IRIS Accounts Production v25.1.0.734 11438306 Board of Directors 31.8.24 1.9.23 31.8.24 31.8.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. a holding company true true false true true false false false true false Ordinary 0 Preference 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh114383062023-08-31114383062024-08-31114383062023-09-012024-08-31114383062022-08-31114383062022-09-012023-08-31114383062023-08-3111438306ns15:EnglandWales2023-09-012024-08-3111438306ns14:PoundSterling2023-09-012024-08-3111438306ns10:Director12023-09-012024-08-3111438306ns10:Consolidated2024-08-3111438306ns10:ConsolidatedGroupCompanyAccounts2023-09-012024-08-3111438306ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3111438306ns10:Consolidatedns10:MediumEntities2023-09-012024-08-3111438306ns10:Consolidatedns10:Audited2023-09-012024-08-3111438306ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3111438306ns10:Consolidated2023-09-012024-08-3111438306ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3111438306ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3111438306ns10:FullAccounts2023-09-012024-08-311143830612023-09-012024-08-3111438306ns10:OrdinaryShareClass12023-09-012024-08-3111438306ns10:OrdinaryShareClass22023-09-012024-08-3111438306ns10:Director22023-09-012024-08-3111438306ns10:RegisteredOffice2023-09-012024-08-3111438306ns10:Consolidated2022-09-012023-08-3111438306ns5:CurrentFinancialInstruments2024-08-3111438306ns5:CurrentFinancialInstruments2023-08-3111438306ns5:Non-currentFinancialInstruments2024-08-3111438306ns5:Non-currentFinancialInstruments2023-08-3111438306ns5:ShareCapital2024-08-3111438306ns5:ShareCapital2023-08-3111438306ns5:RetainedEarningsAccumulatedLosses2024-08-3111438306ns5:RetainedEarningsAccumulatedLosses2023-08-3111438306ns5:ShareCapital2022-08-3111438306ns5:RetainedEarningsAccumulatedLosses2022-08-3111438306ns5:ShareCapital2022-09-012023-08-3111438306ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3111438306ns5:ShareCapital2023-09-012024-08-3111438306ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3111438306ns5:NetGoodwill2023-09-012024-08-3111438306ns5:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3111438306ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-09-012024-08-3111438306ns5:PlantMachinery2023-09-012024-08-3111438306ns5:FurnitureFittings2023-09-012024-08-3111438306ns5:MotorVehicles2023-09-012024-08-3111438306ns5:ComputerEquipment2023-09-012024-08-3111438306ns5:ComputerEquipment2023-08-3111438306ns5:ComputerEquipment2024-08-3111438306ns5:ComputerEquipment2023-08-3111438306ns5:CostValuation2023-08-3111438306ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3111438306ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3111438306ns10:OrdinaryShareClass12024-08-3111438306ns10:OrdinaryShareClass22024-08-31
REGISTERED NUMBER: 11438306 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

MY CHOICE HEALTHCARE LIMITED

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


MY CHOICE HEALTHCARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: N J Askew
C P Sheppard





REGISTERED OFFICE: 5 The Quadrant
Coventry
United Kingdom
CV1 2EL





REGISTERED NUMBER: 11438306 (England and Wales)





AUDITORS: Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024


Who we are

My Choice Healthcare is a group which includes a range of social care companies which operate in South Wales and Staffordshire, providing a mix of nursing and residential care services designed to support Older People (including those living with dementia) and individuals with a Learning Disability and/or mental illness, to live full and valued lives. Delivering person centred care, we strive to maximise choice and control for all individuals that we support.

Mission

Our mission is to deliver individually tailored support, which makes a difference to the lives of those living within our care homes.

Our objectives are:

- To deliver truly person-centred care and support.
- To support people to live full and valued lives and to achieve their aspirations.
- To deliver-care and support of the highest standard, ensuring full regulatory requirements are met.
- To provide extensive training and development for staff, so as to enable them to deliver exemplary care.
- To support residents in a way which promotes their dignity, affords them respect and enables them to exercise choice and control over their care, in so far as their ability allows.
- To provide safe, welcoming and nurturing environments within all of our Homes.

