Company Registration No. 07269145 (England and Wales)
OPTIMO CARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
OPTIMO CARE GROUP LIMITED
COMPANY INFORMATION
Directors
Ms C Bate
Mr M Hales
Mr R Walker
Mr B T Hales
Company number
07269145
Registered office
Maple House
Maple Estate
Stocks Lane
Barnsley
South Yorkshire
S75 2BL
Auditor
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
OPTIMO CARE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 13
Group statement of comprehensive income
14
Group balance sheet
15 - 16
Company balance sheet
17 - 18
Group statement of changes in equity
19
Company statement of changes in equity
20
Group statement of cash flows
21
Notes to the financial statements
22 - 47
OPTIMO CARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Optimo Care Group, our Profile and History
Founded in 2010 by seasoned operators Mark Hales and Richard Walker, Optimo Care Group is an award-winning homecare, supported living and specialist care provider. With an exceptional management and leadership team with decades of experience, Optimo continues to thrive, grow, and develop innovative new care and support solutions from fifteen locations across the United Kingdom.

Since incorporation, we have focussed on public sector contract growth and the acquisition of strategically chosen care businesses. This has delivered significant growth and regional opportunities through which our footprint has grown across the North West and Yorkshire. In recent years, we have seen a planned, strategic expansion into the South East.

We are thrilled to support more than fifty public sector commissioning streams and this number has continued to grow year on year. We maintain a low concentration of revenue with any individual commissioning body.

Our headcount across our trading subsidiaries totals almost 1300 colleagues. We deliver over twenty-five thousand care and support visits per week via our network. We continue to score highly on independent review websites.

Optimo supports thousands of people across the UK with a variety of complex and specialist support needs. Our services are within three categories:
1. Supported Living for younger adults with learning Disabilities and Autism,
2. Specialist Care for younger adults with specialist support needs,
3. Elderly Domiciliary Care for those who require support in their own homes.
Our Business Constantly Evolves
As the Group has grown, we have evaluated and changed accordingly. We have two key divisions, with clear business plans and aspirations in place.
1. Domiciliary Care
2. Specialist Support

Both divisions have a specific Board and reporting structure, with a further Executive Board for corporate planning and overall governance. Our senior leadership team consists of market leading Board of Directors with vast experience of all key areas, finance, HR and people, governance, acquisition, and operational service delivery.

We have consistently invested in innovative software solutions, spanning market leading care management tools, governance, and audit as well as applicant tracking systems and learning management for our teams. We continue to focus on the future of digitally enabled care and look forward to further beneficial software solutions partnering with our Group.  Our care teams no longer require traditional manual recording systems, instead app-based care planning and visit recording have improved service visibility and sharing with families and advocates.
We thrive by maintaining our commitment to our PRIDE values
The people we support are at the heart of all we do. We aim to provide a truly person-centred service, based around each person's needs and wishes. We focus our efforts on delivering a responsive service, reflecting the changing needs and landscape of the social care sector.
OPTIMO CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Delivering on growth and scale
Our business continues to change shape as our strategic plans are followed and delivered. Optimo is focussed on developing and building a substantial range of health and social care services for young people and adults with autism and learning disabilities.

We deliver these primarily through Stepping Stones Support Ltd, Abbey Care and Nursing @Home Ltd and most recently CFT Care Ltd. My Life Choice Ltd (MLC) is our pioneering and highly specialist Supported Living service, delivering community-based care and accommodation solutions to individuals with the most challenging Autism & Learning Disabilities. MLC targets the circa 2,000 individuals inappropriately hospitalised in secure settings at any one time across the UK. The services delivered by MLC are truly specialist with a workforce expertly skilled in the delivery of Positive Behavioural Support (PBS), Restraint & Physical Intervention (RPI), Trauma Informed Care (TIC) and are supported by Clinicians, continuously shaping the design of our offering to meet the individual needs of the people we support. We continue to evolve our service model across these vital services and our investment in supporting our teams to thrive and deliver positive outcomes increases year on year.

Organic growth has continued over the period across all our businesses. Within our domiciliary care division, we have supported our teams to grow and thrive across the North West and Yorkshire. Our new contracts in Sheffield and Merseyside are developing well. We have successfully retained contracts where council recommissioning has occurred.                                                                                                                                                  

During the financial year 2023/2024 we successfully delivered a total rebrand for our domiciliary care division. We consolidated the many trading brands in the division to focus on  one single identity. From June 2024 all our registered home care services are delivered under the relaunched Choices Homecare brand.        

