Torcare (Holdings) Limited 08617917 false 2023-10-01 2024-09-30 2024-09-30 2024-09-30 The principal activity of the company is the operating of nursing and residential care homes. Digita Accounts Production Advanced 6.30.9574.0 true true true false false true false 08617917 2023-10-01 2024-09-30 08617917 2024-09-30 08617917 bus:Director6 1 2024-09-30 08617917 bus:Director7 1 2024-09-30 08617917 bus:Director8 1 2024-09-30 08617917 bus:OrdinaryShareClass1 bus:Consolidated 2024-09-30 08617917 bus:OrdinaryShareClass2 bus:Consolidated 2024-09-30 08617917 bus:OrdinaryShareClass3 bus:Consolidated 2024-09-30 08617917 bus:OrdinaryShareClass4 bus:Consolidated 2024-09-30 08617917 bus:OrdinaryShareClass5 bus:Consolidated 2024-09-30 08617917 bus:OtherShareClass1 bus:Consolidated 2024-09-30 08617917 bus:Consolidated 2024-09-30 08617917 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-09-30 08617917 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-09-30 08617917 core:ProvisionsDeferredTax bus:Consolidated 2024-09-30 08617917 core:RevaluationInvestmentPropertyDeferredTax bus:Consolidated 2024-09-30 08617917 core:CapitalRedemptionReserve 2024-09-30 08617917 core:CapitalRedemptionReserve bus:Consolidated 2024-09-30 08617917 core:RetainedEarningsAccumulatedLosses 2024-09-30 08617917 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-09-30 08617917 core:RevaluationReserve bus:Consolidated 2024-09-30 08617917 core:ShareCapital 2024-09-30 08617917 core:ShareCapital bus:Consolidated 2024-09-30 08617917 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-09-30 08617917 core:CurrentFinancialInstruments 2024-09-30 08617917 core:CurrentFinancialInstruments bus:Consolidated 2024-09-30 08617917 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 08617917 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-09-30 08617917 core:Non-currentFinancialInstruments 2024-09-30 08617917 core:Non-currentFinancialInstruments bus:Consolidated 2024-09-30 08617917 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 08617917 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-09-30 08617917 core:Goodwill bus:Consolidated 2024-09-30 08617917 core:CostValuation 2024-09-30 08617917 core:ProvisionsForImpairmentInvestments 2024-09-30 08617917 core:WithinOneYear bus:Consolidated 2024-09-30 08617917 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-09-30 08617917 core:LandBuildings bus:Consolidated 2024-09-30 08617917 core:MotorVehicles bus:Consolidated 2024-09-30 08617917 core:OtherPropertyPlantEquipment bus:Consolidated 2024-09-30 08617917 core:DeferredTaxation bus:Consolidated 2024-09-30 08617917 bus:FRS102 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:Audited bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:FullAccounts bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:RegisteredOffice bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:CompanySecretaryDirector1 2023-10-01 2024-09-30 08617917 bus:CompanySecretaryDirector1 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:Director1 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:Director2 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:Director3 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:Director6 2023-10-01 2024-09-30 08617917 bus:Director6 1 2023-10-01 2024-09-30 08617917 bus:Director7 2023-10-01 2024-09-30 08617917 bus:Director7 1 2023-10-01 2024-09-30 08617917 bus:Director8 2023-10-01 2024-09-30 08617917 bus:Director8 1 2023-10-01 2024-09-30 08617917 bus:OrdinaryShareClass1 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:OrdinaryShareClass2 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:OrdinaryShareClass3 