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COMPANY REGISTRATION NUMBER: 12582195
LDC Group Ltd
Financial Statements
31 August 2024
LDC Group Ltd
Financial Statements
Year ended 31 August 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of income and retained earnings
9
Company statement of income and retained earnings
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
LDC Group Ltd
Strategic Report
Year ended 31 August 2024
The directors present their strategic report for the year ended 31 August 2024. The directors are pleased to announce the overall profit before tax for the year of £1,617,314 (2023: £1,568,849). The financial key performance indicators for the period are as follows:
20242023
££
Turnover18,673,60114,584,414
Gross profit5,297,5274,557,438
Gross proft margin %2831
Net profit margin (before tax) %911
Similar to last year turnover has risen significantly due to an increased number of services users. Gross profit margins have remained in line with the previous year and despite inflationary pressure on costs there has been a positive impact on net profit year on year. In the current economic climate, the group continues to maintain healthy profit margins. The group has continued with its capital investments and remains in a stable financial position at the balance sheet date. Principal risks and uncertainties The business is subject to a number of risks which are monitored by the Board. The principal risks facing the group remains the availability of future council funding and pressures of meeting an ever-increasing demand; increasing staff, food and utility costs; whilst managing the safe care of individuals with a wide range of needs and various complexity. The increase in fees agreed with Local Authorities has not kept pace with the increase in costs experienced by the group, particularly wages, which have risen significantly, across the board, driven by the mandated increase in in National Minimum Wage. There is also a liquidity risk which could be adversely affected by the late payment of trade debts or a claim against the group. To mitigate the risks the Board regularly monitors the cash position and care requirements. The governments policies on National Insurance rates and threshold changes have the potential to reduce profitability across the social care sector. The group has carefully considered the impact of these changes and is well placed to mitigate these challenges and continue on a growth trajectory. The group's finances are supervised at Board level. Its financial instruments comprise cash, trade debtors, trade creditors, mortgages, hire purchase and finance leases which arise from its trade. The group depends on key personnel and staff and to mitigate the risks of retention issues the group provides training and reward schemes. It is the policy of the Board to settle trade and other debts within the terms agreed. Future developments The directors are committed to continue investing in the growth and evolution of the business including the acquisition of further supported living locations where financially viable. This includes expanding our geographical foot print into other areas of Kent. Assessment of conflict in Ukraine The directors have considered the impact of the events in Ukraine with particular reference to how this may disrupt their business model, strategy and operations. It is noted that the group has no dealings with either Ukraine or any nation or individual currently experiencing sanctions as a result of the events in Ukraine. The directors have liaised with suppliers and customers and similarly they have no dealings that will impact the group's supply chain or recoverability of debt and credit. It is clear that there is a worldwide impact on the cost of particular goods, to include fuel, which in turn has increased the base costs of consumables in the business. The directors have calculated the effect and believe that this will not significantly impact the ability to trade or going concern.
This report was approved by the board of directors on 28 May 2025 and signed on behalf of the board by:
D D Marsh
Director
Registered office:
109 Barton Road
Dover
Kent
CT16 2LX
LDC Group Ltd
Directors' Report
Year ended 31 August 2024
The directors present their report and the financial statements of the group for the year ended 31 August 2024 .
Principal activities
The principal activity of the group during the year was the provision of care for adults with learning disabilities in our residential care homes or in a supported living environment in the East Kent area.
Directors
The directors who served the company during the year were as follows:
A D Marsh
L E Bywater
D D Marsh
J P Marsh
J P Marsh resigned on 26 December 2024.
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Employment of disabled persons
It is the policy of the group that applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of employees becoming disabled all reasonable effort is made to ensure that their employment within the group continues. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of an able-bodied person.
Employee involvement
During the year, the policy of providing employees with information about the group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between management and employees to allow a free flow of information and ideas.
Disclosure of information in the strategic report
The directors have chosen to incorporate their assessment of the performance of the business, future developments, and the principal risks and uncertainties facing the company in the Strategic Report.
Directors' responsibilities statement
The directors are responsible for preparing the directors' 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 company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 28 May 2025 and signed on behalf of the board by:
D D Marsh
Director
Registered office:
109 Barton Road
Dover
Kent
CT16 2LX
LDC Group Ltd
Independent Auditor's Report to the Members of LDC Group Ltd
Year ended 31 August 2024
Opinion
We have audited the financial statements of LDC Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 or 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.
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 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 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.
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management and the finance team, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes asking questions and reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end and posting of unusual journals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.
