Company registration number 09427799 (England and Wales)
CROWN CARE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CROWN CARE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A S Ladhar
BK Ladhar
B Ladhar
M Ladhar
Company number
09427799
Registered office
Earl Grey Properties
2nd Floor
Adelphi Chambers
20 Shakespeare Street
Newcastle Upon Tyne
Tyne and Wear
NE1 6AQ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Solicitors
Sintons LLP
The Cube
Barrack Road
Newcastle upon Tyne
NE4 6DB
CROWN CARE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 26
CROWN CARE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Crown Care Holdings Limited is a family owned care home operator based in the North of England which specialises in the development and operation of high-quality luxury care homes. The group identifies and purchases plots of land in prime locations before commissioning its own professional team to develop homes to an extremely high standard which are then operated by the group.
The group aims to be the premier provider of care services in the regions it operates within.
Fair review of the business
Turnover increased from £56.2m to £69.2m as new care homes were brought into use and occupancy levels increased. Gross profits increased to £28.0m from £22.6m the previous year.
Reported profit before tax increased from £11.0m to £15.1m. Overall the group ended the year with net assets of £85.2m compared with £72.5m the year before.
Principal risks and uncertainties
The directors continually analyse the key risks to the business.
Reputational risk
The group aims to maintain its reputation as the premier provider of residential and nursing care (where applicable) in the areas it operates in.
The group ensures it follows all Care Quality Commission (CQC) regulations, including local authority and clinical commissioning group contractual requirements, with senior operations team members attending appropriate courses and conferences to make sure the group is always fully up to date with anticipated updates or changes.
Health and Safety
Maintaining the safety of staff, residents, visitors and any other outside professionals/contractors is critical to the group. The group has a dedicated Health and Safety Manager who overseas the monitoring and compliance of all Health and Safety issues. All group staff members are given the necessary training and equipment to ensure they carry out their duties accordingly to maintain and promote safety at all times.
Financial risk
Whist local authority fees have increased, they are under pressure and struggle to increase fees in line with rising costs.
The group is well-structured and positioned as it has a relatively low reliance on local authority funded placements.
The group has a robust and well organised procurement process for food, utilities and service contracts to ensure goods/services are provided at the best possible rates.
Key performance indicators
The table below sets out the key financial indicators of the group.
CROWN CARE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Promoting the success of the company
The directors have had regard of the matters set out in S172 (1) of the Companies Act 2006 when performing their duties under S172. The directors consider that they have acted in good faith in the way that would be most likely to promote the success of the company for the benefit of its members as a whole, while also considering the broad range of stakeholders who interact with and are impacted by our business, especially with regard to major decisions.
In doing the above the directors have taken into account the following: -
a) The likely consequences of any decision in the long term
The directors have set out a clear strategy for the business over the medium and long term for creating value and growth, what has been shared with staff and shareholders, the key pillars of which are set out below.
Humanity - being passionate about caring for people and organisations by creating an experience that is more human, with a personal connection; and
Technology - investing in new technologies, in order to better connect and make the experience smart, simple and efficient.
b) The interests of the company's employees through:
Regular leadership meetings, department meetings and conferences,
Active employee feedback through Q and A, and open culture and regular staff surveys: and
The provision of learning and development opportunities for staff including management training and mental health.
c) The need to foster the company's business relationships with suppliers, customers and others by ensuring all stakeholders are treated within the spirit and detail of the Crown Care ethics policies and the core values.
d) The impact of the company 's operations on the community and the environment including consideration of climate change through supporting appropriate energy saving opportunity scheme recommendations and a push to become as paperless as possible.
e) The desirability of the company maintaining a reputation for high standards of business conduct through the organisations values, culture and ethical standards, as set out in the company's business principles, which are published on its website. Our core values represent the foundation of our culture. They help us develop, grow and better serve our residents and other stakeholders.
f) The need to act fairly between members of the company through treating shareholders equitably.
Future prospects
The directors are pleased with the performance of the group for the year and expect continued growth in revenue and profitability for the coming year.
The group is committed to continue a programme of substantial investment in staff training and development in order to deliver the highest standard of care that is thoughtfully tailored to individual needs. The group is further committed to maintaining the quality of care as its key differentiator within environments which are both luxurious and homely.
CROWN CARE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
M Ladhar
Director
28 April 2025
CROWN CARE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company is that of a holding company.
The principal activity of the group was that of the development and management of care homes.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A S Ladhar
BK Ladhar
B Ladhar
M Ladhar
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Energy and carbon report
The gross greenhouse gas (GHG) emissions for Crown Care Holdings Limited. are 2,813 (period ended 2023: 2,361) tonnes of carbon dioxide equivalent (tCO2e) for the period 1 November 2023 to 31 October 2024.