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:OrdinaryShareClass4 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:OrdinaryShareClass5 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:OtherShareClass1 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:PreferenceShareClass1 bus:Non-cumulativeRedeemableShares bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:Consolidated 2 2023-10-01 2024-09-30 08617917 bus:Consolidated 4 2023-10-01 2024-09-30 08617917 bus:Consolidated 5 2023-10-01 2024-09-30 08617917 bus:Consolidated 1 2023-10-01 2024-09-30 08617917 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-10-01 2024-09-30 08617917 bus:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 08617917 core:CapitalRedemptionReserve 2023-10-01 2024-09-30 08617917 core:CapitalRedemptionReserve bus:Consolidated 2023-10-01 2024-09-30 08617917 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 08617917 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-10-01 2024-09-30 08617917 core:RevaluationReserve bus:Consolidated 2023-10-01 2024-09-30 08617917 core:ShareCapital 2023-10-01 2024-09-30 08617917 core:ShareCapital bus:Consolidated 2023-10-01 2024-09-30 08617917 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-10-01 2024-09-30 08617917 countries:UnitedKingdom bus:Consolidated 2023-10-01 2024-09-30 08617917 core:Goodwill bus:Consolidated 2023-10-01 2024-09-30 08617917 core:Goodwill bus:Consolidated 1 2023-10-01 2024-09-30 08617917 core:OtherAssetsUnderOperatingLeases bus:Consolidated 2023-10-01 2024-09-30 08617917 core:Buildings bus:Consolidated 2023-10-01 2024-09-30 08617917 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-10-01 2024-09-30 08617917 core:Land bus:Consolidated 2023-10-01 2024-09-30 08617917 core:LandBuildings bus:Consolidated 2023-10-01 2024-09-30 08617917 core:MotorVehicles bus:Consolidated 2023-10-01 2024-09-30 08617917 core:OfficeEquipment bus:Consolidated 2023-10-01 2024-09-30 08617917 core:OtherPropertyPlantEquipment bus:Consolidated 2023-10-01 2024-09-30 08617917 core:DeferredTaxation bus:Consolidated 2023-10-01 2024-09-30 08617917 core:Subsidiary1 2023-10-01 2024-09-30 08617917 core:UKTax bus:Consolidated 2023-10-01 2024-09-30 08617917 countries:EnglandWales bus:Consolidated 2023-10-01 2024-09-30 08617917 2023-09-30 08617917 bus:Director6 1 2023-09-30 08617917 bus:Director7 1 2023-09-30 08617917 bus:Director8 1 2023-09-30 08617917 bus:Consolidated 2023-09-30 08617917 core:CapitalRedemptionReserve 2023-09-30 08617917 core:CapitalRedemptionReserve bus:Consolidated 2023-09-30 08617917 core:RetainedEarningsAccumulatedLosses 2023-09-30 08617917 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-09-30 08617917 core:RevaluationReserve bus:Consolidated 2023-09-30 08617917 core:ShareCapital 2023-09-30 08617917 core:ShareCapital bus:Consolidated 2023-09-30 08617917 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-09-30 08617917 core:Goodwill bus:Consolidated 2023-09-30 08617917 core:AdditionsToInvestments 2023-09-30 08617917 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-09-30 08617917 core:LandBuildings bus:Consolidated 2023-09-30 08617917 core:MotorVehicles bus:Consolidated 2023-09-30 08617917 core:OtherPropertyPlantEquipment bus:Consolidated 2023-09-30 08617917 core:DeferredTaxation bus:Consolidated 2023-09-30 08617917 2022-10-01 2023-09-30 08617917 2023-09-30 08617917 bus:Director6 1 2023-09-30 08617917 bus:Director7 1 2023-09-30 08617917 bus:Director8 1 2023-09-30 08617917 bus:OrdinaryShareClass1 bus:Consolidated 2023-09-30 08617917 bus:OrdinaryShareClass2 bus:Consolidated 2023-09-30 08617917 bus:OrdinaryShareClass3 bus:Consolidated 2023-09-30 08617917 bus:OrdinaryShareClass4 