REGISTERED NUMBER: 09081665 (England and Wales) |
| Group Strategic Report, |
| Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 31 July 2024 |
for |
| The Britto Healthcare Group Ltd |
REGISTERED NUMBER: 09081665 (England and Wales) |
| Group Strategic Report, |
| Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 31 July 2024 |
for |
| The Britto Healthcare Group Ltd |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
The Britto Healthcare Group Ltd |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
28 Prescott Street |
Halifax |
West Yorkshire |
HX1 2LG |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Group Strategic Report |
for the Year Ended 31 July 2024 |
The director presents his strategic report of the company and the group for the year ended 31 July 2024. |
The Britto Healthcare Group Limited is an investment holding company. The principal activity of the trading subsidiaries of the group is the provision of residential and psychological healthcare services. |
REVIEW OF BUSINESS |
The results of the group for the year show a total profit after tax for the group of £1,206,906 (2023 - £1,223,392). The shareholders' funds of the group total £9,408,498 (2023 - £8,250,592). The group director considers that the performance of the group has produced encouraging results during the year ended 31 July 2024. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through a framework of policies procedures and internal controls. All policies are subject to management approval and continued ongoing review. |
The group has developed a framework for identifying risks to which it is exposed and the impact on economic capital of each of those risks. |
The principal risks that the directors consider the group faces are from inaccurate pricing and competition. |
The directors maintain a system of monitoring the key risks to the group and the key performance indicators and ensures that the group complies with the strict regulatory controls under which it operates. |
STRATEGY |
The continuing success of the group is dependent upon the proper selection, training and retention of personnel, who are core to the success of the group as a whole. We have continued to consolidate our position in the provision of related services in the North of England and consider that it is important to retain a diversified portfolio of risk in order to achieve maximum profitability in a highly competitive market. |
The directors remain resolute in their intention to expand the provision of residential care services provided by the group and are actively looking into options to achieve this through acquisition of suitable additional residential care homes or by organic growth where possible. |
KEY PERFORMANCE INDICATORS |
The directors consider that our key financial performance indicators are those which communicate the financial performance and strength of the group as a whole. The group uses its IT systems to measure several key performance indicators against its targets including turnover, sales margins, staff performance and occupancy levels. |
The gross profit margin of the group is 57% (2023 - 59%). This has been calculated as gross profit divided by total revenue. These similar gross profit margin figures indicate stable financial performance. |
The directors consider that the group is continuing to perform in line with the expectations of the board. |
FUTURE DEVELOPMENTS |
The directors consider that the continued uncertainty regarding the UK economy are considered to continue to keep the risks to UK economic growth significant and future prospects may be influenced by the outcome of these processes. The directors are monitoring the current situation in this respect. |
The directors consider that it is prudent to continue to evaluate the opportunities for the growth of the group in all associated areas of the provision of medical and residential care and are continuing to consider all prospective opportunities with a view to continue the growth of the group as a whole. |
ON BEHALF OF THE BOARD: |
8 May 2025 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Report of the Director |
for the Year Ended 31 July 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 July 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 July 2024 will be £ 49,000 . |
DIRECTOR |
CHARITABLE DONATIONS |
