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Registration number: 08157115

Bright Futures Care Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2024

 

Bright Futures Care Limited

Contents

Company Information

1

Strategic Report

2 to 4

Director's Report

5

Statement of Director's Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 24

 

Bright Futures Care Limited

Company Information

Chairman

I J Anderson

Director

R Russell

Registered office

Asher House
Barsbank Lane
Lymm
Warrington
WA13 0ED

Bankers

Virgin Money UK PLC
Health & Social Care
137 New Street
Birmingham
B2 4NS

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Bright Futures Care Limited

Strategic Report for the Year Ended 31 October 2024

The directors are delighted to present their strategic report and the financial statements for the Company for the year ended 31 October 2024.

This report has been prepared in accordance with the requirements of Section 414 of the Companies Act 2006. The company’s independent auditor is required by law to report on whether the information given in the strategic report is consistent with the financial statements. The auditor’s report is set out on pages 6 to 8.

Principal activity

The principal activity of the company is the provision of residential care and/or education for high acuity children and adults with autism, complex needs and learning disabilities.

Fair review of the business

Bright Futures delivers truly tailored, person-centred, quality community-based care and education to a growing number of children and adults with autism, complex needs, and learning disabilities in high quality locations in the Northwest of England.

Our Great Care Offer, Great Education Offer, and Strive Programme ensure that children and adults get the right support to achieve the best possible life outcomes. These frameworks enable our support to be flexible and responsive to all our individuals’ changing needs.

We value our colleagues, and all our teams are trained to excellent standards. This, combined with our passion, pride and commitment to what we do, fosters an excellent and caring culture and makes us the leading provider in our chosen specialism.

We define ourselves by our values:

We Work Together - with the people we provide support and education to, with their families, with our community, with our fellow professionals. Together we are one team.

We Care - we have unwavering commitment to the people we provide support to. We offer specialist care, education and therapeutic support tailored to meet everyone’s needs.

We Learn & Grow - by listening, reflecting and learning we make changes to continuously improve what we do.

We are a Safe Pair of Hands - we understand how difficult it can be for families to place their loved one in a new school or in the care of others. With our open, calm and supportive approach we are by your side for the journey ahead.

We lead our offer through our two schools, six children’s homes and seventeen adults’ homes, supporting over 160 individuals. All of our services provided are commissioned either from local authorities or health authorities across the United Kingdom.

Our residential care is provided in modern, family sized, homes within the local community and we are regulated either by Ofsted or the Care Quality Commission (CQC). All our homes are rated as 'Good' or 'Outstanding' with the exception of one Children's home that received a 'Requires Improvement'.

Our education is provided in two schools with high teacher to pupil ratios; both regulated by Ofsted and rated as 'Good' with some 'Outstanding' areas.

During the year we have opened three more homes in Adults' services and one in Children's services, expanding in the Liverpool City Region and the Greater Manchester Region. All of these have proved popular, seeing high levels of demand for the available places.

 

Bright Futures Care Limited

Strategic Report for the Year Ended 31 October 2024

The key financial and non-financial performance indicators during the year were as follows:

• Our turnover has increased reflecting the increased occupancy rate with increased capacity added during 2023/24. We have also seen an increase in our direct costs arising from inflationary pressures and staffing costs. We have remained a Real Living Wage payer and have ensured that this covers all care staff.

• Our KPI measures on both the financial and operational aspects of the business continue to be diligently monitored on a monthly basis to ensure that the business operates in a responsible manner and plans are in place to continue to evolve these further in the year ahead. We focus on the stability and sustainability of our services, through ensuring that we have the correct strength of support for our delivery of care and education. This has meant investing in roles that are critical to ensuring the specialist nature of the care and education we provide is not diluted by our growth and ensuring that our fees are sufficient to be able to deliver this and offer value for money and measurable outcomes for our customers.