REVIEW OF BUSINESS
The directors consider that the Key Performance Indicators include:

- Annual Turnover
- Staffing costs (and their percentage of the Turnover)
- Home occupancy %
- Profit before tax

The consolidated statement of income and retained earnings shows the group achieved a turnover of £8,271,934 (2023: £5,585,200). The increase in turnover is as a result of our acquisitions (of new homes) in the year; Towy Castle and Alexandra House. The profit before taxation is £2,151,895 (2023: £739,124). Staffing costs increased as a result of the acquisitions as well as the increased National (and Real) Living Wage. Shareholder funds increased by £3,199,137 (2023: £823,030).

PRINCIPAL RISKS AND UNCERTAINTIES
The directors believe that the group, despite the challenges presented by the wider economic climate, will continue to provide its residents with a high level of care and competitive, cost-effective services throughout the coming year. By maintaining and further enhancing the standard of the homes, along with providing first class care, the business will continue to attract new residents and sustain high levels of occupancy and resident satisfaction.

ON BEHALF OF THE BOARD:





N J Askew - Director


9 May 2025

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024


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

DIVIDENDS
During the year, interim dividends of £60,000 were paid on the Ordinary shares and £312,779 on preference shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

N J Askew
C P Sheppard

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





N J Askew - Director


9 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MY CHOICE HEALTHCARE LIMITED


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

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

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MY CHOICE HEALTHCARE LIMITED


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

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

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

Our approach was as follows:

- We assessed the risks of material misstatement in respect of fraud by making enquiries to management during the audit.

- Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified below:

- We corroborated our enquiries through review of documentation from external inspection.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the period into our audit approach.


We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant is that which relates to The Health and Safety at Work Act 1974 and as compliance is fundamental to the operating aspects of the company to continue its business, or to avoid material penalties.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MY CHOICE HEALTHCARE LIMITED


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




Peter Georgiades BA FCA (Senior Statutory Auditor)
for and on behalf of Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

9 May 2025

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £    £   

TURNOVER 8,271,934 5,585,200

Cost of sales 312,171 200,881
GROSS PROFIT 7,959,763 5,384,319

Distribution costs 1,000 1,000
Administrative expenses 6,560,852 4,485,218
6,561,852 4,486,218
1,397,911 898,101

Other operating income 1,691,622 431,755
OPERATING PROFIT 4 3,089,533 1,329,856

Profit/loss - Sale of tangible fixed assets 5 1,447 -
3,090,980 1,329,856

Interest receivable and similar income 1,041 263
3,092,021 1,330,119

Interest payable and similar expenses 6 940,126 590,995
PROFIT BEFORE TAXATION 2,151,895 739,124

Tax on profit 7 750,977 145,658
PROFIT FOR THE FINANCIAL YEAR 1,400,918 593,466
Profit attributable to:
Owners of the parent 1,400,918 593,466

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,400,918 593,466


OTHER COMPREHENSIVE INCOME
Revaluation of Subsidiary - (312,164 )
Revaluation of Freehold Property 1,676,913 312,164
Included in Other Operating Income (1,676,913 ) -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,400,918
Prior year adjustment (16,121 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

577,345

Total comprehensive income attributable to:
Owners of the parent 1,400,918 577,345

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

CONSOLIDATED BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 2,141,677 836,415
Tangible assets 11 15,370,481 10,005,615
Investments 12 - -
17,512,158 10,842,030

CURRENT ASSETS
Stocks 13 18,312 3,578
Debtors 14 1,018,725 988,078
Cash at bank and in hand 142,227 59,050
1,179,264 1,050,706
CREDITORS
Amounts falling due within one year 15 1,939,631 1,192,396
NET CURRENT LIABILITIES (760,367 ) (141,690 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,751,791

