Registered number:
For the year ended
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Lydian Care Ltd
Company Information
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Lydian Care Ltd
Contents
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Lydian Care Ltd
Strategic report
For the year ended 31 July 2024
The director presents his Strategic report on the Company for the year ended 31 July 2024.
The principal activity of the Company during the year was the provision of care services.
The profit and loss account shows turnover of £11,861,460 (2023: £10,893,595) and profit before tax of £843,610 (2023: £1,150,858). Net assets at 31 December 2024 were £721,350 (2023: £890,512). The director considers the results for the year and the financial position of the Company at the year end to be satisfactory and expects the Company to maintain its present level of activity in the foreseeable future.
The Company's operations expose it to a variety of financial risks that include the effects of changes in commodity prices, foreign exchange risk, liquidity risk and interest rate risk. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Financial risk management Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the Company's finance department. Credit risk Credit risk arises from cash and cash equivalents with banks and financial institutions, as well as credit exposure to customers. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. The financial position of banks and financial institutions utilised is regularly assessed by the board of directors. Liquidity risk The Company actively maintains a mixture of long term and short term debt finance options that are designed to ensure the Company has sufficient available funds for operations and planned expansions.
The directors consider the key performance indicators to be turnover and operating profit. Turnover for the year was £11,861,460 (2023: £10,893,495) and operating profit was £842,817 (2023: £1,146,819).
This report was approved by the board on 14 March 2025 and signed on its behalf.
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Lydian Care Ltd
Director's report
For the year ended 31 July 2024
The director presents his report and the financial statements for the year ended 31 July 2024.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £619,635 (2023 - £904,286).
A dividend of £788,797 (2023: £2,281,000) was paid during the financial year.
The director who served during the year was:
The directors consider the results for the year and the position of the company at the year end to be satisfactory and expect the company to maintain its present level of activity in the foreseeable future.
During the year, the policy of providing employees with information about the Company has continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
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Lydian Care Ltd
Director's report (continued)
For the year ended 31 July 2024
There have been no significant events affecting the Company since the year end.
The auditor, Sumer Auditco NI Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Lydian Care Ltd
Independent auditor's report to the members of Lydian Care Ltd
We have audited the financial statements of Lydian Care Ltd (the 'Company') for the year ended 31 July 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other matter
The Company qualified as small under company law for the year ended 31 July 2023 and availed of the small company audit exemption. The corresponding figures have not been audited.
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Lydian Care Ltd
Independent auditor's report to the members of Lydian Care Ltd (continued)
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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the 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 the Director's report have been prepared in accordance with applicable legal requirements.
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.
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Lydian Care Ltd
Independent auditor's report to the members of Lydian Care Ltd (continued)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud is in relation to management override of controls and the recognition of revenue. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks and sample testing of journals posted during the year, substantive sampling of income throughout the year and cut-off tests around the year end to ensure revenue is recorded in the correct period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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Lydian Care Ltd
Independent auditor's report to the members of Lydian Care Ltd (continued)
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
Statutory Auditors
Glendinning House
6 Murray Street
B16 6DN
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Lydian Care Ltd
Statement of comprehensive income
For the year ended 31 July 2024
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Lydian Care Ltd
Registered number: 06322035
Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 24 form part of these financial statements.
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Lydian Care Ltd
Statement of changes in equity
For the year ended 31 July 2024
Statement of changes in equity
For the year ended 31 July 2023
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Lydian Care Ltd
Statement of cash flows
For the year ended 31 July 2024
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Lydian Care Ltd
Analysis of Net Debt
For the year ended 31 July 2024
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
Lydian Care Ltd is a private company limited by shares and incorporated in England. The registered office is given in the company information section of these financial statements. The address of the principal place of business is 33 Main Street, Newcastle, Northern Ireland, BT33 0AD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the Company has adequate resources available to it to continue operations for the foreseeable future and, accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
2.Accounting policies (continued)
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
(a) Critical judgements in applying the entity's accounting policies There are no critical judgements in applying the entity's accounting policies. (b) Key accounting estimates and assumptions Allowance for the impairment of trade debtors The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant difficulty that certain customers are unable to meet their financial obligations.
The whole of the turnover is attributable to the principal activity of the Company.
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
8.Taxation (continued)
There were no factors that may affect future tax charges.
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £284,056 (2023: £268,580). Contributions totaling £123,830 (2023: £24,144) were payable to the fund at the balance sheet date and are included in creditors.
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Lydian Care Ltd
Notes to the financial statements
For the year ended 31 July 2024
The Company's immediate and ultimate parent undertaking is Lydian Holdings Limited, a company incorporated in Northern Ireland. Consolidated financial statements are not prepared on the basis that the Group is small.
The ultimate controlling parties are Pierre and Claire Burns.
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