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REGISTERED NUMBER: 03585946 (England and Wales)












Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 July 2024

for

Cedar Care Homes Limited

Cedar Care Homes Limited (Registered number: 03585946)






Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 8

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


Cedar Care Homes Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr M C Desai
Mr A M Desai
Mrs M A Desai





SECRETARY: Mr A M Desai





REGISTERED OFFICE: Mortimer House
Clifton Down Road
Bristol
BS8 4AE





REGISTERED NUMBER: 03585946 (England and Wales)





AUDITORS: Wormald & Partners
Chartered Accountants (ICAEW)
Brunel House
11 The Promenade
Clifton Down
Bristol
BS8 3NG

Cedar Care Homes Limited (Registered number: 03585946)

Group Strategic Report
for the Year Ended 31 July 2024

The directors present their strategic report of the company and the group for the year ended 31 July 2024.

REVIEW OF BUSINESS
The principal activity of the group was that of owning and operating nursing homes.

The group owns and operates several care homes across Bath (Larkhall Springs, The Orangery, Winfield Lodge and Woodside,) Bristol (Gracefields, Oakhill Mansions, Saville Manor, Waltham House and Dearbourne Manor). and Wiltshire (Somerhill).

All the homes provide accommodation for adults over 65 years who require nursing or personal care, including in some cases, care for residents living with dementia and mental disorder.

Profits and Earnings before Interest, Tax and Depreciation (EBTIDA) have improved year on year. Revenue growth was underpinned by improved underlying occupancy, including the maturity of two newer homes Dearbourne Manor and Somerhill and an overall average fees increase across the business. The fee uplift from local authorities continued to be lower than inflation and to mitigate this, the group continues to focus on improving the percentage of privately funded residents. Profits were also supported by the relatively new site at Dearbourne Manor moving towards maturity. The underlying health of the business is strong and the Directors expect the business to continue growing during 2025.

The group continues to invest in maintaining and improving the properties and fixtures and fittings of all the nursing homes to provide a comfortable, safe and happy environment for the residents. The directors regard this investment as being integral to the continuing success of the business and ensure the group provides its residents with a home which they can enjoy. The group places a strong importance on investing in the development and training of its staff to ensure that it meets all the statutory and regulatory requirements as well as providing a high level of service to their residents.

All the nursing homes are monitored by Care Quality Commission (CQC) and endeavour to meet all the standards as required by the CQC.

The group also contains Cedar Care Developments Ltd, a 100% subsidiary which builds and redevelops care homes for care home operators.


Cedar Care Homes Limited (Registered number: 03585946)

Group Strategic Report
for the Year Ended 31 July 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the group relate to the impact of potential increased competition, and the possible impact of future government legislation. The directors ensure they are up to date with legislation and monitor the impact on the group of new care homes opening in the local area.

The main risks are:

1. Changes in agreements with local councils. A significant proportion of revenue is derived from public sources. Cuts in public spending will inhibit the group's ability to continue to provide services to disadvantaged adults.

2. Recruiting and retaining staff is becoming more and more challenging. The group is working to address this through reviewing pay and reward structures and recruiting from as many sources as possible, both in the UK and overseas.

3. Cost inflation is posing a significant risk to profitability. The group is managing this through careful management of fees to cover higher costs, investing in opportunities for efficiency in areas such as energy costs and the development of analytical techniques to monitor and closely manage key areas such as payroll and food costs.

There has been no indication that the local authorities and social services will change agreements considerably, thus these sources are not threatened and an ageing population supports an increased demand for the services provided by the group,particularly in the provision of care for residents living with dementia and related mental health needs.

The group has a risk management process in place, which is designed to identify, manage and mitigate business risk. It also has a dedicated Human Resource Department, an Operations head who ensures the recommendations by Care Quality Commission are implemented and maintain the highest level of care provisions to residents at all times and the quality of care is underpinned by a robust and comprehensive operating manual to guide local managers and staff.

The Chief Operating Officer and Directors have been involved in the management of the care homes for many years and have built up a considerable body of expertise. They are supported by trained nurses who have considerable experience in looking after the residents and their needs at the nursing homes. The most fundamental risk faced by the group is poor delivery of care which could impact on compliance with the Statutory Regulator and reputation and subsequently impact on occupancy and profitability. The group recognises this and has invested heavily in both their management team, management processes and quality assurance team which underpins the group's activities.

