Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-312024-10-31No description of principal activityfalse2023-11-01truefalsefalse 02959920 2023-11-01 2024-10-31 02959920 2022-11-01 2023-10-31 02959920 2024-10-31 02959920 2023-10-31 02959920 2022-11-01 02959920 c:CompanySecretary1 2023-11-01 2024-10-31 02959920 c:Director1 2023-11-01 2024-10-31 02959920 c:Director2 2023-11-01 2024-10-31 02959920 c:RegisteredOffice 2023-11-01 2024-10-31 02959920 d:Buildings 2023-11-01 2024-10-31 02959920 d:Buildings 2024-10-31 02959920 d:Buildings 2023-10-31 02959920 d:Buildings d:ShortLeaseholdAssets 2023-11-01 2024-10-31 02959920 d:FurnitureFittings 2023-11-01 2024-10-31 02959920 d:CurrentFinancialInstruments 2024-10-31 02959920 d:CurrentFinancialInstruments 2023-10-31 02959920 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 02959920 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 02959920 d:ShareCapital 2023-11-01 2024-10-31 02959920 d:ShareCapital 2024-10-31 02959920 d:ShareCapital 2022-11-01 2023-10-31 02959920 d:ShareCapital 2023-10-31 02959920 d:ShareCapital 2022-11-01 02959920 d:SharePremium 2023-11-01 2024-10-31 02959920 d:SharePremium 2024-10-31 02959920 d:SharePremium 2022-11-01 2023-10-31 02959920 d:SharePremium 2023-10-31 02959920 d:SharePremium 2022-11-01 02959920 d:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 02959920 d:RetainedEarningsAccumulatedLosses 2024-10-31 02959920 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02959920 d:RetainedEarningsAccumulatedLosses 2023-10-31 02959920 d:RetainedEarningsAccumulatedLosses 2022-11-01 02959920 c:OrdinaryShareClass1 2023-11-01 2024-10-31 02959920 c:OrdinaryShareClass1 2024-10-31 02959920 c:OrdinaryShareClass1 2023-10-31 02959920 c:FRS102 2023-11-01 2024-10-31 02959920 c:Audited 2023-11-01 2024-10-31 02959920 c:FullAccounts 2023-11-01 2024-10-31 02959920 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02959920 d:Subsidiary1 2023-11-01 2024-10-31 02959920 d:Subsidiary1 1 2023-11-01 2024-10-31 02959920 d:Subsidiary2 2023-11-01 2024-10-31 02959920 d:Subsidiary2 1 2023-11-01 2024-10-31 02959920 c:Consolidated 2024-10-31 02959920 c:ConsolidatedGroupCompanyAccounts 2023-11-01 2024-10-31 02959920 2 2023-11-01 2024-10-31 02959920 4 2023-11-01 2024-10-31 02959920 6 2023-11-01 2024-10-31 02959920 e:PoundSterling 2023-11-01 2024-10-31 02959920 d:RetainedEarningsAccumulatedLosses d:PreviouslyStatedAmount 2022-11-01 02959920 d:PreviouslyStatedAmount 2022-11-01 02959920 d:PriorPeriodErrorIncreaseDecrease 2022-11-01 02959920 d:SharePremium d:PriorPeriodErrorIncreaseDecrease 2022-11-01 02959920 d:RetainedEarningsAccumulatedLosses d:PriorPeriodErrorIncreaseDecrease 2022-11-01 02959920 d:ShareCapital d:PriorPeriodErrorIncreaseDecrease 2022-11-01 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02959920










BIRCHESTER LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
BIRCHESTER LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R K Gore 
Mrs E A Gore 




Company secretary
Mrs E A Gore



Registered number
02959920



Registered office
1 The Forum
Minerva Business Park

Lynch Wood

Peterborough

PE2 6FT




Independent auditor
MHA
Chartered Accountants and Statutory Auditors

1 The Forum

Minerva Business Park

Lynch Wood

Peterborough

PE2 6FT





 
BIRCHESTER LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Consolidated Profit and Loss Account
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 34


 
BIRCHESTER LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The directors present their Strategic report on the affairs of the Group for the year ended 31 October 2024.
The principal activity of the Group is the operation of care homes with the provision of nursing and residential care.
The strategy of the business is:
•  To provide a high quality care and service to residents of varying age and needs.
•  To achieve continued growth and expansion to surrounding areas to confirm our position as one of the    top providers of residential care in the UK.

