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COMPANY REGISTRATION NUMBER: 02174831
STOCKS HALL CARE HOMES LIMITED
FINANCIAL STATEMENTS
31 October 2024
STOCKS HALL CARE HOMES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
Contents
Page
Strategic report
1
Directors' report
4
Independent auditor's report to the members
7
Consolidated statement of comprehensive income
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17
STOCKS HALL CARE HOMES LIMITED
STRATEGIC REPORT
YEAR ENDED 31 OCTOBER 2024
The directors present their strategic report of the group for the year ended 31 October 2024.
Review of the business
The company continues to be a high quality care home operator providing various forms of nursing and residential care throughout its homes. The company has a leading reputation for the provision of high quality care in its homes and this together with offering the highest level of support and care places the homes as first choice care environments in each community in which they operate. The care sector continues to suffer from shortages in both nurses and care assistants and the recruitment and retention of personnel remains challenging. The company recognises this and continues to invest in recruitment resources in order to recruit and retain personnel. The company has recruited overseas nurses needing sponsorship and has successfully mentored them to achieve their relevant pin numbers. During the year the company introduced a new care planning system, Care Vision, for its care homes. This has been an extremely positive change and staff have both embraced the system and found it to be very user friendly. The move from the previous care planning system was seamless due to the excellent prior training that staff had received. The new care planning system streamlines the whole process from initial enquiry, pre-admission and the care support plan. The process has created efficiencies whilst still capturing all important information thereby allowing additional time to spend and connect with the residents that are cared for. Carers can input electronic daily notes using icon driven interactions or free text into daily notes all on handheld devices whilst completing care. Care Vision's audit system assists staff to create, implement and maintain all of their audits in one place quickly and easily. The system is straightforward to operate and produces real time reports using the comprehensive audit software. The care plans reflect the service approach to looking at each resident as an individual and tailoring the way in which care is provided in line with choices, wishes and preferences. In addition, during the year the company appointed a qualified nurse as an area manager to provide support to managers and nurses with clinical issues. The new area manager has developed a medication audit that is on the new Care Vision system for transparent and effective quality assurance. In addition she is assisting with nursing hours to ensure that these are maintained to a safe level and that time is used effectively. In addition, the company continues to invest in the development of its staff and provides specialised training programmes in order to maintain high levels of safety, care and comfort for the residents of its homes. The care sector has continued to suffer from significant increases in costs and in particular increases in Bank of England interest rates, the National Living Wage and general inflationary cost increases. In spite of these challenges the company has managed well. The directors continue to monitor the operational performance of the business by constantly reviewing the occupancy percentage, staff costs percentage, agency hours and costs per resident together with the results of any internal quality assessment and regulatory inspections. In spite of the challenges faced by the care sector the accounting year has yet again proved to be successful.
Results
The group made a pre-tax profit of £387,106 (2023: £973,652) for the year from a turnover of £23,843,630 (2023: £21,677,867). At 31 October 2024 the group had net assets of £26,185,197 (2023: £26,289,139).
Principal risks and uncertainties
The principal risks and uncertainties facing the group relate to uncertainties around Government policy and financial funding. In order to minimise the risk of the above to the group, the directors continue to invest significantly in its facilities and employees.
Performance monitoring
The delivery of the group's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the group's operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of the group's strategy. Financial Definition Sales Revenue Growth in sales revenue and strength of the company's market position. Operating Profit The continued growth of operating profits which allows the company to continue to invest in its facilities
Directors' statement of compliance with duty to promote the success of the company
Under section 172 of the Companies Act 2006 the directors of the company are required to act in a way which promotes the long term success of the company and considers the interest of the company's stakeholders. The directors of the company have at all times acted in the way that they considered, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: - the likely consequences of any decision in the long term; - the interests of the company's employees; - the need to foster the company's business relationships with suppliers, customers and others; - the impact of the company's operations on the community and the environment; - the desirability of the company maintaining a reputation for high standards of business conduct; - the need to act fairly between members of the company. The directors of the company meet on a regular basis and make decisions that they consider promote the success of the company and are in the best interests of the members as a whole. The key stakeholders of the company are its employees, suppliers, residents and members. Our employees are key to the success of the business and are provided with good working conditions and extensive training. Relationships with our suppliers are very important to us. We have developed strong relationships with these suppliers over many years. We aim to provide our residents with the highest quality of care in safe and comfortable environments. To maintain this, we continue to invest in both our homes and employee training. We always aim to conduct our business with the utmost integrity.