bus:Consolidated 2023-09-30 08617917 bus:OrdinaryShareClass5 bus:Consolidated 2023-09-30 08617917 bus:OtherShareClass1 bus:Consolidated 2023-09-30 08617917 bus:Consolidated 2023-09-30 08617917 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-09-30 08617917 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2023-09-30 08617917 core:ProvisionsDeferredTax bus:Consolidated 2023-09-30 08617917 core:RevaluationInvestmentPropertyDeferredTax bus:Consolidated 2023-09-30 08617917 core:CapitalRedemptionReserve 2023-09-30 08617917 core:CapitalRedemptionReserve bus:Consolidated 2023-09-30 08617917 core:RetainedEarningsAccumulatedLosses 2023-09-30 08617917 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-09-30 08617917 core:RevaluationReserve bus:Consolidated 2023-09-30 08617917 core:ShareCapital 2023-09-30 08617917 core:ShareCapital bus:Consolidated 2023-09-30 08617917 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-09-30 08617917 core:CurrentFinancialInstruments 2023-09-30 08617917 core:CurrentFinancialInstruments bus:Consolidated 2023-09-30 08617917 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 08617917 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-09-30 08617917 core:Non-currentFinancialInstruments 2023-09-30 08617917 core:Non-currentFinancialInstruments bus:Consolidated 2023-09-30 08617917 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 08617917 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-09-30 08617917 core:Goodwill bus:Consolidated 2023-09-30 08617917 core:CostValuation 2023-09-30 08617917 core:ProvisionsForImpairmentInvestments 2023-09-30 08617917 core:WithinOneYear bus:Consolidated 2023-09-30 08617917 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-09-30 08617917 core:LandBuildings bus:Consolidated 2023-09-30 08617917 core:MotorVehicles bus:Consolidated 2023-09-30 08617917 core:OtherPropertyPlantEquipment bus:Consolidated 2023-09-30 08617917 bus:Director6 1 2022-10-01 2023-09-30 08617917 bus:Director7 1 2022-10-01 2023-09-30 08617917 bus:Director8 1 2022-10-01 2023-09-30 08617917 bus:Consolidated 2022-10-01 2023-09-30 08617917 bus:Consolidated 2 2022-10-01 2023-09-30 08617917 bus:Consolidated 4 2022-10-01 2023-09-30 08617917 core:CapitalRedemptionReserve 2022-10-01 2023-09-30 08617917 core:CapitalRedemptionReserve bus:Consolidated 2022-10-01 2023-09-30 08617917 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08617917 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-10-01 2023-09-30 08617917 core:RevaluationReserve bus:Consolidated 2022-10-01 2023-09-30 08617917 core:ShareCapital 2022-10-01 2023-09-30 08617917 core:ShareCapital bus:Consolidated 2022-10-01 2023-09-30 08617917 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-10-01 2023-09-30 08617917 countries:UnitedKingdom bus:Consolidated 2022-10-01 2023-09-30 08617917 core:OtherAssetsUnderOperatingLeases bus:Consolidated 2022-10-01 2023-09-30 08617917 core:Subsidiary1 2022-10-01 2023-09-30 08617917 core:UKTax bus:Consolidated 2022-10-01 2023-09-30 08617917 2022-09-30 08617917 bus:Director6 1 2022-09-30 08617917 bus:Director7 1 2022-09-30 08617917 bus:Director8 1 2022-09-30 08617917 bus:Consolidated 2022-09-30 08617917 core:CapitalRedemptionReserve 2022-09-30 08617917 core:CapitalRedemptionReserve bus:Consolidated 2022-09-30 08617917 core:RetainedEarningsAccumulatedLosses 2022-09-30 08617917 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-09-30 08617917 core:RevaluationReserve bus:Consolidated 2022-09-30 08617917 core:ShareCapital 2022-09-30 08617917 core:ShareCapital bus:Consolidated 2022-09-30 08617917 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Torcare (Holdings) Limited

