Company registration number 05847869 (England and Wales)
EQUILIBRIUM HEALTHCARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
EQUILIBRIUM HEALTHCARE GROUP LIMITED
COMPANY INFORMATION
Directors
S Khawaja
M Cunliffe
P Keely
(Appointed 30 November 2024)
Company number
05847869
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 GROUP 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 - 27
EQUILIBRIUM HEALTHCARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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 Eleanor Independent Hospital (operated through a wholly owned subsidiary company, Eleanor EHC Limited, for the individuals diagnosed with mental health problems) and Oakland House (operated through a wholly owned subsidiary, EHC Oakland House Limited), a long stay facility, specialising in the care of adults (18+) who have an enduring mental health illness, with mild to moderate challenging behaviour, but who are not subject to the conditions of the Mental Health Act 1983. In addition, Oakland House Limited includes Fallowfield Three which forms part of the hugely successful Fallowfield project. This service supports people with mental health and/or learning difficulties, within a home environment, via support tenancies.

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.

Our philosophy of care is to provide a homely environment in which we can provide support, not only to the individual resident, but also their families and significant others.

Review of the business

The results shown in the consolidated statement of comprehensive income are in line with expectations. Oakland House and Fallowfield Three have traded at normal levels of occupancy whilst Eleanor has been operating at significantly reduced occupancy levels.

For both Eleanor and Oakland House, key relationships with commissioners and local authorities remain strong and both companies remain front of mind for those in the community.

Fallowfield continued to maintain the ‘outstanding’ CQC rating during the year.

Eleanor hospital operated at a reduced level of service users for the year ended 30 June 2024. The unit is an innovative and dynamic service that provides state-of-the-art care and maintains a scope of services to facilitate care provision for more complex service users.

After working closely with the CQC and the local commissioning team to ensure Eleanor’s future strategy is closely aligned to provide the highest quality of care to users, the unit received an overall CQC rating of ‘Good’ in December 24. This along with further renovation and the implementation of state-of-the-art technology gives the unit a unique platform to deliver excellent care service.

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.

EQUILIBRIUM HEALTHCARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

Regulatory risk

The company 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 company to remain competitive in the sector.

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

On behalf of the board

M Cunliffe
Director
8 April 2025
EQUILIBRIUM HEALTHCARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

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:

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

Cooper Parry Group Limited were appointed as auditor to the group 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.

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.

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

We have audited the financial statements of Equilibrium Healthcare Group 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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EQUILIBRIUM HEALTHCARE GROUP LIMITED
- 6 -
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

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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EQUILIBRIUM HEALTHCARE GROUP LIMITED
- 7 -

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
9 April 2025
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
EQUILIBRIUM HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
3,622,524
4,258,584
Cost of sales
(4,456,120)
(3,963,886)
Gross (loss)/profit
(833,596)
294,698
Administrative expenses
(2,356,130)
(2,332,180)
Other operating income
155,165
-
Operating loss
4
(3,034,561)
(2,037,482)
Interest receivable and similar income
7
34,646
16,660
Interest payable and similar expenses
8
(1,432)
(1,463)
Loss before taxation
(3,001,347)
(2,022,285)
Tax on loss
9
26,716
(94,178)
Loss for the financial year
20
(2,974,631)
(2,116,463)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EQUILIBRIUM HEALTHCARE GROUP LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,404,721
3,996,914
Current assets
Debtors
13
4,436,331
5,067,477
Cash at bank and in hand
211,084
87,283
4,647,415
5,154,760
Creditors: amounts falling due within one year
14
(5,386,946)
(3,483,012)
Net current (liabilities)/assets
(739,531)
1,671,748
Total assets less current liabilities
2,665,190
5,668,662
Creditors: amounts falling due after more than one year
15
(2,947)
(5,072)
Provisions for liabilities
Deferred tax liability
17
79,598
106,314
(79,598)
(106,314)
Net assets
2,582,645
5,557,276
Capital and reserves
Called up share capital
19
1,000
1,000
Revaluation reserve
20
104,966
104,966
Profit and loss reserves
20
2,476,679
5,451,310
Total equity
2,582,645
5,557,276
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
08 April 2025
M Cunliffe
Director
Company registration number 05847869 (England and Wales)
EQUILIBRIUM HEALTHCARE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
26,028
26,028
Current assets
Debtors
13
1,000
1,000
Cash at bank and in hand
100
100
1,100
1,100
Creditors: amounts falling due within one year
14
(26,128)
(26,128)
Net current liabilities
(25,028)
(25,028)
Net assets
1,000
1,000
Capital and reserves
Called up share capital
19
1,000
1,000

