Rainworth, Mansfield, NG21 0HJ Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Absolute Healthcare West Limited 2,926,584 3,000,384
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12. Debtors
Group Company
30 April 2024 30 April 2023 30 April 2024 30 April 2023
£ £ £ £
Due within one year
Trade debtors 128,769 287,745 - -
Other debtors 1,545,088 1,576,181 169,542 1,005,956
1,673,857 1,863,926 169,542 1,005,956
13. Creditors: Amounts Falling Due Within One Year
Group Company
30 April 2024 30 April 2023 30 April 2024 30 April 2023
£ £ £ £
Trade creditors 180,892 102,102 95,300 95,300
Amounts owed to participating interests 3,824,324 6,881,517 3,892,841 7,030,545
Other creditors 32,565 32,570 - -
Corporation tax 694,446 504,578 - -
Taxation and social security 63,272 67,283 - -
Accruals and deferred income 422,190 515,622 27,510 1,706
5,217,689 8,103,672 4,015,651 7,127,551
14. Provisions for Liabilities
Group
Deferred Tax Total
£ £
Deferred taxation 6,970 6,970
Balance at 30 April 2024 6,970 6,970
15. Share Capital
30 April 2024 30 April 2023
Allotted, called up and fully paid £ £
3 Ordinary Shares of £ 1.000 each 3 3
16. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £77,123 (2023: £62,169).
At the balance sheet date contributions of £3,503 (2023: £3,445) were due to the fund and are included in creditors.
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17. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Dr Manjit Pawar 1,040,063 894,589 (1,040,063 ) - 894,589
The above loan is unsecured, interest free and repayable on demand.
18. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year, the Group loaned £3,207,705 (2023: £149,028) and received repayment of loans of £150,511 (2023: £25,747) from companies under common control.
Included within creditors at 30 April 2024 is £3,824,324 (2023: £6,881,517) which is due to companies under common control. All amounts due are interest free and repayable on demand.
19. Controlling Parties
The company's ultimate controlling party is Dr M S Pawar by virtue of their interest in the share capital of the company.
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