SECTION 172(1) STATEMENT
The directors have complied with requirements of S172 of the Companies Act 2006. The duties are detailed in Section 172 of the Companies Act are summaries as follows:

A director of a company must act in the way they consider, in good faith would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to

The likely consequences of any decisions in the long term,

The interest of the group's employees,

The need to foster the group's business relationships with suppliers, customers and other,

The impact of the group operations on the community and environment,

The desirability of the group maintaining a reputation for high standards of business conduct and

The need to act fairly as between members of the group.


Cedar Care Homes Limited (Registered number: 03585946)

Group Strategic Report
for the Year Ended 31 July 2024

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, bank borrowings, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for and to finance the group's operations. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and optimization of interest of funds placed in deposit accounts. Major capital investments such as acquisition and redevelopment of sites are often funded by bank lending secured on the relevant properties, if cash reserves are not sufficient to meet both capex and operational needs.

The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments. Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to make the payments as and when they fall due. Trade debtors and cash flow are managed through credit processes to monitor and pursue overdue receipts from local councils and private residents

DEVELOPMENT AND PERFORMANCE
The group profit on ordinary activities after taxation was £2,535,405 (2023 £2,617,773).

Turnover for the year was £38,732,677 compared to £34,759,126 in the previous year. The results for the year are set out on page 11. The group's net current assets are £6,973,322 (2023:£4,068,292) and total shareholders funds were £33,996,212 (2023:£31,460,807) respectively as at the balance sheet date.

The company has not declared dividends during the year (2023: £Nil).

KEY PERFORMANCE INDICATORS

Key Performance Indicators ('KPI') of the business are earnings before interest and tax, return on capital employed, average occupancy of care homes, customer satisfaction and CQC compliance.

Turnover for the year was £38,732,677 compared to £34,759,126 in the previous year. Earnings before interest and tax was £ 5,378,440 compared to £4,692,271 in the previous year.

The Return on capital employed for the year was 8.98% compared to 8.02% in the previous year.

Average room occupancy for the year was 90% compared to 83% in the previous year.


Cedar Care Homes Limited (Registered number: 03585946)

Group Strategic Report
for the Year Ended 31 July 2024

EMPLOYEE PRACTICES,COMMUNITY AND ENVIRONMENT
Our Employees
An equal opportunities statement and policies to ensure employees are treated with dignity, respect, and equality, regardless of gender, race, nationality, ethnic identity, national origin, religious beliefs, disability, age, marital status, family circumstance, sexual orientation or trade union activity are embedded in the group's operations manual which governs all aspects of operations including recruitment, training, promotion and discipline of staff.

The group runs regular forums with the representatives of staff both to inform employees about developments in the organisation and changes in processes and also to gather feedback on the group's operations and provide employees with information about the performance of the business, challenges it faces and their contribution to resolving those. Pay and benefits structures are designed to reward staff in a way that is commensurate with their contribution to the success of the business.

Suppliers
The group relies on its suppliers to provide quality good and services in order to maintain the highest standards in meeting the needs of our residents. The group is committed to having professional and ethical relationships with its suppliers.

Community and Environment
The group's approach is to use its position to create positive change for the people and communities with which it interacts.

Reputation Maintenance
The group's culture is characterised by clear responsibility, mutual respect and trust. Lawful conduct is integral to its business activities and an important condition for maintaining a reputation for high standards of business conduct and securing long term success.

Shareholders
The board contains the company's largest shareholders so there is never any conflict between the two parties.
The Directors and Senior Managers in the business have regular meetings to discuss issues in the business as well as specific forums to discuss individual business decisions. Information and observations, relating to all stakeholders and aspects of the business (financial, employee, service quality, regulation and supply chain\ is taken into account in such meetings as part of any major business decision.

Other information and explanations
Whilst the current market conditions in the care home sector are challenging, the directors however are optimistic that there will be continued and sustained growth in the company for the foreseeable future.

RISK MANAGEMENT AND BUSINESS RELATIONSHIPS
The business is growing in terms of turnover and assets acquisition therefore risk management becomes more complex. It is vital for management to identify, evaluate and mitigate the risk.

The group had a challenging year with the continued uncertainty of Brexit and Covid 19 environment to manage business relations with various authorities. The group and management are developing and maintaining strong relationships with customers, suppliers and others.