The gross GHG emissions figure, reportable under SECR legislation, includes all material Scope 1, 2 plus Scope 3 required to disclosed by the legislation; that is the emissions associated with UK electricity and natural gas consumption, and business travel in company and private vehicles by employees. Scope 3 emissions resulting from transmission and distribution (T&D) losses in the electricity supply network are included voluntarily, in accordance with normal GHG reporting practice.
In accordance with the legislation an emissions intensity ratio has been calculated and for the company this is 40.63 (period ended 2023: 42.04) tCO2e per £m revenue.
The total energy consumption was 13.27m KWH (2023: 11.15m KWH).
CROWN CARE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
M Ladhar
Director
28 April 2025
CROWN CARE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROWN CARE HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of Crown Care Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 the parent company's affairs as at 31 October 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CROWN CARE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWN CARE HOLDINGS LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit be performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework, in which the company operates and how the company complies with that legal and regulatory framework
inquired with management and those charged with governance about their own identification and assessment of the risks of irregularities, including any know actual, suspected or alleged instances of fraud
discussed with management and those charged with governance any non-compliance with laws and regulations and how fraud might occur including assessments of how and where the financial statements may be susceptible to fraud.
The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
CROWN CARE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWN CARE HOLDINGS LIMITED
- 8 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Nicholas Cunningham MSc BSc ACCA
Senior Statutory Auditor
For and on behalf of
28 April 2025
Robson Laidler Accountants Limited
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
CROWN CARE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
69,248,796
56,157,346
Cost of sales
(41,202,878)
(33,577,513)
Gross profit
28,045,918
22,579,833
Administrative expenses
(8,826,986)
(7,728,093)
Other operating income
303,765
395,531
Operating profit
4
19,522,697
15,247,271
Interest receivable and similar income
7
217,505
Interest payable and similar expenses
8
(4,590,402)
(4,294,878)
Profit before taxation
15,149,800
10,952,393
Tax on profit
9
(2,435,810)
2,450,499
Profit for the financial year
21
12,713,990
13,402,892
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CROWN CARE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
135,389,519
119,804,382
Current assets
Debtors
14
13,920,813
14,004,533
Cash at bank and in hand
18,843,804
14,362,273
32,764,617
28,366,806
Creditors: amounts falling due within one year
15
(46,894,521)
(22,894,098)
Net current (liabilities)/assets
(14,129,904)
5,472,708
Total assets less current liabilities
121,259,615
125,277,090
Creditors: amounts falling due after more than one year
16
(34,022,314)
(51,343,855)
Provisions for liabilities
Deferred tax liability
18
2,020,744
1,430,668
(2,020,744)
(1,430,668)
Net assets
85,216,557
72,502,567
Capital and reserves
Called up share capital
20
12,600
12,600
Other reserves
21
13,131,454
13,131,454
Profit and loss reserves
21
72,072,503
59,358,513
Total equity
85,216,557
72,502,567
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
M Ladhar
Director
Company registration number 09427799 (England and Wales)
CROWN CARE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
12,611
12,611
Current assets
Debtors
14
39,056,240
33,283,231
Cash at bank and in hand
5,471,041
3,019,959
44,527,281
36,303,190
Creditors: amounts falling due within one year
15
(22,562,082)
(15,045,009)
Net current assets
21,965,199
21,258,181
Net assets
21,977,810
21,270,792
Capital and reserves
Called up share capital
20
12,600
12,600
Profit and loss reserves
21
21,965,210
21,258,192
Total equity
21,977,810
21,270,792
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £707,017 (2023 - £2,237,262 profit).
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
M Ladhar
Director
Company registration number 09427799 (England and Wales)
CROWN CARE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
12,600
13,131,454
45,955,621
59,099,675
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
13,402,892
13,402,892
Balance at 31 October 2023
12,600
13,131,454
59,358,513
72,502,567
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
12,713,990
12,713,990
Balance at 31 October 2024
12,600
13,131,454
72,072,503
85,216,557
CROWN CARE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
12,600
19,020,931
19,033,531
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
2,237,261
2,237,261
Balance at 31 October 2023
12,600
21,258,192
21,270,792
Year ended 31 October 2024:
Profit and total comprehensive income
-
707,018
707,018
Balance at 31 October 2024
12,600
21,965,210
21,977,810
CROWN CARE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
30,894,318
19,977,126
Interest paid
(4,590,402)
(4,294,878)
Income taxes paid
(2,057,875)
(3,711,575)
Net cash inflow from operating activities
24,246,041
11,970,673
Investing activities
Purchase of tangible fixed assets
(17,460,034)
(4,311,511)
Interest received
217,505
Net cash used in investing activities
(17,242,529)
(4,311,511)
Financing activities
Repayment of bank loans
(2,521,981)
(2,982,423)
Net cash used in financing activities
(2,521,981)
(2,982,423)
Net increase in cash and cash equivalents
4,481,531
4,676,739
Cash and cash equivalents at beginning of year
14,362,273
9,685,534
Cash and cash equivalents at end of year
18,843,804
14,362,273
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information
Crown Care Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/O Earl Grey Properties. 2nd Floor, Adelphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ.
