Company Registration No. 08948440 (England and Wales)
SAS HOMECARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
SAS HOMECARE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
SAS HOMECARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
17 August 2023
Unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
4
48,523
Investment property
5
2,850,000
1,100,000
2,898,523
1,100,000
Current assets
Debtors
6
79,077
469,098
Cash at bank and in hand
14,937
2,011
94,014
471,109
Creditors: amounts falling due within one year
7
(705,270)
(725,250)
Net current liabilities
(611,256)
(254,141)
Total assets less current liabilities
2,287,267
845,859
Provisions for liabilities
(492,931)
(136,871)
Net assets
1,794,336
708,988
Capital and reserves
Called up share capital
8
2
2
Non-distributable profits reserve
1,442,400
448,130
Distributable profit and loss reserves
351,934
260,856
Total equity
1,794,336
708,988
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
Mr O Harris
Director
Company registration number 08948440 (England and Wales)
SAS HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
SAS Homecare Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thameside House, Hurst Road, East Molesey, Surrey, United Kingdom, KT8 9AY.
1.1
Reporting period
The reporting period has been extended to a period end of 30 September 2024 following the sale of the company.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is in a net current liability position of £611,256 at the balance sheet date, which includes £683,446 owing to connected companies.
The directors have considered the forecasted future operations of the company and that the ultimate parent
undertaking has confirmed to provide continuing financial support to the company, and have concluded that
the company will have adequate resources to continue in business for the foreseeable future, being at least
12 months from the date of approval of these financial statements. The directors continue to adopt the going
concern basis of accounting in preparing these financial statements.
1.4
Turnover
Turnover represents rents receivable and is recognised when it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
3 years straight line
Fixtures and fittings
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SAS HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
SAS HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SAS HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment properties
Investment properties are valued annually against on an open market basis, by independent professional valuers. The level of uncertainty in the UK property market has increased the degree of judgment involved in the valuations.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Unaudited
Number
2023
Number
Total
3
1
SAS HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
Unaudited at 18 August 2023
Additions
50,708
At 30 September 2024
50,708
Depreciation and impairment
Unaudited at 18 August 2023
Depreciation charged in the period
2,185
At 30 September 2024
2,185
Carrying amount
Unaudited at 30 September 2024
48,523
At 17 August 2023
5
Investment property
2024
£
Fair value
Unaudited at 18 August 2023
1,100,000
Additions
375,000
Revaluations
1,375,000
At 30 September 2024
2,850,000
Investment property comprises with a historical cost value of £890,000 (2023: £515,000). The fair value of the investment property has been arrived at on the basis of a valuation carried out at 7 December 2023 by Knight Frank LLP, a professional third party.
6
Debtors
2024
Unaudited
2023
Amounts falling due within one year:
£
£
Trade debtors
17,296
2,209
Other debtors
61,781
466,889
79,077
469,098
SAS HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
Unaudited
2023
£
£
Trade creditors
4,869
Amounts owed to group undertakings and undertakings in which the company has a participating interest
683,446
642,365
Corporation tax
292
72,907
Other creditors
16,663
9,978
705,270
725,250
At the statement of financial position date, Shawbrook Bank Limited held a fixed and floating charge dated 30 January 2024 over all the property or undertaking of the company.
A fixed and floating charge held by Clydesdale Bank PLC dated 1 November 2023 was satisfied on 31 January 2024.
A fixed and floating charge held by National Westminster Bank PLC dated 29 January 2016 was satisfied on 30 August 2023.
A fixed and floating charge held by National Westminster Bank PLC dated 2 October 2015 was satisfied on 30 August 2023.
8
Called up share capital
2024
Unaudited
2024
Unaudited
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
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 period 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.
Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
Affinia (Colchester)
Date of audit report:
19 June 2025
SAS HOMECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 8 -
10
Parent company
Since 3 October 2023 the company's immediate parent is Sky Care Homes Limited, incorporated in England and Wales, previously the ultimate controlling party had been Vikash Seebaruth.
The ultimate parent is Zero Topco Limited, incorporated in England and Wales.
The ultimate controlling party is Montreux Fixed Yield Holding Company.