Cedar Care Homes Limited (Registered number: 03585946)

Group Strategic Report
for the Year Ended 31 July 2024

ENVIRONMENTAL MATTERS - ENERGY AND CARBON REPORTING
Our energy efficiency actions have continued through the year with the following measure:

a) Continuous monitoring and control of use of heating and power in our care homes.
b) Minimise unnecessary transport movements through scheduling of staff.
c) Investing in green energy initiatives at new sites (solar, pellet burners, CHP Plants).
d) Replace fleet vehicles with more efficient vehicles as appropriate.

UK ENERGY USE

Year to July 2024 UK energy use (kWh) 6.5m

Year to July 2023 UK energy use (kWh) 7.0m

ASSOCIATED GREENHOUSE GAS EMISSIONS

Year to July 2024 Tonnes CO2 equivalent 1,252

Year to July 2023 Tonnes CO2 equivalent 1,371

Intensity Ratio - Emissions per employee

Year to July 2024 (Tones / Head) 2.1

Year to July 2023 (Tones / Head) 2.7

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Group Reporting.

ON BEHALF OF THE BOARD:





Mr A M Desai - Director


29 April 2025

Cedar Care Homes Limited (Registered number: 03585946)

Report of the Directors
for the Year Ended 31 July 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2024.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 August 2023 to the date of this report.

The beneficial interests of the directors holding office at 31 July 2024 in the shares of the company, according to the register of directors' interests, were as follows:

31.7.24 1.8.23
Ordinary shares of £1 each
Mr M C Desai 10,000 10,000
Mr A M Desai 20,000 20,000
Mrs M A Desai - -

These directors did not hold any non-beneficial interests in the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Wormald & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A M Desai - Director


29 April 2025

Report of the Independent Auditors to the Members of
Cedar Care Homes Limited

Opinion
We have audited the financial statements of Cedar Care Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Cedar Care Homes Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Cedar Care Homes Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities - In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

a) The nature of the entity's industry and sector, control environment, business performance and management incentives;

b) The results of our specific enquiries of management and those charged with governance about their
own identification and assessment of the risks of irregularities;

c) Any matters we identified having obtained and reviewed the group's documentation of their policies and procedures, relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

d) The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area(s): the recognition of revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls.

We also obtained an understanding of the legal and regulatory frameworks in which the company operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified - Our procedures to respond to risks identified included the following:

a) Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

b) Enquiring of management concerning actual and potential litigation and claims;

c) Performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

d) Reading minutes of meetings of those charged with governance; and

e) In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.


Report of the Independent Auditors to the Members of
Cedar Care Homes Limited

Whilst procedures above describe the extent to which our procedures are capable of detecting irregularities, including fraud, there are inherent limitations in these audit procedures. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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, misrepresentation or through collusion. We are not responsible for preventing irregularities, including fraud, or non-compliance with laws and regulations and cannot be expected to detect all irregularities or non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.




Neil Dando FCA (Senior Statutory Auditor)
for and on behalf of Wormald & Partners
Chartered Accountants (ICAEW)
Brunel House
11 The Promenade
Clifton Down
Bristol
BS8 3NG

29 April 2025

Cedar Care Homes Limited (Registered number: 03585946)

Consolidated
Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 38,732,677 34,759,126

Cost of sales 28,942,083 25,920,572
GROSS PROFIT 9,790,594 8,838,554

Administrative expenses 5,193,776 4,629,764
4,596,818 4,208,790

Other operating income 692,735 447,278
OPERATING PROFIT 4 5,289,553 4,656,068

Interest receivable and similar income 88,887 36,203
5,378,440 4,692,271

Interest payable and similar expenses 5 1,854,542 1,433,993
PROFIT BEFORE TAXATION 3,523,898 3,258,278

Tax on profit 6 988,493 640,505
PROFIT FOR THE FINANCIAL YEAR 2,535,405 2,617,773
Profit attributable to:
Owners of the parent 2,535,405 2,617,773

Cedar Care Homes Limited (Registered number: 03585946)

Consolidated
Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,535,405 2,617,773


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,535,405

2,617,773

Total comprehensive income attributable to:
Owners of the parent 2,535,405 2,617,773

Cedar Care Homes Limited (Registered number: 03585946)

