REGISTERED NUMBER: 06366199 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SABRINA HEALTH CARE LIMITED |
REGISTERED NUMBER: 06366199 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SABRINA HEALTH CARE LIMITED |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
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 Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
SABRINA HEALTH CARE LIMITED |
COMPANY INFORMATION |
For The Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
5 & 6 Manor Garth |
Manor Court |
Scarborough |
North Yorkshire |
YO11 3TU |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
GROUP STRATEGIC REPORT |
For The Year Ended 29 February 2024 |
The director presents his strategic report of the company and the group for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
The group's profit for the year, before interest, tax and depreciation, amounted to £1,469,279 (2023 - £847,405). |
The director is committed to meeting the challenge of operating within the care industry and the regular changes in regulations that come with it. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group operates in a competitive industry with a wide choice of care options available to potential clients. The director makes full use of his extensive knowledge and experience of the sector to ensure that the group is well placed to attract new clients for its five care homes. |
The East Coast continues to be an attractive location for retirement and this along with an ageing population should ensure that demand will remain high for care in the area in the future. |
Changes in policies in respect of the standards of care required could have an impact on the business, but the director is committed to meeting and advancing the current standards required by the Care Quality Commission and keeping ahead of future developments. |
KEY PERFORMANCE INDICATORS |
The director considers that turnover, profit before interest, tax and depreciation and occupancy levels are the key performance indicators which are necessary to give an understanding of the development and performance of the business. |
Turnover increased significantly on the previous years, reflecting increased occupancy levels at the homes, following continued investment on the properties to maintain standards of care. Staff costs increased as the business continues to grow and invest in a long term staffing programme, though still relies on a bank of agency workers. As mentioned above, the business also invested heavily in the homes by way of a continual repairs and maintenance programme. |
Summary of KPI's | 2024 | 2023 | 2022 |
Turnover | 6,028,679 | 4,810,676 | 4,147,214 |
Profit before interest, tax and depreciation |
1,469,279 |
847,405 |
427,731 |
ON BEHALF OF THE BOARD: |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
REPORT OF THE DIRECTOR |
For The Year Ended 29 February 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 29 February 2024. |
DIVIDENDS |
An interim dividend of 250 per share was paid on 23 February 2024. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 29 February 2024 will be £ 25,000 . |
DIRECTOR |
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 directors consider them to be of strategic importance to the company. This includes consideration of the future developments of the company. |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
REPORT OF THE DIRECTOR |
For The Year Ended 29 February 2024 |
AUDITORS |
The auditors, Fortus Audit 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 |
SABRINA HEALTH CARE LIMITED |
Disclaimer of opinion |
We were engaged to audit the financial statements of Sabrina Health Care Limited (the 'parent company') and its subsidiaries ('the group') for the year ended 29 February 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statements, 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 FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. |
Basis for disclaimer of opinion |
During the course of our audit work management were unable to provide us with: |
- documentary evidence over a representative sample of expenditure. We were therefore unable to the conclude on the validity of cost of sales and administrative expenses in the accounts amounting to £1,117,331. |
- documentary evidence over a representative sample residents income. We were therefore unable to conclude on the accuracy and completeness of turnover amounting to £6,028,679. |
- documentary evidence over the existence of employees and documentary evidence over the rates of pay of employees. We were therefore unable to conclude on the existence and accuracy of wages costs amounting to £3,174,744. |
