Company registration number 10614302 (England and Wales)
CROWN CARE VII LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CROWN CARE VII LIMITED
COMPANY INFORMATION
Director
M Ladhar
Company number
10614302
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
CROWN CARE VII LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
CROWN CARE VII LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The director presents the strategic report for the year ended 31 October 2024.
Crown Care VII 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 company currently operates a mature, luxury care home in the North of England.
The Crown Care Holdings Group of which the company is a member aims to be the premier provider of care services in the regions it operates in.
Fair review of the business
For the year ended 31 October 2024, turnover was £2,548,143, an increase of 3% on the previous trading year.
Staffing costs for care home staff totaled £1,281,213, up from £1,125,450 in 2023. The company is committed to developing and retaining its highly skilled staffing group and aims to reward employees appropriately through its annual pay increases.
Gross profit decreased slightly to £1,112,810 from £1,148,278 in 2023. As at 31 October 2024, the company had net current liabilities of £1,980,184 (2023: net current assets of £1,146,518), net assets of £3,383,961 (2023: £2,923,792) and cash balances of £637,105 (2023: £1,464,313).
Principal risks and uncertainties
The directors continually analyse the key risks to the business.
Reputational risk
The company aims to maintain its reputation as the premier provider of residential and nursing care (where applicable) in the areas it operates in.
The company 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 company 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 company. The company has a dedicated Health and Safety Manager who overseas the monitoring and compliance of all Health and Safety issues. All company 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 company is well-structured and positioned as it has a relatively low reliance on local authority funded placements.
The company 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 company.
CROWN CARE VII LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
The company continues to achieve strong turnover and maintained gross profit levels.
Future prospects
The director is pleased with the performance of the company for the year ended 31 October 2024 and expects continued growth in revenue and profitability in the coming year.
The company is committed to continue a programme of substantial investment in staff training and development to deliver the highest standard of care that is thoughtfully tailored to individual needs. The company is further committed to maintaining the quality of care as its key differentiator within environments which are both luxurious and homely.
M Ladhar
Director
28 April 2025
CROWN CARE VII LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
The director presents his annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of a care home operator.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M Ladhar
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the 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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
CROWN CARE VII LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
On behalf of the board
M Ladhar
Director
28 April 2025
CROWN CARE VII LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROWN CARE VII LIMITED
- 5 -
Opinion
We have audited the financial statements of Crown Care VII Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 October 2024 and of its 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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
CROWN CARE VII LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROWN CARE VII LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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 VII LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROWN CARE VII LIMITED (CONTINUED)
- 7 -
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 Robson Laidler Accountants Limited
28 April 2025
Accountants
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
CROWN CARE VII LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
2,548,143
2,463,081
Cost of sales
(1,435,333)
(1,314,803)
Gross profit
1,112,810
1,148,278
Administrative expenses
(313,624)
(345,214)
Other operating income
350
2,100
Operating profit
5
799,536
805,164
Interest receivable and similar income
6
3,041
Interest payable and similar expenses
7
(281,315)
(260,487)
Profit before taxation
521,262
544,677
Tax on profit
8
(61,093)
121,721
Profit for the financial year
460,169
666,398
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CROWN CARE VII LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,371,202
5,339,774
Current assets
Debtors
11
1,551,871
292,451
Cash at bank and in hand
637,105
1,464,313
2,188,976
1,756,764
Creditors: amounts falling due within one year
12
(4,169,160)
(610,246)
Net current (liabilities)/assets
(1,980,184)
1,146,518
Total assets less current liabilities
3,391,018
6,486,292
Creditors: amounts falling due after more than one year
13
(3,562,500)
Provisions for liabilities
Deferred tax liability
15
7,057
(7,057)
-
Net assets
3,383,961
2,923,792
Capital and reserves
Called up share capital
16
1
1
Profit and loss reserves
3,383,960
2,923,791
Total equity
3,383,961
2,923,792
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 28 April 2025
M Ladhar
Director
Company registration number 10614302 (England and Wales)
CROWN CARE VII LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
1
2,745,893
2,745,894
Year ended 31 October 2023:
Profit and total comprehensive income
-
666,398
666,398
Dividends
9
-
(488,500)
(488,500)
Balance at 31 October 2023
1
2,923,791
2,923,792
Year ended 31 October 2024:
Profit and total comprehensive income
-
460,169
460,169
Balance at 31 October 2024
1
3,383,960
3,383,961
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
1
Accounting policies
Company information
Crown Care VII Limited is a private company limited by shares incorporated in England and Wales. The registered office is Earl Grey Properties, 2nd Floor, Adelphi Chambers, 20 Shakespeare Street, Newcastle Upon Tyne, Tyne and Wear, NE1 6AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This 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:
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.