As part of the rebrand we have focussed on delivering a new marketing plan for the domiciliary division, this will continue across FY 2024/2025 as we embed a single approach to service delivery, vision and values and team culture. This change will be transformational from a brand management perspective, it will also deliver efficiency within key processes such as recruitment and service marketing, as well as internal business processes. Great progress has already been made as we close out FY 2024.
Optimo's acquisition strategy continues to deliver
We completed two acquisitions within this financial year, Abbey Care and Nursing @Home Ltd in Sheffield and CFT Care Ltd in Essex, adding substantial earnings and geographic reach. We focus significant time and resources on our due diligence processes and work exceptionally well with our chosen advisers and legal colleagues to ensure the deals we structure are robust and deliver against all stakeholder expectations.

The Executive Board has an enviable reputation in the market for delivering successful acquisition strategies, to put that in context, over three decades the team has delivered nearly fifty transactions.

More recently, we have focussed our buying activity within our specialist division. The deals completed in this cycle adds a dedicated workforce of almost three hundred colleagues supporting many vulnerable adults with complex needs each week. The revenues associated with the most current acquisitions are approximately £11.5m per annum, increasing the total revenue in the specialist division to £27m. Our sharp focus on post completion integration means working closely with the new Management teams to improve the cost base, deliver economies of scale and remove long standing agency costs, whilst at the same investing in those businesses to support future growth.
  
We continue to evaluate further opportunities, and moving forwards acquiring more complementary businesses is a key strategy for the Group.
OPTIMO CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Growing specialist services through experience, reputation and opportunity
We are delivering on organic growth opportunities and we have already established strong commissioning links that are delivering new referrals, evidenced by delivery of our forecasted growth.

There continues to be national attention around the high number of individuals with autism and/or learning disabilities who remain in secure hospital settings under the Mental Health Act. Building on our experience and expertise in this vital service area is a key priority.

We are very focussed on the opportunities presenting for our complex services team to target bespoke funded solutions for high acuity individuals which positively impacts the average weekly fee position and reflects the skills and person-centred focus Optimo promises through its vision and values.

The leadership team and experts in our specialist division have moved at pace to deliver on the demand for highly personalised services and created partnerships with Commissioners within local authorities and integrated care boards to provide safe and sustainable long-term solutions for supporting people to live in the community. Our knowledge and strong reputation within each of our specialist businesses are driving expansion and widening our geographical reach and interest for surrounding commissioning bodies.

We are thrilled to have received local and national recognition for the quality of our work at the Great British Care Awards and the publishing of best practice case studies by NHS England around the work we undertake with complex hospital discharges.
Future Plans
We will continue to add value to the acquisitions we have integrated and Optimo has strong ambitions for growth across all our service portfolio and further divisions will be created in our business, ensuring we can specifically concentrate resources and focus in each of our service areas. Combining this with a future acquisition strategy focussed on complementing and widening our current geographical presence and service range will see Optimo continue to grow strongly and sustainably. We will make further progress on our intention to become a truly nationwide business.

Property solutions are also an important aspect of our growth plans. We know from commissioning partners that often the key to delivering growth in hours lies in our ability to find suitable properties for individuals. We will continue to work closely with housing /development partners to deliver a supply of suitable properties for the strong pipeline of opportunities that we see. We have developed our understanding of where the property demand lies and we are building great partnerships and solutions for individuals who require supported accommodation.
Key Performance Indicators
The Group use a number of indicators to measure budget performance and growth as follows:
2024
2023
Turnover
£27,400,805
£17,988,099
Growth on previous period
52%
74%
Gross profit
29%
28%
EBITDA before exceptional items
£2,783,738
£1,625,847
EBITDA
£2,655,850
£1,367,544
Profit before tax
£868,962
£565,774
All performance indicators are in line with expectations.
OPTIMO CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Statement from Mark Hales, Chairman
I am pleased to present the Chairman's Summary for Optimo Care Group's annual audited group accounts for the fiscal year ending July 2024.

Since our establishment in 2010, Optimo Care Group has been dedicated to providing exceptional health and social care services to individuals across the UK. Over the years, we have expanded our offerings to cater to the diverse needs of our communities, with a focus on supporting young people and adults with autism, learning disabilities, and the elderly requiring personal care.

Our commitment to delivering person-centred care remains unwavering. We firmly believe that every individual we support deserves to live a fulfilling life tailored to their unique needs and preferences. Whether it is through our Supported Living services, Specialist Care programs, or Elderly Domiciliary Care services, we strive to uphold the highest standards of care and compassion.

In the past year, Optimo Care Group has continued to grow and expand. We are proud to announce the completion of two further acquisitions during the last financial year, further enhancing our capabilities and reach within the sector.

