Company registration number 03159421 (England and Wales)
EQUILIBRIUM HEALTHCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
30 June 2024
EQUILIBRIUM HEALTHCARE LIMITED
COMPANY INFORMATION
Directors
S Khawaja
M Cunliffe
M Keely
(Appointed 10 June 2024)
P Keely
(Appointed 30 November 2024)
Company number
03159421
Registered office
Bollin House
Bollin Walk
Wilmslow
Cheshire
SK9 1DP
Auditor
Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT
EQUILIBRIUM HEALTHCARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
EQUILIBRIUM HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present the strategic report for the year ended 30 June 2024.

Principal activities

The principal activity of the group during the year continued to be the operation of the Moston Grange facility (operated through a wholly owned subsidiary, EHC Moston Grange Limited), a care home specialising in the care of individuals suffering from early onset dementia, although some may present with other mental or physical illness.

Also within the group are two of three houses (Fallowfield one and two) which form part of the hugely successful Fallowfield project. This service supports people with mental health and/or learning difficulties, within a home environment, via supported tenancies and this continued to strengthen during the year.

The group also operates the Peele care home through Hasigyn Limited. The home closed in June 2023 for refurbishment after the decision was taken to not renew commercial contracts. The unit remains a key part of the group’s future strategy, and we are committed to developing the unit into a quality provider of care services in the future.

Our strategy is to ensure that the needs of our service users are best served by working in collaboration with local clinical commissioning teams and local authorities. We aim to create working partnerships to ensure that care for our service users is seamless and that their individual care pathways always remain the focus of our service provision.

Review of the business

Moston Grange continued to be rated as ‘outstanding’ by the CQC throughout the year and prides itself on providing the highest level of service.

The Fallowfield locations continue to provide CQC ‘outstanding’ rated services. The locations are 24-hour supported living centre, providing male and female residential services for adults with learning disabilities and/or mental health needs.

The investment property, Bigfoot, was sold on 28 August 2024 for £1,850,000.

The Peele unit remained closed as the group look to refurbish the unit in the future. The intention is to develop the site into a high-tech leading provider of care within the UK.

Principal risks and uncertainties

Regulatory risk

The group is subject to increasingly high levels of regulation from the CQC and various other regulatory bodies. The quality of care is the primary objective and is constantly monitored by an experienced team through robust policies and procedures and regular internal audits.

Competition risk

Pressure from competitors leads to increased pressure on prices and the opportunity to obtain referrals. Focus on the delivery of quality of care, moreover, building and maintaining strong relationships with commissioners has enabled the group to remain competitive in the sector.

- 1 -
EQUILIBRIUM HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Credit risk

Revenue is predominantly publicly funded from Local Authorities, Clinical Commissioning Groups (CCGs) and other NHS Trusts. It is not considered a risk that the public bodies will cease to fund the services. The company delivers value for money services and works alongside authorities to provide a service aligned to their needs.

Employment risk

High quality and skilled employees are essential in delivering high quality care. The company focuses on staff retention as a priority and training and development programs are implemented for all employees.

Financial Risk Management

Interrogation of procedures and controls has continued throughout the year and our rigorous approach to reviewing the business, strategy and risk management will continue.

The group’s funding requirements are managed alongside those of fellow members of Equilibrium Healthcare Group Limited which are under the same ownership control, with funds provided between companies within the two groups on an interest free basis, where required.

On behalf of the board

M Cunliffe
Director
10 April 2025
- 2 -
EQUILIBRIUM HEALTHCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their annual report and financial statements for the year ended 30 June 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Moodley
(Resigned 1 December 2024)
S Khawaja
M Cunliffe
M Keely
(Appointed 10 June 2024)
G Short
(Appointed
17 January 2024
17 January 2024
and resigned 2 June 2024)
P Keely
(Appointed 30 November 2024)
Auditor

Cooper Parry Group Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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:

 

 

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.

 

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.

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.

- 3 -
EQUILIBRIUM HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
On behalf of the board
M Cunliffe
Director
10 April 2025
- 4 -
EQUILIBRIUM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EQUILIBRIUM HEALTHCARE LIMITED
Opinion
- 5 -

We have audited the financial statements of Equilibrium Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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:

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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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 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:

EQUILIBRIUM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EQUILIBRIUM HEALTHCARE LIMITED
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and 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:

Responsibilities of directors
- 6 -

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Care Quality Commission, tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate revenue recognition, management bias in accounting estimates and provisions. Audit procedures performed by the audit engagement team included:

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

EQUILIBRIUM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EQUILIBRIUM HEALTHCARE LIMITED

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.

