Company registration number 06915531 (England and Wales)
GMA HEALTHCARE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
GMA HEALTHCARE LTD
COMPANY INFORMATION
Directors
Mr G Dixon
Mrs A Dixon
Secretary
Ms S Allick
Company number
06915531
Registered office
Nunthorpe Hall
Eastside
Nunthorpe
Middlesbrough
TS7 0NP
Auditor
Davies Tracey
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
GMA HEALTHCARE LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
GMA HEALTHCARE LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the period ended 30 September 2024.
Review of the business
This was the last year we operated Elizabeth House, the home being sold in early October 2024 just after the end of this accounting period leaving Nunthorpe Hall as the sole remaining care home, Fountains Court having been sold in 2023. GMA Healthcare Ltd has therefore reduced from a group of three care homes in 2023 to just one by October 2024.
While underlying sales increased by 12% on a pro rata basis, profitability was impacted by significant repair costs associated with Nunthorpe Hall and more generally, a significant increase in utility costs.
Principal risks and uncertainties
The company is now reliant on the performance of Nunthorpe Hall alone as opposed to being part of a group of three care homes. This home is primarily reliant on privately funded residents. Risks are mitigated by the level of care provided which is reflected in the home's excellent reputation.
Inflation risk is reflected in staff costs, utilities and food. This is mitigated by careful cost control and supplier management.
We continue to take steps to manage infection control and operate stringent quality policies and procedures.
Mr G Dixon
Director
27 June 2025
GMA HEALTHCARE LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the period ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of residential care.
Results and dividends
The results for the period are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr G Dixon
Mrs A Dixon
Post reporting date events
Elizabeth House was sold in October 2024 shortly after the date of the balance sheet.
Future developments
We are not expecting any major developments for GMA Healthcare Ltd during the next accounting period and we expect Nunthorpe Hall to build upon its excellent reputation as the only CQC Outstanding rated care home in the area.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
GMA HEALTHCARE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
Mr G Dixon
Director
27 June 2025
GMA HEALTHCARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GMA HEALTHCARE LTD
- 4 -
Opinion
We have audited the financial statements of GMA Healthcare Ltd (the 'company') for the period ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
GMA HEALTHCARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GMA HEALTHCARE LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is the extent to which an audit conducted under ISAs (UK) is capable of detecting irregularity, including fraud. Our procedures include:
obtaining an understanding of the legal and regulatory frameworks applicable to the company, such as the Companies Act 2006;
obtaining an understanding of how the company complies with the applicable legal and regulatory frameworks;
assessing the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, with audit procedures including reviewing internal controls, testing supporting documentation, enquiring of company management and obtaining written confirmation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The company took advantage of audit exemption available to smaller companies in respect of the year ended 31 March 2023 and consequently the corresponding figures in these financial statements are unaudited.
GMA HEALTHCARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GMA HEALTHCARE LTD (CONTINUED)
- 6 -
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Christopher Neasham (Senior Statutory Auditor)
For and on behalf of Davies Tracey
Chartered Accountants and Statutory Auditors
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
27 June 2025
GMA HEALTHCARE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
Period
Year
ended
ended
30 September
31 March
2024
2023
Notes
£
£
Turnover
3
4,276,955
4,029,692
Cost of sales
(2,759,355)
(2,502,289)
Gross profit
1,517,600
1,527,403
Administrative expenses
(1,521,024)
(1,140,868)
Other operating income
47,513
60,730
Operating profit
4
44,089
447,265
Interest receivable and similar income
7
123,121
56,307
Interest payable and similar expenses
8
(48,838)
(10,919)
Profit/(loss) on disposal of operations
- Profit on sale of business
-
788,597
- Loss on sale of fixed assets
-
(112,137)
Profit before taxation
118,372
1,169,113
Tax on profit
9
(31,807)
(246,761)
Profit for the financial period
86,565
922,352
GMA HEALTHCARE LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
533,206
625,255
Current assets
Stocks
12
1,000
1,000
Debtors
13
4,860,716
4,784,000
Cash at bank and in hand
161,649
1,898,107
5,023,365
6,683,107
Creditors: amounts falling due within one year
14
(183,444)
(3,397,458)
Net current assets
4,839,921
3,285,649
Total assets less current liabilities
5,373,127
3,910,904
Creditors: amounts falling due after more than one year
15
(1,400,000)
-
Provisions for liabilities
Deferred tax liability
17
61,812
73,890
(61,812)
(73,890)
Deferred income
18
(147,007)
(159,271)
Net assets
3,764,308
3,677,743
Capital and reserves
Called up share capital
20
75
75
Capital redemption reserve
25
25
Profit and loss reserves
3,764,208
3,677,643
Total equity
3,764,308
3,677,743
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr G Dixon
Director
Company registration number 06915531 (England and Wales)
GMA HEALTHCARE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
75
25
2,755,291
2,755,391
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
922,352
922,352
Balance at 31 March 2023
75
25
3,677,643
3,677,743
Period ended 30 September 2024:
Profit and total comprehensive income
-
-
86,565
86,565
Balance at 30 September 2024
75
25
3,764,208
3,764,308
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information
GMA Healthcare Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Nunthorpe Hall, Eastside, Nunthorpe, Middlesbrough, TS7 0NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemption from the following disclosure requirements:
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
These financial statements are for the period from 1 April 2023 to 30 September 2024 with comparative figures for the year to 31 March 2023. The comparative figures are not entirely comparable. The accounting reference date has been changed for operational reasons.