Consolidated Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 51,028,901 52,436,831
Investments 10 - -
51,028,901 52,436,831

CURRENT ASSETS
Stocks 11 163,347 252,590
Debtors 12 5,829,651 4,365,300
Cash at bank and in hand 5,695,889 4,797,239
11,688,887 9,415,129
CREDITORS
Amounts falling due within one year 13 4,715,565 5,346,837
NET CURRENT ASSETS 6,973,322 4,068,292
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,002,223

56,505,123

CREDITORS
Amounts falling due after more than one year 14 23,976,011 25,014,316
NET ASSETS 34,026,212 31,490,807

CAPITAL AND RESERVES
Called up share capital 19 30,000 30,000
Retained earnings 20 33,996,212 31,460,807
SHAREHOLDERS' FUNDS 34,026,212 31,490,807

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:




Mr A M Desai - Director



Mrs M A Desai - Director


Cedar Care Homes Limited (Registered number: 03585946)

Company Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 50,959,773 52,440,386
Investments 10 1,000 1,000
50,960,773 52,441,386

CURRENT ASSETS
Stocks 11 54,071 42,853
Debtors 12 4,754,210 3,165,203
Cash at bank and in hand 5,525,891 4,595,092
10,334,172 7,803,148
CREDITORS
Amounts falling due within one year 13 3,770,239 4,053,640
NET CURRENT ASSETS 6,563,933 3,749,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,524,706

56,190,894

CREDITORS
Amounts falling due after more than one year 14 23,976,011 25,014,316
NET ASSETS 33,548,695 31,176,578

CAPITAL AND RESERVES
Called up share capital 19 30,000 30,000
Retained earnings 20 33,518,695 31,146,578
SHAREHOLDERS' FUNDS 33,548,695 31,176,578

Company's profit for the financial year 2,372,117 2,474,191

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:




Mr A M Desai - Director



Mrs M A Desai - Director


Cedar Care Homes Limited (Registered number: 03585946)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 30,000 28,843,034 28,873,034

Changes in equity
Total comprehensive income - 2,617,773 2,617,773
Balance at 31 July 2023 30,000 31,460,807 31,490,807

Changes in equity
Total comprehensive income - 2,535,405 2,535,405
Balance at 31 July 2024 30,000 33,996,212 34,026,212

Cedar Care Homes Limited (Registered number: 03585946)

Company Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 30,000 28,672,387 28,702,387

Changes in equity
Total comprehensive income - 2,474,191 2,474,191
Balance at 31 July 2023 30,000 31,146,578 31,176,578

Changes in equity
Total comprehensive income - 2,372,117 2,372,117
Balance at 31 July 2024 30,000 33,518,695 33,548,695

Cedar Care Homes Limited (Registered number: 03585946)

Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,197,474 5,714,656
Interest paid (1,852,777 ) (1,432,375 )
Interest element of hire purchase payments
paid

(1,765

)

(1,618

)
Tax paid (848,748 ) (687,375 )
Net cash from operating activities 1,494,184 3,593,288

Cash flows from investing activities
Purchase of tangible fixed assets (648,588 ) (3,695,664 )
Sale of tangible fixed assets 1,140,275 8,800
Interest received 88,887 36,203
Net cash from investing activities 580,574 (3,650,661 )

Cash flows from financing activities
New loans in year - 23,600,000
Loan repayments in year (1,153,848 ) (22,170,073 )
Capital repayments in year (22,334 ) 46,528
Amount introduced by directors 74 61
Net cash from financing activities (1,176,108 ) 1,476,516

Increase in cash and cash equivalents 898,650 1,419,143
Cash and cash equivalents at beginning of
year

2

4,797,239

3,378,096

Cash and cash equivalents at end of year 2 5,695,889 4,797,239

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 3,523,898 3,258,278
Depreciation charges 995,147 990,099
Profit on disposal of fixed assets (78,908 ) (3,113 )
Finance costs 1,854,542 1,433,993
Finance income (88,887 ) (36,203 )
6,205,792 5,643,054
Decrease/(increase) in stocks 89,243 (200,737 )
Increase in trade and other debtors (1,547,985 ) (1,221,587 )
(Decrease)/increase in trade and other creditors (549,576 ) 1,493,926
Cash generated from operations 4,197,474 5,714,656

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 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 5,695,889 4,797,239
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 4,797,239 3,378,096


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 4,797,239 898,650 5,695,889
4,797,239 898,650 5,695,889
Debt
Finance leases (46,528 ) 22,334 (24,194 )
Debts falling due within 1 year (1,348,000 ) 138,000 (1,210,000 )
Debts falling due after 1 year (24,990,122 ) 1,015,852 (23,974,270 )
(26,384,650 ) 1,176,186 (25,208,464 )
Total (21,587,411 ) 2,074,836 (19,512,575 )

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Cedar Care Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with acquisition of care homes is being amortised evenly over its estimated useful life of five years.

