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COMPANY REGISTRATION NUMBER: 10230909
Assured Healthcare Solutions Ltd
Financial Statements
30 June 2024
Assured Healthcare Solutions Ltd
Financial Statements
Year Ended 30 June 2024
Contents
Pages
Strategic report
1 to 2
Directors' report
3 to 4
Independent auditor's report to the members
5 to 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 to 21
Assured Healthcare Solutions Ltd
Strategic Report
Year Ended 30 June 2024
The directors present their strategic report of the company for the year ended 30 June 2024. Review of the business The principal activity of the company during the year was the provision of residential and nursing care for the elderly. The company owns two care homes: Park Farm Lodge Care Home and Vale Court Care Home. Results and performance The directors are pleased with the performance of the company during the year. The company monitors direct costs on an ongoing basis whilst striving to deliver a high quality of care to its residents. The company continues to perform well despite a challenging environment and has sought to consolidate its position within the market during the year. The company has achieved Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of £1.91m in comparison to £1.29m in 2023. Key performance indicators The directors monitor the progress of the company by reference to key performance indicators. The key performance indicators for the company are those that communicate the financial performance of the company (being turnover, gross profit and staff costs as a proportion of fees) together with other, non-financial key performance indicators such as occupancy and CQC ratings. The company has experienced an increase in resident fee income of 27% this year. With a nationwide shortage in nurses and healthcare staff, the company has had to utilise agency staff during the year. Staff costs as a proportion of fees were 61.7% (2023: 63.4%). Rising inflation has led to increased overhead costs, particularly in relation to food, consumables, waste and energy costs. The company has maintained a tight control over direct costs as far as possible under the current circumstances, which has assisted the company in achieving a gross profit margin for the year of 33.5% (2023: 31.4%). The company hopes to build on these results in the coming year by further increasing occupancy and reducing its cost base whilst still maintaining a high quality of care. Principal risks and uncertainties The senior management team meet regularly to consider the risks that face the company and how established processes and controls are used to manage these risks. Key risks and uncertainties are outlined below: Market risk The market is currently under pressure regarding costs and quality standards. The company regularly monitors quality standards in all the homes and produces detailed monthly financial information which enables them to react quickly to any issues. Legislative and regulatory risk The company is monitored by the Care Quality Commission (CQC) and local authorities. The company has internal systems in place to monitor the standards in each of its homes and has good open relations with the CQC and local authorities. Labour and recruitment There is no specific impact of Brexit from a customer perspective however as there is already a shortage of labour in the care industry, any barriers to employing EU Care staff are likely to make competition for employment more intense. The company remains pro-active in their ability to recruit and retain high quality staff. Minimum wage increases and auto enrolment contributions continue to impact the company moving forward. Financial risks The wider group as a whole has outstanding bank loans. The group has an open relationship with the bank and provides monthly, quarterly and annual financial and operating information to them. The group has dealt well with the increased interest rates during the financial year and forecasts future performance against potential interest rate increases.
This report was approved by the board of directors on 27 June 2025 and signed on behalf of the board by:
Mr C Haines
Director
Registered office:
Park Farm Lodge Nursing Home
Park Farm Road
Kettlebrook
Tamworth
B77 1DX
Assured Healthcare Solutions Ltd
Directors' Report
Year Ended 30 June 2024
The directors present their report and the financial statements of the company for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
Mr C Haines
Mrs S Haines
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The company has performed well in the year leading to growth in cash reserves albeit increasing interest rate costs, staffing costs and utilities.
The group intends to consolidate its position within the market and maximise efficiencies within its existing care homes in the forthcoming period.