1.4
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
4% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
123,121
56,307
Grants received
12,264
52,532
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
(12,264)
(52,532)
Fees payable to the company's auditor for the audit of the company's financial statements
9,000
Depreciation of owned tangible fixed assets
92,049
65,591
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 15 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Care
57
84
Housekeeping and domestic
8
15
Catering
8
10
Maintenance
1
2
Administration
6
8
Management
4
6
Total
84
125
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,243,147
1,996,382
Social security costs
131,058
104,725
Pension costs
114,153
29,687
2,488,358
2,130,794
6
Directors' remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
80,000
-
No remuneration was paid to the directors.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 0).
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
20,975
Other interest income
102,146
56,307
Total income
123,121
56,307
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 16 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
37,447
-
Other interest
11,391
10,919
48,838
10,919
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
47,026
249,000
Adjustments in respect of prior periods
(3,141)
(624)
Total current tax
43,885
248,376
Deferred tax
Origination and reversal of timing differences
(12,078)
(1,615)
Total tax charge
31,807
246,761
The standard rate of corporation tax has changed form the previous period which reflects the increase in the main rate of corporation tax enacted by the United Kingdom Government.
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
118,372
1,169,113
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
29,593
222,131
Tax effect of expenses that are not deductible in determining taxable profit
8,370
6,750
Adjustments in respect of prior years
3,104
Effect of change in corporation tax rate
24,311
Group relief
(6,116)
Permanent capital allowances in excess of depreciation
(5,265)
Other non-reversing timing differences
(542)
Under/(over) provided in prior years
(3,141)
(624)
Tax at marginal rate
(3)
Taxation charge for the period
31,807
246,761
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 17 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 30 September 2024
215,000
Amortisation and impairment
At 1 April 2023 and 30 September 2024
215,000
Carrying amount
At 30 September 2024
At 31 March 2023
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023 and 30 September 2024
507,277
210,896
505,305
1,223,478
Depreciation and impairment
At 1 April 2023
87,424
149,489
361,310
598,223
Depreciation charged in the period
30,437
18,413
43,199
92,049
At 30 September 2024
117,861
167,902
404,509
690,272
Carrying amount
At 30 September 2024
389,416
42,994
100,796
533,206
At 31 March 2023
419,853
61,407
143,995
625,255
12
Stocks
2024
2023
£
£
Raw materials and consumables
1,000
1,000
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 18 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56,764
5,330
Amounts owed by group undertakings
3,141,245
Other debtors
1,648,117
4,737,369
Prepayments and accrued income
14,590
41,301
4,860,716
4,784,000
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,532
66,419
Amounts owed to group undertakings
1,075
2,689,807
Corporation tax
86,841
584,397
Other taxation and social security
22,554
29,336
Other creditors
7,157
4,265
Accruals and deferred income
33,285
23,234
183,444
3,397,458
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
1,400,000
16
Loans and overdrafts
2024
2023
£
£
Bank loans
1,400,000
Payable after one year
1,400,000
The long-term loans are secured by fixed and floating charges over all the property or undertaking of the company. A charge was also registered against the assets of GMA (Cleveland Lodge) Limited, a fellow group undertaking. Both charges were satisfied on 9 October 2024.
The bank loan has a term of two years from the date the loan is made and an interest rate of 2.75% over the Bank of England base rate. The facility is repayable in full on the maturity date.
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 19 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
62,291
75,444
Other timing differences
(479)
(1,554)
61,812
73,890
2024
Movements in the period:
£
Liability at 1 April 2023
73,890
Credit to profit or loss
(12,078)
Liability at 30 September 2024
61,812
18
Deferred income
2024
2023
£
£
Arising from Deferred grants
147,007
159,271
Deferred grants comprise amounts received utilised against the cost of fixed assets.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,153
29,687
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75
75
75
75
GMA HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 20 -
21
Related party transactions
The company has paid rent for the occupation of property owned by the directors totalling £333,699 (2023 : £330,000).
22
Directors' transactions
During the period the company advanced £1,230,850 to its directors (2023 : £2,924,114). During the period the directors repaid £4,319,002 (2023 : £330,000) leaving an amount outstanding at the period end of £1,115,544 (2023 : £4,203,696). Interest is charged at a market rate of interest and amounts are repayable on demand.
23
Ultimate controlling party
The only group in which the results are consolidated is that headed by the company's ultimate parent undertaking GMA Holdings Limited, whose registered office is:
Nunthorpe Hall
East Side
Middlesbrough
TS7 0NP
Consolidated financial statements are available to the public and can be obtained from Companies House.
GMA Holdings Limited is controlled by Mr G and Mrs A Dixon.
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