Ryan Wear BSc ACA
Senior Statutory Auditor
For and on behalf of Cooper Parry Group Limited
10 April 2025
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
- 7 -
EQUILIBRIUM HEALTHCARE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Notes
£
£
Turnover
3
7,963,598
8,480,435
Cost of sales
(5,661,688)
(5,910,882)
Gross profit
2,301,910
2,569,553
Administrative expenses
(1,909,053)
(4,698,674)
Other operating income
103,370
-
Operating profit/(loss)
4
496,227
(2,129,121)
Interest receivable and similar income
8
188,102
191,798
Interest payable and similar expenses
9
(15,544)
(2,153)
Fair value gains and losses on investment properties
12
-
(217,177)
Profit/(loss) before taxation
668,785
(2,156,653)
Tax on profit/(loss)
10
35,121
(134,491)
Profit/(loss) for the financial year
24
703,906
(2,291,144)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
759,788
(2,216,864)
- Non-controlling interests
(55,882)
(74,280)
703,906
(2,291,144)
- 8 -
EQUILIBRIUM HEALTHCARE LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,068,998
4,264,401
Investment property
12
1,850,000
1,850,000
5,918,998
6,114,401
Current assets
Debtors
16
11,846,777
9,439,959
Investments
17
2,312
2,312
Cash at bank and in hand
749,226
358,892
12,598,315
9,801,163
Creditors: amounts falling due within one year
18
(7,827,988)
(5,891,857)
Net current assets
4,770,327
3,909,306
Total assets less current liabilities
10,689,325
10,023,707
Creditors: amounts falling due after more than one year
19
(4,295)
(7,462)
Provisions for liabilities
Deferred tax liability
21
133,966
169,087
(133,966)
(169,087)
Net assets
10,551,064
9,847,158
Capital and reserves
Called up share capital
23
31,112
31,112
Profit and loss reserves
24
10,770,820
10,011,032
Equity attributable to owners of the parent company
10,801,932
10,042,144
Non-controlling interests
(250,868)
(194,986)
10,551,064
9,847,158
The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
M Cunliffe
Director
Company registration number 03159421 (England and Wales)
- 9 -
EQUILIBRIUM HEALTHCARE LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
489,823
512,066
Investment property
12
1,850,000
1,850,000
Investments
13
177
177
2,340,000
2,362,243
Current assets
Debtors
16
15,467,457
10,088,846
Investments
17
2,312
2,312
Cash at bank and in hand
642,327
216,916
16,112,096
10,308,074
Creditors: amounts falling due within one year
18
(12,036,030)
(6,557,061)
Net current assets
4,076,066
3,751,013
Total assets less current liabilities
6,416,066
6,113,256
Creditors: amounts falling due after more than one year
19
(1,471)
(2,479)
Provisions for liabilities
Deferred tax liability
21
105,785
104,532
(105,785)
(104,532)
Net assets
6,308,810
6,006,245
Capital and reserves
Called up share capital
23
31,112
31,112
Profit and loss reserves
24
6,277,698
5,975,133
Total equity
6,308,810
6,006,245

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 £302,566 (2023 - £2,120,205 loss).