As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of turnover, costs and wages, trade debtors and trade creditors, and the elements making up the statement of comprehensive income, statement of changes in equity and statement of cash flows. |
. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SABRINA HEALTH CARE LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit: |
- the information given in the strategic report and directors' report for the financial year for which the financial statements are prepared is inconsistent 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 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. |
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report of the directors report. |
Arising from the limitation of our work referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
- | 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. |
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 responsibility is to conduct an audit of the company's and group's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report. |
However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. |
We are independent of the 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SABRINA HEALTH CARE 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 |
Chartered Accountants & Statutory Auditors |
5 & 6 Manor Garth |
Manor Court |
Scarborough |
North Yorkshire |
YO11 3TU |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
For The Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 6,028,679 | 4,810,676 |
Cost of sales | 3,580,091 | 3,172,381 |
GROSS PROFIT | 2,448,588 | 1,638,295 |
Administrative expenses | 1,188,978 | 1,019,101 |
1,259,610 | 619,194 |
Other operating income | - | 16,610 |
OPERATING PROFIT | 4 | 1,259,610 | 635,804 |
Interest payable and similar expenses | 5 | 149,647 | 127,472 |
PROFIT BEFORE TAXATION | 1,109,963 | 508,332 |
Tax on profit | 6 | 288,871 | 192,102 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
821,092 |
316,230 |
Profit attributable to: |
Owners of the parent | 821,092 | 316,230 |
Total comprehensive income attributable to: |
Owners of the parent | 821,092 | 316,230 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 235,997 | 294,995 |
Tangible assets | 10 | 5,543,327 | 5,692,598 |
Investments | 11 | - | - |
5,779,324 | 5,987,593 |
CURRENT ASSETS |
Stocks | 12 | 1,500 | 1,500 |
Debtors | 13 | 487,545 | 240,440 |
Cash at bank | 318,634 | 142,366 |
807,679 | 384,306 |
CREDITORS |
Amounts falling due within one year | 14 | 1,492,314 | 935,516 |
NET CURRENT LIABILITIES | (684,635 | ) | (551,210 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 5,094,689 | 5,436,383 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,163,799 |
) |
(2,264,793 |
) |
PROVISIONS FOR LIABILITIES | 18 | (322,389 | ) | (359,181 | ) |
NET ASSETS | 3,608,501 | 2,812,409 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 100 | 100 |
Revaluation reserve | 20 | 811,565 | 856,237 |
Retained earnings | 20 | 2,796,836 | 1,956,072 |
SHAREHOLDERS' FUNDS | 3,608,501 | 2,812,409 |
The financial statements were approved by the director and authorised for issue on 25 April 2025 and were signed by: |
Mr T Seeneevassen - Director |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
COMPANY BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(1,893,735 |
) |
569,545 |
The financial statements were approved by the director and authorised for issue on |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 29 February 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 | 100 | 1,507,329 | 990,750 | 2,498,179 |
Changes in equity |
Dividends | - | (2,000 | ) | - | (2,000 | ) |
Total comprehensive income | - | 450,743 | (134,513 | ) | 316,230 |
Balance at 28 February 2023 | 100 | 1,956,072 | 856,237 | 2,812,409 |
Changes in equity |
Dividends | - | (25,000 | ) | - | (25,000 | ) |
Total comprehensive income | - | 865,764 | (44,672 | ) | 821,092 |
Balance at 29 February 2024 | 100 | 2,796,836 | 811,565 | 3,608,501 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 29 February 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | (1,893,735 | ) | (1,893,735 | ) |
Balance at 29 February 2024 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,630,471 | 885,318 |
Interest paid | (149,647 | ) | (127,472 | ) |
Tax paid | (10,902 | ) | (91,581 | ) |
Net cash from operating activities | 1,469,922 | 666,265 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,399 | ) | (8,161 | ) |
Net cash from investing activities | (1,399 | ) | (8,161 | ) |
Cash flows from financing activities |
Bank loan repayments in year | (1,140,551 | ) | (672,219 | ) |
Amount introduced by directors | 423,685 | 615,412 |
