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REGISTERED NUMBER: 14611173 (England and Wales)








GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR


MACC CARE TOPCO LIMITED


MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024











Page



Company Information  

1



Group Strategic Report  

2



Report of the Director  

4



Report of the Independent Auditors  

6



Consolidated Income Statement  

9



Consolidated Other Comprehensive Income  

10



Consolidated Balance Sheet  

11



Company Balance Sheet  

12



Consolidated Statement of Changes in Equity  

13



Company Statement of Changes in Equity  

14



Consolidated Cash Flow Statement  

15



Notes to the Consolidated Cash Flow Statement

16



Notes to the Consolidated Financial Statements

18




MACC CARE TOPCO LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2024









DIRECTOR:

Dr N Nathani







REGISTERED OFFICE:

23 Calthorpe Road


Edgbaston


Birmingham


United Kingdom


B15 1RP







REGISTERED NUMBER:

14611173 (England and Wales)







AUDITORS:

Prime


Chartered Accountants


Statutory Auditor


161 Newhall Street


Birmingham


B3 1SW


MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



The director presents his strategic report of the company and the group for the year ended 30 September 2024.


REVIEW OF BUSINESS

On the Operational side, the performance of the existing and new homes has increased in line with projections, which reflects a stable revenue generation in the existing operational care homes and expected trading activity from the new care home beds that have been commissioned. The average number of residents has continued to increase and currently stands at 739 out of a total capacity of 981. The un-utilised capacity within the new care homes that have been commissioned is expected to be gradually taken up as the homes progress to maturity over 12 to 24 months.


Trading conditions:


The average weekly fee has remained resilient and adjusted to inflationary and wage pressures also supported by the local authorities who have increased fees and generally been supportive during the recent inflationary pressures.


We have found the general sentiment in the care sector to remain positive and this is reflected in our ability to develop new lender relationships and continuing funding support towards our development programme and trading activities.


PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks for the group relate to macroeconomic and geopolitical conditions which impact on the two main aspects of activity which are trading and development. The Trading activity and utilisation of commissioned bed capacity will be influenced by general economic climate, inflationary pressures and affordability. The planned development activity will be influenced by construction material price inflation, corporate lending appetite and cost of borrowing.


ECONOMIC CLIMATE

The economic climate has been uncertain over the past 12 months but with both inflation falling and a reduction in borrowing costs these are positive signs.


LIQUIDITY RISK

During the year, new long term loans have been put in place and as a result the director considers that there is now a funding structure to serve both operation and development requirements.


RETENTION OF KEY PEOPLE

In order to provide the highest standards of care it is important that the key management are retained at each Care Home. The director has regular reviews with these key staff in order to retain and develop these individuals. Across the Group high quality candidates have been attracted which is a reflection of the quality of the Group reputation.


COMPETITOR ACTIVITY

As this sector continues to grow the director is aware of not only existing other care homes but also the continued development of new care homes. Macc care continues to focus on the provision of a quality modern environment supported by the delivery of a high level of care within these mature care homes.


KEY PERFORMANCE INDICATORS

The Director and the board of management continue to monitor the progress of the Group in their monthly financial and operations reviews. KPI's include numbers of residents, wage costs, average weekly fees and non staffing expenditure.



MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024


SECTION 172(1) STATEMENT


The director of Macc Care Topco Limited considers that he has acted in a way that is appropriate to promote the success of the group for the benefit of its members as a whole to include wider stakeholders.


Decisions are taken with regard to the operating of its care homes that consider their long term future, the interests of employees and all business relationships including suppliers and most importantly the care home's residents.


Each care home becomes a part of the local community and all such links are valued. The homes strive to have a positive impact on the environment.


The quality of care provision is fundamental but also it is commensurate on the directors to conduct the business at  high standards.


Decisions will involve engagement with stakeholders whose input to the process will affect strategies adopted.


ON BEHALF OF THE BOARD:






Dr N Nathani - Director



26 June 2025


MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30 SEPTEMBER 2024



The director presents his report with the financial statements of the company and the group for the year ended 30 September 2024.


DIVIDENDS

No dividends will be distributed for the year ended 30 September 2024.


EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.


DIRECTOR

Dr N Nathani held office during the whole of the period from 1 October 2023 to the date of this report.


EMPLOYMENT OF DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training , career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.


ENGAGEMENT WITH EMPLOYEES

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings , matters likely to affect employee' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.