The financial statements were approved by the board of directors and authorised for issue on 10 April 2025 and are signed on its behalf by:
M Cunliffe
Director
Company registration number 03159421 (England and Wales)
- 10 -
EQUILIBRIUM HEALTHCARE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 July 2022
31,112
12,227,896
12,259,008
(120,706)
12,138,302
Year ended 30 June 2023:
Loss and total comprehensive income
-
(2,216,864)
(2,216,864)
(74,280)
(2,291,144)
Balance at 30 June 2023
31,112
10,011,032
10,042,144
(194,986)
9,847,158
Year ended 30 June 2024:
Profit and total comprehensive income
-
759,788
759,788
(55,882)
703,906
Balance at 30 June 2024
31,112
10,770,820
10,801,932
(250,868)
10,551,064
- 11 -
EQUILIBRIUM HEALTHCARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
31,112
8,095,337
8,126,449
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
(2,120,204)
(2,120,204)
Balance at 30 June 2023
31,112
5,975,133
6,006,245
Year ended 30 June 2024:
Profit and total comprehensive income
-
302,566
302,566
Balance at 30 June 2024
31,112
6,277,698
6,308,810
- 12 -
EQUILIBRIUM HEALTHCARE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
354,752
(2,630,427)
Interest paid
(15,544)
(2,153)
Income taxes refunded
-
188,830
Net cash inflow/(outflow) from operating activities
339,208
(2,443,750)
Investing activities
Purchase of tangible fixed assets
(133,809)
(102,514)
Proceeds from disposal of investments
-
365,000
Interest received
188,102
-
Net cash generated from investing activities
54,293
262,486
Financing activities
Payment of finance leases obligations
(3,167)
(3,287)
Net cash used in financing activities
(3,167)
(3,287)
Net increase/(decrease) in cash and cash equivalents
390,334
(2,184,551)
Cash and cash equivalents at beginning of year
358,892
2,543,443
Cash and cash equivalents at end of year
749,226
358,892
- 13 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
Company information

Equilibrium Healthcare Limited (“the company”) is a private limited company domiciled and incorporated in

England and Wales.

 

The group consists of Equilibrium Healthcare Limited and all of its subsidiaries.

1.1
Accounting convention
- 14 -

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 investment properties at fair value. 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:

 

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Equilibrium Healthcare 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 30 June 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup 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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Freehold land and buildings
2% straight line (land not depreciated)
Fixtures and fittings
25% reducing balance
Capital refurbishment
25% reducing balance
Solar panels
4% 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.

1.7
Investment property
- 15 -

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
1.8
Fixed asset investments
- 16 -

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
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.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
- 17 -

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

- 18 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
- 19 -

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of tangible fixed assets

Determination of whether there are indicators of impairment in the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

 

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
7,963,598
8,480,435
2024
2023
£
£
Other revenue
Interest income
188,102
188,830
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
329,213
684,971
(Profit)/loss on disposal of tangible fixed assets
-
79,158
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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
9,000
10,000
Audit of the financial statements of the company's subsidiaries
14,500
23,601
23,500
33,601
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
Number of care home staff
175
167
35
16

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,749,876
3,778,347
377,257
406,097
Social security costs
290,888
329,758
25,604
-
Pension costs
72,714
82,338
5,833
-
0
4,113,478
4,190,443
408,694
406,097
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
78,200
76,858
Company pension contributions to defined contribution schemes
52
846
78,252
77,704
- 20 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
23,387
23,514
Other interest income
164,715
165,316
Total interest revenue
188,102
188,830
Income from fixed asset investments
Income from other fixed asset investments
-
2,968
Total income
188,102
191,798
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
13,693
18
Interest on finance leases and hire purchase contracts
1,851
2,135
Total finance costs
15,544
2,153
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
(25,647)
Deferred tax
Origination and reversal of timing differences
(35,121)
160,138
Total tax (credit)/charge
(35,121)
134,491
- 21 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
668,785
(2,156,653)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
167,196
(539,163)
Tax effect of expenses that are not deductible in determining taxable profit
5,743
610,317
Tax effect of income not taxable in determining taxable profit
(5,847)
-
Tax effect of utilisation of tax losses not previously recognised
(198,094)
(53,364)
Effect of change in corporation tax rate
-
11,125
Permanent capital allowances in excess of depreciation
31,002
18,612
Other non-reversing timing differences
-
86,964
Deferred tax adjustments in respect of prior years
(35,121)
-
Taxation (credit)/charge
(35,121)
134,491
11
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Capital refurbishment
Solar panels
Total
£
£
£
£
£
Cost
At 1 July 2023
4,423,161
157,432
2,057,401
47,513
6,685,507
Additions
-
40,838
92,972
-
133,810
At 30 June 2024
4,423,161
198,270
2,150,373
47,513
6,819,317
Depreciation and impairment
At 1 July 2023
1,075,262
82,172
1,245,920
17,752
2,421,106
Depreciation charged in the year
88,463
24,105
214,744
1,901
329,213
At 30 June 2024
1,163,725
106,277
1,460,664
19,653
2,750,319
Carrying amount
At 30 June 2024
3,259,436
91,993
689,709
27,860
4,068,998
At 30 June 2023
3,347,899
75,260
811,481
29,761
4,264,401
- 22 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Tangible fixed assets
(Continued)
Company
Freehold land and buildings
Fixtures and fittings
Capital refurbishment
Solar panels
Total
£
£
£
£
£
Cost
At 1 July 2023
720,563
22,216
100,953
15,120
858,852
Additions
-
0
4,088
1,266
-
0
5,354
At 30 June 2024
720,563
26,304
102,219
15,120
864,206
Depreciation and impairment
At 1 July 2023
263,566
11,882
65,897
5,441
346,786
Depreciation charged in the year
14,411
3,685
8,896
605
27,597
At 30 June 2024
277,977
15,567
74,793
6,046
374,383
Carrying amount
At 30 June 2024
442,586
10,737
27,426
9,074
489,823
At 30 June 2023
456,997
10,334
35,056
9,679
512,066