During the year the group made charitable donations amounting to £nil (2023 - £nil). |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
The Britto Healthcare Group Ltd |
Opinion |
| We have audited the financial statements of The Britto Healthcare Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
The Britto Healthcare Group Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
The Britto Healthcare Group Ltd |
Auditors' 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 a Report of the Auditors 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: |
As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. |
We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation. |
The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. |
We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including: |
- Agreeing financial statement disclosures to supporting documentation. |
- Analytical procedures to identify any unusual or unexpected relationships. |
- Testing appropriateness of journal entries, large bank items and accounting estimates for potential bias. |
- Testing transactions for validity. |
- Verifying the existence, ownership and valuation of fixed assets |
- Enquire with management as to actual and potential litigation and claims. |
- Review of correspondence and minutes. |
We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance. |
There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected |
material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
We have applied the exemptions in Section 6 of the Ethical Standard in respect of non-audit services. The company is deemed to have informed management. |
Report of the Independent Auditors to the Members of |
The Britto Healthcare Group Ltd |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
28 Prescott Street |
Halifax |
West Yorkshire |
HX1 2LG |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
as restated |
Notes | £ | £ |
TURNOVER | 3 | 3,360,106 | 3,170,142 |
Cost of sales | (1,452,773 | ) | (1,307,746 | ) |
GROSS PROFIT | 1,907,333 | 1,862,396 |
Administrative expenses | (409,012 | ) | (379,861 | ) |
1,498,321 | 1,482,535 |
Other operating income | - | (5,891 | ) |
OPERATING PROFIT | 5 | 1,498,321 | 1,476,644 |
Interest receivable and similar income | 222,385 | 162,591 |
1,720,706 | 1,639,235 |
Interest payable and similar expenses | 6 | (76,393 | ) | (62,232 | ) |
PROFIT BEFORE TAXATION | 1,644,313 | 1,577,003 |
Tax on profit | 7 | (437,407 | ) | (353,611 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,206,906 | 1,223,392 |
Prior year adjustment | 10 | 63,854 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | 1,270,760 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Consolidated Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 | 1.8.22 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 3,162,540 | 3,291,104 | 3,432,253 |
Investments | 12 | - | - | - |
3,162,540 | 3,291,104 | 3,432,253 |
CURRENT ASSETS |
Stocks | 13 | 1,000 | 700 | 700 |
Debtors | 14 | 378,689 | 437,588 | 372,969 |
Cash at bank and in hand | 8,067,033 | 6,593,055 | 5,204,236 |
8,446,722 | 7,031,343 | 5,577,905 |
CREDITORS |
Amounts falling due within one year | 15 | (2,083,515 | ) | (892,510 | ) | (716,430 | ) |
NET CURRENT ASSETS | 6,363,207 | 6,138,833 | 4,861,475 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 9,525,747 | 9,429,937 | 8,293,728 |
CREDITORS |
Amounts falling due after more than one year | 16 | - | (1,054,117 | ) | (1,069,283 | ) |
PROVISIONS FOR LIABILITIES | 19 | (117,249 | ) | (125,228 | ) | (107,245 | ) |
NET ASSETS | 9,408,498 | 8,250,592 | 7,117,200 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 3 | 3 | 3 |
Retained earnings | 21 | 9,408,485 | 8,250,579 | 7,117,187 |
SHAREHOLDERS' FUNDS | 9,408,488 | 8,250,582 | 7,117,190 |
NON-CONTROLLING INTERESTS | 10 | 10 | 10 |
9,408,498 | 8,250,592 | 7,117,200 |
The financial statements were approved by the director and authorised for issue on 8 May 2025 and were signed by: |
Dr D J J Britto - Director |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Company Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT (LIABILITIES)/ASSETS | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | ( | ) |
SHAREHOLDERS' FUNDS | ( | ) |
Company's loss for the financial year | (6,659 | ) | (4,019 | ) |
The financial statements were approved by the director and authorised for issue on |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2022 | 3 | 7,117,187 | 7,117,190 | 10 | 7,117,200 |