STREAMLINED ENERGY AND CARBON REPORTING

Energy consumption - year ended 30 September 2024




2024


2023


Aggregate of energy consumption in the year


Kwh


Kwh


- Gas combustion


6,680,425


2,201,371


- Fuel consumed for transport


-


-


- Electricity purchased


2,616,886


1,008,389



Emissions of CO2 equivalent


tonnes CO2e


tonnes CO2e



Scope 1 - direct emissions



- Gas combustion


1,219,445


401,838


- Fuel consumed for owned transport


-


-



Scope 2 - indirect emissions



- Electricity purchased


506,053


195,002



Scope 3 - other indirect emissions



- Fuel consumed for transport not owned by the company


-


-



Total gross emissions


1,725,498


596,840






Intensity ratio


Tonnes CO2e per full-time employee 1,123 - 1.5 (2023: 998 - 0.6)



MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30 SEPTEMBER 2024


Quantification and reporting methodology


Macc Care Topco Limited have used UK Government GHG Conversion Factors for Company Reporting.


Intensity measurement


The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.


STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.


Company law requires the director to prepare financial statements for each financial year.  Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

-

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


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


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






Dr N Nathani - Director



26 June 2025


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MACC CARE TOPCO LIMITED



Opinion

We have audited the financial statements of Macc Care Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MACC CARE TOPCO LIMITED



Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of director's remuneration specified by law are not made; or

-

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


Responsibilities of director

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


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


Auditors' responsibilities for the audit of the financial statements

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


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

MACC CARE TOPCO LIMITED



We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW


26 June 2025


MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



Period


23.1.23


Year ended


to


30.9.24


30.9.23


Notes

£   

£   



TURNOVER

3

54,786,804


23,960,538




Cost of sales

33,390,372


15,316,395



GROSS PROFIT

21,396,432


8,644,143




Administrative expenses

11,463,354


4,091,851



9,933,078


4,552,292




Other operating income

389,266


-



OPERATING PROFIT

5

10,322,344


4,552,292




Interest receivable and similar income

-


12,524



10,322,344


4,564,816




Interest payable and similar expenses

6

15,236,955


6,873,850



LOSS BEFORE TAXATION

(4,914,611

)

(2,309,034

)



Tax on loss

7

(3,131,025

)

(822,433

)


LOSS FOR THE FINANCIAL YEAR

(1,783,586

)

(1,486,601

)


Loss attributable to:

Owners of the parent

(1,783,586

)

(1,486,601

)



MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2024



Period


23.1.23


Year ended


to


30.9.24


30.9.23


Notes

£   

£   



LOSS FOR THE YEAR

(1,783,586

)

(1,486,601

)




OTHER COMPREHENSIVE INCOME  


Gain / (loss) on revaluation

27,159,584


8,669,863



Deferred tax thereon

(6,789,896

)

(2,189,502

)


Income tax relating to components of

other comprehensive income

-


-



OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

20,369,688


6,480,361



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

18,586,102


4,993,760




Total comprehensive income attributable to:

Owners of the parent

18,586,102


4,993,760




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


CONSOLIDATED BALANCE SHEET

30 SEPTEMBER 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

11

(2,866,007

)

(3,688,578

)


Tangible assets

12

257,840,073


207,851,084



Investments

13

-


-



254,974,066


204,162,506




CURRENT ASSETS

Stocks

14

31,613,931


28,660,235



Debtors

15

1,026,769


1,712,962



Cash at bank and in hand

3,863,088


1,325,262



36,503,788


31,698,459



CREDITORS

Amounts falling due within one year

16

42,694,508


92,542,611



NET CURRENT LIABILITIES

(6,190,720

)

(60,844,152

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

248,783,346


143,318,354




CREDITORS

Amounts falling due after more than one

year

17

(163,071,187

)

(79,851,168

)



PROVISIONS FOR LIABILITIES

21

(22,757,297

)

(19,098,426

)


NET ASSETS

62,954,862


44,368,760




CAPITAL AND RESERVES

Called up share capital

22

39,375,000


39,375,000



Revaluation reserve

23

26,850,049


6,480,361



Retained earnings

23

(3,270,187

)

(1,486,601

)


SHAREHOLDERS' FUNDS

62,954,862


44,368,760




The financial statements were approved by the director and authorised for issue on 26 June 2025 and were signed by:






Dr N Nathani - Director



MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


COMPANY BALANCE SHEET

30 SEPTEMBER 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

11

-


-



Tangible assets

12

-


-



Investments

13

39,571,875


39,571,875



39,571,875


39,571,875




CREDITORS

Amounts falling due within one year

16

196,875


196,875



NET CURRENT LIABILITIES

(196,875

)