Financial instruments
Financial risk management objectives and policies
Liquidity
The company is part of a group banking facility. The bank debt is held in the parent and ultimate holding company however responsibility for making bank loan repayments is by all group members. The parent company does not trade with its main purpose being to hold the investment in the company. All group operating cashflow is generated by the company and hence it carries the responsibility for meeting bank performance covenants and making bank loan repayments. The group has a good relationship with the bank. The bank facility is a variable rate with margin in addition to the banks floating rate. The directors believe that the flexibility of a variable rate is of most benefit to them in the current economic climate. Although interest rates have increased in the year, the directors are satisfied that the performance of the company is robust enough to deal with the increases.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent; - 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 27 June 2025 and signed on behalf of the board by:
Mr C Haines
Director
Registered office:
Park Farm Lodge Nursing Home
Park Farm Road
Kettlebrook
Tamworth
B77 1DX
Assured Healthcare Solutions Ltd
Independent Auditor's Report to the Members of Assured Healthcare Solutions Ltd
Year Ended 30 June 2024
Opinion
We have audited the financial statements of Assured Healthcare Solutions Ltd (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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 June 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor'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.
Other information
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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 strategic report and the directors' report for the financial year 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.
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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Auditor's responsibilities for detecting irregularities, including fraud The objectives of our audit are: to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant; the Companies Act 2006, UK corporate taxation laws, Health and Social Care Act 2012, employment law and health and safety laws. - We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to relevant members of the management team. We corroborated our inquiries though our review and inquiry into legal fees incurred in the year. - We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: - Identifying the controls management has in place to prevent and detect fraud and assessing the operation of these controls - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process - Identifying and testing journal entries, in particular any journal entries that were large or unusual in nature - Assessing the extent of compliance with the relevant laws and regulations governing the company and the sector it operates within. This included a review of any potential breaches during and since the year end; and - Challenging assumptions and judgements made by management in its significant accounting estimates. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or collusion.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Tony Hornsby BA(Hons) BFP FCA
(Senior Statutory Auditor)
For and on behalf of
MCABA Limited t/a Mitchells
Chartered Accountants & Statutory Auditor
91-97 Saltergate
Chesterfield
Derbyshire
S40 1LA
27 June 2025
Assured Healthcare Solutions Ltd
Statement of Income and Retained Earnings
Year Ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
10,068,196
7,900,624
Cost of sales
6,692,833
5,421,759
-------------
------------
Gross Profit
3,375,363
2,478,865
Administrative expenses
1,598,019
1,319,059
Other operating income
5
28,198
------------
------------
Operating Profit
6
1,777,344
1,188,004
Other interest receivable and similar income
10
1,140
------------
------------
Profit Before Taxation
1,778,484
1,188,004
Tax on profit
11
352,246
191,341
------------
------------
Profit for the Financial Year and Total Comprehensive Income
1,426,238
996,663
------------
------------
Dividends paid and payable
12
( 600,000)
( 600,000)
Retained Earnings at the Start of the Year
917,752
521,089
------------
---------
Retained Earnings at the End of the Year
1,743,990
917,752
------------
---------
All the activities of the company are from continuing operations.
Assured Healthcare Solutions Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
13
10,540,420
10,347,756
Investments
14
1,000
1,000
-------------
-------------
10,541,420
10,348,756
Current Assets
Stocks
15
19,000
19,000
Debtors
16
1,701,309
1,181,027
Cash at bank and in hand
412,116
167,291
------------
------------
2,132,425
1,367,318
Creditors: amounts falling due within one year
17
3,827,196
3,714,463
------------
------------
Net Current Liabilities
1,694,771
2,347,145
-------------
-------------
Total Assets Less Current Liabilities
8,846,649
8,001,611
Provisions
19
1,312,078
1,293,278
------------
------------
Net Assets
7,534,571
6,708,333
------------
------------
Capital and Reserves
Called up share capital
23
2,143,200
2,143,200
Revaluation reserve
24
3,647,381
3,647,381
Profit and loss account
24
1,743,990
917,752
------------
------------
Shareholders Funds
7,534,571
6,708,333
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
Mr C Haines
Director
Company registration number: 10230909
Assured Healthcare Solutions Ltd
Notes to the Financial Statements
Year Ended 30 June 2024
(continued)