Last year the group invested in our Leadership Academy to support our teams to deliver on the values which we hold dear, this year we have continued to invest in our leadership structure with the introduction of several new roles that add breadth and depth to our offering.  Key appointments this year include a newly created Head of Learning and Development and a new Group Head of Quality and Compliance as well as many more support roles.

This year I am also thrilled to announce the introduction of the Optimo Wellbeing app, providing a range of benefits and support tools to our entire workforce, through the app our team have access to mental health support, assistance with financial planning as well as a range of lifestyle and consumer offerings.

I would like to extend my heartfelt gratitude to Richard Walker, our Chief Executive, and Ceri Bate, our Group Finance Director, for their exceptional support, commitment, and leadership throughout the past year. Their dedication and strategic guidance have been instrumental in steering Optimo through a period of growth and transformation. Richard's visionary leadership and Ceri's financial acumen have been invaluable assets to our organisation, ensuring that we remain agile, resilient, and focused on delivering outstanding outcomes for those we serve. We are fortunate to have such talented individuals at the helm, driving our collective.

Looking ahead, we remain focused on driving sustainable growth and delivering exceptional outcomes for the individuals we serve. Our dedication to innovation, quality, and service user satisfaction will continue to guide us as we navigate the evolving landscape of social care provision.

On behalf of the Board of Directors, I extend my sincere gratitude to our employees and stakeholders for their continued support and commitment to Optimo Care Group's mission. Together, we will continue to make a positive difference in the lives of those we serve.
OPTIMO CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
Principal Risks and Uncertainties
The Group has matured over the last decade and has expanded geographically into numerous territories to mitigate the risk of contracts not being re-awarded. We have delivered a diversification in our range of care and support services to mitigate challenges within the domiciliary care sector and the related workforce shortages.

We have seen continued price pressure from the public sector, and we anticipate this is unlikely to recede, especially given current external fiscal pressures. The continued cost of living crisis and inflationary pressures have made the operating environment yet more challenging, driving the need to find efficiency and innovate new digital and value led solutions.  As described previously, we are actively focussed on delivering more specialist services with a stronger margin and a longer average service duration.

In line with last year, the Group has continued to use resources as efficiently as possible to maintain an acceptable margin within more mainstream contracting environments. We have funded substantial pay increases for all our teams and front-line care and support workers to meet the continued demand for capacity. We still do not feel confident that current central government financial resourcing is reflecting the true costs of delivering sustainable short duration episodes of care.

We continue to see a sector wide shortage of suitable care and support workers and we have revisited our recruitment, retention and engagement activity and resource, including overseas and sponsored worker strategies.

We have expanded our senior leadership team and expertise to deliver innovation and workforce growth and excellence. The Group has mitigated some traditional process inefficiencies through implementing digital solutions across the organisation and bespoke to our divisions, with more digitalisation planned to future proof our business.

Our focus on cash collection and cash flow management are critical success factors for us. We recognise the role our outstanding finance team plays in ensuring our continued success and we continue to expand the headcount in this critical team.

Strong leadership and financial controls are evident through external audit reporting and internal KPIs. Our team of qualified finance professionals has also grown year on year as we invest in success and prudent financial management.

We have a supportive and successful partnership with our external growth investment funders, despite the wider challenging funding environment. We work closely with our funding partners and advisers to mitigate risks and plan for safe and sustainable expansion.
Financial Risk Management Objectives and Policies
Credit Risk
We assess all our customers regularly for credit risk. Public sector customers are very low risk but we note the increased general risk facing Local Authorities as to their own solvency. We mitigate the risks of bad debt with self-funders by regular reporting and timely credit control procedures.
OPTIMO CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
Liquidity Risk
The business utilises its cash from continued operations to fund its obligations. Growth financing has been augmented by partnering with established funders and liquidity and cash flow risk is managed by accurate and ongoing forecasting of Group cash requirements, along with detailed continuous planning in advance of funding requirements to meet the ambitious Group objectives. All future growth plans are to be considered with this in mind and with reference to the strong relationship we have continued to develop with our advisors and banking partners.
Data Protection
Protecting service user data is critical to the business. The company could face financial loss, disruption or damage to brand reputation arising from an attack on our systems by criminals, terrorists, or foreign governments. If the company does not adequately protect our service user and employee data, the company could breach regulations and face penalties and loss of customer trust. General Data Protection Regulations (GDPR) that came into effect in May 2018 continue to be incorporated into all policies, procedures, and day to day practices. The Group ensures it is up to date with required industry standards.

On behalf of the board

Mr R Walker
Director
29 April 2025
OPTIMO CARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 7 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principle activity of the Group is the provision of care services.

 

The principal activity of the Company is to act as holding company for the Group.