Business review and future developments
 
The turnover for the year was £6,512,753 (2023: £5,521,578). Combined with other operating income of £36,465 (2023: £34,685), this resulted in total income for the year of £6,549,218 (2023: £5,286,263)
The Group made a profit before tax for the year of £434,907 (2023 loss before tax: £526,039).
The strategy of the business is to provide a high quality of nursing and residential care to residents of varying needs and ages.
To achieve continued growth and expansion to confirm our position as one of the top providers of Nursing and Residential Care in the surrounding area.
With increased pressure on living costs within the home during the year, as well as loan refinance costs, the Group has made a loss for the current year. Margins have been eroded throughout the whole sector nationally due to annual increases in the national living wage, inflationary pressures, plus local authority spending cuts further impacting the rates available to Health Service and Local Authority funded clients. Despite this, we continue to offer the same high level of care and service to our residents that we continually strive to provide.
Although these have been challenging times, we continue to improve the qualifications, training and quality of our Nursing and the Care Staff enabling us to keep and improve the quality of care given to our clients. Thus, securing the highest level of funding available from The Care Providers ensuring financial performance can be improved upon ongoing. Within the financial year the Group completed a refinancing package allowing it to increase occupancy, profit and turnover. 
From the perspective of the Directors, they feel that within the year the Group was within its head room for the new facility and can fulfil its financing and regulatory obligations. This is shown on an ongoing basis within the accounts.

Page 1

 
BIRCHESTER LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Principal risks and uncertainties
 
Market risk:
The market is subjected to increasing pressure on both costs and quality, however, we feel we are in a good position to be able to increase our turnover as we are able to continually differentiate ourselves from some of the smaller providers within our market sector. The level of fees being paid by funded residents is directly correlated to the pressure exerted by the level of Government and Local Authority spending. Both of which have continued in a downwards trend. The narrow margins for funded residents has been offset by privately funded individuals. The Group ascertains to reduce its financial risk through the application of stringent financial controls and reporting. 
Legislative and regulatory risk:
The increasing regulatory and legislative pressures has meant we have identified the requirement to have more formal accreditations of our operating and quality systems. We are committed to ensure we are in a position to provide high quality levels of care on a consistent basis. We have invested in our internal clinical governance procedures to monitor our care provisions. 
Labour & recruitment:
From a customer perspective all of our turnover is achieved within the United Kingdom. However, in common with many other UK businesses we do have a reliance on overseas labour. The availability of labour is always a risk, however, we have remained proactive in our ability to recruit and retain high quality staff.
Actions of competitors:
There have always been new entrants into our market place offering the same service for apparently less money. We don’t feel that future years will be any different to the past and feel confident that with our strong delivery network that we are in a good place to maintain our position within the market sector.

Financial key performance indicators
 

We utilise a range of measures to control the business, the key ones are as below:


2024
2023
Turnover
£6.51m
£5.25m
Gross Profit as a % of sales
32.5%
27.6%
Overhead as a % of sales
19.0%
31.2%

We also utilise a regular programme of performance indicators applicable to targets set for each financial and non-financial performance measures which are closely monitored by the Board. We believe all these indicators provide a good basis for control and look forward to all the measures improving in the coming year as a result of initiatives implemented by the Directors.


This report was approved by the board and signed on its behalf.



................................................
Mr R K Gore
Director

Date: 17 April 2025

Page 2

 
BIRCHESTER LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £427,090 (2023 - loss £537,733).

No dividends were paid in the current or previous year.

Directors

The directors who served during the year were:

Mr R K Gore 
Mrs E A Gore 

Matters covered in the Group Strategic Report

Details concerning principal activity, business review, principal risks and uncertainties (including financial instruments), future developments and financial key performance indicators (KPIs) are included in the Strategic Report.