Annual Report and Consolidated Financial Statements
Year Ended 30 September 2024

Registration number: 08617917

 

Torcare (Holdings) Limited

Contents

Strategic Report

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 28

 

Torcare (Holdings) Limited

Strategic Report

Year Ended 30 September 2024

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

Principal activity

The principal activity of the group is the operating of nursing and residential care homes.

Fair review of the business

The Group's net profit has decreased in current year. The rise in costs has resulted in a decrease in the net margin from 17.4% to 12.5%. This movement reflects the impact of rising administrative costs as turnover and gross margin have improved due to an increase in occupancy. Both the group and company balance sheets remains strong with net assets of £4,273,690 compared to £3,857,069 in prior year.

The directors monitor occupancy rates and wage to occupancy ratios as key performance indicators with a view that they maintain the level and quality of staffing required. They monitor occupancy levels and profit margins at an individual home level.

The directors consider that the results are satisfactory.

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£

4,453,523

4,433,165

Gross profit

£

2,041,247

2,192,216

Gross profit margin

%

46

50

Net Profit (excluding exceptional items)

£

517,850

553,908

Net profit margin

%

12

13

Total wages as a percentage of fees

%

63

61

Total occupancy rate

%

68

77

Principal risks and uncertainties

Management consider that the principal risk to the business would be a negative review from a Care Quality Commission inspection that could result in an enforcement action and the subsequent impact on the reputation of the home. To mitigate this risk all care staff are trained to a high level and management value the retention of high quality staff, that management trust.

Approved by the Board on 17 June 2025 and signed on its behalf by:

.........................................
Mr B A Fourniss
Company secretary and director

 
 

Torcare (Holdings) Limited

Directors' Report

Year Ended 30 September 2024

The directors present their report and the for the year ended 30 September 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr P B Fourniss

Mrs M E M Fourniss

Mr T Fourniss

Mr B A Fourniss - Company secretary and director

Objectives and policies

Financial risks

The Group considers the major financial risks of the business to be linked to the funding received from local authorities and the associated risks regarding cutbacks of public funding, along with falls in occupancy levels and privately funded residents. To mitigate these risks the Group has a mix of both privately and publicly funded residents and seeks to build upon its excellent reputation through retention of its high quality staff.

Price risk, credit risk, liquidity risk and cash flow risk

The Group is not exposed to any material operational risks. There is reasonable demand for the care home business mainly due to the age demography of the UK population.

Going concern

Following on from the Covid-19 Pandemic which impacted us throughout 2020, 2021 and even 2022, Torcare managed to regain improved levels of occupancy and achieve a strong result without the aid of government grants.

Staffing levels improved for a while but have fluctuated again and we are currently seeing higher staff turnover than previous years. We are also still using nurse agency staff due to the ongoing issue of attracting more nurses. We are averaging 15 shifts per week through the agency which is costly and something we would obviously like to reduce and eventually stop. Historically Torcare has not needed to use agency Nurses.

Our bed occupancy has improved slightly and settled at an acceptable level. Although not full occupancy, the numbers have not been of any major concern as the fees we have received for admissions have continued at a strong rate from both Cornwall Council and the health authority.

 

Torcare (Holdings) Limited

Directors' Report

Year Ended 30 September 2024

We increased our private fees by 10-12%. This increase was to account for the energy crisis and general cost of living crisis with food and costs and other service costs soaring. Staffing costs also increased significantly from £2.3m to £2.7m (an overall average of 17%).

Hillcot and Rose Cottage continue as long-term unfurnished lets and the Dell is the one remaining holiday cottage. Occupancy with The Dell has declined significantly now post-Covid, and people are travelling abroad more. It is now more in line with numbers we were seeing in 2019.

The energy crisis certainly impacted us greatly over the past 12 months and with new fixed contracts for 4 out of 5 of our utilities we experienced increases between 50% and 250% on electricity, gas and oil. This was with the government support included. We therefore had ‘additional’ costs of around £110k on energy this year. With the slightly increased bed numbers and the increase in fees, we were able to absorb these additional costs without any damaging effects.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 17 June 2025 and signed on its behalf by:

.........................................
Mr B A Fourniss
Company secretary and director

   
     
 

Torcare (Holdings) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Torcare (Holdings) Limited

Independent Auditor's Report to the Members of Torcare (Holdings) Limited

Opinion

We have audited the financial statements of Torcare (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 30 September 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 auditor 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

 

Torcare (Holdings) Limited

Independent Auditor's Report to the Members of Torcare (Holdings) Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

Torcare (Holdings) Limited

Independent Auditor's Report to the Members of Torcare (Holdings) Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.