(196,875

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

39,375,000


39,375,000




CAPITAL AND RESERVES

Called up share capital

22

39,375,000


39,375,000



SHAREHOLDERS' FUNDS

39,375,000


39,375,000




Company's profit for the financial year

-


-




The financial statements were approved by the director and authorised for issue on 26 June 2025 and were signed by:






Dr N Nathani - Director



MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024



Called up



share


Retained


Revaluation


Total


capital


earnings


reserve


equity

£   

£   

£   

£   



Changes in equity

Issue of share capital

39,375,000


-


-


39,375,000



Total comprehensive income

-


(1,486,601

)

6,480,361


4,993,760



Balance at 30 September 2023

39,375,000


(1,486,601

)

6,480,361


44,368,760




Changes in equity

Total comprehensive income

-


(1,783,586

)

20,369,688


18,586,102



Balance at 30 September 2024

39,375,000


(3,270,187

)

26,850,049


62,954,862




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   



Changes in equity

Issue of share capital

39,375,000


-


39,375,000



Balance at 30 September 2023

39,375,000


-


39,375,000




Changes in equity

Balance at 30 September 2024

39,375,000


-


39,375,000




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



Period


23.1.23


Year ended


to


30.9.24


30.9.23


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

11,441,677


1,806,364



Interest paid

(15,105,799

)

(3,754,491

)


Interest element of hire purchase

payments paid

(131,156

)

(157,274

)


Net cash from operating activities

(3,795,278

)

(2,105,401

)



Cash flows from investing activities

Purchase of intangible fixed assets

(10,776

)

(196,875

)


Purchase of tangible fixed assets

(24,199,456

)

(12,576,323

)


Purchase of fixed asset investments

-


(30,000,000

)


Cash and cash equivalents on acquisition

-


1,228,684



Interest received

-


12,524



Net cash from investing activities

(24,210,232

)

(41,531,990

)



Cash flows from financing activities

New loans in year

119,835,590


45,040,065



Loan repayments in year

(88,842,018

)

(1,051,983

)


HP capital repayments in year

(337,224

)

(1,644,426

)


Amount introduced by directors

-


2,618,997



Amount withdrawn by directors

(113,012

)

-



Net cash from financing activities

30,543,336


44,962,653




Increase in cash and cash equivalents

2,537,826


1,325,262



Cash and cash equivalents at

beginning of year

2

1,325,262


-




Cash and cash equivalents at end of

year

2

3,863,088


1,325,262




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS



Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Loss before taxation

(4,914,611

)

(2,309,034

)



Depreciation charges

558,257


236,779




Finance costs

15,236,955


6,873,850




Finance income

-


(12,524

)


10,880,601


4,789,071




(Increase)/decrease in stocks

(2,953,696

)

2,559,752




Decrease in trade and other debtors

686,193


2,763,130




Increase/(decrease) in trade and other creditors

2,828,579


(8,305,589

)



Cash generated from operations

11,441,677


1,806,364




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 30 September 2024


30.9.24


1.10.23

£   

£   



Cash and cash equivalents

3,863,088


1,325,262




Period ended 30 September 2023


30.9.23


23.1.23

£   

£   



Cash and cash equivalents

1,325,262


-





MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



3.

ANALYSIS OF CHANGES IN NET DEBT



Non-cash



At 1.10.23

Cash flow

changes

At 30.9.24

£   

£   

£   

£   



Net cash



Cash at bank


and in hand

1,325,262


2,537,826


-


3,863,088



1,325,262


2,537,826


-


3,863,088




Debt


Finance leases

(685,063

)

337,224


-


(347,839

)



Debts falling due


within 1 year

(87,383,641

)

59,775,235


(7,165,613

)

(34,774,019

)



Debts falling due


after 1 year

(79,408,806

)

(90,655,795

)

7,165,613


(162,898,988

)


(167,477,510

)

(30,543,336

)

-


(198,020,846

)



Total

(166,152,248

)

(28,005,510

)

-


(194,157,758

)



MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024



1.

STATUTORY INFORMATION



Macc Care Topco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



Going concern


The directors have a reasonable expectation that the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.



Basis of consolidation


The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30 September 2024. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.



Business combinations are accounted for under the acquisition method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All inter-group transactions, balances, income and expenses are eliminated on consolidation.



Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reporting of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from estimates calculated using these judgements and assumptions.

Key significant judgements and estimates are as follows:

The estimated split of costs between between stock and freehold property has been carried out on a square metre basis where the care homes and apartments were built together.

The freehold properties have been valued during the year by Cushman & Wakefield (RICS Registered Valuers). The directors consider that these valuations would represent the fair value of the properties as at 30 September 2024.