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 £Nil (2023 - £Nil).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
08 April 2025
M Cunliffe
Director
Company registration number 05847869 (England and Wales)
EQUILIBRIUM HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
1,000
104,966
7,567,772
7,673,738
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(2,116,462)
(2,116,462)
Balance at 30 June 2023
1,000
104,966
5,451,310
5,557,276
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(2,974,631)
(2,974,631)
Balance at 30 June 2024
1,000
104,966
2,476,679
2,582,645
EQUILIBRIUM HEALTHCARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
£
Balance at 1 July 2022
1,000
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
Balance at 30 June 2023
1,000
Year ended 30 June 2024:
Profit and total comprehensive income
-
Balance at 30 June 2024
1,000
EQUILIBRIUM HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
163,567
(210,075)
Interest received
-
0
16,660
Interest paid
(1,432)
(1,463)
Income taxes paid
(21,339)
(3,594)
Net cash inflow/(outflow) from operating activities
140,796
(198,472)
Investing activities
Purchase of tangible fixed assets
(49,516)
(184,640)
Cash advances and loans granted
-
(105,178)
Interest received
34,646
-
Net cash used in investing activities
(14,870)
(289,818)
Financing activities
Payment of finance leases obligations
(2,125)
(2,186)
Net cash used in financing activities
(2,125)
(2,186)
Net increase/(decrease) in cash and cash equivalents
123,801
(490,476)
Cash and cash equivalents at beginning of year
87,283
577,759
Cash and cash equivalents at end of year
211,084
87,283
EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

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

 

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

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties within Eleanor EHC Limited. 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 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Equilibrium Healthcare Group 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

The group has made a loss during the year and has net current liabilities at the balance sheet date.

The losses are a result of Eleanor EHC Limited operating at significantly reduced occupancy levels.

The facility continued with development and refurbishment so that users will receive a high-quality level of care as the unit returns to full capacity. We have also continued with the robust training program for all the Eleanor Staff during the year.

The Senior Management Team continued to work closely with the CQC and the local commissioning team updating regularly on progress and improvements made at the service.

After working closely with the CQC the unit received an overall CQC rating of ‘Good’ in December 24. This provided a strong platform to strategically manage and increase the occupancy gradually over FY25/26 whilst still maintaining a high level of care service at the Unit.

Oakland House and Fallowfield Three have traded at high levels of occupancy.

The Directors have prepared the accounts on a going concern basis after due consideration of the cashflow requirements and business forecasts for the next 12 months along with support available from other group and related companies and shareholders if required, and consider the company to be able to continue as a going concern.

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.

 

 

 

 

 

 

 

EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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 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
20% straight line & 25% reducing balance
Capital refurbishments
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
Fixed asset investments

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.

1.8
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

1.9
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.

1.10
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.

EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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.

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

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.

EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.11
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.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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.

1.13
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.

1.14
Retirement benefits

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

1.15
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.

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

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually. The depreciation charge of the year and total accumulated depreciation are disclosed in the tangible assets note.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
3,622,524
4,258,584
2024
2023
£
£
Other revenue
Interest income
34,646
16,660
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
543,947
663,498
Loss on disposal of tangible fixed assets
97,762
-
EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
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
5,000
-
Audit of the financial statements of the company's subsidiaries
14,500
18,900
19,500
18,900
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
114
106
-
0
-
0
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,597,095
2,602,417
-
0
-
0
Social security costs
202,380
252,061
-
-
Pension costs
54,103
46,898
-
0
-
0
3,853,578
2,901,376
-
0
-
0

In addition to the above staff costs agency costs of £838,105 (2023 - £775,618) have been incurred in relation to the provision of care.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
34,646
16,660
EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
31
Interest on finance leases and hire purchase contracts
1,432
1,432
Total finance costs
1,432
1,463
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(26,716)
94,178

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

2024
2023
£
£
Loss before taxation
(3,001,347)
(2,022,284)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(750,337)
(505,571)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
154,043
Unutilised tax losses carried forward
720,794
-
0
Permanent capital allowances in excess of depreciation
4,771
(2,114)
Deferred tax adjustments in respect of prior years
(1,944)
-
0
Utilisation of tax losses
-
0
447,820
Taxation (credit)/charge
(26,716)
94,178
EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
10
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Capital refurbishments
Solar panels
Total
£
£
£
£
£
Cost or valuation
At 1 July 2023
4,000,672
441,761
4,821,560
31,878
9,295,871
Additions
-
0
38,142
11,374
-
0
49,516
Disposals
-
0
(202,002)
(636,084)
-
0
(838,086)
At 30 June 2024
4,000,672
277,901
4,196,850
31,878
8,507,301
Depreciation and impairment
At 1 July 2023
1,835,621
396,592
3,040,127
26,617
5,298,957
Depreciation charged in the year
80,013
16,622
446,675
637
543,947
Eliminated in respect of disposals
-
0
(189,615)
(550,709)
-
0
(740,324)
At 30 June 2024
1,915,634
223,599
2,936,093
27,254
5,102,580
Carrying amount
At 30 June 2024
2,085,038
54,302
1,260,757
4,624
3,404,721
At 30 June 2023
2,165,051
45,169
1,781,433
5,261
3,996,914
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Solar panels
4,624
5,261
-
-