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park Farm Lodge Nursing Home, Park Farm Road, Kettlebrook, Tamworth, B77 1DX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has performed well in the year with increases in profitability, net assets and cash reserves illustrating performance has been robust enough to withstand rising cost pressures and strengthen its financial position. The directors have prepared and reviewed forecasts, and they are confident that these show that the company is able to operate within its available facilities and meet its external liabilities as they fall due for the foreseeable future. Therefore, the directors have determined that at the time of approving these financial statements it is appropriate to prepare the financial statements on a going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Assured Healthcare Solutions Holdings Ltd which can be obtained from the Registrar of Companies (England and Wales). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
In the process of applying the company's accounting policies, the directors are required to make certain estimates, judgements and assumptions that they believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The estimate and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life and residual values Tangible assets The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the company's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness. There is no charge is respect of depreciation on freehold buildings for the period. In determining the residual value of freehold buildings, the directors have considered the amount they would currently obtain from disposal of the asset if the asset were already of the age and condition expected at the end of its useful life, having regard to the factors mentioned above. As a result, the directors estimate any depreciation charge to be immaterial and as such the depreciation charge is nil for the period. Impairment of fixed assets The company reviews all categories of fixed assets annually for indicators of impairment and performs an impairment review considering any such indicators identified. Judgements are required to make an assessment as to whether there is an indication of impairment. At the year end the directors feel the carrying value of the fixed assets is not materially different to its fair value. Recoverability of trade debtors The directors make provisions for doubtful debts based resulting from an assessment of the recoverability of trade debtors. Provisions are applied to trade debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. This methodology is applied on an individual resident basis. Recoverability of intercompany balances Determination of whether the company's inter-company balances have been impaired, requires estimation of the fellow group net asset or liability position and their ability to generate future cash flows to settle the balances. The directors have performed a review of each balance based on these indicators and assessed recoverability.
Revenue recognition
The turnover shown in the profit and loss account represents residents' fees earned during the year.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
10% reducing balance
Kitchen, laundry & nursing equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
No depreciation charge in included in the financial statements for freehold property for the reasons detailed in the judgements and key sources of estimation uncertainty accounting policy.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at cost.
Government grants
Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Irrecoverable VAT
The company is a member of a VAT group. Irrecoverable VAT is calculated using the partial exemption method and is charged to the statement of comprehensive income.
4. Turnover
Turnover arises from:
2024
2023
£
£
Residents fees
10,068,196
7,900,624
-------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
12,502
Other operating income
15,696
----
--------
28,198
----
--------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
130,067
99,420
Impairment of trade debtors
345,904
223,445
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
16,000
15,225
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Management, care and support staff
202
188
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
4,288,064
3,560,193
Social security costs
352,333
273,221
Other pension costs
91,133
69,270
------------
------------
4,731,530
3,902,684
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
13,006
9,465
Company contributions to defined contribution pension plans
6,190
2,097
--------
--------
19,196
11,562
--------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
1,140
-------
----
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
339,836
133,441
Adjustments in respect of prior periods
( 6,390)
---------
---------
Total current tax
333,446
133,441
---------
---------
Deferred tax:
Origination and reversal of timing differences
18,800
57,900
---------
---------
Tax on profit
352,246
191,341
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 20.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,778,484
1,188,004
------------
------------
Profit on ordinary activities by rate of tax
444,621
243,492
Adjustment to tax charge in respect of prior periods
( 6,390)
Effect of expenses not deductible for tax purposes
3,885
5,140
Effect of capital allowances and depreciation
( 23,329)
( 52,073)
Group relief claimed
( 85,341)
( 63,118)
Deferred tax movement
18,800
57,900
------------
------------
Tax on profit
352,246
191,341