The group consists of Crown Care Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Crown Care Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents charges receivable (exempt from value added tax) which are recognised either under the terms of the contract with local health authorities or under terms of short term letting agreements and is recognised on an accruals basis as those services are provided.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% straight line
Motor vehicles
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Freehold land and buildings are not depreciated as in the opinion of the directors the estimated residual value of the tangible fixed assets is not materially different from the carrying value of the asset, any depreciation thus calculated would be immaterial.
Properties in the course of construction are carried at cost, less any identified impairment loss. Cost includes professional fees and other directly attributable costs that are necessary to bring the property to its operating condition.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured as cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Operation of care homes
67,820,269
53,893,558
Property sales
1,428,527
2,263,788
69,248,796
56,157,346
2024
2023
£
£
Other revenue
Interest income
217,505
-
Grants received
20,189
40,042
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(20,189)
(40,042)
Depreciation of owned tangible fixed assets
932,050
843,605
Loss on disposal of tangible fixed assets
63,043
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,725
4,500
Audit of the financial statements of the company's subsidiaries
48,798
46,425
53,523
50,925
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and staff
1,416
1,128
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
32,334,406
24,290,029
Social security costs
2,350,434
1,652,146
-
-
Pension costs
431,033
312,490
35,115,873
26,254,665
The directors received no remuneration from the group in the current or prior year.
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
217,505
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
4,590,402
4,294,878
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,273,534
2,334,976
Adjustments in respect of prior periods
(22,754)
47,489
Total current tax
1,250,780
2,382,465
Deferred tax
Origination and reversal of timing differences
2,229,882
(191,143)
Changes in tax rates
(85,082)
Adjustment in respect of prior periods
(1,044,852)
(4,556,739)
Total deferred tax
1,185,030
(4,832,964)
Total tax charge/(credit)
2,435,810
(2,450,499)
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 20 -
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
15,149,800
10,952,393
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
3,787,450
2,464,288
Tax effect of expenses that are not deductible in determining taxable profit
376,687
306,945
Tax effect of income not taxable in determining taxable profit
(662,141)
(414,032)
Tax effect of utilisation of tax losses not previously recognised
212,985
Unutilised tax losses carried forward
(212,985)
Adjustments in respect of prior years
(1,067,604)
(4,509,247)
Effect of change in corporation tax rate
-
(81,804)
Group relief
117
Depreciation on assets not qualifying for tax allowances
(26,091)
Other permanent differences
1,418
(190,675)
Taxation charge/(credit)
2,435,810
(2,450,499)
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
11,977
Amortisation and impairment
At 1 November 2023 and 31 October 2024
11,977
Carrying amount
At 31 October 2024
At 31 October 2023
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
11
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
109,536,433
7,174,719
9,540,060
126,251,212
Additions
15,928,932
352,390
1,438,786
92,316
17,812,424
Disposals
(63,043)
(63,043)
Transfers
(1,232,194)
(1,232,194)
At 31 October 2024
125,402,322
6,294,915
10,978,846
92,316
142,768,399
Depreciation and impairment
At 1 November 2023
515,851
5,930,979
6,446,830
Depreciation charged in the year
929,311
2,739
932,050
At 31 October 2024
515,851
6,860,290
2,739
7,378,880
Carrying amount
At 31 October 2024
124,886,471
6,294,915
4,118,556
89,577
135,389,519
At 31 October 2023
109,020,582
7,174,719
3,609,081
119,804,382
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
12,611
12,611
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
12,611
Carrying amount
At 31 October 2024
12,611
At 31 October 2023
12,611
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
13
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Crown Care Developements II Limited
1
Ordinary
0
100.00
Crown Care X Limited
1
Ordinary
100.00
-
Crown Care Development IV Limited
1
Ordinary
100.00
-
Crown Care Development Limited
1
Ordinary
100.00
-
Crown Care Developments V Limited
1
Ordinary
100.00
-
Crown Care II LLP
1
Capital contribution
0.30
99.70
Crown Care IV Limited
1
Ordinary
100.00
-
Crown Care V Limited
1
Ordinary
100.00
-
Crown Care VI Limited
1
Ordinary
100.00
-
Crown Care VII Limited
1
Ordinary
100.00
-
Crown Care VIII Limited
1
Ordinary
100.00
-
Crown Care IX Limited
1
Ordinary
100.00
-
Crown Care XI Limited
1
Ordinary
100.00
-
Crown Care XII Limited
1
Ordinary
100.00
-
Crown Care XV Limited
1
Ordinary
100.00
-
Lansdowne 201 Limited
1
Ordinary
100.00
-
Crown Care XIV Limited
1
Ordinary
100.00
-
Maymask (247) Limited
1
Ordinary
100.00
-
Maymask (248) Limied
1
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
1
C/O Earl Grey Properties Ltd, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ
99.7% of the holding in Crown Care II LLP is held via Crown Care IV Limited.