Freehold land and buildings were revalued as at 30 June 1991, with the revaluation surplus being taken to the revaluation reserve. The transactional provisions of the previous accounting standard FRS15 were followed and consequently the valuation has not been updated since this time.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
5,167,700
5,167,700
Accumulated depreciation
(2,464,896)
(2,361,542)
Carrying value
2,702,804
2,806,158
EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
26,028
26,028
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
26,028
Carrying amount
At 30 June 2024
26,028
At 30 June 2023
26,028
12
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Eleanor EHC Limited
*
Ordinary
100.00
EHC Oakland Limited
*
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

*
Bollin House,Bollin Lane, Wilmslow, Cheshire, SK9 1DP
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
187,866
227,716
-
0
-
0
Other debtors
4,222,648
4,773,173
1,000
1,000
Prepayments and accrued income
25,817
66,588
-
0
-
0
4,436,331
5,067,477
1,000
1,000

Other debtors include balances with companies under common control as disclosed within the related party transactions note.

 

 

EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
16
2,125
2,125
-
0
-
0
Trade creditors
571,777
150,379
-
0
-
0
Corporation tax payable
50,655
71,994
-
0
-
0
Other taxation and social security
132,558
167,539
-
-
Other creditors
4,412,139
2,777,836
26,128
26,128
Accruals and deferred income
217,692
313,139
-
0
-
0
5,386,946
3,483,012
26,128
26,128

Other creditors include balances with companies under common control as disclosed within the related party transactions note.

 

 

15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
16
2,947
5,072
-
0
-
0
16
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,125
2,125
-
0
-
0
In two to five years
2,947
5,072
-
0
-
0
5,072
7,197
-
-

Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 15 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
17
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
79,598
129,657
Tax losses
-
(23,343)
79,598
106,314
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
106,314
-
Credit to profit or loss
(26,716)
-
Liability at 30 June 2024
79,598
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,103
46,898
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

Each share is entitled to one vote in any circumstances.

 

 

 

EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
20
Reserves
Revaluation reserve

This reserve records the value of previous asset revaluations

Profit and loss reserves

This reserve records retained earnings and accumulated losses.

21
Related party transactions

Group

 

The group was under the control of 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 Limited (of which EHC Moston Grange Limited is a wholly owned subsidiary and Hasigyn Limited is an 87.5% subsidiary) 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 £750,000 (2023 - £550,000) were payable to the majority shareholder.

 

Included within other debtors is £658,870 (2023 - £2,262,463 creditor) due from EHC Moston Grange Limited, £590,817 (2023 - £638,798) due from Hasigyn Limited and £530,217 (2023 - £2,005,216) due from Leap29 Limited

 

Included within other creditors is £2,501,826 (2023 - £1,547,273 debtor) due to Equilibrium Healthcare Limited.

 

Included within other debtors is a capital balance of £602,533 (2023 - £515,384) owed 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 £34,646 (2023 - £16,600) has been charged in the year.

 

Company

 

Included in other creditors is an amount of £26,128 (2023 - £26,128) due to Equilibrium Healthcare Limited, a company which was under the control of P J Keely during the year. These companies also have common directorships.

22
Directors' transactions

Group

 

Directors fees of £154,342 (2023 - £225,539) have been incurred in respect of two (2023 - three) individuals who were directors during the year.

EQUILIBRIUM HEALTHCARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
23
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(2,974,631)
(2,116,462)
Adjustments for:
Taxation (credited)/charged
(26,716)
94,178
Finance costs
1,432
1,463
Investment income
(34,646)
(16,660)
Loss on disposal of tangible fixed assets
97,762
-
Depreciation and impairment of tangible fixed assets
543,947
663,498
Accrued expenses/ (income)
-
86,615
Movements in working capital:
Decrease in debtors
631,146
345,494
Increase in creditors
1,925,273
731,799
Cash generated from/(absorbed by) operations
163,567
(210,075)
24
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
87,283
123,801
211,084
Obligations under finance leases
(7,197)
2,125
(5,072)
80,086
125,926
206,012
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