We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. 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 fraudulent financial reporting.

Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations and review of correspondence and contracts with third parties. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Torcare (Holdings) Limited

Independent Auditor's Report to the Members of Torcare (Holdings) 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.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

17 June 2025

 

Torcare (Holdings) Limited

Consolidated Profit and Loss Account

Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

4,453,523

4,433,165

Cost of sales

 

(2,412,276)

(2,240,949)

Gross profit

 

2,041,247

2,192,216

Administrative expenses

 

(1,476,700)

(1,566,990)

Other operating income

4

78,811

73,340

Operating profit

5

643,358

698,566

Gain on financial assets at fair value through profit and loss

 

41,272

-

Other interest receivable and similar income

33,176

15,807

Interest payable and similar expenses

9

(200)

(200)

   

74,248

15,607

Profit before tax

 

717,606

714,173

Tax on profit

10

(199,756)

(160,266)

Profit for the financial year

 

517,850

553,907

Profit/(loss) attributable to:

 

Owners of the company

 

517,850

553,907

The group has no recognised gains or losses for the year other than the results above.

 

Torcare (Holdings) Limited

Consolidated Balance Sheet

30 September 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

11

553,601

616,732

Tangible assets

12

4,766,842

4,821,460

Investment property

13

1,400,000

1,358,728

 

6,720,443

6,796,920

Current assets

 

Stocks

15

9,527

9,466

Debtors

16

1,051,373

790,699

Cash at bank and in hand

 

746,675

929,114

 

1,807,575

1,729,279

Creditors: Amounts falling due within one year

17

(878,991)

(950,720)

Net current assets

 

928,584

778,559

Total assets less current liabilities

 

7,649,027

7,575,479

Creditors: Amounts falling due after more than one year

17

(2,500,000)

(2,837,000)

Provisions for liabilities

20

(883,257)

(881,410)

Net assets

 

4,265,770

3,857,069

Capital and reserves

 

Called up share capital

22

100

100

Capital redemption reserve

2,000,000

1,663,000

Fair value reserve

121,074

95,632

Profit and loss account

2,144,596

2,098,337

Equity attributable to owners of the company

 

4,265,770

3,857,069

Total equity

 

4,265,770

3,857,069

Approved and authorised by the Board on 17 June 2025 and signed on its behalf by:

.........................................
Mr B A Fourniss
Company secretary and director

 

Company Registration Number: 08617917

 

Torcare (Holdings) Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

14

5,000,000

5,000,000

Current assets

 

Debtors

16

769,746

500,000

Creditors: Amounts falling due within one year

17

(1,263,345)

(993,599)

Net current liabilities

 

(493,599)

(493,599)

Total assets less current liabilities

 

4,506,401

4,506,401

Creditors: Amounts falling due after more than one year

17

(2,500,000)

(2,837,000)

Net assets

 

2,006,401

1,669,401

Capital and reserves

 

Called up share capital

22

100

100

Capital redemption reserve

2,000,000

1,663,000

Profit and loss account

6,301

6,301

Shareholders' funds

 

2,006,401

1,669,401

The company made a profit after tax for the financial year of £446,148 (2023 - profit of £202,078).

Company Registration Number: 08617917

Approved and authorised by the Board on 17 June 2025 and signed on its behalf by:

.........................................
Mr B A Fourniss
Company secretary and director

 

Company Registration Number: 08617917

 

Torcare (Holdings) Limited

Consolidated Statement of Changes in Equity

Year Ended 30 September 2024

Share capital
£

Capital redemption reserve
£

Fair value reserve
£

Profit and loss account
£

Total
£

At 1 October 2023

100

1,663,000

95,632

2,098,337

3,857,069

Profit for the year

-

-

-

517,850

517,850

Dividends

-

-

-

(109,149)

(109,149)