The directors have considered whether any provisions are required to reduce stocks to net realisable value and have concluded that no provisions are required.


Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Goodwill

Goodwill is measured at cost less accumulative amortisation and any accumulative impairment losses and is amortised over its estimated useful life of 5 years.

MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



2.

ACCOUNTING POLICIES - continued



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs represent the costs incurred developing the Macc Care website and branding. These are being amortised evenly over their estimated useful life of 10 years.


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 provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property- Revalued and not depreciated
Fixtures and fittings- 25% straight line
Computer equipment- 33% straight line


Government grants

Government grants are recognised using the accrual model whereby consideration is given as to the nature of the grant. Revenue based grants are dealt with in the profit and loss account over periods for which the grant provides compensation. Capital grants are matched with the particular asset and a deferred liability is created from which funds are released over the useful lives of the assets to which they relate.


Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents are basic financial instruments 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.

(ii) Financial assets and liabilities

All financial assets and liabilities are recognised when the group becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



2.

ACCOUNTING POLICIES - continued


Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. Other debt instruments not meeting these conditions are measure at fair value through profit and loss.

Commitments to make or receive loans which meet the conditions mentioned above are measure at cost less impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial asset expire or are settled, when the company transfers to another party substantially all the risks and rewards of ownership of the financial asset, or the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(iii) Investments

In the balance sheet, investments in subsidiaries are measured at cost less impairment.

(iv) Equity instruments

Equity instruments issued by the group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

(v) Fair value measurement

The best evidence of fair value is a quoted price for an identical asset on an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant changes in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated using a valuation technique.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



2.

ACCOUNTING POLICIES - continued


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


3.

TURNOVER



The turnover and loss before taxation are attributable to the principal activities of the group.



An analysis of turnover by class of business is given below:



Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Care services

48,981,804


17,954,183




Sale of apartments

5,805,000


6,006,355



54,786,804


23,960,538





The turnover is all within the United Kingdom.


4.

EMPLOYEES AND DIRECTORS


Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Wages and salaries

26,798,448


10,683,934




Social security costs

2,148,583


856,533




Other pension costs

437,042


181,313



29,384,073


11,721,780




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



4.

EMPLOYEES AND DIRECTORS - continued



The average number of employees during the year was as follows:


Period


23.1.23


Year ended


to


30.9.24


30.9.23



Administration

114


79




Nursing and care

796


712




Domestic and maintenance

213


207



1,123


998





Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Director's remuneration

5,000


-




5.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Hire of plant and machinery

4,191


407,029




Depreciation - owned assets

1,370,051


691,392




Goodwill amortisation

(815,023

)

(454,613

)



Development costs amortisation

3,228


-




Parent audit fees  

120,000


5,000




Subsidiaries audit fees  

-


59,060




Government grants  

(389,266

)

-




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Bank interest

15,105,799


6,716,576




Hire purchase

131,156


157,274



15,236,955


6,873,850




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



7.

TAXATION



Analysis of the tax credit


The tax credit on the loss for the year was as follows:


Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Deferred tax

(3,131,025

)

(822,433

)



Tax on loss

(3,131,025

)

(822,433

)




Reconciliation of total tax credit included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



Period


23.1.23


Year ended


to


30.9.24


30.9.23

£   

£   



Loss before tax

(4,914,611

)

(2,309,034

)



Loss multiplied by the standard rate of corporation tax in the UK of

25 % (2023 - 22 %)  

(1,228,653

)

(507,987

)




Effects of:


Capital allowances in excess of depreciation

(951,001

)

(262,405

)



Tax losses carried forward  

3,505,839


1,015,589




Amortisation of goodwill  

(203,755

)

(100,015

)



Capitalised interest and charges  

(1,122,430

)

(145,182

)



Deferred tax  

(3,131,025

)

(822,433

)



Total tax credit

(3,131,025

)

(822,433

)




Tax effects relating to effects of other comprehensive income




2024



Gross


Tax


Net


£   

£   

£   



Gain / (loss) on revaluation

27,159,584


-


27,159,584




Deferred tax thereon

(6,789,896

)

-


(6,789,896

)


20,369,688


-


20,369,688





MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



7.

TAXATION - continued


23.1.23 to 30.9.23



Gross


Tax


Net


£   

£   

£   



Gain / (loss) on revaluation

8,669,863


-


8,669,863




Deferred tax thereon

(2,189,502

)

-


(2,189,502

)


6,480,361


-


6,480,361





The provision of deferred tax is calculated based on tax rates enacted or substantially enacted at the balance sheet date. The rate of corporation tax at 1 April 2022 was 19%. This has increased from 1 April 2023 to 25%. It is expected that the deferred tax will unwind at the rate of 25%.



