Registration number:
for the
Year Ended 31 October 2024
Bright Futures Care Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Bright Futures Care Limited
Company Information
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Chairman |
I J Anderson |
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Director |
R Russell |
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Registered office |
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Bankers |
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Auditors |
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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 |
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Turnover |
£m |
34.1 |
26.1 |
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Profit before tax |
£m |
6.2 |
3.1 |
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Net assets |
£m |
26.8 |
21.5 |
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Number of registered school places |
# |
115 |
115 |
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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
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:
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
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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:
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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 |
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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:
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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; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Bright Futures Care Limited
Profit and Loss Account for the Year Ended 31 October 2024
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Note |
2024 |
2023 |
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Turnover |
|
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Exceptional items |
(372,387) |
(1,726,529) |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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|
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Taxation |
( |
( |
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|
Profit for the financial year |
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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
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
5,167,412 |
5,167,412 |
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Retained earnings |
21,433,456 |
16,290,350 |
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Shareholders' funds |
26,600,868 |
21,457,762 |
Approved and authorised by the
Director
Bright Futures Care Limited
Statement of Changes in Equity for the Year Ended 31 October 2024
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Share capital |
Profit and loss account |
Total |
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At 1 November 2023 |
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Profit for the year |
- |
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At 31 October 2024 |
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Share capital |
Profit and loss account |
Total |
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At 1 November 2022 |
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Profit for the year |
- |
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At 31 October 2023 |
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Bright Futures Care Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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
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 |
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Freehold land and buildings |
nil |
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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
Recognition and measurement
Impairment
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
|
Revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
|
Other revenue |
|
|
|
|
|
Other revenue within the current year comprise of monies received from the Holiday Activity Fund and Education Skills Funding Agency.
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - other |
|
|
|
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.
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest receivable on loans from group undertakings |
|
|
|
Interest income on bank deposits |
|
|
|
|
|
|
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 |
|
|
|
Interest payable on loans from group undertakings |
|
|
|
|
|
Bright Futures Care Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Care |
|
|
|
Administration and support |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
513,843 |
1,617,930 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
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.
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
Bright Futures Care Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax adjustment to prior periods |
|
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax increase from other short-term timing differences |
- |
|
|
Tax decrease arising from group relief |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Excess of taxation allowances over depreciation on fixed assets |
|
|
Short term timing differences |
( |
|
|
|
2023 |
Liability |
|
Excess of taxation allowances over depreciation on fixed assets |
|
|
|
Bright Futures Care Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
|
Intangible assets |
|
Goodwill |
|
|
Cost |
|
|
At 1 November 2023 and at 31 October 2024 |
|
|
Amortisation |
|
|
At 1 November 2023 |
|
|
Amortisation charge |
|
|
At 31 October 2024 |
|
|
Carrying amount |
|
|
At 31 October 2024 |
|
|
At 31 October 2023 |
|
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost |
||||
|
At 1 November 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
( |
( |
|
At 31 October 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 November 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 31 October 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 October 2024 |
|
|
|
|
|
At 31 October 2023 |
|
|
|
|
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
|
Investments in subsidiaries, joint ventures and associates |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost and carrying amount |
|
|
At 1 November 2023 and at 31 October 2024 |
|
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 |
||||
|
|
England and Wales |
Ordinary |
|
|
|
Subsidiary undertakings |
|
Willow Tree Park Property Limited The principal activity of Willow Tree Park Property Limited is |
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Corporation tax asset |
- |
|
|
|
|
|
Bright Futures Care Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Hire purchase contracts |
|
|
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Hire purchase contracts |
|
|
Finance lease liabilities are secured on the assets to which they relate.
|
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 £
Bright Futures Care Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
5,167,412 |
|
5,167,412 |
|
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 |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Capital commitments |
The total amount contracted for but not provided in the financial statements was £
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
|
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
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is