Purchase of own share capital

-

337,000

-

(337,000)

-

Transfers

-

-

25,442

(25,442)

-

At 30 September 2024

100

2,000,000

121,074

2,144,596

4,265,770

Share capital
£

Capital redemption reserve
£

Fair value reserve
£

Profit and loss account
£

Total
£

At 1 October 2022

100

1,563,000

95,632

1,746,508

3,405,240

Profit for the year

-

-

-

553,907

553,907

Dividends

-

-

-

(102,078)

(102,078)

Purchase of own share capital

-

100,000

-

(100,000)

-

At 30 September 2023

100

1,663,000

95,632

2,098,337

3,857,069

 

Torcare (Holdings) Limited

Statement of Changes in Equity

Year Ended 30 September 2024

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 October 2023

100

1,663,000

6,301

1,669,401

Profit for the year

-

-

446,148

446,148

Total comprehensive income

-

-

446,148

446,148

Dividends

-

-

(109,148)

(109,148)

Purchase of own share capital

-

337,000

(337,000)

-

At 30 September 2024

100

2,000,000

6,301

2,006,401

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 October 2022

100

1,563,000

6,301

1,569,401

Profit for the year

-

-

202,078

202,078

Total comprehensive income

-

-

202,078

202,078

Dividends

-

-

(102,078)

(102,078)

Purchase of own share capital

-

100,000

(100,000)

-

At 30 September 2023

100

1,663,000

6,301

1,669,401

 

Torcare (Holdings) Limited

Consolidated Statement of Cash Flows

Year Ended 30 September 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Profit for the year

 

517,850

553,907

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

170,120

183,594

Changes in fair value of investment property

13

(41,272)

-

Finance income

(33,176)

(15,807)

Finance costs

9

200

200

Income tax expense

10

199,756

160,266

 

813,478

882,160

Working capital adjustments

 

(Increase)/decrease in stocks

15

(61)

31

Increase in trade debtors

16

(260,676)

(500,045)

Decrease in trade creditors

17

(98,266)

(14,632)

Cash generated from operations

 

454,475

367,514

Income taxes paid

10

(171,370)

(173,000)

Net cash flow from operating activities

 

283,105

194,514

Cash flows from investing activities

 

Interest received

33,176

15,807

Acquisitions of tangible assets

(52,371)

(110,575)

Acquisition of investment properties

13

-

(258,728)

Net cash flows from investing activities

 

(19,195)

(353,496)

Cash flows from financing activities

 

Redemption of shares classified as liabilities

 

(337,000)

(100,000)

Interest on preference shares

 

(200)

(200)

Dividends paid

(109,149)

(102,078)

Net cash flows from financing activities

 

(446,349)

(202,278)

Net decrease in cash and cash equivalents

 

(182,439)

(361,260)

Cash and cash equivalents at 1 October

 

929,114

1,290,374

Cash and cash equivalents at 30 September

746,675

929,114

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Francis Clark LLP
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Reduced disclosure exemptions for parent company
FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity:

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its cash flows are included in the consolidated financial statements of the group. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Torcare (Holdings) Limited group.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have now changed where necessary to ensure consistency with the policies adopted by the Group.

Judgements and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience. TThe only critical area of judgement relates to the valuation of the investment properties. Each financal year the directors complete a review of the value of each property and compare them to market rates/property indices to determine if a revaluation is needed. Any revaluation is confirmed and adjusted within the accounts where necessary. Management do not perceive there to be any other critical areas of judgement or key
sources of estimation uncertainty in the formulation of the financial statements.

Any estimates and underlying assumptions used by management are reviewed on an ongoing basis. Any revision deemed to be required to any accounting estimates would be recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

No such changes or amendments are deemed necessary in either this or the prior period.

Revenue recognition

Turnover relates to income received from residents of the nursing and care homes and income received from the domiciliary care clients. Income from residents of the nursing and care homes and from the domiciliary care clients is recognised, as earned, through the provision of contracted services.

