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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
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 | ( | ) | ( | ) |
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 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the director and authorised for issue on |
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 | - |
Balance at 30 September 2023 |
Changes in equity |
Balance at 30 September 2024 |
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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
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 |
|
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 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 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 | - | - |
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 |
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: | £ | £ |
Ordinary A | 1 | 35,437,500 | 35,437,500 |
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. |