10,700,340

CREDITORS
Amounts falling due after more than one year 16 (7,305,541 ) (5,087,561 )

PROVISIONS FOR LIABILITIES 19 (1,512,619 ) (878,287 )
NET ASSETS 7,933,631 4,734,492

CAPITAL AND RESERVES
Called up share capital 20 4,091,100 1,920,100
Retained earnings 21 3,842,531 2,814,392
SHAREHOLDERS' FUNDS 7,933,631 4,734,492

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:





N J Askew - Director


MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

COMPANY BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,723 1,569
Investments 12 150 150
2,873 1,719

CURRENT ASSETS
Debtors 14 5,660,140 2,718,405
Cash at bank 50,770 46,385
5,710,910 2,764,790
CREDITORS
Amounts falling due within one year 15 1,093,345 784,510
NET CURRENT ASSETS 4,617,565 1,980,280
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,620,438

1,981,999

CREDITORS
Amounts falling due after more than one year 16 154,040 33,823
NET ASSETS 4,466,398 1,948,176

CAPITAL AND RESERVES
Called up share capital 20 4,091,100 1,920,100
Retained earnings 375,298 28,076
SHAREHOLDERS' FUNDS 4,466,398 1,948,176

Company's profit for the financial year 660,001 312,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:





N J Askew - Director


MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 1,340,100 2,587,483 3,927,583
Prior year adjustment - (16,121 ) (16,121 )
As restated 1,340,100 2,571,362 3,911,462

Changes in equity
Issue of share capital 580,000 - 580,000
Dividends - (350,436 ) (350,436 )
Total comprehensive income - 593,466 593,466
Balance at 31 August 2023 1,920,100 2,814,392 4,734,492

Changes in equity
Issue of share capital 2,171,000 - 2,171,000
Dividends - (372,779 ) (372,779 )
Total comprehensive income - 1,400,918 1,400,918
Balance at 31 August 2024 4,091,100 3,842,531 7,933,631

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 1,340,100 1,512 1,341,612

Changes in equity
Issue of share capital 580,000 - 580,000
Dividends - (285,436 ) (285,436 )
Total comprehensive income - 312,000 312,000
Balance at 31 August 2023 1,920,100 28,076 1,948,176

Changes in equity
Issue of share capital 2,171,000 - 2,171,000
Dividends - (312,779 ) (312,779 )
Total comprehensive income - 660,001 660,001
Balance at 31 August 2024 4,091,100 375,298 4,466,398

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,793,086 693,824
Interest paid (940,126 ) (590,995 )
Tax paid 96,526 (238,404 )
Net cash from operating activities 949,486 (135,575 )

Cash flows from investing activities
Purchase of intangible fixed assets (1,392,902 ) (20,000 )
Purchase of tangible fixed assets (3,721,576 ) (639,155 )
Sale of tangible fixed assets - 2,048
Negative goodwill released (14,709 ) (14,709 )
Reduction in value of goodwill - 21,609
Interest received 1,041 263
Net cash from investing activities (5,128,146 ) (649,944 )

Cash flows from financing activities
New loans in year 2,413,616 12,111
Amount introduced by directors 50,000 13,050
Share issue 2,171,000 580,000
Equity dividends paid (372,779 ) (350,436 )
Net cash from financing activities 4,261,837 254,725

Increase/(decrease) in cash and cash equivalents 83,177 (530,794 )
Cash and cash equivalents at beginning of
year

2

59,050

589,844

Cash and cash equivalents at end of year 2 142,227 59,050

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024


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

2024 2023
£    £   
Profit before taxation 2,151,895 739,124
Depreciation charges 135,973 57,796
Profit on disposal of fixed assets - (1,218 )
Gain on revaluation of fixed assets (1,676,913 ) (416,218 )
Finance costs 940,126 590,995
Finance income (1,041 ) (263 )
1,550,040 970,216
Increase in stocks (14,734 ) -
Increase in trade and other debtors (30,647 ) (404,473 )
Increase in trade and other creditors 288,427 128,081
Cash generated from operations 1,793,086 693,824