The holding in Crown Care Developments II Limited is via the company's holding in Crown Care Developments Limited.
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,702,170
3,278,789
Corporation tax recoverable
419,258
Amounts owed by group undertakings
-
-
30,658,585
24,278,047
Other debtors
8,054,076
8,368,291
8,397,655
9,005,118
Prepayments and accrued income
452,406
469,598
12,627,910
12,116,678
39,056,240
33,283,165
Deferred tax asset (note 18)
1,292,903
1,887,855
66
13,920,813
14,004,533
39,056,240
33,283,231
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
26,311,943
11,512,383
Trade creditors
1,446,449
1,321,819
53
106
Amounts owed to group undertakings
12,747,736
12,729,473
Corporation tax payable
19,778
407,613
4,285
5,423
Other taxation and social security
607,713
573,160
-
-
Other creditors
16,226,086
7,158,668
9,810,008
2,310,007
Accruals and deferred income
2,282,552
1,920,455
46,894,521
22,894,098
22,562,082
15,045,009
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
34,022,314
51,343,855
Amounts included above which fall due after five years are as follows:
Payable by instalments
11,903,390
12,939,542
-
-
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
60,334,257
62,856,238
Payable within one year
26,311,943
11,512,383
Payable after one year
34,022,314
51,343,855
The group does not utilise overdraft facilities that are available to it. Borrowings are denominated and repaid in pounds sterling, have contractual interest rates that are either fixed or variable rates linked to SONIA and the Bank of England base rate and are not leveraged, and do not contain conditional returns or repayment provisions other than to protect the lender against credit deterioration or changes in relevant legislation or taxation.
The bank loans are secured on the assets of the group’s subsidiaries by fixed and floating charges.
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
2,020,744
1,430,668
1,292,903
1,887,855
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
-
66
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 November 2023
(457,187)
(66)
Charge to profit or loss
1,185,028
66
Liability at 31 October 2024
727,841
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
431,033
312,490
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,600
12,600
12,600
12,600
The company's ordinary shares have full voting rights of one vote per share, full dividend rights and the right to return of capital and share in surplus capital on winding up or other repayments of capital. The shares are not redeemable.
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
21
Reserves
Other reserves: merger reserve
The cumulative difference between the nominal value of share issues plus the fair value of other consideration given, and the nominal value of the shares received in exchange as part of acquisitions accounted for using the merger accounting method.
Profit and loss reserves
Cumulative profit and loss net of distributions to owners.
22
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Other related parties
5,810,000
2,310,000
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
8,397,655
8,397,118
Other information
No guarantees have been given or received.
The other related parties are all connected to the group by virtue of the Ladhar family. The directors of the group are also directors and shareholders of those entities.
The balances are unsecured, interest free and repayable on demand.
23
Controlling party
In the opinion of the directors of the company and group is controlled by the Ladhar family though no individual is available to control the company by virtue of their shareholding.
CROWN CARE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
12,713,990
13,402,892
Adjustments for:
Taxation charged/(credited)
2,435,810
(2,450,499)
Finance costs
4,590,402
4,294,878
Investment income
(217,505)
Loss on disposal of tangible fixed assets
63,043
-
Depreciation and impairment of tangible fixed assets
932,050
843,605
Movements in working capital:
Decrease in assets under construction
879,804
820,580
Increase in debtors
(91,974)
(412,271)
Increase in creditors
9,588,698
3,477,941
Cash generated from operations
30,894,318
19,977,126
25
Analysis of changes in net debt - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
14,362,273
4,481,531
18,843,804
Borrowings excluding overdrafts
(62,856,238)
2,521,981
(60,334,257)
(48,493,965)
7,003,512
(41,490,453)
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