 

Results and dividends

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms C Bate
Mr M Hales
Mr R Walker
Mr B T Hales
Post reporting date events

The Group has acquired Spectra Care Ltd and SSR Support Ltd after the year end and continues to look for opportunities across the UK.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Engagement with employees

The Group seeks to provide regular and valuable engagement with all team members and employee groups. Over the year we have further development policy and systems to deliver this further. With Employee Engagement staff, electronic sharing of news and improved forums we have seen engagement improve dramatically. The Group now reports on this as part of it's internal systems.

 

Through our newsletters and meeting structures we deploy relevant information so that the team can understand the financial and economic factors pertinent to the Group both internal and external.

 

We welcome applications from all members of our communities as an equal opportunities employer. We

undertake full and fair review of job applications and extend full opportunities for career progression, training,

continued development and promotion for both able bodied and disabled persons.

 

OPTIMO CARE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
Disabled employees

The Group maintains an open policy on welcoming applications from disabled people. As an inclusive and progressive organisation we recognise through practice and policy the benefits to having a diverse workforce and consistently support training and developments for all, including colleagues who may become disabled while employed by the Group.

We continue to monitor our policies and procedures to ensure appropriate measures are in place for continuing the employment of, and for arranging appropriate training for, employees who become disabled persons whilst employed by the Group.

 

Stratregic Report
In accordance with section 411C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2013, the Company has prepared a Strategic Report, which includes information that would have previously been included in the Director's Report
On behalf of the board
Mr R Walker
Director
29 April 2025
OPTIMO CARE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 9 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OPTIMO CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OPTIMO CARE GROUP LIMITED
- 10 -
Opinion

We have audited the financial statements of Optimo Care Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 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 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.

OPTIMO CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPTIMO CARE GROUP LIMITED
- 11 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

OPTIMO CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPTIMO CARE GROUP LIMITED
- 12 -
Auditor's responsibilities for the audit of the financial statements

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

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.

Extent to which the audit was capable of detecting irregularities, including fraud

The objectives of our audit, in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

OPTIMO CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPTIMO CARE GROUP LIMITED
- 13 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect all non-compliance with laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of this report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Hunter FCA (Senior Statutory Auditor)
For and on behalf of TC Group
29 April 2025
Statutory Auditor
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
OPTIMO CARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
Turnover
3
27,400,805
17,988,098
Cost of sales
(19,402,836)
(13,170,369)
Gross profit
7,997,969
4,817,729
Administrative expenses
(5,978,020)
(3,827,979)
Other operating income
-
64,209
Operating profit
5
2,019,949
1,053,959
Interest receivable and similar income
9
2,156
271
Interest payable and similar expenses
10
(1,119,855)
(488,456)
Fair value movements on investment property
11
(33,288)
-
Profit before taxation
868,962
565,774
Tax on profit
12
(471,443)
(192,842)
Profit for the financial year
27
397,519
372,932
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
OPTIMO CARE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
12,019,470
6,902,076
Other intangible assets
14
61,441
1,727
Total intangible assets
12,080,911
6,903,803
Tangible assets
15
605,567
536,561
Investment properties
16
459,500
-
0
13,145,978
7,440,364
Current assets
Stocks
19
72,599
72,599
Debtors
20
3,956,039
3,003,728
Cash at bank and in hand
1,213,136
140,980
5,241,774
3,217,307
Creditors: amounts falling due within one year
21
(6,248,635)
(3,114,827)
Net current (liabilities)/assets
(1,006,861)
102,480
Total assets less current liabilities
12,139,117
7,542,844
Creditors: amounts falling due after more than one year
22
(10,483,300)
(6,157,906)
Provisions for liabilities
Deferred tax liability
24
(22,658)
3,982
22,658
(3,982)
Net assets
1,678,475
1,380,956
Capital and reserves
Called up share capital
26
87,382
87,382
Profit and loss reserves
27
1,591,093
1,293,574
Total equity
1,678,475
1,380,956
OPTIMO CARE GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
29 April 2025
Mr R Walker
Director
OPTIMO CARE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
14
61,441
1,728
Tangible assets
15
14,879
6,290
Investments
17
10,329,278
10,299,808
10,405,598
10,307,826
Current assets
Debtors
20
14,827,530
5,236,855
Cash at bank and in hand
6,123
9,333
14,833,653
5,246,188
Creditors: amounts falling due within one year
21
(9,619,358)
(4,761,151)
Net current assets
5,214,295
485,037
Total assets less current liabilities
15,619,893
10,792,863
Creditors: amounts falling due after more than one year
22
(10,178,920)
(6,157,906)
Provisions for liabilities
Deferred tax liability
24
3,720
1,573
(3,720)
(1,573)
Net assets
5,437,253
4,633,384
Capital and reserves
Called up share capital
26
87,382
87,382
Profit and loss reserves
27
5,349,871
4,546,002
Total equity
5,437,253
4,633,384

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £903,869 (2023 - £3,389,137 profit).