At the year end the group had tax losses carried forward of £37,228,602 (2023: £24,134,978).


8.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



9.

PRIOR YEAR ADJUSTMENT



Properties totalling £193.1m were previously shown as investment properties in the financial statements for the period ended 30 September 2023. The comparatives have been amended to show these as freehold properties from the group perspective. The gains on the revaluation of these properties (£8.7m and deferred tax thereon (£2.2m)) were originally shown in the income statement, but have now been reallocated to other comprehensive income.



Loan arrangement fees totalling £1,563,076 were previously shown within prepayments in the period ended 30 September 2023. The comparatives have been amended to offset these against the loan liabilities to which they relate. The effect has been to reduce bank loans due within 1 year by £1,488,906 and bank loans due after 1 year by £74,170.



A loan totalling £40,961,604 was previously shown within current liabilities in the period ended 30 September 2023. The comparatives have been amended to show this loan creditor in creditors amounts falling due after more than 1 year. There was no change to overall net assets.


10.

DEFINED CONTRIBUTION PENSION PLANS



The group offers a defined contribution scheme for the benefit of qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £437,042 (2023: £181,313).


MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



11.

INTANGIBLE FIXED ASSETS



Group


Development



Goodwill


costs


Totals

£   

£   

£   



COST


At 1 October 2023

(4,156,103

)

12,912


(4,143,191

)



Additions

-


10,776


10,776




At 30 September 2024

(4,156,103

)

23,688


(4,132,415

)



AMORTISATION


At 1 October 2023

(454,613

)

-


(454,613

)



Amortisation for year

(815,023

)

3,228


(811,795

)



At 30 September 2024

(1,269,636

)

3,228


(1,266,408

)



NET BOOK VALUE


At 30 September 2024

(2,886,467

)

20,460


(2,866,007

)



At 30 September 2023

(3,701,490

)

12,912


(3,688,578

)



12.

TANGIBLE FIXED ASSETS



Group


Fixtures



Freehold


and


Computer



property


fittings


equipment


Totals

£   

£   

£   

£   



COST OR VALUATION


At 1 October 2023

204,923,837


7,110,388


136,838


212,171,063




Additions

23,356,260


804,064


39,132


24,199,456




Revaluations

27,159,584


-


-


27,159,584




At 30 September 2024

255,439,681


7,914,452


175,970


263,530,103




DEPRECIATION


At 1 October 2023

-


4,228,762


91,217


4,319,979




Charge for year

-


1,337,029


33,022


1,370,051




At 30 September 2024

-


5,565,791


124,239


5,690,030




NET BOOK VALUE


At 30 September 2024

255,439,681


2,348,661


51,731


257,840,073




At 30 September 2023

204,923,837


2,881,626


45,621


207,851,084





Freehold properties include capitalised borrowing costs of £4,443,221 (2023: £544,405) incurred in the year.



All freehold properties were revalued by Cushman & Wakefield (RICS Registered Valuers) during the year. The directors consider that these valuations would represent the fair value of the properties as at 30 September 2024.


MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



12.

TANGIBLE FIXED ASSETS - continued



Group



Cost or valuation at 30 September 2024 is represented by:



Fixtures



Freehold


and


Computer



property


fittings


equipment


Totals

£   

£   

£   

£   



Valuation in 2023

8,669,863


-


-


8,669,863




Valuation in 2024

27,159,584


-


-


27,159,584




Cost

219,610,234


7,914,452


175,970


227,700,656



255,439,681


7,914,452


175,970


263,530,103




13.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakin

£   



COST


At 1 October 2023


and 30 September 2024

39,571,875




NET BOOK VALUE


At 30 September 2024

39,571,875




At 30 September 2023

39,571,875




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



13.

