| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| 2 Manor Square |
| Solihull |
| West Midlands |
| B91 3PX |
| 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 |
| 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 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 16 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 660,001 | 312,000 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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) Limited | 2020 |
| Homes of Excellence Limited | 2021 |
| Hawthorn Court Limited | 2022 |
| Ocean Living Property Limited | 2022 |
| Carmarthen Care Limited | 2024 |
| 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 |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 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 | - | - |
| Other debtors | 835,891 | 878,183 |
| Prepayments | 142,331 | 48,713 |
| 1,018,725 | 988,078 |
| 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 |
| Trade creditors | 64,688 | 71,521 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 297,107 | 83,935 |
| Social security & other taxes | 110,831 | 97,854 |
| Other creditors | 640,665 | 361,043 |
| 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 |
| 1,939,631 | 1,192,396 |
| 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 |
| Welsh Government loan >1 year | 6,800 | 11,600 | - | - |
| 7,305,541 | 5,087,561 |
| 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 |
| 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: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 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 |