OPTIMO CARE GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 18 -
The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
29 April 2025
Mr R Walker
Director
Company Registration No. 07269145
OPTIMO CARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
87,382
1,320,642
1,408,024
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
372,932
372,932
Dividends
13
-
(400,000)
(400,000)
Balance at 31 July 2023
87,382
1,293,574
1,380,956
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
397,519
397,519
Dividends
13
-
(100,000)
(100,000)
Balance at 31 July 2024
87,382
1,591,093
1,678,475
OPTIMO CARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
87,382
1,556,865
1,644,247
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
3,389,137
3,389,137
Dividends
13
-
(400,000)
(400,000)
Balance at 31 July 2023
87,382
4,546,002
4,633,384
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
903,869
903,869
Dividends
13
-
(100,000)
(100,000)
Balance at 31 July 2024
87,382
5,349,871
5,437,253
OPTIMO CARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,661,930
4,223,060
Interest paid
(1,119,855)
(488,456)
Income taxes (paid)/refunded
(310,076)
60,132
Net cash inflow from operating activities
1,231,999
3,794,736
Investing activities
Purchase of business (net of cash acquired with the business of 1,016,610)
(4,584,829)
(9,157,632)
Purchase of tangible fixed assets
(1,290,178)
(440,406)
Proceeds on disposal of tangible fixed assets
902,230
3,349
Interest received
2,156
271
Net cash used in investing activities
(4,970,621)
(9,594,418)
Financing activities
Proceeds of new bank loans
20,886
-
New bank loans
4,889,892
6,157,906
Dividends paid to equity shareholders
(100,000)
(400,000)
Net cash generated from financing activities
4,810,778
5,757,906
Net increase/(decrease) in cash and cash equivalents
1,072,156
(41,776)
Cash and cash equivalents at beginning of year
140,980
182,756
Cash and cash equivalents at end of year
1,213,136
140,980
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
1
Accounting policies
Company information

Optimo Care Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Maple House, Maple Estate, Stocks Lane, Barnsley, South Yorkshire, S75 2BL.

 

The group consists of Optimo Care Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 23 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Optimo Care Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The Company is part of, and integrated into, the wider Optimo Care Group ('the Group') and, in making their going concern assessment, the Directors have considered the financial performance and position of the Group as a whole.

 

The Group has prepared a detailed forecast up to July 2026, which indicates that it has sufficient resources available in order to settle its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements. The forecasts show there is sufficient headroom to absorb a reasonable assessment of potential downsides against the forecast, should they occur.

 

Having reviewed the forecast information and current trading levels the Directors are confident that the Group can pay its debts as they fall due over the next 12 months. Accordingly, the Directors have concluded that no material uncertainty in relation to going concern exists and have prepared the financial statements on a going concern basis.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 24 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, being 20 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 25 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
15% straight line
Leasehold improvements
15% straight line
Plant and equipment
15 - 33% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 26 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 27 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 28 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 29 -
1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible and intangible fixed assets

The annual amortisation charge for intangible assets and annual depreciation charge for tangible assets are sensitive to changes in the estimated economic lives as residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets.

Impairment of trade debtors

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the continuity of trade with the debtor, the demonstrability of service delivered, the ageing profile of debtors and historical experiences. Impairments provisions are accounted for as bad or doubtful debts and, as such, are offset with the original debt value shown in note 19.

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
3
Turnover and other revenue

The whole of turnover is attributable to the provision of care services other than the interest income below.

 

All turnover arose within the United Kingdom.

2024
2023
£
£
Other significant revenue
Interest income
2,156
271
Grants received
-
64,209
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional items
127,888
257,943
127,888
257,943

 

Exceptional items within administrative expenses is £127,888 (2023 - £257,943) in respect of restructuring costs £89,318 and non-recurring legal and professional expenditure £38,570.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(64,209)
Depreciation of owned tangible fixed assets
59,189
30,941
Loss/(profit) on disposal of tangible fixed assets
320,314
(2,615)
Amortisation of intangible assets
576,712
282,684
Operating lease charges
189,289
189,289
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
30,000
Audit of the financial statements of the company's subsidiaries
75,750
70,000
105,750
100,000
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Auditor's remuneration
(Continued)
- 31 -
For other services
Taxation compliance services
18,000
15,000
Other services
-
13,000
18,000
28,000
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin and support
82
159
34
33
Management
15
30
6
4
Care workers
942
796
-
-
Total
1,039
985
40
37