Alexander Baker
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
28 May 2025
LDC Group Ltd
Consolidated Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Turnover
4
18,673,601
14,584,414
Cost of sales
13,376,074
10,026,976
-------------
-------------
Gross profit
5,297,527
4,557,438
Administrative expenses
3,998,337
3,551,570
Other operating income
5
402,588
678,188
------------
------------
Operating profit
6
1,701,778
1,684,056
Other interest receivable and similar income
10
20,179
5,838
Interest payable and similar expenses
11
104,643
121,045
------------
------------
Profit before taxation
1,617,314
1,568,849
Tax on profit
12
389,245
414,893
------------
------------
Profit for the financial year and total comprehensive income
1,228,069
1,153,956
------------
------------
Dividends paid and payable
13
( 1,030,000)
( 680,000)
Retained earnings at the start of the year
5,472,499
4,998,543
------------
------------
Retained earnings at the end of the year
5,670,568
5,472,499
------------
------------
All the activities of the group are from continuing operations.
LDC Group Ltd
Company Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
1,208,602
989,667
Dividends paid and payable
13
( 1,030,000)
( 680,000)
Retained earnings at the start of the year
2,906,529
2,596,862
------------
------------
Retained earnings at the end of the year
3,085,131
2,906,529
------------
------------
LDC Group Ltd
Consolidated Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
5,002,300
4,896,907
Current assets
Debtors
16
1,833,549
1,501,978
Cash at bank and in hand
3,237,374
3,440,897
------------
------------
5,070,923
4,942,875
Creditors: amounts falling due within one year
17
3,544,356
3,152,000
------------
------------
Net current assets
1,526,567
1,790,875
------------
------------
Total assets less current liabilities
6,528,867
6,687,782
Creditors: amounts falling due after more than one year
18
913,487
1,219,344
Provisions
20
( 58,200)
( 7,073)
------------
------------
Net assets
5,673,580
5,475,511
------------
------------
Capital and reserves
Called up share capital
24
3,012
3,012
Profit and loss account
25
5,670,568
5,472,499
------------
------------
Shareholders funds
5,673,580
5,475,511
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
D D Marsh
Director
Company registration number: 12582195
LDC Group Ltd
Company Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Investments
15
3,018
3,012
Current assets
Debtors
16
3,569,351
3,025,101
Cash at bank and in hand
1,071,796
1,130,916
------------
------------
4,641,147
4,156,017
Creditors: amounts falling due within one year
17
1,556,022
1,249,488
------------
------------
Net current assets
3,085,125
2,906,529
------------
------------
Total assets less current liabilities
3,088,143
2,909,541
------------
------------
Net assets
3,088,143
2,909,541
------------
------------
Capital and reserves
Called up share capital
24
3,012
3,012
Profit and loss account
25
3,085,131
2,906,529
------------
------------
Shareholders funds
3,088,143
2,909,541
------------
------------
The profit for the financial year of the parent company was £ 1,208,602 (2023: £ 989,667 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
D D Marsh
Director
Company registration number: 12582195
LDC Group Ltd
Consolidated Statement of Cash Flows
Year ended 31 August 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,228,069
1,153,956
Adjustments for:
Depreciation of tangible assets
223,320
223,407
Other interest receivable and similar income
( 20,179)
( 5,838)
Interest payable and similar expenses
104,643
121,045
Gains on disposal of tangible assets
( 4,228)
( 45,314)
Tax on profit
389,245
414,893
Accrued (income)/expenses
( 34,091)
554,382
Changes in:
Trade and other debtors
( 331,571)
( 699,145)
Trade and other creditors
338,896
52,876
------------
------------
Cash generated from operations
1,894,104
1,770,262
Interest paid
( 104,643)
( 121,045)
Interest received
20,179
5,838
Tax paid
( 418,911)
( 365,753)
------------
------------
Net cash from operating activities
1,390,729
1,289,302
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 426,670)
( 881,027)
Proceeds from sale of tangible assets
102,185
185,371
------------
------------
Net cash used in investing activities
( 324,485)
( 695,656)
------------
------------
Cash flows from financing activities
Repayment of borrowings
( 132,056)
( 190,153)
Repayment of finance lease liabilities
( 107,711)
85,810
Dividends paid
( 1,030,000)
( 680,000)
------------
------------
Net cash used in financing activities
( 1,269,767)
( 784,343)
------------
------------
Net decrease in cash and cash equivalents
( 203,523)
( 190,697)
Cash and cash equivalents at beginning of year
3,440,897
3,631,594
------------
------------
Cash and cash equivalents at end of year
3,237,374
3,440,897
------------
------------
LDC Group Ltd