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31/8/24 1/9/23
£    £   
Cash and cash equivalents 142,227 59,050
Year ended 31 August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 59,050 589,844


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/9/23 Cash flow At 31/8/24
£    £    £   
Net cash
Cash at bank and in hand 59,050 83,177 142,227
59,050 83,177 142,227
Debt
Debts falling due within 1 year (480,722 ) (190,836 ) (671,558 )
Debts falling due after 1 year (5,075,961 ) (2,222,780 ) (7,298,741 )
(5,556,683 ) (2,413,616 ) (7,970,299 )
Total (5,497,633 ) (2,330,439 ) (7,828,072 )

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all years unless otherwise stated.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings. A subsidiary is an entity controlled by its parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the Company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable.

Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.

In the parent financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost les any accumulated impairment losses. In the parent financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

Business combinations are accounted for using the purchase method at the acquisition date, which is the date on which control is transferred to the entity. At the acquisition date the group recognises goodwill at the acquisition date as the fair value of the equity instruments issued; plus directly attributable transaction costs; less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities and contingent liabilities assumed.

When the excess is negative, this is recognised and separately disclosed on the face of the balance sheet as negative goodwill.

Consideration which is contingent on future events is recognised based on the estimated amount if the contingent consideration is probable and can be measured reliably. Any subsequent changes to the amount are treated as an adjustment to the cost of the adjustment.

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

Turnover is recognised in the profit and loss account when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy. This is the point at which the service is delivered.

Turnover for the year consists of income form customers for the provision of care and support services.

Goodwill
Goodwill, being the amount paid in connection with the acquisitions of the following businesses, is being amortised evenly over its estimated useful life of thirty five years;

Moorlands Rehabilitation (Staffordshire) Limited2020
Homes of Excellence Limited2021
Hawthorn Court Limited2022
Ocean Living Property Limited2022
Carmarthen Care Limited2024


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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not depreciated
Plant and machinery - 25% Straight line, 20% on reducing balance and 15% per annum of cost
Fixtures and fittings - 20% on reducing balance, 15% per annum of cost and 10% per annum of cost
Motor vehicles - 25% Straight line, 25% reducing balance and 20% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first in, first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

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

Current or deferred taxation assets and liabilities are not discounted.

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


MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial position of the group continues to be encouraging and cash flows are as expected. The capital structure of the group has remained stable for a considerable period and financial risk management processes are in place to maintain group's liquidity and solvency position.

Having taken into account the risk and uncertainties, the performance of the business and after making enquiries, the directors have reasonable expectation that the group has adequate resources to continue in operational existence for at least 12 months after the date of the financial statements are signed. Accordingly, they continue to adopt the going concern basis for the preparation of financial statements.

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Impairment excluding investment properties and deferred tax
Financial assets (including trade and other debtors)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Non-financial assets
The carrying amounts of the entity's non-financial assets, other than investment property, stocks and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating" unit). The goodwill acquired in a business combination, for the purpose of impairment testing is allocated to cash-generating units, or ("CGU") that are expected to benefit from the synergies of the combination. For the purpose of goodwill impairment testing, if goodwill cannot be allocated to individual CGUs or groups of CGUs on a non-arbitrary basis, the impairment of goodwill is determined using the recoverable amount of the acquired entity in its entirety, or if it has been integrated then the entire group of entities into which it has been integrated.

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.

