Year Ended
Registration number:
Torcare Limited
Contents
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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|
Statement of Changes in Equity |
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Notes to the Financial Statements |
Torcare Limited
Strategic Report for the 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 company is the operating of nursing and residential care homes.
Fair review of the business
The Company's net profit has decreased in current year. The rise in costs has resulted in a decrease in the net margin from 13.9% to 13.2%. This movement reflects the impact of rising administrative costs as turnover has remained stable, but gross margin has decreased due to an increase in occupancy. The company's balance sheet remains strong with net assets of £5,466,076 compared to £5,332,450 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) |
£ |
579,974 |
616,030 |
|
Net profit margin |
% |
13 |
14 |
|
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
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|
Torcare Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Objectives and policies
Financial risks
The Company 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 Company 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 Company 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.
Disclosure of information to the auditors
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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
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 Limited
Directors' Report for the 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.
Approved by the
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......................................... |
Torcare 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Torcare Limited
Independent Auditor's Report to the Members of Torcare Limited
Opinion
We have audited the financial statements of Torcare Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 30 September 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 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.
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.
Torcare Limited
Independent Auditor's Report to the Members of Torcare Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
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 |
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• |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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:
Torcare Limited
Independent Auditor's Report to the Members of Torcare Limited
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.
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.
......................................
Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Torcare Limited
Profit and Loss Account
Year Ended 30 September 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
725,923 |
781,130 |
|
|
Gain on financial assets at fair value through profit and loss |
|
- |
|
|
Other interest receivable and similar income |
|
|
|
|
74,448 |
15,807 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Torcare Limited
Balance Sheet
30 September 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
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Tangible assets |
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|
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Investment property |
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|
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Current assets |
|||
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Stocks |
|
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Debtors |
|
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Revaluation reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
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Company Registration Number: 02040079
Torcare Limited
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 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
25,442 |
(25,442) |
- |
|
At 30 September 2024 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 October 2022 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 30 September 2023 |
1,000 |
1,000 |
95,632 |
5,234,818 |
5,332,450 |
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Vicarage Road
Torpoint
Cornwall
PL11 2BW
|
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.
Summary of disclosure exemptions
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.
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Judgements and key sources of estimation uncertainty
In the application of the company'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. The 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 such as depreciation rates 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. Income from residents of the nursing and care homes 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.
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.
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
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 |
|
Freehold land |
Not depreciated |
|
Freehold buildings |
2% straight line |
|
Furniture and fittings |
15% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Equipment |
40% reducing balance |
Investment property
No depreciation is provided in respect of investment properties applying the fair value model.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
|
Revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - other |
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Management staff |
|
|
|
Other staff |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
138,378 |
211,314 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
- |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Total tax charge |
|
|
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Difference between accumulated depreciation, amortisation and capital allowances |
|
|
Other timing difference |
( |
|
Revaluation of investment property |
|
|
|
|
2023 |
Liability |
|
Difference between accumulated depreciation, amortisation and capital allowances |
|
|
Other timing difference |
( |
|
Revaluation of investment property |
|
|
|
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Additions |
|
|
- |
|
|
|
At 30 September 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
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Charge for the year |
|
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 September 2024 |
|
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £2,700,893 (2023 - £2,742,404) in respect of freehold land and buildings.
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Investment properties |
|
2024 |
|
|
At 1 October |
|
|
Fair value adjustments |
|
|
At 30 September |
|
There has been no valuation of investment property by an independent valuer.
|
Stocks |
|
2024 |
2023 |
|
|
Other inventories |
|
|
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
|
|
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Corporation tax |
198,035 |
171,493 |
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
- |
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
- |
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
|
|
At 1 October 2023 |
|
|
Increase in existing provisions |
|
|
At 30 September 2024 |
|
|
|
|
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
250 |
|
250 |
|
|
|
250 |
|
250 |
|
|
|
250 |
|
250 |
|
|
|
250 |
|
250 |
|
|
|
|
|
|
|
Related party transactions |
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.
Torcare Limited
Notes to the Financial Statements
Year Ended 30 September 2024
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
These financial statements are available upon request from Companies House.
The parent of the largest and smallest group in which these financial statements are consolidated is Torcare (Holding) Limited, incorporated in England and Wales.
The ultimate controlling party is
The address of Torcare (Holdings) Limited is:
c/o Francis Clark LLP
Melville Building East,
Royal William Yard,
Plymouth,
Devon,
United Kingdom,
PL1 3GW