The financial statements of the company are consolidated in the financial statements of Crown Care Holdings Limited. These consolidated financial statements are available from its registered office, C/O Earl Grey Properties, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents care charges receivable (exempt of value added tax) which are recognised either under the terms of 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.
1.4
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.
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Fixtures and fittings
15% straight line
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 this calculated would be immaterial. The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 company’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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
1.10
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 company’s accounting policies, the director is 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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Operation of care homes
2,548,143
2,463,081
2024
2023
£
£
Other revenue
Interest income
3,041
-
Grants received
350
2,100
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Care home staff
56
56
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Employees
(Continued)
- 14 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,166,596
1,031,241
Social security costs
96,399
80,002
Pension costs
18,218
14,207
1,281,213
1,125,450
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(350)
(2,100)
Depreciation of owned tangible fixed assets
29,751
65,478
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,041
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
281,315
260,487
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
51,625
116,521
Adjustments in respect of prior periods
(1,851)
6,958
Total current tax
49,774
123,479
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
8
Taxation
2024
2023
£
£
(Continued)
- 15 -
Deferred tax
Origination and reversal of timing differences
10,949
(10,665)
Changes in tax rates
(1,176)
Adjustment in respect of prior periods
370
(233,359)
Total deferred tax
11,319
(245,200)
Total tax charge/(credit)
61,093
(121,721)
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
521,262
544,677
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
130,316
122,552
Tax effect of income not taxable in determining taxable profit
(55)
Adjustments in respect of prior years
(1,481)
(226,401)
Effect of change in corporation tax rate
(1,176)
Group relief
(51,625)
Permanent capital allowances in excess of depreciation
(16,252)
Other non-reversing timing differences
(16,641)
Other permanent differences
135
Taxation charge/(credit) for the year
61,093
(121,721)
9
Dividends
2024
2023
£
£
Interim paid
488,500
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
10
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2023
5,282,453
438,684
5,721,137
Additions
61,179
61,179
At 31 October 2024
5,282,453
499,863
5,782,316
Depreciation and impairment
At 1 November 2023
381,363
381,363
Depreciation charged in the year
29,751
29,751
At 31 October 2024
411,114
411,114
Carrying amount
At 31 October 2024
5,282,453
88,749
5,371,202
At 31 October 2023
5,282,453
57,321
5,339,774
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
164,275
271,439
Corporation tax recoverable
23,375
3,202
Amounts owed by group undertakings
1,350,000
Prepayments and accrued income
14,221
13,548
1,551,871
288,189
Deferred tax asset (note 15)
4,262
1,551,871
292,451
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
14
3,750,000
250,000
Trade creditors
53,334
13,695
Taxation and social security
19,102
17,547
Other creditors
231,424
260,059
Accruals and deferred income
115,300
68,945
4,169,160
610,246
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
3,562,500
14
Loans and overdrafts
2024
2023
£
£
Bank loans
3,750,000
3,812,500
Payable within one year
3,750,000
250,000
Payable after one year
3,562,500
The bank loans are secured by first legal charges over the company's property and by a fixed and floating charge created 29 March 2018. The bank loan is also guaranteed by Crown Care IV Limited, Crown Care VII Limited, Crown Care II LLP, Crown Care Developments Limited, Crown Care Developments III Limited and Crown Care Developments V Limited, fellow group companies, by virtue of first legal charges over the properties of those entities and by fixed and floating charges created 29 March 2018.
The bank loan is denominated and repayable in pounds sterling, is due from repayment in full in December 2024 and attracts interest at a rate above SONIA per annum.
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Fixed asset timing differences
7,487
-
-
4,048
Short term timing differences
(430)
-
-
214
7,057
-
-
4,262
2024
Movements in the year:
£
Asset at 1 November 2023
(4,262)
Charge to profit or loss
11,319
Liability at 31 October 2024
7,057
CROWN CARE VII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
17
Ultimate controlling party
Crown Care Holdings Limited is the immediate and ultimate parent company and is the smallest and largest group for which consolidated accounts including Crown Care VII Limited are prepared. The consolidated accounts of Crown Care Holdings Limited are available from its registered office, C/O Earl Grey Properties, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle-upon-Tyne, NE1 6AQ.
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.
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