Unit

2024

2023

Turnover

£m

34.1

26.1

Profit before tax

£m

6.2

3.1

Net assets

£m

26.8

21.5

Number of registered school places

#

115

115

Number of registered residential places

#

95

87


Future outlook

There continues to be a national shortage of high quality / high acuity capacity in the market for each of our services and there continues to be high demand. We remain flexible for all placements and can meet the complex and changing needs of people who have learning disabilities or autism to allow us to deliver our Great Care and our Great Education offers.

We are continuing to invest in new properties, personnel, processes, and digital platforms to ensure that we remain well positioned for future growth. We remained committed to providing further capacity to both adults’ and children’s services within the Northwest region.

Our recruitment and career opportunities have been developed, and we are seeing strong preferences for new employees to work with us. Our vacancy rate is minimal and substantially lower than most other providers. Staff recruitment and retention will remain a key focus of the Company as we continue to expand. Our annual staff and stakeholder engagement survey returned very pleasing results, and the Board is committed to delivering on our Core Values.

We note, as with all providers, that there are substantial inflationary pressures across both staffing and other costs. Our approach is to continue to work in partnership with Local Authorities and Integrated Care Systems commissioners to ensure that we offer value for money, whilst not compromising on the quality of the services we provide to meet the needs of the people we support and students.
 

The excellent commitment and dedication of our workforce has been essential to achieving this. Our aim remains to develop services to provide great care and education to ensure that children, adults, and students get the right support to achieve their best possible life outcomes.

We remain committed to working with Local Authorities to ensure that we offer value for money and a quality service to meet the needs of all stakeholders. Over the course of the year, we have continued to ensure that the business is operated in a financially responsible way in accordance with our annual forecasting and we have adhered to the budget we set out for the year. A comprehensive budget has been set out for 2024/25 and there are no matters to report that give us concern on achieving these.

 

Bright Futures Care Limited

Strategic Report for the Year Ended 31 October 2024

Engagement with employees
During the year we have been activity engaged with our employees; we see this as critical to ensuring that we have high quality and engaged employees on our staff teams. We regularly meet with employees through our Staff Forum, as well as listening and responding to employee concerns and issues through our annual and periodic surveys. Key information is shared with our employees through internal communication methods, including via an internal social media platform which has been set up, through regular workforce newsletters covering various topics, and via senior management attendance at sites. We regularly respond to feedback in the form of “You said. We did.”, staff briefings and compliance updates.

We were pleased to ensure all are employees are paid at least Real Living Wage.

Disabled employees
We give full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled, making appropriate adjustments to the working environment where it is reasonable to do so. If an existing employee were to become disabled, we would continue, where practicable, to provide continuing employment under normal terms and conditions and provide training, career development, and promotion to disabled employees where appropriate.

Engagement with customers

Our primary customers are the Local Authorities (LAs) and Integrated Care Boards (ICBs). Each service, home and school, takes a collaborative approach to delivering a support and/or education package which is aligned to the young person’s / student's needs.

Engagement with suppliers

We welcome and engage local suppliers where possible and ensure that all companies that we do business with have great ethical values. Our suppliers understand and are sensitive to the environment they are working in and comply with the necessary checks needed to work in our homes and schools.

We work closely with our construction and development providers with regular meetings and updates.

We, as a company, take measures to prevent modern slavery and human trafficking and ensure this is carried through to our supply chains.

Our systems and controls ensure that all our suppliers are paid on time and accurately, encouraging a great relationship throughout, whether it is a one- off purchase or a continuing partnership.

Community and other stake holders

We recognise the importance of wider stakeholder engagement in delivering strategy and achieving sustainability within the business. Our main stakeholders are considered to be the people we support and students and their families, our employees, and the commissioners from Local Authorities or Integrated Care Systems.
 

Principal risks and uncertainties

The main risk to the company is the ongoing austerity / funding pressures across local government. However, due to the highly specialised service provided, the directors are confident that the risks are minimal. As with similar sized companies, the directors actively manage the company on a day to day basis so that when risks materialise, they can be addressed in a prompt and effective manner.