Page 3

 
BIRCHESTER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mr R K Gore
Director

Date: 17 April 2025

1 The Forum
Minerva Business Park
Lynch Wood
Peterborough
PE2 6FT

Page 4

 
BIRCHESTER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIRCHESTER LIMITED
 

Opinion


We have audited the financial statements of Birchester Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 October 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 Auditor's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 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.


Page 5

 
BIRCHESTER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIRCHESTER LIMITED (CONTINUED)


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 ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept 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 Directors' Responsibilities Statement set out on page 3, 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 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.


Page 6

 
BIRCHESTER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIRCHESTER LIMITED (CONTINUED)


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 Group 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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management around actual and potential litigation and claims;
Enquiry of staff to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

 
BIRCHESTER LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIRCHESTER LIMITED (CONTINUED)


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 2006Our 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.





Ian Jacobs BA FCA (Senior Statutory Auditor)
For and on behalf of MHA, Statutory Auditor
Peterborough, United Kingdom

Date: 23 April 2025 
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
Page 8

 
BIRCHESTER LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
6,512,753
5,251,578

Cost of sales
  
(4,397,126)
(3,802,940)

Gross profit
  
2,115,627
1,448,638

Administrative expenses
  
(1,235,379)
(1,439,791)

Exceptional administrative expenses
  
-
(200,000)

Other operating income
 5 
36,465
34,685

Operating profit/(loss)
 6 
916,713
(156,468)

Interest receivable and similar income
 10 
49
-

Interest payable and similar expenses
 11 
(481,855)
(369,571)

Profit/(loss) before tax
  
434,907
(526,039)

Taxation
 12 
(7,817)
(11,694)

Profit/(loss) for the financial year
  
427,090
(537,733)

Profit/(loss) for the year attributable to:
  

Owners of the parent
  
427,090
(537,733)

  
427,090
(537,733)

There are no items of other comprehensive income for 2024 or 2023 other than the profit/(loss) for the yearAs a result, no separate Statement of Comprehensive Income has been presented.
All amounts relate to continuing activities. 

The notes on pages 16 to 34 form part of these financial statements.

Page 9

 
BIRCHESTER LIMITED
REGISTERED NUMBER: 02959920

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
8,901,497
9,071,415

Investment property
 16 
306,231
301,904

  
9,207,728
9,373,319

Current assets
  

Debtors: amounts falling due within one year
 17 
987,574
593,185

Cash at bank and in hand
 18 
649,687
339,005

  
1,637,261
932,190

Creditors: amounts falling due within one year
 19 
(8,543,233)
(8,428,644)

Net current liabilities
  
 
 
(6,905,972)
 
 
(7,496,454)

Total assets less current liabilities
  
2,301,756
1,876,865

Creditors: amounts falling due after more than one year
 20 
(7,887)
(18,213)

Provisions for liabilities
  

Deferred tax
 22 
(258,656)
(250,529)

Net assets
  
2,035,213
1,608,123


Capital and reserves
  

Called up share capital 
 23 
108,662
108,662

Share premium account
 24 
247,000
247,000

Profit and loss account
 24 
1,679,551
1,252,461

  
2,035,213
1,608,123


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R K Gore
Director

Date: 17 April 2025

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 
BIRCHESTER LIMITED
REGISTERED NUMBER: 02959920

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
505,000
505,000

Investments
 15 
2,355,835
2,355,835

  
2,860,835
2,860,835

Current assets
  

Debtors: amounts falling due within one year
 17 
1,212,583
1,119,703

Cash at bank and in hand
 18 
8,036
6,877

  
1,220,619
1,126,580

Creditors: amounts falling due within one year
 19 
(1,356,484)
(1,366,484)

Net current liabilities
  
 
 
(135,865)
 
 
(239,904)

Total assets less current liabilities
  
2,724,970
2,620,931

  

  

Net assets
  
2,724,970
2,620,931


Capital and reserves
  

Called up share capital 
 23 
108,662
108,662

Share premium account
 24 
27,000
27,000

Profit and loss account brought forward
  
2,485,269
2,431,213

Profit for the year
  
104,039
54,056

Profit and loss account carried forward
  
2,589,308
2,485,269

  
2,724,970
2,620,931


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R K Gore
Director

Date: 17 April 2025

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
BIRCHESTER LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 November 2022
108,662
247,000
1,790,194
2,145,856
2,145,856