In view of the changes in Government legislation concerning the compliance standard now imposed on Care Homes the directors believe that goodwill should now be written off over its estimated useful life of five years from the previously adopted policy of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance basis
Motor vehicles - 25% on straight line basis and 25% on reducing balance basis
Computer equipment - 33.33% on straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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.

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 17,781,161 14,218,474
Social security costs 1,949,090 1,552,475
Other pension costs 649,561 235,801
20,379,812 16,006,750

The average number of employees during the year was as follows:
2024 2023

Administration and maintenance 78 68
Nursing care and domestic 523 449
601 517

Please note that a significant number of the employees of Cedar Care Homes Limited are part time or part time equivalent.

2024 2023
£    £   
Directors' remuneration 552,001 552,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 552,001 552,000

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 970,018 945,714
Depreciation - assets on hire purchase contracts 25,133 27,719
Profit on disposal of fixed assets (78,908 ) (3,113 )
Goodwill amortisation - 16,667
Auditors' remuneration 30,750 29,750
Auditors' remuneration for non audit work 14,253 5,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 1,852,647 1,428,888
Other interest 130 3,487
Hire purchase 1,765 1,618
1,854,542 1,433,993

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 904,571 666,511
Underprovision in prior years 288 -
Total current tax 904,859 666,511

Deferred tax 83,634 (26,006 )
Tax on profit 988,493 640,505

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 3,523,898 3,258,278
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

880,975

814,570

Effects of:
Expenses not deductible for tax purposes 10,609 18,767
Capital allowances in excess of depreciation - (166,826 )
Depreciation in excess of capital allowances 12,987 -
Adjustments to tax charge in respect of previous periods 288 -
Deferred taxation 83,634 (26,006 )
Total tax charge 988,493 640,505

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 1,001,670
AMORTISATION
At 1 August 2023
and 31 July 2024 1,001,670
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

Company
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 1,001,670
AMORTISATION
At 1 August 2023
and 31 July 2024 1,001,670
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 55,101,276 4,739,119 765,818 111,881 60,718,094
Additions 291,148 4,253 331,843 21,344 648,588
Disposals (1,697,856 ) - (110,056 ) - (1,807,912 )
At 31 July 2024 53,694,568 4,743,372 987,605 133,225 59,558,770
DEPRECIATION
At 1 August 2023 4,813,307 3,119,820 284,097 64,039 8,281,263
Charge for year 573,234 243,107 159,783 19,027 995,151
Eliminated on disposal (648,554 ) - (97,991 ) - (746,545 )
At 31 July 2024 4,737,987 3,362,927 345,889 83,066 8,529,869
NET BOOK VALUE
At 31 July 2024 48,956,581 1,380,445 641,716 50,159 51,028,901
At 31 July 2023 50,287,969 1,619,299 481,721 47,842 52,436,831

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023
and 31 July 2024 128,250
DEPRECIATION
At 1 August 2023 27,719
Charge for year 25,133
At 31 July 2024 52,852
NET BOOK VALUE
At 31 July 2024 75,398
At 31 July 2023 100,531

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 55,114,424 4,739,119 679,685 111,881 60,645,109
Additions 291,148 4,253 248,528 21,344 565,273
Disposals (1,697,856 ) - (23,923 ) - (1,721,779 )
At 31 July 2024 53,707,716 4,743,372 904,290 133,225 59,488,603
DEPRECIATION
At 1 August 2023 4,813,307 3,119,820 207,557 64,039 8,204,723
Charge for year 573,234 243,107 149,963 19,027 985,331
Eliminated on disposal (648,554 ) - (12,670 ) - (661,224 )
At 31 July 2024 4,737,987 3,362,927 344,850 83,066 8,528,830
NET BOOK VALUE
At 31 July 2024 48,969,729 1,380,445 559,440 50,159 50,959,773
At 31 July 2023 50,301,117 1,619,299 472,128 47,842 52,440,386