FIXED ASSET INVESTMENTS - continued



The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiary



% Held




Name of undertaking


Class of shares held


Direct


Indirect



Macc Care Developments (Blythe Valley) Limited


Ordinary



100



Macc Care Developments (Boldmere) Limited


Ordinary



100



Macc Care Developments (Brownhills) Limited


Ordinary



100



Macc Care Developments (Hall Green) Limited


Ordinary



100



Macc Care Developments (Lichfield) Limited


Ordinary



100



Macc Care Developments (Melton Road) Limited


Ordinary



100



Macc Care (Moira) Limited


Ordinary



100



Macc Care (LB) Limited


Ordinary



100



Macc Care Developments (Perdiswell) Limited


Ordinary



100



Macc Care Developments (Rubery) Limited


Ordinary



100



Macc Care Developments (Shirley) Limited


Ordinary



100



Macc Care Developments (Solihull) Limited


Ordinary



100



Macc Care Developments (Studley) Limited


Ordinary



100



Macc Care Developments (Wyrley) Limited


Ordinary



100



Macc Care (Marsh Hill) Property Limited


Ordinary



100



Macc Care Properties (Austin Rose) Limited


Ordinary



100



Macc Care Properties (Blythe Valley) Limited


Ordinary



100



Macc Care Properties (Boldmere) Limited


Ordinary



100



Macc Care Properties (Brownhills) Limited


Ordinary



100



Macc Care Properties (SHS) Limited


Ordinary



100



Macc Care Properties (Hall Green) Limited


Ordinary



100



Macc Care Properties (Kidderminster) Limited


Ordinary



100



Macc Homes Limited


Ordinary



100



Macc Care Properties (LB) Limited


Ordinary



100



Macc Care Properties (Lichfield) Limited


Ordinary



100



Macc Care Properties (Melton Road) Limited


Ordinary



100



Macc Care Properties (Moira) Limited


Ordinary



100



Macc Residential (Solihull) Limited


Ordinary



100



Macc Care Properties (Perdiswell) Limited


Ordinary



100



Macc Care Properties (Shirley) Limited


Ordinary



100



Macc Care Properties (Solihull) Limited


Ordinary



100



Macc Care Properties (Stafford) Limited


Ordinary



100



Macc Care Properties (Studley) Limited


Ordinary



100



Macc Care Properties (Willenhall) Limited


Ordinary



100



Macc Care Properties (Wyrley) Limited


Ordinary



100



Macc Care (Austin Rose) Limited


Ordinary



100



Macc Care (Blythe Valley) Limited


Ordinary



100



Macc Care (Boldmere) Limited


Ordinary



100



Macc Care (Lichfield) Limited


Ordinary



100



Macc Care (Marsh Hill) Limited


Ordinary



100



Macc Care (Orchard) Limited


Ordinary



100



Macc Care (Kidderminster) Limited


Ordinary



100



Macc Care (Shirley) Limited


Ordinary



100



Macc Care (Solihull) Limited


Ordinary



100



Macc Care (Stafford) Limited


Ordinary



100



Macc Care (Studley) Limited


Ordinary



100



Macc Care (Willenhall) Limited


Ordinary



100



MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



13.

FIXED ASSET INVESTMENTS - continued


Macc Care Limited


Ordinary



100



Macc Care (Watermead) Limited


Ordinary



100



Macc Care Properties (Bilbrook) Limited


Ordinary



100



Macc Care Properties (Leighton Buzzard) Limited


Ordinary



100



Macc Care Holdco (Redditch) Limited


Ordinary



100



Macc Care Properties (Redditch) Limited


Ordinary



100



Macc Care Properties (Wigston) Limited


Ordinary



100



Macc Care Holdco (Burton) Limited


Ordinary



100



Macc Care Properties (Burton) Limited


Ordinary



100



Macc Care Holdco (Lincoln) Limited


Ordinary



100



Macc Care Properties (Lincoln) Limited


Ordinary



100



Macc Care Holdco (Stourbridge) Limited


Ordinary



100



Macc Care Properties (Stourbridge) Limited


Ordinary



100



Macc Care Holdco (Silkmore) Limited


Ordinary



100



Macc Care Properties (Silkmore) Limited


Ordinary



100



Macc Care Group Holding Limited


Ordinary



100



Macc Care Group Midco Limited


Ordinary



100



Macc Care Group Limited


Ordinary


100




Macc Care (Perdiswell) Limited


Ordinary



100



Macc Care AAD Holdco Limited


Ordinary



100



Macc Care BBWW Holdco Limited


Ordinary



100



Macc Care Development WSB Holdco Limited


Ordinary



100



Macc Residential (Blossomfield) Limited


Ordinary



100



Macc Residential (Blossomfield) 2 Limited


Ordinary



100



Macc Residential (Watermead) Limited


Ordinary



100



Macc Residential (Watermead) 2 Limited


Ordinary



100



Macc Care SS Holdco Limited


Ordinary



100



Macc Residential BW Holdco Limited


Ordinary



100



Blossomfield Park Management Company Limited


Ordinary



100



Macc Care Group Services Limited


Ordinary



100




With the exception of Macc Care Properties (Stafford) Limited, which has a registered office address of The Lodge, Castle Bromwich Hall, Chester Road, Castle Bromwich, West Midlands, B36 9DE, all companies have a registered office address of 23 Calthorpe Road, Edgbaston, Birmingham, West Midlands, B15 1RP.