Comprehensive income for the year

Loss for the year
-
-
(537,733)
(537,733)
(537,733)
Total comprehensive income for the year
-
-
(537,733)
(537,733)
(537,733)



At 1 November 2023
108,662
247,000
1,252,461
1,608,123
1,608,123


Comprehensive income for the year

Profit for the year
-
-
427,090
427,090
427,090
Total comprehensive income for the year
-
-
427,090
427,090
427,090


At 31 October 2024
108,662
247,000
1,679,551
2,035,213
2,035,213


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
BIRCHESTER LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 November 2022 (as previously stated)
108,662
27,000
2,378,661
2,514,323

Prior year adjustment - correction of error (see note 24)
-
-
52,552
52,552


At 1 November 2022 (as restated)
108,662
27,000
2,431,213
2,566,875


Comprehensive income for the year

Profit for the year
-
-
54,056
54,056
Total comprehensive income for the year
-
-
54,056
54,056



At 1 November 2023
108,662
27,000
2,485,269
2,620,931


Comprehensive income for the year

Profit for the year
-
-
104,039
104,039
Total comprehensive income for the year
-
-
104,039
104,039


At 31 October 2024
108,662
27,000
2,589,308
2,724,970


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 
BIRCHESTER LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
427,090
(537,733)

Adjustments for:

Depreciation of tangible assets
226,733
185,835

Interest paid
481,806
369,571

Taxation charge
7,817
11,694

Increase in debtors
(394,341)
(110,770)

Increase in creditors
259,538
632,848

Net cash generated from operating activities

1,008,643
551,445


Cash flows from investing activities

Purchase of tangible fixed assets
(89,803)
(40,572)

Sale of tangible fixed assets
32,988
-

Purchase of investment properties
(4,327)
-

Net cash from investing activities

(61,142)
(40,572)

Cash flows from financing activities

New secured loans
-
54,568

Repayment of loans
(155,013)
-

Interest paid
(481,806)
(369,571)

Net cash used in financing activities
(636,819)
(315,003)

Net increase in cash and cash equivalents
310,682
195,870

Cash and cash equivalents at beginning of year
339,005
143,135

Cash and cash equivalents at the end of year
649,687
339,005


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
649,687
339,005

649,687
339,005


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
BIRCHESTER LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024





At 1 November 2023
Cash flows
Other non-cash changes
At 31 October 2024
£

£

£

£

Cash at bank and in hand

339,005

310,682

-

649,687

Debt due after 1 year

(18,213)

-

10,326

(7,887)

Debt due within 1 year

(5,747,077)

155,013

(10,326)

(5,602,390)


(5,426,285)
465,695
-
(4,960,590)

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Birchester Limited (Group) and its subsidiaries are private companies limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information page and the nature of the Group and Company's operation and its principal activity are set out in the Strategic Report.
The functional and presentational currency of the group and company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

Page 16

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.3

Subsidiary Guarantee

The Company, Birchester Limited, with registered office 1 The Forum, Minerva Business Park, Lynch Wood, Peterborough, PE2 6FT, United Kingdom shall fully guarantee for all the liabilities of three subsidiary companies:
Birchester Developments Limited with registered office 1 The Forum, Minerva Business Park, Lynch Wood, Peterborough, PE2 6FT, United Kingdom, company number 02955468.
Birchester Care Holdings Limited with registered office Polebrook Nursing Home, Morgans Close, Polebrook, Peterborough, PE8 5LU, United Kingdom, company number 11343010.
Birchester Medicare Services Limited with registered office Polebrook Nursing Home, Morgans Close, Polebrook, Peterborough, PE8 5LU, United Kingdom, company number 14123869.
The subsidiaries Birchester Developments Limited, Birchester Care Holdings Limited and Birchester Medicare Services Limited are therefore exempt from audit obligations in accordance with section 479A of the Companies Act.