This report was approved by the board of directors on 16 July 2025 and signed on behalf of the board by:
S. E. Lace
Director
Registered office:
Stocks House
50c White Moss Road
Skelmersdale
England
WN8 8BL
STOCKS HALL CARE HOMES LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements of the group for the year ended 31 October 2024 .
Principal activities
The company's principal activities continue to be the operation of residential and nursing home facilities and a domiciliary care agency.
Directors
The directors who served the company during the year were as follows:
S. H. Lace
S. E. Lace
G. B. T. Jones
Dividends
Interim dividends of £960 (2023: £960) per share were paid to the ordinary shareholders during the year.
Future developments
The directors intend to continue with their programme of investment in facilities and staff training in order to continue to provide the highest level of care and living accommodation available to its residents.
Greenhouse gas emissions and energy consumption
Unit
2024
2023
Emissions resulting from activities for which the group is responsible
tCO2e
718
488
Emissions resulting from the purchase of electricity by the group for its own use
tCO2e
224
263
----
----
Total emissions
tCO2e
942
751
Total energy consumption
kWh
4,624,585
3,532,397
Tonnes CO2e per resident(based on average of 285 (2023:277) residents)
3.31
2.71
------------
------------
Methodologies for energy and emissions calculations
We have undertaken an energy assessment at each of our care homes and have implemented the recommendations from the report.
Principal measures taken to increase energy efficiency
We have used the conversion factors issued by the Department for Business, Energy and Industrial Strategy in order to derive the emissions data in metric tonnes CO2e.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.
Employee involvement
Regular communications with employees has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests.
Financial instruments
The directors consider that the group only has limited exposure to the various aspects of financial risk and it does not enter into currency hedging contracts as there is no requirement for this within its trade. The group's revenue is invoiced in sterling and all its operational costs arise within the United Kingdom.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 16 July 2025 and signed on behalf of the board by:
S. E. Lace
Director
Registered office:
Stocks House
50c White Moss Road
Skelmersdale
England
WN8 8BL
STOCKS HALL CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STOCKS HALL CARE HOMES LIMITED
YEAR ENDED 31 OCTOBER 2024
Opinion
We have audited the financial statements of Stocks Hall Care Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 October 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent 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 the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions recorded in the year to determine whether revenue had been recorded correctly. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 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.
Fraser Wolff FCCA
(Senior Statutory Auditor)
For and on behalf of
Edwards Veeder LLP
Chartered Accountants & Statutory Auditor
Alex House
260-268 Chapel Street
Salford
M3 5JZ
16 July 2025
STOCKS HALL CARE HOMES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 OCTOBER 2024
2024
2023
Note
£
£
Turnover
4
23,843,630
21,677,867
Cost of sales
18,732,483
16,511,425
-------------
-------------
Gross profit
5,111,147
5,166,442
Administrative expenses
4,056,305
3,612,472
Other operating income
5
32,181
62,275
------------
------------
Operating profit
6
1,087,023
1,616,245
Other interest receivable and similar income
10
9,827
9,378
Interest payable and similar expenses
11
709,744
651,971
------------
------------
Profit before taxation
387,106
973,652
Tax on profit
12
299,048
357,809
---------
---------
Profit for the financial year and total comprehensive income
88,058
615,843
---------
---------
All the activities of the group are from continuing operations.