Changes in equity |
Dividends | - | (90,000 | ) | (90,000 | ) | - | (90,000 | ) |
Total comprehensive income | - | 1,159,538 | 1,159,538 | - | 1,159,538 |
Balance at 31 July 2023 | 3 | 8,186,725 | 8,186,728 | 10 | 8,186,738 |
Prior year adjustment | - | 63,854 | 63,854 | - | 63,854 |
As restated | 3 | 8,250,579 | 8,250,582 | 10 | 8,250,592 |
Changes in equity |
Dividends | - | (49,000 | ) | (49,000 | ) | - | (49,000 | ) |
Total comprehensive income | - | 1,206,906 | 1,206,906 | - | 1,206,906 |
Balance at 31 July 2024 | 3 | 9,408,485 | 9,408,488 | 10 | 9,408,498 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Company Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Total comprehensive income | - | ( | ) | ( | ) |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - | ( | ) | ( | ) |
Balance at 31 July 2024 | ( | ) | ( | ) |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Consolidated Cash Flow Statement |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,980,474 | 1,568,451 |
Interest paid | (76,393 | ) | (62,232 | ) |
Government grants | - | (5,891 | ) |
Tax paid | (494,949 | ) | (257,730 | ) |
Net cash from operating activities | 1,409,132 | 1,242,598 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,303 | ) | (600 | ) |
Interest received | 222,385 | 162,591 |
Net cash from investing activities | 218,082 | 161,991 |
Cash flows from financing activities |
Loan repayments in year | (160,394 | ) | (5,189 | ) |
Amount introduced by directors | 65,258 | 91,669 |
Amount withdrawn by directors | (9,100 | ) | (12,250 | ) |
Dividends paid to minority interests | (49,000 | ) | (90,000 | ) |
Net cash from financing activities | (153,236 | ) | (15,770 | ) |
Increase in cash and cash equivalents | 1,473,978 | 1,388,819 |
Cash and cash equivalents at beginning of year | 2 | 6,593,055 | 5,204,236 |
Cash and cash equivalents at end of year | 2 | 8,067,033 | 6,593,055 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Profit before taxation | 1,644,313 | 1,577,003 |
Depreciation charges | 132,867 | 141,750 |
Government grants | - | 5,891 |
Finance costs | 76,393 | 62,232 |
Finance income | (222,385 | ) | (162,591 | ) |
1,631,188 | 1,624,285 |
Increase in stocks | (300 | ) | - |
Decrease/(increase) in trade and other debtors | 56,694 | (82,095 | ) |
Increase in trade and other creditors | 292,892 | 26,261 |
Cash generated from operations | 1,980,474 | 1,568,451 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 8,067,033 | 6,593,055 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
as restated |
£ | £ |
Cash and cash equivalents | 6,593,055 | 5,204,236 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,593,055 | 1,473,978 | 8,067,033 |
6,593,055 | 1,473,978 | 8,067,033 |
Debt |
Debts falling due within 1 year | (14,700 | ) | (893,723 | ) | (908,423 | ) |
Debts falling due after 1 year | (1,054,117 | ) | 1,054,117 | - |
(1,068,817 | ) | 160,394 | (908,423 | ) |
Total | 5,524,238 | 1,634,372 | 7,158,610 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
The Britto Healthcare Group Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Fixtures and equipment | - |
Computer equipment | - |
Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business for the year ended 31 July 2023 is given below: |
£ |
Residential care services | 2,907,875 |
Patient fees | 24,180 |
Medico legal fees | 238,087 |
3,170,142 |
This analysis is not considered to be applicable to the year ended 31 July 2024. |
4. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Wages and salaries | 1,337,191 | 1,199,811 |
Social security costs | - | 1 |
Other pension costs | 24,975 | 21,517 |
1,362,166 | 1,221,329 |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
as restated |
Directors of parent company | 1 | 1 |
Directors of other group companies | 1 | 1 |
Residential care home staff | 55 | 55 |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Director's remuneration | 9,490 | 9,153 |
Director's pension contributions to money purchase schemes | 3,000 | 3,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Depreciation - owned assets | 132,867 | 141,749 |
Auditors' remuneration | 15,259 | 14,020 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Bank interest | 76,393 | 62,232 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 445,386 | 335,628 |