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 109 Barton Road, Dover, Kent, CT16 2LX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial information has been prepared using merger accounting following a reorganisation of the group and the results of the company and its wholly-owned subsidiaries for the period from 1 September 2019 have been consolidated and included in these financial statements. All intragroup transactions, balances, income and expenses are eliminated.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Purchase recognition - Directors recognise the purchases when significant risks and rewards of ownership are passed to them as buyer. They consider this has taken place on delivery and therefore record all deliveries not yet invoiced as accruals at the year end. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Bad debt - Directors have included bad debt provisions for items which have not yet been paid. (ii) Useful economic life of fixed and intangible assets - The annual depreciation and amortisation charges are based upon management's assessment of the useful economic lives and residual values of the group's tangible assets. These are re-assessed annually and amended where necessary. (iii) The Directors include a provision for liabilities where they are considered probable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for care services provided during the year. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
50 years straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
The value of land within freehold property is considered to be trivial, therefore the value of additions is depreciated in full.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
18,673,601
14,584,414
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
462,889
372,767
Other operating income
( 60,301)
305,421
---------
---------
402,588
678,188
---------
---------
6. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
223,320
223,407
Gains on disposal of tangible assets
( 4,228)
( 45,314)
Impairment of trade debtors
27,944
18,209
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
27,840
26,893
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
46
16
Management staff
15
4
Number of care staff
431
373
----
----
492
393
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
13,539,302
9,948,989
Social security costs
1,275,557
904,894
Other pension costs
375,054
167,243
-------------
-------------
15,189,913
11,021,126
-------------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
154,678
144,951
Company contributions to defined contribution pension plans
140,954
245
---------
---------
295,632
145,196
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
19,324
5,838
Other interest receivable and similar income
855
--------
-------
20,179
5,838
--------
-------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
32,345
37,954
Interest on obligations under finance leases and hire purchase contracts
24,121
17,531
Other interest payable and similar charges
48,177
65,560
---------
---------
104,643
121,045
---------
---------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax income
440,372
363,870
Adjustments in respect of prior periods
51,664
---------
---------
Total current tax
440,372
415,534
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 51,127)
( 641)
---------
---------
Tax on profit
389,245
414,893
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,617,314
1,568,849
------------
------------
Profit on ordinary activities by rate of tax
403,903
337,303
Adjustment to tax charge in respect of prior periods
51,664
Effect of expenses not deductible for tax purposes
( 5,378)
20,867
Effect of capital allowances and depreciation
41,847
5,860
Effect of different UK tax rates on some earnings
(160)
Deferred tax
( 51,127)
( 641)
------------
------------
Tax on profit
389,245
414,893
------------
------------
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
'A' Ordinary
174,000
285,000
'B' Ordinary
407,500
197,500
'C' Ordinary
448,500
197,500
------------
---------
1,030,000
680,000
------------
---------
14. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
5,214,740
2,199
102,607
439,119
128,607
5,887,272
Additions
306,046
1,595
105,544
13,485
426,670
Disposals
( 118,930)
( 26,592)
( 145,522)
------------
-------
---------
---------
---------
------------
At 31 Aug 2024
5,520,786
2,199
104,202
425,733
115,500
6,168,420
------------
-------
---------
---------
---------
------------
Depreciation
At 1 Sep 2023
753,605
1,650
47,123
116,480
71,507
990,365
Charge for the year
111,923
549
14,026
80,535
16,287
223,320
Disposals
( 25,706)
( 21,859)
( 47,565)
------------
-------
---------
---------
---------
------------
At 31 Aug 2024
865,528
2,199
61,149
171,309
65,935
1,166,120
------------
-------
---------
---------
---------
------------
Carrying amount
At 31 Aug 2024
4,655,258
43,053
254,424
49,565
5,002,300
------------
-------
---------
---------
---------
------------
At 31 Aug 2023
4,461,135
549
55,484
322,639
57,100
4,896,907
------------
-------
---------
---------
---------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 31 August 2024
223,516
---------
At 31 August 2023
293,376
---------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 September 2023
3,012
Additions
6
-------
At 31 August 2024
3,018
-------
Impairment
At 1 September 2023 and 31 August 2024
-------
Carrying amount
At 31 August 2024
3,018
-------
At 31 August 2023
3,012
-------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
LDC Care Company Ltd
109 Barton Road, Dover, Kent, CT16 2LX
'A' Ordinary
33.333
'B' Ordinary
33.333
'C' Ordinary
33.333
LDC Care Property Co Ltd
109 Barton Road, Dover, Kent, CT16 2LX
'A' Ordinary
33.333
'B' Ordinary
33.333
'C' Ordinary
33.333
LDC Care Rental Co Ltd
109 Barton Road, Dover, Kent, CT16 2LX
'A' Ordinary
33.333
'B' Ordinary
33.333
'C' Ordinary