Approved by the director on 3 April 2025 and signed on its behalf by:


R Russell
Director

 

Bright Futures Care Limited

Director's Report for the Year Ended 31 October 2024

The director presents her report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

R B Arden (ceased 7 June 2024)

K A M Hackett (ceased 1 April 2024)

R Russell

I J Anderson - Chairman (appointed 18 June 2024)

Financial instruments

Objectives and policies

The board constantly monitors the group's trading results and revise projections as appropriate to ensure that the
company can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The company is exposed to the usual credit and cash flow risk associated with selling on credit and manages this
through credit control procedures. The nature of its financial instruments are such that they are not subject to
price risk or liquidity risk.

The company has sufficient resources available and the directors have prepared forecasts for the next 12 months
that this will continue to be the case. The directors therefore have a reasonable expectation that the company
has adequate resources to continue in operational existence for the foreseeable future and have continued to
adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditors

The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the director on 3 April 2025 and signed on its behalf by:


R Russell
Director

 

Bright Futures Care Limited

Statement of Director's Responsibilities

The director acknowledges her responsibilities for preparing the Annual Report 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 she is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

 

Bright Futures Care Limited

Independent Auditor's Report to the Members of Bright Futures Care Limited

Opinion

We have audited the financial statements of Bright Futures Care Limited (the 'company') for the year ended 31 October 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 31 October 2024 and of its profit 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 auditor 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 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.

 

Bright Futures Care Limited

Independent Auditor's Report to the Members of Bright Futures Care Limited

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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, 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 the director

As explained more fully in the Statement of Director's Responsibilities set out on page 6, 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 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 director is 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 director either intends 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.

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

 

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Bright Futures Care Limited

Independent Auditor's Report to the Members of Bright Futures Care Limited

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.





Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

3 April 2025

 

Bright Futures Care Limited

Profit and Loss Account for the Year Ended 31 October 2024

Note

2024
 £

2023
 £

Turnover

3

34,105,882

26,066,955

Cost of sales

 

(20,345,040)

(15,399,470)

Gross profit

 

13,760,842

10,667,485

Administrative expenses

 

(7,209,570)

(5,595,365)

Exceptional items

5

(372,387)

(1,726,529)

Operating profit

4

6,178,885

3,345,591

Other interest receivable and similar income

6

150,405

63,452

Interest payable and similar charges

7

(286,654)

(348,529)

Profit before tax

 

6,042,636

3,060,514

Taxation

11

(899,530)

(121,576)

Profit for the financial year

 

5,143,106

2,938,938

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Bright Futures Care Limited

(Registration number: 08157115)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

215,608

323,404

Tangible assets

13

25,422,118

22,161,215

Investments

14

450,300

450,300

 

26,088,026

22,934,919

Current assets

 

Debtors

15

4,969,217

3,928,970

Cash at bank and in hand

 

2,983,685

1,982,115

 

7,952,902

5,911,085

Creditors: Amounts falling due within one year

16

(5,534,745)

(6,342,751)

Net current assets/(liabilities)

 

2,418,157

(431,666)

Total assets less current liabilities

 

28,506,183

22,503,253

Creditors: Amounts falling due after more than one year

16

(461,593)

(495,880)

Provisions for liabilities

(1,443,722)

(549,611)

Net assets

 

26,600,868

21,457,762

Capital and reserves

 

Called up share capital

19

5,167,412

5,167,412

Retained earnings

21,433,456

16,290,350

Shareholders' funds

 

26,600,868

21,457,762

Approved and authorised by the director on 3 April 2025
 


R Russell
Director

 

Bright Futures Care Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2023

5,167,412

16,290,350

21,457,762

Profit for the year

-

5,143,106

5,143,106

At 31 October 2024

5,167,412

21,433,456

26,600,868

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2022

5,167,412

13,351,412

18,518,824

Profit for the year

-

2,938,938

2,938,938

At 31 October 2023

5,167,412

16,290,350

21,457,762

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Asher House
Barsbank Lane
Lymm
Warrington
WA13 0ED

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the accounts of the ultimate parent company, Clara Topco Limited.