Deferred tax | (7,979 | ) | 17,983 |
Tax on profit | 437,407 | 353,611 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Profit before tax | 1,644,313 | 1,577,003 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | 411,078 | 394,251 |
Effects of: |
Expenses not deductible for tax purposes | 1,307 | 1,000 |
Depreciation in excess of capital allowances | 18,738 | 19,289 |
Adjustments to tax charge in respect of previous periods | 12,598 | (15,964 | ) |
Carried forward losses | 1,665 | - |
Effect of change on tax rates | - | (63,692 | ) |
Effect of movements in deferred tax provisions | (7,979 | ) | 17,983 |
S455 Tax chargeable | - | 744 |
Total tax charge | 437,407 | 353,611 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
Dividends of £49,000 were paid during the year (2023 - £90,000). |
10. | PRIOR YEAR ADJUSTMENT |
The prior year adjustments resulted from omitted bank interest received and receivable in the year ended 31 July 2023. |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Computer |
property | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 | 2,766,918 | 2,318,863 | 12,756 | 5,098,537 |
Additions | - | 3,720 | 583 | 4,303 |
At 31 July 2024 | 2,766,918 | 2,322,583 | 13,339 | 5,102,840 |
DEPRECIATION |
At 1 August 2023 | 373,537 | 1,421,540 | 12,356 | 1,807,433 |
Charge for year | 41,778 | 90,695 | 394 | 132,867 |
At 31 July 2024 | 415,315 | 1,512,235 | 12,750 | 1,940,300 |
NET BOOK VALUE |
At 31 July 2024 | 2,351,603 | 810,348 | 589 | 3,162,540 |
At 31 July 2023 | 2,393,381 | 897,323 | 400 | 3,291,104 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Northfield 14 Thornhill Road, Edgerton, Huddersfield, West Yorkshire, HD3 3DD |
Nature of business: |
% |
Class of shares: | holding |
31.7.24 | 31.7.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 14 Thornhill Road, Huddersfield, HD3 3DD |
Nature of business: |
% |
Class of shares: | holding |
31.7.24 | 31.7.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Stock | 1,000 | 700 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 337,304 | 298,198 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 20,000 | 20,000 |
Accrued income | 21,385 | 78,111 |
Directors' current accounts | - | 2,205 | - | - |
Prepayments and accrued income | - | 39,074 |
378,689 | 437,588 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 908,423 | 14,700 |
Trade creditors | 42,454 | 25,924 |
Amounts owed to group undertakings | - | - |
Tax | 286,103 | 335,666 |
Social security and other taxes | 20,011 | 19,806 |
VAT | 24,643 | 38,039 | - | - |
Other creditors | 299,964 | 133,855 |
Pension scheme creditor | 4,658 | 4,131 | - | - |
Inter-company loan | 92,925 | - | - | - |
Directors' loan accounts | 293,286 | 239,333 | 7,000 | 7,000 |
Accrued expenses | 111,048 | 81,056 |
2,083,515 | 892,510 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Bank loans (see note 17) | - | 1,054,117 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 908,423 | 14,700 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | - | 1,054,117 |
On 16 August 2019 the directors entered into an agreement to refinance the bank loan over an additional 5 years. |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Bank loans | 908,423 | 1,068,817 |
The bank loan of a subsidiary member is held over the assets of the group as a whole. |
19. | PROVISIONS FOR LIABILITIES |
Group |
31.7.24 | 31.7.23 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances | 116,519 | 124,863 |
Deferred tax | 730 | 365 |
117,249 | 125,228 |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 125,228 |
Provided during year | (7,979 | ) |
Brought forward loss utilized |
Balance at 31 July 2024 | 117,249 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | as restated |
£ | £ |
Ordinary | £1 | 3 | 3 |
The Britto Healthcare Group Ltd (Registered number: 09081665) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 August 2023 | 8,186,725 |
Prior year adjustment | 63,854 |
8,250,579 |
Profit for the year | 1,206,906 |
Dividends | (49,000 | ) |
At 31 July 2024 | 9,408,485 |
22. | RELATED PARTY DISCLOSURES |
During the year the group continued to benefit from loans provided by one of its shareholders. These loans are interest free and repayable on demand. At the balance sheet date the total amount outstanding from the group to this shareholder amounted to £85,662 (2023 - £85,662). |
23. | ULTIMATE CONTROLLING PARTY |