An impairment loss recognised for goodwill is not reversed. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Basic financial instruments
Trade and other debtors/creditors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Investments in preference and ordinary shares
Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognition in profit or loss. Other investments are measured at cost less impairment in profit or loss.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,411,302 3,005,278
Social security costs 247,702 200,441
Other pension costs 71,700 42,132
4,730,704 3,247,851

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

Directors 2 2
Management 7 4
Care staff 241 173
250 179

2024 2023
£    £   
Directors' remuneration 30,000 30,000

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 23,308 14,997
Depreciation - owned assets 33,623 16,270
Profit on disposal of fixed assets - (1,218 )
Goodwill amortisation 102,349 41,526
Auditors' remuneration 12,000 -
Formation costs 222 -

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit/loss - Sale of tangible fixed assets 1,447 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 743,013 494,753
Refinancing costs 25,600 27,885
Other loan interest 171,513 68,357
940,126 590,995

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 136,307 78,099
Under/(over) provision in prior years 7,521 4
Total current tax 143,828 78,103

Deferred tax 607,149 67,555
Tax on profit 750,977 145,658

UK corporation tax was charged at 25 %) in 2023.

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,151,895 739,124
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 21.515 %)

537,974

159,023

Effects of:
Expenses not deductible for tax purposes 23,314 6,192
Income not taxable for tax purposes (419,229 ) (89,550 )
Capital allowances in excess of depreciation (5,752 ) (1,144 )
Adjustments to tax charge in respect of previous periods 7,521 3,582
Deferred tax assets; Origination and reversal of timing differences 607,149 67,555
Total tax charge 750,977 145,658

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of Subsidiary
Revaluation of Freehold Property 1,676,913 - 1,676,913
Included in Other Operating Income (1,676,913 ) - (1,676,913 )
- - -

2023
Gross Tax Net
£    £    £   
Revaluation of Subsidiary (312,164 ) - (312,164 )
Revaluation of Freehold Property 312,164 - 312,164
- - -

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS

The total distribution of dividends for the year ended 31 August 2024 will be £372,779.

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST OR VALUATION
At 1 September 2023 995,192
Additions 1,392,902
At 31 August 2024 2,388,094
AMORTISATION
At 1 September 2023 158,777
Amortisation for year 102,349
Charge written back (14,709 )
At 31 August 2024 246,417
NET BOOK VALUE
At 31 August 2024 2,141,677
At 31 August 2023 836,415

Goodwill relates to the acquisition of four subsidiaries being;

Moorlands Rehabilitation (Staffordshire) Limited 20 December 2019
Homes of Excellence Limited 19 March 2021
Hawthorn Court Care Limited 22 July 2022
Ocean Living Property LImited 22 July 2022
Carmarthen Care Limited 2 January 2024

Goodwill reflects the difference in the purchase price paid and the value of the companies on the above completion dates. Goodwill has not been revalued since acquisition.

During the prior year there was an adjustment to reduce goodwill to correctly reclassify Victoria House and Luk Ros properties to Freehold Property. Prior to this they were included in the goodwill value of Homes of Excellence Limited.

Cost or valuation at 31 August 2024 is represented by:

Goodwill
£   
Valuation in 2021 1,381,842
Valuation in 2022 292,077
Valuation in 2023 (678,727 )
Valuation in 2024 1,392,902
2,388,094

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 September 2023 9,956,389 3,802 79,592
Additions 3,525,288 131,813 54,027
Revaluations 1,676,913 - -
At 31 August 2024 15,158,590 135,615 133,619
DEPRECIATION
At 1 September 2023 - 1,904 37,466
Charge for year - 14,311 15,334
At 31 August 2024 - 16,215 52,800
NET BOOK VALUE
At 31 August 2024 15,158,590 119,400 80,819
At 31 August 2023 9,956,389 1,898 42,126

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 September 2023 4,961 3,871 10,048,615
Additions 2,440 8,008 3,721,576
Revaluations - - 1,676,913
At 31 August 2024 7,401 11,879 15,447,104
DEPRECIATION
At 1 September 2023 2,212 1,418 43,000
Charge for year 1,109 2,869 33,623
At 31 August 2024 3,321 4,287 76,623
NET BOOK VALUE
At 31 August 2024 4,080 7,592 15,370,481
At 31 August 2023 2,749 2,453 10,005,615