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Solar panels
27,861
29,761
9,075
9,679
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023 and 30 June 2024
1,850,000
1,850,000

The fair value of the investment property has been arrived at on the basis of the property being held for sale which did complete 23 August 2024 at the value stated within the accounts. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
-
177
177
- 23 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Fixed asset investments
(Continued)
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
177
Carrying amount
At 30 June 2024
177
At 30 June 2023
177
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
EHC Moston Grange Limited
*
Ordinary
100.00
Hasigyn Limited
*
Ordinary
87.50

Registered office addresses (all UK unless otherwise indicated):

*
Bollin House Bollin Lane, Wilmslow, Cheshire, SK9 1DP
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,312
2,312
2,312
2,312
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
683,874
677,130
111,962
39,041
Amounts owed by group undertakings
-
-
2,830,538
2,746,941
Other debtors
11,133,291
8,719,064
12,516,790
7,290,931
Prepayments and accrued income
29,612
43,765
8,167
11,933
11,846,777
9,439,959
15,467,457
10,088,846
- 24 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
2,312
2,312
2,312
2,312
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
3,168
3,168
1,008
1,008
Trade creditors
286,387
312,939
20,235
85,903
Amounts owed to group undertakings
-
-
5,888,114
2,002,595
Other creditors
7,229,887
4,856,205
6,111,492
4,451,175
Accruals and deferred income
308,546
719,545
15,181
16,380
7,827,988
5,891,857
12,036,030
6,557,061
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
4,295
7,462
1,471
2,479
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,168
3,168
1,008
1,008
In two to five years
4,295
7,462
1,471
2,479
7,463
10,630
2,479
3,487
- 25 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
150,686
182,931
Tax losses
(16,720)
(13,844)
133,966
169,087
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
105,785
104,532
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
169,087
104,532
(Credit)/charge to profit or loss
(35,121)
1,253
Liability at 30 June 2024
133,966
105,785
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,714
56,001

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.

- 26 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of 20p each
155,062
155,062
31,012
31,012
Ordinary shares of £1 each
100
100
100
100
155,162
155,162
31,112
31,112

Each share class holds the same voting rights, with one vote per share in any circumstances.

24
Reserves
Profit and loss reserves

The profit and loss reserve includes all current and prior period retained profits and losses, less dividends paid.

25
Related party transactions
Group

The group was under the control of Mr P J Keely throughout the current and previous year. P J Keely is the majority shareholder. In addition, P J Keely owns the majority of the issued share capital of Equilibrium Healthcare Group Limited (of which Eleanor EHC Limited and EHC Oakland House Limited are wholly owned subsidiaries) and Leap29 Holdings Limited (of which Leap29 Limited is a wholly owned subsidiary). Each of these companies and groups also have common directorships. During the year, fees of £375,000 (2023 - £450,000) were payable to the majority shareholder. At the year end date, £675,000 (2023 - £375,000) is included in accruals.

 

Included within other debtor is £26,013 (2023 - £26,175) due from Equilibrium Healthcare Group Limited, £7,209,233 (2023 - £4,395,777) due from Eleanor EHC Limited and £805,033 (2023 - £1,469,017) due from Leap29 Limited. Included in this Leap29 Limited balance is £nil (2023 - £700,000) in respect of a loan made to Leap29 Limited.

 

Included within other creditors is £5,983,123 (2023 - £4,345,513) due to EHC Oakland House Limited.