 
2.4

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 17

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight-line
Short-term leasehold property
-
10% straight-line
Fixtures and fittings
-
10% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 
Page 19

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 20

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.18

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 21

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgments, estimates and assumptions that affect the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. 
Critical judgements in applying the Group's accounting policies
There are no critical judgements (apart from those involving estimates and in particular those for depreciation and doubtful debt provisions) that the directors have made in the process of applying the Group's accounting policies that have had a significant effect on amounts recognised in the Financial Statements.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
- Determining residual values and useful economic lives of tangible fixed assets
The Group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on the historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technology innovation, product life cycle and maintenance programmes. 
Judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value, management aim to assess the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. 
- Recoverability of debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Management performs reviews to estimate the level of irrecoverable debt, and provisions are made specifically against invoices where recoverability is uncertain.
Management makes allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts when making a judgment to evaluate the adequacy of the provision for doubtful debts. Where the expectations are different from the original estimate, such differences will impact the carrying value of debtors and the charge in the profit and loss account.
 
Page 22

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.Judgments in applying accounting policies (continued)


- Impairment of investment property
Investment property is assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or cash-generating unit's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (being at the cash generating unit level). Investment property that has been previously impaired is reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.


4.


Turnover

The whole of the turnover is attributable to the one principal activity of the group.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
36,465
34,685



6.


Operating profit/(loss)

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

2024
2023
£
£

Impairment of trade receivables
12,803
7,007


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
37,000
34,410

Page 23

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,603,713
2,843,167

Social security costs
320,924
232,997

Cost of defined contribution scheme
56,516
50,377

3,981,153
3,126,541


The average monthly number of employees, including the directors, during the year was as follows:


       Group 2024
      Group 2023
            No.
            No.







Employees during the year
148
130

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration




During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
49
-

49
-

Page 24

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
467,514
368,732

Other loan interest payable
14,341
839

481,855
369,571


12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(310)
-


Total current tax
(310)
-

Deferred tax


Origination and reversal of timing differences
8,127
11,694

Total deferred tax
8,127
11,694


Taxation on profit on ordinary activities
7,817
11,694
Page 25

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
434,907
(526,039)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
108,727
(131,510)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12,693
71,816

Depreciation in excess of/(exceeded by) capital allowances
28,941
(16,114)

Utilisation of tax losses
(149,629)
-

Adjustments to tax charge in respect of prior periods
(310)
-

Adjustments in respect of previous periods
8,127
11,694

Unrelieved tax losses carried forward
433
60,961

Other differences leading to an (decrease)/increase in the tax charge
(1,165)
14,765

Group relief
-
82

Total tax charge for the year
7,817
11,694


13.


Exceptional items

2024
2023
£
£


Loan refinance costs
-
200,000

Page 26

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 November 2023
9,547,404
11,895
429,355
9,988,654


Additions
61,484
-
28,319
89,803


Disposals
(32,988)
-
-
(32,988)



At 31 October 2024

9,575,900
11,895
457,674
10,045,469



Depreciation


At 1 November 2023
707,024
7,239
202,976
917,239


Charge for the year on owned assets
181,420
1,190
44,123
226,733



At 31 October 2024

888,444
8,429
247,099
1,143,972



Net book value



At 31 October 2024
8,687,456
3,466
210,575
8,901,497



At 31 October 2023
8,840,380
4,656
226,379
9,071,415

Page 27

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           14.Tangible fixed assets (continued)


Company






Freehold property

£

Cost


At 1 November 2023
505,000



At 31 October 2024

505,000






Net book value



At 31 October 2024
505,000



At 31 October 2023
505,000






Page 28

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 November 2023
2,355,835



At 31 October 2024

2,355,835






Net book value



At 31 October 2024
2,355,835



At 31 October 2023
2,355,835


Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Birchester Care Holdings Limited
Polebrook Nursing Home Morgans Close, Polebrook, Peterborough, PE8 5LU
Residential care home
Ordinary
100%
Birchester Developments Limited
1 The Forum, Minerva Business Park, Lynch Wood, Peterborough, PE2 6FT
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 31 October 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Birchester Care Holdings Limited
(1,600,829)
(101,110)

Birchester Developments Limited
(115,353)
1,600

Page 29

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Birchester Care Limited
Polebrook Nursing Home Morgans Close, Polebrook, Peterborough, PE8 5LU
Residential care home
Ordinary
100%
Birchester Medicare Services Limited
Polebrook Nursing Home Morgans Close, Polebrook, Peterborough, PE8 5LU
Residential care home
Ordinary
100%

The aggregate of the share capital and reserves as at 31 October 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit
£
£

Birchester Care Limited
1,199,318
294,456

Birchester Medicare Services Limited
193,479
128,105


16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 November 2023
301,904


Additions at cost
4,327



At 31 October 2024
306,231

During the year the directors reconsidered the value of the investment property held and concluded that its likely market value has not moved significantly from its cost price / previous revaluations.