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
19,842,398
13,620,732
2,021,094
1,280,152
Social security costs
1,533,540
1,015,649
181,005
118,866
Pension costs
338,826
205,530
23,737
15,598
21,714,764
14,841,911
2,225,836
1,414,616
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
396,969
252,811
Company pension contributions to defined contribution schemes
1,321
1,321
Sums paid to third parties for directors' services
323,332
194,112
721,622
448,244
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
248,332
194,112
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,795
-
0
Other interest income
361
271
Total income
2,156
271
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
990,519
443,475
Interest payable to group undertakings
-
0
35
Other interest on financial liabilities
17,145
3,324
1,007,664
446,834
Other finance costs:
Other interest
112,191
41,622
Total finance costs
1,119,855
488,456
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 33 -
11
Amounts written off investments
2024
2023
£
£
Changes in the fair value of investment properties
(33,288)
-
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
470,812
198,796
Adjustments in respect of prior periods
(544)
-
0
Total current tax
470,268
198,796
Deferred tax
Origination and reversal of timing differences
(1,123)
(5,954)
Adjustment in respect of prior periods
2,298
-
0
Total deferred tax
1,175
(5,954)
Total tax charge
471,443
192,842
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
Taxation
(Continued)
- 34 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
868,962
565,774
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
217,241
118,841
Tax effect of expenses that are not deductible in determining taxable profit
8,286
12,994
Adjustments in respect of prior years
1,754
(2,157)
Deprecation on non-qualifying assets
88,171
8,421
Amortisation on assets not qualifying for tax allowances
155,991
55,643
Tax at marginal rate
-
0
(436)
Effect of superdeduction
-
0
(292)
Change in rate of deferred tax
-
0
(683)
Different rates within subsidiaries
-
0
511
Taxation charge
471,443
192,842
13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Dividend paid
100,000
400,000
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 35 -
14
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 August 2023
8,158,561
91,372
8,249,933
Additions - separately acquired
4,212,671
69,814
4,282,485
Additions - business combinations
5,000
-
5,000
Revaluation
1,466,335
-
1,466,335
At 31 July 2024
13,842,567
161,186
14,003,753
Amortisation and impairment
At 1 August 2023
1,256,485
89,645
1,346,130
Amortisation charged for the year
566,612
10,100
576,712
At 31 July 2024
1,823,097
99,745
1,922,842
Carrying amount
At 31 July 2024
12,019,470
61,441
12,080,911
At 31 July 2023
6,902,076
1,727
6,903,803
Company
Software
£
Cost
At 1 August 2023
21,757
Additions
69,813
At 31 July 2024
91,570
Amortisation and impairment
At 1 August 2023
20,029
Amortisation charged for the year
10,100
At 31 July 2024
30,129
Carrying amount
At 31 July 2024
61,441
At 31 July 2023
1,728
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 36 -
15
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 August 2023
482,315
-
0
17,016
73,210
35,657
11,088
619,286
Additions
1,220,364
-
0
953
17,449
15,329
8,375
1,262,470
Business combinations
-
0
464,301
46,409
25,027
18,666
7,115
561,518
Disposals
(1,220,364)
-
0
-
0
-
0
-
0
-
0
(1,220,364)
Transfer to investment property
(478,477)
-
-
-
-
-
-
At 31 July 2024
3,838
464,301
64,378
115,686
69,652
26,578
744,433
Depreciation and impairment
At 1 August 2023
5,084
-
0
656
50,611
15,507
10,867
82,725
Depreciation charged in the year
1,784
-
0
2,078
21,558
22,708
11,061
59,189
Transfer to investment property
(3,048)
-
0
-
0
-
0
-
0
-
0
(3,048)
At 31 July 2024
3,820
-
0
2,734
72,169
38,215
21,928
138,866
Carrying amount
At 31 July 2024
18
464,301
61,644
43,517
31,437
4,650
605,567
At 31 July 2023
477,231
-
0
16,360
22,599
20,150
221
536,561
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 37 -
Company
Fixtures and fittings
£
Cost
At 1 August 2023
19,789
Additions
14,046
At 31 July 2024
33,835
Depreciation and impairment
At 1 August 2023
13,499
Depreciation charged in the year
5,457
At 31 July 2024
18,956
Carrying amount
At 31 July 2024
14,879
At 31 July 2023
6,290
16
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023 and 31 July 2024
-
-
Additions through external acquisition
17,359
-
Transfers from Freehold Land and Buildings
475,429
-
Net gains or losses through fair value adjustments
(33,288)
-
At 31 July 2024
459,500
-

The fair value of the investment property has been prepared by a Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, and historic data.