 

Included within other debtors is a capital balance of £4,792,430 (2023 - £4,792,430) is owed to the group by Evernova Capital Limited, a company in which P J Keely is a director and shareholder. This loan bears interest at 0.5% above the prevailing base rate and is repayable on demand. Interest of £164,714 (2023 - £165,316) has been charged in the year. At the year end date, a provision of £1,971,282 (2023 - £1,971,282) has been reflected against the outstanding loans. The net loan balance included in other debtors is £2,759,840 (2023 - £2,821,147).

 

During the year, the group made purchases of £90,600 (2023 - £19,854) from Healthcare Connect Limited, a company in which D Moodley is the sole director. In addition, the group made purchases of £188,456 (2023 - £Nil) from Antaeus Ltd, a company in which D Moodley is the director and majority shareholder.

- 27 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
25
Related party transactions
(Continued)

Company

The company was under the control of PJ Keely throughout the current and previous year due to his majority shareholding of the company.

 

In addition PJ Keely owns the majority of the issued share capital of Equilibrium Healthcare Group Limited (of which Eleanor EHC and EHC Oakland House Limited are wholly owned subsidiaries) and Leap29 Holdings Limited (of which Leap29 Limited is a wholly owned subsidiary). Each of these companies and groups also have common directorships. During the year, fees of £75,000 (2023 - £75,000) were payable to the majority shareholder.

 

Included within amounts due from group companies is £2,830,539 (2023 - £2,746,941) owed by Hasigyn Limited

 

Included within other debtors is an amount of £26,013 (2023 - £26,128) due from Equilibrium Healthcare Group Limited, an amount of £8,506,850 (2023 - £2,818,914) due from Eleanor EHC Limited and an amount of £1,065,396 (2023 - £1,729,380) due from Leap29 Limited. Included in this Leap29 Limited balance is £nil (2023 - £700,000) in respect of a loan made to Leap29 Limited.

 

A balance of £4,687,670 (2023 - £4,687,670) is owed to the company by Evernova Capital Limited, a company in which P J Keely is a director and shareholder. This loan bears interest at 0.5% above the prevailing base rate and is repayable on demand. Interest of £158,690 (2023 - £165,316) has been charged in the year. At the year end date, a provision of £1,971,282 (2023 - £1,971,282) has been reflected against the outstanding loans. The net loan balance included in other debtors is £2,759,840 (2023 - £2,716,386).

 

During the year, the company made purchases of £90,600 (2023 - £19,854) from Healthcare Connect Limited, a company in which D Moodley is the sole director. In addition, the group made purchases of £188,456 (2023 - £Nil) from Antaeus Ltd, a company in which D Moodley is the director and majority shareholder.

 

Equilibrium Healthcare Limited owns 100% of the issued share capital of EHC Moston Grange Limited and 87.5% of the issued share capital of Hasigyn Limited. Together these companies form the Equilibrium Healthcare Limited Group. The company has taken advantage of the exemption of the FRS 102 Section 33.1A from disclosing transactions with 100% members of the Equilibrium Healthcare Limited group. true

 

Included within other debtors is an amount of £2,830,538 (2023 - £2,746,941) due from Hasigyn Limited who is a not a 100% member within the group.

 

 

26
Directors' transactions

Group

Director fees of £140,237 (2023 - £321,088) have been incurred in respect of two (2023 - three) individuals who were directors during the year.

 

Company

During the year, fees of £8,765 (2023 - £23,806) have been incurred in respect of two (2023 - three) individuals who were directors during the year.

 

- 28 -
EQUILIBRIUM HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit/(loss) for the year after tax
703,906
(2,291,144)
Adjustments for:
Taxation (credited)/charged
(35,121)
134,491
Finance costs
15,544
2,153
Investment income
(188,102)
(191,798)
(Gain)/loss on disposal of tangible fixed assets
-
79,158
Fair value (gain)/loss on investment properties
-
217,177
Depreciation and impairment of tangible fixed assets
329,213
684,971
Movements in working capital:
Increase in debtors
(2,406,818)
(9,439,959)
Increase in creditors
1,936,131
5,888,689
Cash generated from/(absorbed by) operations
354,752
(4,916,262)
28
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
358,892
390,334
749,226
Obligations under finance leases
(10,630)
3,167
(7,463)
348,262
393,501
741,763
- 29 -
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