Amounts withdrawn by directors | (550,389 | ) | (508,616 | ) |
Equity dividends paid | (25,000 | ) | (2,000 | ) |
Net cash from financing activities | (1,292,255 | ) | (567,423 | ) |
Increase in cash and cash equivalents | 176,268 | 90,681 |
Cash and cash equivalents at beginning of year |
2 |
142,366 |
51,685 |
Cash and cash equivalents at end of year |
2 |
318,634 |
142,366 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 29 February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,109,963 | 508,332 |
Depreciation charges | 209,668 | 211,601 |
Finance costs | 149,647 | 127,472 |
1,469,278 | 847,405 |
Increase in trade and other debtors | (120,401 | ) | (86,491 | ) |
Increase in trade and other creditors | 281,594 | 124,404 |
Cash generated from operations | 1,630,471 | 885,318 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 29 February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 318,634 | 142,366 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 142,366 | 51,685 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank | 142,366 | 176,268 | 318,634 |
142,366 | 176,268 | 318,634 |
Debt |
Debts falling due within 1 year | (397,011 | ) | 39,557 | (357,454 | ) |
Debts falling due after 1 year | (2,264,793 | ) | 1,100,994 | (1,163,799 | ) |
(2,661,804 | ) | 1,140,551 | (1,521,253 | ) |
Total | (2,519,438 | ) | 1,316,819 | (1,202,619 | ) |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Sabrina Health Care Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
In preparing the financial statements of the parent company, advantage has been taken of the following disclosure exemptions under FRS 102: |
- | No cash flow statement has been prepared for the parent company. |
- | No disclosure has been given for the aggregate remuneration of the key management |
personnel of the parent company, as their remuneration is included in the total for the group |
as a whole. |
Basis of consolidation |
The consolidated accounts incorporate the accounts of Sabrina Health Care Limited and its subsidiary and all figures used relate to the year ended 29 February 2024. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is derived from care home fees and all arises from activities carried on in the United Kingdom. |
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. |
Goodwill arising on the acquisition of the subsidiary is being amortised over 20 years on a straight line basis. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks relate to food and medical provisions in the homes and are valued at cost. |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The director has considered the impact of rising energy costs and minimum wage increases in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the director considers the going concern assumption to still be appropriate. The director acknowledges that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the director to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time |
The director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,899,810 | 2,536,406 |
Social security costs | 234,786 | 208,823 |
Other pension costs | 40,148 | 39,242 |
3,174,744 | 2,784,471 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 1 | 1 |
Administration and management | 1 | 2 |
Nursing and kitchen | 140 | 128 |
2024 | 2023 |
£ | £ |
Director's remuneration | 23,000 | 24,000 |
Key management personnel is considered to be the director of the company. |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 2,421 | 2,246 |
Depreciation - owned assets | 150,670 | 152,603 |
Goodwill amortisation | 58,998 | 58,998 |
Auditors' remuneration | 12,000 | 9,684 |
Auditors' remuneration for non audit work | 22,424 | 11,032 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 142,861 | 126,176 |
Other interest | 6,786 | 1,296 |
149,647 | 127,472 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 325,663 | 132,944 |
Deferred tax | (36,792 | ) | 59,158 |
Tax on profit | 288,871 | 192,102 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,109,963 | 508,332 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
277,491 |
96,583 |
Effects of: |
Expenses not deductible for tax purposes | 50 | - |
Capital allowances in excess of depreciation | - | (5,099 | ) |
Depreciation in excess of capital allowances | 17,988 | - |
Deferred tax due to increase in tax rate | - | 100,618 |
Adjustment for change of tax rate in the year | (6,658 | ) | - |
Total tax charge | 288,871 | 192,102 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim | 25,000 | 2,000 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2023 | 1,273,882 |
Disposals | (96,250 | ) |
At 29 February 2024 | 1,177,632 |
AMORTISATION |
At 1 March 2023 | 978,887 |