17
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
10,329,278
10,299,808
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
17
Fixed asset investments
(Continued)
- 38 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023
10,299,808
Additions
1,276
Valuation changes
28,194
At 31 July 2024
10,329,278
Carrying amount
At 31 July 2024
10,329,278
At 31 July 2023
10,299,808
18
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Choices Homecare (Merseyside) Limited
Maple House, Maple Estate, Stocks Lane, Barnsley, S75 2BL United Kingdom
Ordinary
0
100.00
Choices Homecare (South Yorks) Limited
As above
Ordinary
0
100.00
Choices Homecare (Lancs) Limited
As above
Ordinary
0
100.00
Optimo (SL Holdco) Limited
As above
Ordinary
100.00
-
Choices Homecare (Calderdale) Limited
As above
Ordinary
0
100.00
Choices Homecare (Oldham) Limited
As above
Ordinary
0
100.00
Choices Homecare (Yorkshire) Limited
As above
Ordinary
0
100.00
My Life Choice Limited
As above
Ordinary
0
100.00
Stepping-Stones-Services Limited
As above
Ordinary
0
100.00
CFT Care Limted
As above
Ordinary
0
100.00
Abbey Care and Nursing @Home Limited
As above
Ordinary
0
100.00
Optimo (Properties) Limited
As above
Ordinary
100.00
-
Choices Homecare (Holdings) Limited
As above
Ordinary
100.00
-
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 39 -
19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
72,599
72,599
-
-
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,410,535
1,691,423
1,707
-
0
Amounts owed by group undertakings
-
-
14,618,817
5,132,931
Other debtors
128,671
213,011
21,568
9,918
Prepayments and accrued income
1,416,833
1,099,294
185,438
94,006
3,956,039
3,003,728
14,827,530
5,236,855
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
23
869,231
-
0
869,231
-
0
Trade creditors
195,337
317,433
-
0
211,477
Amounts owed to group undertakings
80,304
24,833
8,449,614
4,296,371
Corporation tax payable
1,356,626
723,167
-
0
-
0
Other taxation and social security
1,010,624
652,835
-
-
Other creditors
1,421,104
607,055
25,000
191,733
Accruals and deferred income
1,315,409
789,504
275,513
61,570
6,248,635
3,114,827
9,619,358
4,761,151
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 40 -
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
10,178,920
6,157,906
10,178,920
6,157,906
Other creditors
304,380
-
0
-
0
-
0
10,483,300
6,157,906
10,178,920
6,157,906
23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
11,048,151
6,157,906
11,048,151
6,157,906
Payable within one year
869,231
-
0
869,231
-
0
Payable after one year
10,178,920
6,157,906
10,178,920
6,157,906

The bank borrowings were secured by a debenture incorporating fixed and floating charges over the Group and all assets present and future, including goodwill, book debts and uncalled capital.

Bank loans comprise of one loan facility.

 

The facility is a £11,300,000 facility denominated in Pounds Sterling with nominal interest of SONIA + 5.75%. The carrying amount at the year-end is £11,300,000

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
(19,385)
(14,752)
Short term timing difference
(3,273)
18,734
(22,658)
3,982
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
24
Deferred taxation
(Continued)
- 41 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
3,720
1,573
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
3,982
1,573
(Credit)/charge to profit or loss
(26,640)
2,147
Liability/(Asset) at 31 July 2024
(22,658)
3,720

 

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
338,826
115,833

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
62,910
62,910
62,910
62,910
Ordinary B Shares of £1 each
21,850
21,850
21,850
21,850
Ordinary C Shares of £1 each
2,622
2,622
2,622
2,622
87,382
87,382
87,382
87,382
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
26
Share capital
(Continued)
- 42 -

For A and B shares. each share carries the right to vote, carries the right to receive dividends, entitles the holder to participate in a return of surplus assets and cannot be redeemed.

 

Each C share is entitled to one vote.

27
Reserves
Profit and loss reserves

Includes all current and prior period retained profits and losses.