Government grants

Covid-19 support grants do not have any imposed specified future performance-related conditions on the company, and therefore are recognised when the grant proceeds are received or receivable.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% straight line

Furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Equipment

40% reducing balance

Freehold land

Not depreciated

Investment property

Investment property is carried at fair value. The directors assess fair value, having regard for current market prices for comparable real estate and using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

No depreciation is provided in respect of investment properties applying the fair value model.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension
fund and the group has no legal or constructive obligation to pay further contributions even if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in
the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they
are due. If contribution payments exceed the contribution due for service, the excess is recognised as
a prepayment.

Financial instruments

Classification
The group holds the following financial instruments:
• Short term trade and other debtors and creditors;and
• Cash and bank balances.
All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

4,453,523

4,433,165

The analysis of the group's turnover for the year by market is as follows:

2024
 £

2023
 £

UK

4,453,523

4,433,165

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

78,811

73,340

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

106,989

120,463

Amortisation expense

63,131

63,131

Operating lease expense - other

-

2,000

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,370,804

2,227,427

Social security costs

278,571

233,990

Pension costs, defined contribution scheme

162,679

236,934

2,812,054

2,698,351

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Management staff

8

10

Other staff

137

133

145

143

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,378

11,314

Contributions paid to money purchase schemes

120,000

200,000

138,378

211,314

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

8

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

3,000

2,500

Audit of the subsidiary's financial statements

6,750

6,000

9,750

8,500


 

9

Interest payable and similar expenses

2024
£

2023
£

Interest on preference shares

200

200

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

197,912

171,370

Deferred taxation

Arising from origination and reversal of timing differences

1,844

(11,104)

Tax expense in the income statement

199,756

160,266

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 0% (2023 - 22.01%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

717,606

714,173

Corporation tax at standard rate

179,402

157,189

Effect of revenues exempt from taxation

(19,767)

(20,898)

Effect of expense not deductible in determining taxable profit (tax loss)

28,286

23,346

Deferred tax expense from unrecognised temporary difference from a prior period

11,835

-

Deferred tax expense relating to changes in tax rates or laws

-

629

Total tax charge

199,756

160,266

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

239,467

Fair value uplift at acquisition and goodwill

597,769

Other timing difference

(936)

Revaluation of investment property

46,957

883,257

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

233,562

Fair value uplift at acquisition and goodwill

618,407

Other timing difference

(811)

Revaluation of investment property

30,252

881,410

11

Intangible assets

Group

Goodwill
 £

Cost or valuation

At 1 October 2023

1,262,610

Additions

-

At 30 September 2024

1,262,610

Amortisation

At 1 October 2023

645,878

Amortisation charge

63,131

At 30 September 2024

709,009

Carrying amount

At 30 September 2024

553,601

At 30 September 2023

616,732

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

12

Tangible assets

Group

Freehold land and buildings
£

Furniture and fittings
 £

Motor vehicles
 £

Equipment
 £

Total
£

Cost or valuation

At 1 October 2023

5,427,721

903,392

11,721

37,479

6,380,313

Additions

8,604

28,743

-

15,024

52,371

At 30 September 2024

5,436,325

932,135

11,721

52,503

6,432,684

Depreciation

At 1 October 2023

828,424

694,547

7,647

28,235

1,558,853

Charge for the year

69,550

26,716

1,018

9,705

106,989

At 30 September 2024

897,974

721,263

8,665

37,940

1,665,842

Carrying amount

At 30 September 2024

4,538,351

210,872

3,056

14,563

4,766,842

At 30 September 2023

4,599,297

208,845

4,074

9,244

4,821,460

13

Investment properties

Group

2024
£

At 1 October

1,358,728

Fair value adjustments

41,272

At 30 September

1,400,000

There has been no valuation of investment property by an independent valuer.