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 August 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2021 2,633,681 3,802 42,276
Valuation in 2022 5,704,568 - 29,731
Valuation in 2023 1,618,140 - 7,585
Valuation in 2024 5,202,201 131,813 54,027
15,158,590 135,615 133,619

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2021 2,291 - 2,682,050
Valuation in 2022 - 1,708 5,736,007
Valuation in 2023 2,670 2,163 1,630,558
Valuation in 2024 2,440 8,008 5,398,489
7,401 11,879 15,447,104

Valuations of the care homes were carried out by Lambert Smith Hampton (a RICS Registered Valuer) in July 2024. Included in Freehold Property are the following values;

Harewood Park £4,825,000
Springfield House £1,100,000
LukRos £517,000
Victoria House £583,000
Hawthorn Court £1,460,000
Ocean Living £1,000,000
Glyncornel Nursing Home £800,000
Towy Castle £3,600,000
Alexandra House £1,150,000
£15,075,000

The directors feel it appropriate to use these values at the year end as they consider this fairly reflects conditions at that date.
The value of Harewood Park has been included at £4,848,870 due to some additional expenditure on Living Pods being installed in the grounds of the home which were not considered in the valuation.
The value of Alexandra House has been included at £1,209,626 which includes the value above and the costs of acquisition which were incurred in July 2024.

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


11. TANGIBLE FIXED ASSETS - continued

Company
Computer
equipment
£   
COST
At 1 September 2023 2,851
Additions 2,443
At 31 August 2024 5,294
DEPRECIATION
At 1 September 2023 1,282
Charge for year 1,289
At 31 August 2024 2,571
NET BOOK VALUE
At 31 August 2024 2,723
At 31 August 2023 1,569

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 150
NET BOOK VALUE
At 31 August 2024 150
At 31 August 2023 150

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

My Choice Healthcare England Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 75.00
2024 2023
£    £   
Aggregate capital and reserves 76,767 6,767
Profit for the year 400,000 200,000

My Choice Healthcare South Wales Limited
Registered office: Springfield House, Gwerthonor Road, Gilfach, Bargoed, Caerphilly, Mid-Glamorgan, CF81 8JR
Nature of business: Holding company
%
Class of shares: holding
Ordinary 75.00
2024 2023
£    £   
Aggregate capital and reserves 90,100 100
Profit for the year 480,000 177,000

Glyncornel Property Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 133,021 (755 )
Profit for the year 178,368 -

Hawthorn Court Property Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100
Profit for the year 100,000 -

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


12. FIXED ASSET INVESTMENTS - continued

My Choice Healthcare Four Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100
Profit for the year - 17,000

Luk Ros Property Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100
Profit for the year 50,000 30,000

Glyncornel Care Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Trading company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (330,710 ) (72,336 )
Loss for the year (258,374 ) (72,436 )

Hawthorn Court Care Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Trading company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,144,743 1,754,609
Profit/(loss) for the year 624,089 (114,881 )

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


12. FIXED ASSET INVESTMENTS - continued

Ocean Living Property Ltd
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (856,105 ) 204,066
(Loss)/profit for the year (1,056,674 ) 17,185

Victoria House Care Property Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 134,048 100
Profit for the year 178,597 -

Homes of Excellence Ltd
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Trading company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 121,469 (52,085 )
Profit for the year 262,434 31,031

Springfield (Bargoed) Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Trading company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 380,232 281,198
Profit for the year 314,900 143,142

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


12. FIXED ASSET INVESTMENTS - continued

Moorlands Rehabilitation (Staffordshire) Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Trading company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 5,772,767 5,767,450
Profit for the year 408,697 777,376

Towy Castle Property Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 100
Profit for the year 190,000