Macc Care Topco Limited is providing parental company guarantee to the following subsidiaries and as such these subsidiary undertakings are exempt from audit by virtue of S479A of the Companies Act 2006.



Name of undertaking



Company number




Macc Care Group Limited



11304261




Macc Care Group Midco Limited



14611810




Macc Care Group Holding Limited



14615715




Macc Care Group Services Limited



14715732




Macc Care Properties (Hall Green) Limited



12829842




Macc Care Properties (Moira) Limited



12662607




Macc Care Properties (LB) Limited



12662549




Macc Care Properties (Leighton Buzzard) Limited



12710480




Macc Care (LB) Limited



12673539




Macc Care Properties (Studley) Limited



12691301




Macc Care (Studley) Limited



13291474




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



13.

FIXED ASSET INVESTMENTS - continued


Macc Care Properties (Shirley) Limited



12394940




Macc Care Developments (Shirley) Limited



12401034




Macc Care (Shirley) Limited



12401043




Macc Care Properties (Kidderminster) Limited



12267792




Macc Care Properties (Boldmere) Limited



12266727




Macc Care Developments (Boldmere) Limited



11542907




Macc Care (Boldmere) Limited



12270219




Macc Care Properties (Lichfield) Limited



11739527




Macc Care Developments (Lichfield) Limited



12266737




Macc Care (Lichfield) Limited



12266731




Macc Care (Orchard) Limited



12489244




Macc Care AAD Holdco Limited



15242492




Macc Care (Marsh Hill) Property Limited



11885291




Macc Care Marsh Hill Limited



11898068




Macc Care Properties (Stafford) Limited



10702825




Macc Care (Stafford) Limited



12181276




Macc Care Properties (Austin Rose) Limited



12471999




Macc Care (Austin Rose) Limited



09892086




Macc Care BBWW Holdco Limited



15242481




Macc Care Properties (Blythe Valley) Limited



12349053




Macc Care Developments (Blythe Valley) Limited



12362824




Macc Care (Blythe Valley) Limited



13529635




Macc Care Properties (Willenhall) Limited



09073216




Macc Care (Willenhall) Limited



12195060




Macc Care Properties (Solihull) Limited



11910076




Macc Care Developments (Solihull) Limited



11923348




Macc Care (Solihull) Limited



11923291




Macc Care Properties (Melton Road) Limited



13126307




Macc Care Developments (Melton Road) Limited



13134637




Macc Care (Watermead) Limited



14047168




Macc Residential BW Holdco Limited



15242083




Macc Residential (Blossomfield) Limited



15249725




Macc Residential (Blossomfield) 2 Limited



15475563




Macc Residential (Watermead) Limited



15249674




Macc Residential (Watermead) 2 Limited



15475523




Macc Care Limited



05094075




Macc Homes Limited



10585499




Macc Care Properties (Brownhills) Limited



13567352




Macc Care Developments (Brownhills) Limited



13572437




Macc Care Properties (SHS) Limited



13685285




Macc Care Development WSB Holdco Limited



15242506




Macc Care Properties (Wyrley) Limited



13130732




Macc Care Developments (Wyrley) Limited



13134682




Macc Care Properties (Perdiswell) Limited



13451525




Macc Care Developments (Perdiswell) Limited



13474376




Macc Care Properties (Bilbrook) Limited



14304783




Macc Care Holdco (Redditch) Limited



14998612




Macc Care Properties (Redditch) Limited



15002048




Macc Care Holdco (Burton) Limited



15074316




Macc Care Holdco (Lincoln) Limited



15074314




Macc Care Holdco (Stourbridge) Limited



15073873




Macc Care Holdco (Silkmore) Limited



15144629






MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



14.

STOCKS



Group


2024

2023


£   

£   



Apartments - Completed

25,499,345


28,660,235




Apartments - Work in progress

6,114,586


-



31,613,931


28,660,235





At both year ends all items of stock had been pledged as security for loans to the group.