Amortisation for year | 58,998 |
Eliminated on disposal | (96,250 | ) |
At 29 February 2024 | 941,635 |
NET BOOK VALUE |
At 29 February 2024 | 235,997 |
At 28 February 2023 | 294,995 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 | 6,825,135 | 393,737 | 18,450 | 2,509 | 7,239,831 |
Additions | - | - | - | 1,399 | 1,399 |
At 29 February 2024 | 6,825,135 | 393,737 | 18,450 | 3,908 | 7,241,230 |
DEPRECIATION |
At 1 March 2023 | 1,220,294 | 312,085 | 13,676 | 1,178 | 1,547,233 |
Charge for year | 136,502 | 12,561 | 954 | 653 | 150,670 |
At 29 February 2024 | 1,356,796 | 324,646 | 14,630 | 1,831 | 1,697,903 |
NET BOOK VALUE |
At 29 February 2024 | 5,468,339 | 69,091 | 3,820 | 2,077 | 5,543,327 |
At 28 February 2023 | 5,604,841 | 81,652 | 4,774 | 1,331 | 5,692,598 |
All of the properties were last revalued on the 25th November 2014 by Edward Symmons LLP independent chartered surveyors. Upon transition to FRS102, this was taken to be deemed cost. |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 5&6 Manor Court, Manor Garth, Scarborough, YO11 3TU. |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
12. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 1,500 | 1,500 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 319,155 | 188,875 |
Amounts owed by group undertakings | - | - |
Amounts owed by related parties | 11,687 | 21,566 | 11,687 | 21,566 |
Director' loan account | 156,703 | 29,999 | 156,703 | 29,999 |
487,545 | 240,440 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 357,454 | 397,011 |
Deferred income | 129,624 | 128,054 |
Trade creditors | 74,316 | 15,134 |
Corporation tax | 465,451 | 150,690 |
Social security and other taxes | 61,889 | 39,427 |
Other creditors | 348,424 | 185,711 |
Accrued expenses | 55,156 | 19,489 |
1,492,314 | 935,516 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 1,163,799 | 2,264,793 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 357,454 | 397,011 |
Amounts falling due between one and | two years: |
Bank loans | 382,454 | 382,454 |
Amounts falling due between two and | five years: |
Bank loans | 781,345 | 1,208,960 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans | - | 673,379 | - | 673,379 |
The loan repayment terms are monthly instalments and the interest rate is charged at 1.95% above base rate. |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
2024 | 2023 |
£ | £ |
Bank loans |
The company has given as security a first legal charge over the groups freehold land and buildings. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 322,389 | 359,181 | 16,300 | 18,967 |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2023 | 359,181 |
Unused amounts reversed during year | (36,792 | ) |
Balance at 29 February 2024 | 322,389 |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Unused amounts reversed during year | ( |
) |
Balance at 29 February 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
20. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 1,956,072 | 856,237 | 2,812,309 |
Profit for the year | 821,092 | 821,092 |
Dividends | (25,000 | ) | (25,000 | ) |
Deferred tax adjustment | (34,125 | ) | 34,125 | - |
Depreciation movement | 78,797 | (78,797 | ) | - |
At 29 February 2024 | 2,796,836 | 811,565 | 3,608,401 |
Company |
Retained |
earnings |
£ |
At 1 March 2023 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 29 February 2024 |
21. | PENSION COMMITMENTS |
The group operates a work place defined contribution pension scheme for the benefit of employees who have opted in. The assets of the scheme are administered by trustees in a fund independent from those of the group. The total contributions paid in the year amounted to £40,148 (2023 - £39,242). |
SABRINA HEALTH CARE LIMITED (REGISTERED NUMBER: 06366199) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 29 February 2024 |
22. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Mr T Seeneevassen |
Balance outstanding at start of year | 29,999 | 136,795 |
Amounts advanced | 601,613 | 376,265 |
Amounts repaid | (474,909 | ) | (483,061 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 156,703 | 29,999 |
No interest is accruing on the directors loan account. |
23. | RELATED PARTY DISCLOSURES |
Hexon Limited has provided assets as security against the parent company's borrowing. |
Debtors includes a loan of £11,687 (2023 - £21,566) to a related company, Aalia Health Care Limited, a company under common control. |
During the year, the group paid rent of £24,000 (2023 - £24,000) to the director for the use of head office premises. |
24. | ULTIMATE CONTROLLING PARTY |
The group is controlled by its sole director, Mr T Seeneevassen, who owns 100% of the share capital. |