Carmarthen Care Limited
Registered office: 5 The Quadrant, Coventry, CV1 2EL
Nature of business: Trading company
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 3,538,833
Profit for the year 1,997,166

The individual accounts of My Choice Healthcare England Limited, My Choice Healthcare South Wales Limited, Glyncornel Property Limited, Hawthorn Court Property Limited, My Choice Healthcare (Four) Limited, Luk Ros Property Limited, Glyncornel Care Limited, Hawthorn Court Care Limited, Ocean Living Property Limited, Victoria House Care Property Limited, Homes of Excellence Limited, Springfield (Bargoed) Limited, Moorlands Rehabilitation (Staffordshire) Limited, My Choice Healthcare (Two) Limited, Springfield Property Lettings Limited, Moorlands Property Limited, Towy Castle Property Limited, Carmarthen Care Limited and Alexandra House Property Limited for the period ended 31st August 2024 are exempt from audit by virtue of section 479a Companies Act 2006.


MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


12. FIXED ASSET INVESTMENTS - continued


Non trading subsidiaries;
2024 2023
£    £
My Choice Healthcare Two Limited
5 The Quadrant, Coventry, CV1 2EL
Aggregate capital and reserves (562 ) (562 )
Profit in year 0 132

Springfield Property Lettings Limited
5 The Quadrant, Coventry, CV1 2EL
Aggregate capital and reserves (786 ) (786 )
Profit in year 0 (886 )

Moorlands Property Limited
5 The Quadrant, Coventry, CV1 2EL
Aggregate capital and reserves (786 ) (786 )
Profit in year 0 (886 )

Alexandra House Property Limited
5 The Quadrant, Coventry, CV1 2EL
Aggregate capital and reserves 100 -
Profit in year 0 -


13. STOCKS

Group
2024 2023
£    £   
Stocks 18,312 3,578

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 40,503 61,182 - -
Amounts owed by group undertakings - - 4,950,147 2,056,077
Other debtors 835,891 878,183 629,193 662,328
Prepayments 142,331 48,713 80,800 -
1,018,725 988,078 5,660,140 2,718,405

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 671,558 480,722 88,870 5,882
Trade creditors 64,688 71,521 11,782 11,851
Amounts owed to group undertakings - - 860,796 706,480
Corporation tax 297,107 83,935 - -
Social security & other taxes 110,831 97,854 35,857 19,126
Other creditors 640,665 361,043 10,000 35,142
Welsh Government Loan <1 year 4,800 39,501 - -
Pension creditor 956 8,742 820 809
Wages account (15,504 ) - - -
Directors' current accounts 50,000 - 50,000 -
Accruals and deferred income 114,530 49,078 35,220 5,220
1,939,631 1,192,396 1,093,345 784,510

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 7,298,741 5,075,961 154,040 33,823
Welsh Government loan >1 year 6,800 11,600 - -
7,305,541 5,087,561 154,040 33,823

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans due < 1 year 671,558 480,722 88,870 5,882
Amounts falling due between one and two years:
Bank loans due > 1 year 7,298,741 5,075,961 154,040 33,823

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 7,970,299 5,556,683

OakNorth Bank Plc hold a fixed and floating charge over the assets of the group.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 1,512,619 878,287

Group
Deferred
tax
£   
Balance at 1 September 2023 878,287
Provided during year (86,466 )
Carmarthen Care Limited on acq 27,183
Deferred tax on revaluations 693,615
Balance at 31 August 2024 1,512,619

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100
1,920,000 Preference 1 4,091,000 1,920,000
4,091,100 1,920,100

MY CHOICE HEALTHCARE LIMITED (REGISTERED NUMBER: 11438306)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


21. RESERVES

Group
Retained
earnings
£   

At 1 September 2023 2,814,392
Profit for the year 1,400,918
Dividends (372,779 )
At 31 August 2024 3,842,531