The 2024 valuations were made by the directors, on an open market value for existing use basis.






Page 30

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Debtors

Group

Group

Company

Company
As restated
2024
2023
2024
2023
£
£
£
£


Trade debtors
89,313
338,963
-
-

Amounts owed by group undertakings
-
-
991,645
998,145

Other debtors
716,311
157,593
-
-

Prepayments and accrued income
181,950
96,629
220,938
121,558

987,574
593,185
1,212,583
1,119,703


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
649,687
339,005
8,036
6,877



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
5,602,390
5,747,077
-
-

Trade creditors
215,722
326,837
6,216
6,216

Amounts owed to group undertakings
-
-
70,000
70,000

Other taxation and social security
977,604
515,240
-
-

Other creditors
1,566,953
1,518,348
1,270,268
1,280,268

Accruals and deferred income
180,564
321,142
10,000
10,000

8,543,233
8,428,644
1,356,484
1,366,484


Details of bank loans are given in note 21.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 31

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
7,887
18,213


Details of bank loans are given in note 21.




21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within 1 year

Bank loans
5,602,390
5,747,077

Amounts falling due 1-2 years

Bank loans
7,887
10,310

Amounts falling due 2-5 years

Bank loans
-
7,903


5,610,277
5,765,290


Included in bank loans is a loan of £18,132 of which £10,245 is due for payment within one year and £7,887 is due for payment in more than one year. The loan accrues interest at a fixed rate of 2.5%, is repayable by monthly installments and due for repayment in full in December 2028. The loan is secured against the assets of the group. 
Also included in bank loans is a loan of £5,592,145 which is due for payment within 1 year. The loan accrues interest on a monthly basis at 7.5%, is repayable by quarterly installments and is secured against the assets of the group. 

Page 32

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
250,529
238,835


Charged to the profit or loss
8,127
11,694



At end of year
258,656
250,529






The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
261,978
253,687

Short term timing differences
(3,322)
(3,158)

258,656
250,529


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



108,662 (2023 - 108,662) Ordinary shares of £1.00 each
108,662
108,662

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.


24.


Reserves

Share premium account

Represents the difference between the par value of shares issued and the subscription or issue price.

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid. 

Page 33

 
BIRCHESTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


Prior year adjustment

During the year it was identified that interest had not been recognised on preferences shares in prior periods. A correction has been put through the financial statements to restate prior year figures in order to account for the intra-group interest payable/receivable.
As a result of this restatement the Company profit for the year ended 31 October 2023 increased from a loss of £14,950 to a profit of £54,056. The impact to the company balance sheet was an additional debtor amount of £121,558 recognised in respect of accrued income and a restatement of bought forward reserves from £2,378,661 to £2,431,213.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. 
The pension cost charge represents contributions payable by the Group to the fund and amounted to £56,516 (2023: £50,377). 
Contributions totalling £35,436 (2022: £44,912) were payable to the fund at the Balance Sheet date and are included in other creditors falling due within one year.


27.


Related party transactions

Included in other creditors is a balance of £1,269,159 (2023: £1,279,159) due to a director. During the year £Nil (2023: £73,000) was introduced by the director and £10,000 (2023: £45,000) repaid. No interest has been charged on this balance.
The Group has taken advantage of the exemption contained in FRS 102 section 33.1A Related Party Disclosures, and has therefore not disclosed transactions or balances with wholly owned entities which form part of the Group.


28.


Controlling party

The Company was under the control of Mr R K Gore and Mrs E A Gore.
Post year end, control of Birchester Limited has passed to Irwin Gore Investments Ltd, which is under the control of Mr R K Gore and Mrs E A Gore.

 
Page 34