Name of parent of group

These financial statements are consolidated in the financial statements of Clara Topco Limited.

The financial statements of Clara Topco Limited may be obtained from Companies House.

Group accounts not prepared

The company has taken exemption from preparing group accounts as it is included in consolidated accounts for a larger group which are drawn up as full consolidated audited accounts which are filed at Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

nil

Leasehold property improvements

50% straight line

Fixtures, fittings and computer equipment

33% straight line and 33% reducing balance

Motor vehicles

25% straight line


Freehold property is not depreciated. The company has a regular policy of maintenance and repair on its freehold properties. The director annually reviews the carrying value of the freehold properties. The director considers this appropriate on the basis that the residual value of the properties are not materially different to their carrying value and therefore depreciation would be immaterial.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
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 or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

3

Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

34,101,392

26,021,261

Other revenue

4,490

45,694

34,105,882

26,066,955

Other revenue within the current year comprise of monies received from the Holiday Activity Fund and Education Skills Funding Agency.
 

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

782,675

691,364

Amortisation expense

107,796

107,796

Operating lease expense - property

104,920

86,835

Operating lease expense - other

16,453

11,775

 

5

Exceptional items

2024
 £

2023
 £

Exceptional expenses

372,387

1,726,529

Exceptional items in the current year comprised one off legal and professional fees, termination fees and employee redundancy costs.

Exceptional items in the prior year comprise of acquisition related bonuses, restructuring costs, executive incentive plans and other one off legal and professional fees.

 

6

Other interest receivable and similar income

2024
£

2023
£

Interest receivable on loans from group undertakings

127,945

61,769

Interest income on bank deposits

22,460

1,683

150,405

63,452

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

22,562

190,889

Interest on obligations under finance leases and hire purchase contracts

72,819

61,675

Interest payable on loans from group undertakings

191,273

95,965

286,654

348,529

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

18,329,170

13,882,529

Social security costs

1,649,017

1,222,168

Pension costs, defined contribution scheme

445,209

331,171

20,423,396

15,435,868

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Care

568

416

Administration and support

35

36

603

452

 

9

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

500,801

1,606,129

Contributions paid to money purchase schemes

13,042

11,801

513,843

1,617,930

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

2024
£

2023
£

Remuneration

166,073

946,168

Company contributions to money purchase pension schemes

4,982

3,230

171,055

949,398

The Directors received a one off bonus in the prior year which totalled £1,047,833 (highest paid £840,000) during that period; this was the result of a change in ownership of the ultimate parent company. The Directors immediately reinvested the bonus into the share capital of the new ultimate parent company for the benefit of the business.

 

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

28,320

19,860

Other fees to auditors

All other non-audit services

24,360

9,468

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

5,419

(125,506)

Deferred taxation

Arising from origination and reversal of timing differences

894,111

247,082

Tax expense in the income statement

899,530

121,576

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 22.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

6,042,636

3,060,514

Corporation tax at standard rate

1,510,659

688,616

Effect of expense not deductible in determining taxable profit (tax loss)

34,586

41,868

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

5,419

(125,506)

Tax increase from effect of capital allowances and depreciation

814,668

241,289

Tax increase from other short-term timing differences

-

7,576

Tax decrease arising from group relief

(1,465,802)

(732,267)

Total tax charge

899,530

121,576

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Excess of taxation allowances over depreciation on fixed assets

1,455,097

Short term timing differences

(11,375)

1,443,722

2023

Liability
£

Excess of taxation allowances over depreciation on fixed assets

549,611

549,611

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

12

Intangible assets

Goodwill
 £

Cost

At 1 November 2023 and at 31 October 2024

1,470,000

Amortisation

At 1 November 2023

1,146,596

Amortisation charge

107,796

At 31 October 2024

1,254,392

Carrying amount

At 31 October 2024

215,608

At 31 October 2023

323,404

 