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

5,000,000

5,000,000

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Subsidiaries

£

Cost or valuation

At 1 October 2023

5,000,000

Additions

-

At 30 September 2024

5,000,000

Provision

At 1 October 2023

-

At 30 September 2024

-

Carrying amount

At 30 September 2024

5,000,000

At 30 September 2023

5,000,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Torcare Limited

c/o Francis Clark LLP
Melville Building East,
Royal William Yard,
Plymouth,
Devon,
United Kingdom,
PL1 3RP

Ordinary shares

100%

100%

         

Subsidiary undertakings

Torcare Limited

The principal activity of Torcare Limited is the operation of nursing and residential care homes.

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

9,527

9,466

-

-

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

16

Debtors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Trade debtors

49,723

34,245

-

-

Other debtors

769,756

502,828

769,746

500,000

Prepayments

20,806

46,603

-

-

Accrued income

211,088

207,023

-

-

1,051,373

790,699

769,746

500,000

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

500,000

500,000

500,000

500,000

Trade creditors

 

53,782

71,103

-

-

Amounts due to group undertakings

25

-

-

763,068

493,362

Corporation tax

10

198,035

171,493

-

-

Social security and other taxes

 

40,027

30,757

-

-

Outstanding defined contribution pension costs

 

8,737

7,570

-

-

Other creditors

 

278

58,836

277

237

Accruals and deferred income

 

78,132

110,961

-

-

 

878,991

950,720

1,263,345

993,599

Due after one year

 

Loans and borrowings

18

2,500,000

2,837,000

2,500,000

2,837,000

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

18

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Redeemable preference shares

2,500,000

2,837,000

2,500,000

2,837,000

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Redeemable preference shares

500,000

500,000

500,000

500,000

Redeemable preference shares

The 3,000,000 (2023 - 3,337,000) 6% Preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry no voting rights. Winding up value for redeemable preference share is £3,000,000.

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

1,001

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,001 (2023 - £2,000).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

3,100

7,000

3,100

7,000

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

20

Deferred tax and other provisions

Group

Deferred tax
£

At 1 October 2023

881,410

Increase in existing provisions

1,847

At 30 September 2024

883,257

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £162,679 (2023 - £236,934).

Contributions totalling £8,737 (2023 - £7,570) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

83

83

83

83

Ordinary A shares of £1 each

5

5

5

5

Ordinary B shares of £1 each

5

5

5

5

Ordinary C shares of £1 each

1

1

1

1

Ordinary D shares of £1 each

1

1

1

1

Ordinary E shares of £1 each

5

5

5

5

 

100

100

100

100

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

23

Analysis of changes in net debt

Group

At 1 October 2023

Cash flow

Other non cash changes

At 30 September 2024

£

£

£

£

Cash at bank and on hand

929,114

(182,439)

-

746,675

Bank overdrafts

-

-

-

-

929,114

(182,439)

-

746,675

Debt due within one year

-

-

-

-

Debt due after one year

-

-

-

-

Preference shares

(3,337,000)

337,000

-

(3,000,000)

Net debt

(2,407,886)

154,561

-

(2,253,325)

24

Parent and ultimate parent undertaking

The ultimate controlling party is The Fourniss Family 2013 Flexible Life Interest Settlement, the managing trustees of which are the directors of the company.

25

Related party transactions

Company

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Director 1

Interest free, unsecured and repayable on demand loan account

(19)

166,580

(166,700)

(139)

Director 2

Interest free, unsecured and repayable on demand loan account

(19)

170,580

(170,700)

(139)

Director 3

Interest free, unsecured and repayable on demand loan account

500,000

180,144

(79,148)

600,996

All overdrawn director loan accounts have been repaid prior to the signing date.
 

 

Torcare (Holdings) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Director 1

Interest free, unsecured and repayable on demand loan account

(14)

50,100

(50,105)

(19)

Director 2

Interest free, unsecured and repayable on demand loan account

(14)

50,100

(50,105)

(19)

Director 3

Interest free, unsecured and repayable on demand loan account

-

572,077

(72,077)

500,000

Dividends paid to directors

2024
£

2023
£

The directors

Ordinary shares dividend

109,148

102,078

Preference shares dividend

200

200

109,348

102,278