33.333
LDC Care Medway Ltd
109 Barton Road, Dover, Kent, CT16 2LX
Ordinary
100
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
365,735
476,443
300
Amounts owed by group undertakings
3,569,051
2,989,051
Prepayments and accrued income
1,192,175
622,540
Directors loan account
36,050
36,050
Other debtors
275,639
366,945
------------
------------
------------
------------
1,833,549
1,501,978
3,569,351
3,025,101
------------
------------
------------
------------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
201,745
195,886
Trade creditors
131,375
58,228
Amounts owed to group undertakings
1,028,817
792,745
Accruals and deferred income
1,052,678
1,086,769
39,303
32,548
Corporation tax
216,148
194,687
Social security and other taxes
333,540
271,199
Obligations under finance leases and hire purchase contracts
22,284
25,760
Director loan accounts
487,902
424,195
487,902
424,195
Other creditors
1,098,684
895,276
------------
------------
------------
------------
3,544,356
3,152,000
1,556,022
1,249,488
------------
------------
------------
------------
Included in creditors falling due within one year is £22,284 (2023: £25,760) in relation to assets held under hire purchase. These are secured upon the assets to which they relate. Included within creditors due within one year is £201,745 (2023: £195,886) secured by means of a fixed charge over a group company's freehold property together with all fixtures, fixed plant and machinery and book and other debts; there is also a floating charge over all moveable plant and machinery, implements, utensils, furniture and equipment by way of assignment, the goodwill and all licences and guarantees of the business.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
792,222
993,844
Obligations under finance leases and hire purchase contracts
121,265
225,500
---------
------------
----
----
913,487
1,219,344
---------
------------
----
----
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £150,415) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
At the year end date, the group has one loan which has a total amount outstanding of £993,967 (2023: £1,189,665). The loan is repayable over the period until 2029. The interest on the loan during the year was at a fixed interest rate at 2.93% per annum.
Included within creditors due after one year is £792,222 (2023: £993,844) secured by means of a fixed charge over a group company's freehold property together with all fixtures, fixed plant and machinery and book and other debts; there is also a floating charge over all moveable plant and machinery, implements, utensils, furniture and equipment by way of assignment, the goodwill and all licences and guarantees of the business.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
22,284
25,760
Later than 1 year and not later than 5 years
121,265
225,500
---------
---------
----
----
143,549
251,260
---------
---------
----
----
20. Provisions
Group
Deferred tax (note 21)
£
At 1 September 2023
( 7,073)
Additions
( 51,127)
--------
At 31 August 2024
( 58,200)
--------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
( 58,200)
( 7,073)
--------
-------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Timing differences on capital allowances
( 58,200)
( 7,073)
--------
-------
----
----
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 235,054 (2023: £ 167,243 ).
23. Financial instruments
The carrying amount for each category of financial instrument is as follows: Financial assets that are debt instruments measured at amortised cost
20242020
££
Trade debtors681,963973,831
Other debtors9,00213,559
------------------
690,965987,390
------------------
Financial liabilities measured at amortised cost
20242023
££
Bank loans and overdrafts1,564,6141,326,500
Trade creditors66,70729,509
Obligations under finance leases and hire purchase contracts129,152158,780
Director loan accounts498,615541,257
Other creditors603,282558,599
------------------------
2,862,3702,614,645
------------------------
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
'A' ORDINARY shares of £ 1 each
1,004
1,004
1,004
1,004
'B' ORDINARY shares of £ 1 each
1,004
1,004
1,004
1,004
'C' ORDINARY shares of £ 1 each
1,004
1,004
1,004
1,004
-------
-------
-------
-------
3,012
3,012
3,012
3,012
-------
-------
-------
-------
25. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Sep 2023
Cash flows
At 31 Aug 2024
£
£
£
Cash at bank and in hand
3,440,897
(203,523)
3,237,374
Debt due within one year
(645,841)
(66,090)
(711,931)
Debt due after one year
(1,219,344)
305,857
(913,487)
------------
---------
------------
1,575,712
36,244
1,611,956
------------
---------
------------
LDC Group Ltd
Notes to the Financial Statements (continued)
Year ended 31 August 2024
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
190,092
223,927
Later than 1 year and not later than 5 years
248,973
371,546
---------
---------
----
----
439,065
595,473
---------
---------
----
----
28. Related party transactions
Company
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £297,925 (2023: £255,461). At the year end date, the group owed the directors £487,902 (2023: £424,195) and a Director owed £nil (2023: £36,050) to the group. Dividends of £1,030,000 (2023: £680,000) were paid to the directors during the year.
29. Controlling party
No one individual controls the company by virtue of their shareholding.