28
Acquisition of a business

Acquisition of Abbey Care Limited

On 14 September 2023 the group acquired 100% percent of the issued capital of Abbey Care Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Tangible assets
57,698
-
57,698
Trade and other receivables
534,053
-
534,053
Cash and cash equivalents
290,639
-
290,639
Trade and other payables
(307,524)
-
(307,524)
Tax liabilities
(74,688)
-
(74,688)
Deferred tax
215
-
215
Total identifiable net assets
500,393
-
500,393
Goodwill
1,872,215
Total consideration
2,372,608
The consideration was satisfied by:
£
Cash
2,372,608
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
2,802,066
Profit after tax
434,222
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
28
Acquisition of a business
(Continued)
- 43 -

Acquisition of CFT Care Limited

On 24 July 2024 the group acquired 100% percent of the issued capital of CFT Care Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
5,000
-
5,000
Tangible assets
503,820
-
503,820
Trade and other receivables
738,860
-
738,860
Cash and cash equivalents
725,971
-
725,971
Trade and other payables
(714,297)
-
(714,297)
Tax liabilities
(398,579)
-
(398,579)
Deferred tax
27,600
-
27,600
Total identifiable net assets
888,375
-
888,375
Goodwill
2,340,456
Total consideration
3,228,831
The consideration was satisfied by:
£
Cash
3,228,831
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Profit after tax
-

 

OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 44 -
29
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
50,883
113,862
-
-
Between two and five years
-
10,462
-
-
50,883
124,324
-
-
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
397,519
372,932
Adjustments for:
Taxation charged
471,443
192,842
Finance costs
1,119,855
488,456
Investment income
(2,156)
(271)
Loss/(gain) on disposal of tangible fixed assets
320,314
(2,615)
Amortisation and impairment of intangible assets
576,712
282,684
Depreciation and impairment of tangible fixed assets
59,189
30,941
Other gains and losses
(1,494,691)
-
Movements in working capital:
Decrease in stocks
-
2,319
Decrease in debtors
322,309
2,087,095
Increase in creditors
891,436
768,677
Cash generated from operations
2,661,930
4,223,060
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 45 -
29
Events after the reporting date

Acquisition of Spectra Care Ltd and SSR Support Ltd

 

On the 23rd April 2025 , the Group completed the acquisition of the entire share capital of Spectra Care Ltd and SSR Support Ltd which provide supporting living services in Essex, including the purchase of four freehold properties.

The total consideration payable for the acquisition was £7.09m financed through additional external borrowings.

The acquisition is a non-adjusting event, though full disclosure of the transaction will be included in the financial statements to 31 July 2025. The Directors are unable to provide the full disclosures required to meet the requirements of the applicable financial reporting framework FRS102 relating to acquisitions after the reporting period but before the financial statements are authorised for issue because initial accounting for the business combination is incomplete.

 

Specially, the purchase price allocation is not yet complete as identifiable intangible asset valuations have not yet been finalised and it is therefore not possible to calculate the value of goodwill arising in respect of the business combination until these valuations are complete.

 

 

 

 

 

30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
783,944
717,664
Transactions with related parties
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
30
Related party transactions
(Continued)
- 46 -

Other information

The Company has taken the exemption set out in FRS102 from disclosing transactions with wholly owned group members.

 

During the year the Group made the following related party transactions:

 

Oxygen Enterprise Partners Limited
(Directors and shareholders in common)
Consultancy services amounting to £323,332 (2023: £194,112) were provided by the related party during the period. Professional services amounting £Nil (2023: £58,256) were also provided by the related party during the period. At the balance sheet date the amount due to Oxygen Enterprise Partners Limited was £80,633 (2023: £9,926).

 

Smrtlinks Limited
(Directors and shareholders in common)
Computer and website costs have been incurred amounting to £97,461 (2023: £45,000) from the related party during the period. At the balance sheet date the amount from Smrtlinks Limited was £Nil (2023: £16,200 due to Smrtlinks Limited).

 

OEP Property Ventures Limited
(Directors and shareholders in common)
Purchases have been incurred amounting to £Nil (2023: £4,750) from the related party during the period. At the balance sheet date the amount due to OEP Property Ventures Limited was £Nil (2023: £155).

 

R N Walker
(Director).
Included within creditors is a loan payable to the director of £25,000 (2023: £Nil). Interest payable on the loan was £Nil (2023: £Nil).

 

 

31
Controlling party
The ultimate parent company is Oxygen Enterprise Partners incorporated in the England and Wales.

The address of its registered office is Ground Floor, 6 Queen Street, Leeds, West Yorkshire, England, LS1 2TW.

The ultimate controlling party is Mark Hales by virtue of his shareholding in Oxygen Enterprise Partners.
OPTIMO CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 47 -
32
Analysis of changes in net debt - group
1 August 2023
Cash flows
Acquisitions and disposals
31 July 2024
£
£
£
£
Cash at bank and in hand
140,980
55,546
1,016,610
1,213,136
Borrowings excluding overdrafts
(6,157,906)
(4,890,245)
-
(11,048,151)
(6,016,926)
(4,834,699)
1,016,610
(9,835,015)
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