------------
------------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
600,000
600,000
---------
---------
13. Tangible assets
Freehold property
Plant & equipment
Kitchen, laundry & nursing equipment
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
9,672,200
266,948
769,471
52,077
10,760,696
Additions
3,600
175,108
133,050
10,973
322,731
------------
---------
---------
---------
--------
-------------
At 30 Jun 2024
9,672,200
270,548
944,579
133,050
63,050
11,083,427
------------
---------
---------
---------
--------
-------------
Depreciation
At 1 Jul 2023
110,083
283,947
18,910
412,940
Charge for the year
16,046
99,083
8,316
6,622
130,067
------------
---------
---------
---------
--------
-------------
At 30 Jun 2024
126,129
383,030
8,316
25,532
543,007
------------
---------
---------
---------
--------
-------------
Carrying amount
At 30 Jun 2024
9,672,200
144,419
561,549
124,734
37,518
10,540,420
------------
---------
---------
---------
--------
-------------
At 30 Jun 2023
9,672,200
156,865
485,524
33,167
10,347,756
------------
---------
---------
---------
--------
-------------
Tangible assets held at valuation
In May 2020 the properties were valued at £10,000,000 based on the existing use as a fully equipped and operational care home. This includes freehold property, fixtures and fittings. The valuation was performed by professional valuers, Knight Frank. At 30 June 2024, the directors have evaluated the properties and consider the valuations are adequate at the year end and any variations would be immaterial.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 June 2024
Aggregate cost
6,159,218
Aggregate depreciation
(534,691)
------------
Carrying value
5,624,527
------------
At 30 June 2023
Aggregate cost
5,969,537
Aggregate depreciation
(412,940)
------------
Carrying value
5,556,597
------------
14. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
1,000
-------
Impairment
At 1 July 2023 and 30 June 2024
-------
Carrying amount
At 30 June 2024
1,000
-------
At 30 June 2023
1,000
-------
Subsidiaries
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Liberty Healthcare Solutions Limited
Park Farm Lodge Nursing Home
Ordinary B
100
Park Farm Road
Ordinary A
100
Kettlebrook
Tamworth
15. Stocks
2024
2023
£
£
Finished goods
19,000
19,000
--------
--------
16. Debtors
2024
2023
£
£
Trade debtors
1,244,625
684,570
Amounts owed by group undertakings
341,131
307,190
Prepayments and accrued income
95,563
107,098
Directors loan account
75,000
Other debtors
19,990
7,169
------------
------------
1,701,309
1,181,027
------------
------------
17. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
227,619
248,098
Amounts owed to group undertakings
2,610,220
2,773,687
Accruals and deferred income
173,236
90,526
Corporation tax
272,336
133,441
Social security and other taxes
152,265
145,308
Other creditors
391,520
323,403
------------
------------
3,827,196
3,714,463
------------
------------
18. Securities
The company has entered into an unlimited guarantee for bank loans made available to group companies. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for in these financial statements.
There is a legal charge, incorporating a fixed and floating charge, over the properties and assets owned by the company.
19. Provisions
Deferred tax (note 20)
£
At 1 July 2023
1,293,278
Additions
18,800
------------
At 30 June 2024
1,312,078
------------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
1,312,078
1,293,278
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
168,300
149,500
Revaluation of tangible assets
1,143,778
1,143,778
------------
------------
1,312,078
1,293,278
------------
------------
Deferred tax has been provided for at a rate of 25%. This is the rate that the company expects to apply to the reversal of the timing differences and the rate enacted at the balance sheet date.
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 91,133 (2023: £ 69,270 ).
22. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants recognised directly in income
12,502
----
--------
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2,143,200
2,143,200
2,143,200
2,143,200
------------
------------
------------
------------
24. Reserves
Called up share capital - this represents the nominal value of the shares that have been issued. Revaluation reserve - this reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income and any deferred taxation thereon. Profit and loss account - this reserve records retained earnings and accumulated losses.
25. Directors' advances, credits and guarantees
During the year the company has made interest free loans to its directors as follows:
Balance at 1 July 2023 Repaid in the year Advanced in the year Balance at 30 June 2024
£ £ £ £
C Haines 75,000 (75,000)
26. Related party transactions
The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group members. During the year the company provided and received loans from related parties. The balance outstanding due from/(to) related parties at 30 June 2024 are as follows:
2024 2023
£ £
Amounts owed to entities holding a controlling interest (2,610,220) (2,773,687)
Amounts due from entities where we hold a controlling interest 341,131 307,190
Outstanding balances with entities are unsecured, interest free and repayable on demand.
27. Controlling party
The directors consider the ultimate parent undertaking to be Assured Healthcare Solutions Holdings Ltd , a company registered in England and Wales. Consolidated financial statements can be obtained from the company's registered address; Dunnington Heath Farm, Dunnington, Alcester B49 5PD.