Included in cost of land and buildings is freehold land of £ 8,494,765 (2023 - £ 8,494,765 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023
and 31 July 2024 128,250
DEPRECIATION
At 1 August 2023 27,719
Charge for year 25,133
At 31 July 2024 52,852
NET BOOK VALUE
At 31 July 2024 75,398
At 31 July 2023 100,531

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 1,000
NET BOOK VALUE
At 31 July 2024 1,000
At 31 July 2023 1,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cedar Care Developments Limited
Registered office: Mortimer House, Clifton Down Road, Bristol, BS8 4AE
Nature of business: Construction
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 163,347 252,590 54,071 42,853

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,923,208 2,696,093 1,858,284 1,593,523
Amounts owed by group undertakings - - 83,458 -
Other debtors 2,332,844 924,178 2,223,098 831,038
Deferred tax asset 490,572 574,206 511,141 574,206
Prepayments and accrued income 83,027 170,823 78,229 166,436
5,829,651 4,365,300 4,754,210 3,165,203

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 490,572 574,206 511,141 574,206

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 1,210,000 1,348,000 1,210,000 1,348,000
Hire purchase contracts (see note 16) 22,453 22,334 22,453 22,334
Trade creditors 1,872,036 2,622,382 967,835 1,331,198
Amounts owed to group undertakings - - - 48,922
Corporation tax 128,678 72,567 99,470 32,521
Social security and other taxes 487,040 422,643 482,420 418,056
Other creditors 94,027 74,086 92,731 72,886
Directors' loan accounts 272 198 272 198
Accruals and deferred income 901,059 784,627 895,058 779,525
4,715,565 5,346,837 3,770,239 4,053,640

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 23,974,270 24,990,122 23,974,270 24,990,122
Hire purchase contracts (see note 16) 1,741 24,194 1,741 24,194
23,976,011 25,014,316 23,976,011 25,014,316

15. 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 1,210,000 1,348,000 1,210,000 1,348,000
Amounts falling due between one and two years:
Bank loans 1,210,000 1,348,000 1,210,000 1,348,000
Amounts falling due between two and five years:
Bank loans 18,136,250 19,605,250 18,136,250 19,605,250
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 4,628,020 4,036,872 4,628,020 4,036,872

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 22,453 22,334
Between one and five years 1,741 24,194
24,194 46,528

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 22,453 22,334
Between one and five years 1,741 24,194
24,194 46,528

17. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 25,184,270 26,338,122

18. DEFERRED TAX

Group
£   
Balance at 1 August 2023 (574,206 )
Accelerated capital allowances 83,634
Balance at 31 July 2024 (490,572 )

Company
£   
Balance at 1 August 2023 (574,206 )
Accelerated capital allowances 63,065
Balance at 31 July 2024 (511,141 )

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30,000 Ordinary £1 30,000 30,000

Cedar Care Homes Limited (Registered number: 03585946)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

20. RESERVES

Group
Retained
earnings
£   

At 1 August 2023 31,460,807
Profit for the year 2,535,405
At 31 July 2024 33,996,212

Company
Retained
earnings
£   

At 1 August 2023 31,146,578
Profit for the year 2,372,117
At 31 July 2024 33,518,695


21. RELATED PARTY DISCLOSURES

Included in other debtors are amounts due from Desai Care Homes in the sum of £1,910,803 (2023 £437,721).

During the year the group received management charges from Desai Care Homes in the sum of
£60,000 (2023 £43,200).

Desai Care Homes is a partnership in which Messrs MC and AM Desai are equity partners.

Included in other debtors are amounts due from Barker Care Limited in the sum of £181,366 (2022 £327,827).

During the year the group received management charges in the sum of £120,000 (2023 £86,400) from
Barker Care Limited.

Barker Care Limited is a company in which Messrs MC and AM Desai are both directors and shareholders.

All of the above transactions are conducted on an arm's length basis with the amounts being due repaid in full in the forthcoming accounting period.

22. ULTIMATE CONTROLLING PARTY

The controlling party is A M Desai.

The ultimate controlling party is A M Desai.