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 November 2023

20,508,670

2,185,933

1,616,862

24,311,465

Additions

3,326,447

434,691

361,975

4,123,113

Disposals

-

(2,986)

(108,299)

(111,285)

At 31 October 2024

23,835,117

2,617,638

1,870,538

28,323,293

Depreciation

At 1 November 2023

148,303

1,238,504

763,443

2,150,250

Charge for the year

13,458

419,124

350,093

782,675

Eliminated on disposal

-

(2,986)

(28,764)

(31,750)

At 31 October 2024

161,761

1,654,642

1,084,772

2,901,175

Carrying amount

At 31 October 2024

23,673,356

962,996

785,766

25,422,118

At 31 October 2023

20,360,367

947,429

853,419

22,161,215

Land and buildings
Included within the net book value of £23,673,356 (2023 - £20,360,367) is £3,657,209 (2023 - £20,343,326) in respect of freehold land and buildings and £16,417 (2023 - £17,041) in respect of leasehold improvements.

Hire purchase agreements
Included within the net book value of £25,422,118 (2023 - £22,161,215) is £785,766 (2023 - £853,419) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the period in respect of such assets amounted to £350,093 (2023 - £322,477).

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

14

Investments in subsidiaries, joint ventures and associates

2024
£

2023
£

Investments in subsidiaries

450,300

450,300

Subsidiaries

£

Cost and carrying amount

At 1 November 2023 and at 31 October 2024

450,300

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Willow Tree Park Property Limited

England and Wales

Ordinary

100%

100%

 

     

Subsidiary undertakings

Willow Tree Park Property Limited

The principal activity of Willow Tree Park Property Limited is the management of a property rented by Bright Futures Care Limited.

 

15

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

2,689,873

1,734,255

Amounts owed by group undertakings

 

1,488,622

1,260,005

Other debtors

 

197,044

233,061

Prepayments

 

593,678

392,827

Corporation tax asset

11

-

308,822

   

4,969,217

3,928,970

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

16

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

17

308,478

311,722

Trade creditors

 

479,825

340,886

Social security and other taxes

 

435,112

370,577

Other creditors

 

450,421

728,411

Accrued expenses

 

1,431,781

1,094,560

Amounts owed by group undertakings

 

1,137,764

2,974,927

Deferred income

 

1,291,364

521,668

 

5,534,745

6,342,751

Due after one year

 

Loans and borrowings

17

461,593

495,880

 

17

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

308,478

311,722

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

461,593

495,880

Finance lease liabilities are secured on the assets to which they relate.
 

 

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £445,209 (2023 - £331,171).

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

5,167,412

5,167,412

5,167,412

5,167,412

       
 

20

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

358,185

358,185

Later than one year and not later than five years

450,004

109,087

808,189

467,272

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

95,438

53,840

Later than one year and not later than five years

266,670

70,740

362,108

124,580

 

21

Capital commitments

The total amount contracted for but not provided in the financial statements was £956,426 (2023 - £Nil).

The capital commitments within the prior year relate to the purchase of motor vehicles on order and to building work commitments.

 

Bright Futures Care Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

 

22

Related party transactions

The company is exempt from disclosing transactions with other members within the group headed by Clara Topco Limited on the grounds that consolidated financial statements which include the company are publicly available.

During the year the company incurred costs of £33,642 (2023 - £Nil) payable to Charme Capital Partners Ltd, the ultimate controlling party of the group from 22 June 2023, for services in relation to the restructuring of the group.

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.

 

23

Parent and ultimate parent undertaking

The company's immediate parent is Project PT Bidco Limited, incorporated in England and Wales.

 The ultimate controlling party is Charme Capital Partners Limited, a company registered in England and Wales.