15.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


2024

2023


£   

£   



Trade debtors

242,984


804,746




Other debtors

222,530


239,933




Prepayments and accrued income

561,255


668,283



1,026,769


1,712,962




16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Bank loans (see note 18)

32,844,454


85,454,076


-


-




Hire purchase contracts  (see note 19)

175,641


333,461


-


-




Trade creditors

4,829,054


2,425,094


-


-




Amounts owed to group undertakings

-


-


196,875


196,875




Social security and other taxes

632,809


580,741


-


-




Other creditors

427,561


86,463


-


-




Directors' current accounts

1,929,565


1,929,565


-


-




Accrued expenses

1,855,424


1,733,211


-


-



42,694,508


92,542,611


196,875


196,875




17.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


2024

2023


£   

£   



Bank loans (see note 18)

162,220,430


78,617,235




Hire purchase contracts  (see note 19)

172,198


351,602




Other creditors

-


90,760




Directors' loan accounts

678,559


791,571



163,071,187


79,851,168




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



18.

LOANS



An analysis of the maturity of loans is given below:



Group


2024

2023


£   

£   



Amounts falling due within one year or

on demand:



Bank loans

32,844,454


85,454,076




Amounts falling due between one and

two years:



Bank loans - 1-2 years

25,781,303


5,631,223




Amounts falling due between two and

five years:



Bank loans - 2-5 years

136,439,127


51,423,520




Amounts falling due in more than five

years:



Repayable by instalments


Bank loans more 5 yr by instal

-


21,562,492





Interest rates on loans vary from 2.15% to 15.00% per annum.




DIRECTORS LOANS




2024



2023





£



£




Amounts falling due within one year



1,929,565



1,929,565





Amounts falling due after one year



678,559



791,571






The directors loan accounts are unsecured, interest free and do not have a set repayment date.


19.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase

contracts


2024

2023


£   

£   



Net obligations repayable:


Within one year

175,641


333,461




Between one and five years

172,198


351,602



347,839


685,063




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



19.

LEASING AGREEMENTS - continued



Group


Non-cancellable

operating leases


2024

2023


£   

£   



Within one year

-


250,714




Between one and five years

-


42,331



-


293,045





There were no non-cancellable operating lease commitments as at the year ended 30 September 2024.


20.

SECURED DEBTS



The following secured debts are included within creditors:



Group


2024

2023


£   

£   



Bank loans

195,064,884


164,071,311




Hire purchase contracts

347,839


685,063



195,412,723


164,756,374





The bank loans are secured by way of fixed charges over the properties within the group and floating charges over other assets of the group.



The hire purchase contracts are secured over the assets to which they relate.


21.

PROVISIONS FOR LIABILITIES



Group


2024

2023


£   

£   



Deferred tax


Revaluation of tangible fixed


assets

31,705,374


24,915,478




Accelerated capital allowances

295,124


339,709




Tax losses carried forward

(9,243,201

)

(6,156,761

)


22,757,297


19,098,426




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



21.

PROVISIONS FOR LIABILITIES - continued



Group


Deferred



tax


£   



Balance at 1 October 2023

19,098,426




Provided during year

3,658,871




Balance at 30 September 2024

22,757,297




22.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



35,437,500

Ordinary A

1

35,437,500


35,437,500




3,937,500

Ordinary B

1

3,937,500


3,937,500



39,375,000


39,375,000




23.

RESERVES



Group


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 1 October 2023

(1,486,601

)

6,480,361


4,993,760




Deficit for the year

(1,783,586

)

(1,783,586

)



Gain/(loss) on revaluation

-


27,159,584


27,159,584




Deferred tax on movement on

the revaluation

-


(6,789,896

)

(6,789,896

)



At 30 September 2024

(3,270,187

)

26,850,049


23,579,862





Company


Retained


earnings

£   




Profit for the year

-



At 30 September 2024

-





24.

CAPITAL COMMITMENTS

2024

2023


£   

£   



Contracted but not provided for in the


financial statements

10,800,000


4,550,000




MACC CARE TOPCO LIMITED (REGISTERED NUMBER: 14611173)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024



25.

RELATED PARTY DISCLOSURES



Transactions with related parties


During the year the group entered into the following transactions with related parties:



Construction services





2024



2023




£



£



Group




Macc Living Limited


(598,445

)


(73,938

)




Net amounts due from/(to) related parties


2024



2023




£



£



Group




Macc Living Limited


(427,561

)


(68,700

)



Macc Living Limited is a company in which Dr N Nathani has an interest.



Key management personnel



Key management personnel include the director and a number of senior staff across the group who together have authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel for services provided to the group was £85,416 (2023 - £55,309).


26.

POST BALANCE SHEET EVENTS



On 21 November 2024 Macc Care Developments (Studley) Ltd was sold to a third party outside the group. Macc Care (Studley) Ltd continues to operate the care home and rent the property from Macc Care Developments (Studley) Ltd.


27.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party was Dr N Nathani.