STOCKS HALL CARE HOMES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
31,270,277
31,218,243
Current assets
Stocks
17
138,470
100,800
Debtors
18
6,925,879
6,374,674
Cash at bank and in hand
116,501
510,641
------------
------------
7,180,850
6,986,115
Creditors: amounts falling due within one year
20
3,558,998
5,469,870
------------
------------
Net current assets
3,621,852
1,516,245
-------------
-------------
Total assets less current liabilities
34,892,129
32,734,488
Creditors: amounts falling due after more than one year
21
8,588,253
6,333,584
Provisions
Taxation including deferred tax
22
118,679
111,765
-------------
-------------
Net assets
26,185,197
26,289,139
-------------
-------------
Capital and reserves
Called up share capital
25
200
200
Revaluation reserve
26
18,330,226
18,330,226
Profit and loss account
26
7,854,771
7,958,713
-------------
-------------
Shareholders funds
26,185,197
26,289,139
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 16 July 2025 , and are signed on behalf of the board by:
S. E. Lace
G. B. T. Jones
Director
Director
Company registration number: 02174831
STOCKS HALL CARE HOMES LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
31,081,632
31,021,938
Investments
16
100
100
-------------
-------------
31,081,732
31,022,038
Current assets
Stocks
17
36,425
33,175
Debtors
18
6,906,267
6,352,979
Cash at bank and in hand
116,501
510,641
------------
------------
7,059,193
6,896,795
Creditors: amounts falling due within one year
20
3,288,148
5,302,941
------------
------------
Net current assets
3,771,045
1,593,854
-------------
-------------
Total assets less current liabilities
34,852,777
32,615,892
Creditors: amounts falling due after more than one year
21
8,588,253
6,333,584
Provisions
Taxation including deferred tax
22
109,834
102,906
-------------
-------------
Net assets
26,154,690
26,179,402
-------------
-------------
Capital and reserves
Called up share capital
25
200
200
Revaluation reserve
26
18,330,226
18,330,226
Profit and loss account
26
7,824,264
7,848,976
-------------
-------------
Shareholders funds
26,154,690
26,179,402
-------------
-------------
The profit for the financial year of the parent company was £ 167,288 (2023: £ 615,272 ).
These financial statements were approved by the board of directors and authorised for issue on 16 July 2025 , and are signed on behalf of the board by:
S. E. Lace
G. B. T. Jones
Director
Director
Company registration number: 02174831
STOCKS HALL CARE HOMES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 OCTOBER 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 November 2022
200
18,354,797
7,510,299
25,865,296
Profit for the year
615,843
615,843
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
(24,571)
24,571
----
-------------
------------
-------------
Total comprehensive income for the year
( 24,571)
640,414
615,843
Dividends paid and payable
13
( 192,000)
( 192,000)
----
-------------
------------
-------------
Total investments by and distributions to owners
( 192,000)
( 192,000)
At 31 October 2023
200
18,330,226
7,958,713
26,289,139
Profit for the year
88,058
88,058
----
-------------
------------
-------------
Total comprehensive income for the year
88,058
88,058
Dividends paid and payable
13
( 192,000)
( 192,000)
----
----
---------
---------
Total investments by and distributions to owners
( 192,000)
( 192,000)
----
-------------
------------
-------------
At 31 October 2024
200
18,330,226
7,854,771
26,185,197
----
-------------
------------
-------------
STOCKS HALL CARE HOMES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 OCTOBER 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 November 2022
200
18,354,797
7,401,133
25,756,130
Profit for the year
615,272
615,272
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
( 24,571)
24,571
----
-------------
------------
-------------
Total comprehensive income for the year
( 24,571)
639,843
615,272
Dividends paid and payable
13
( 192,000)
( 192,000)
----
-------------
------------
-------------
Total investments by and distributions to owners
( 192,000)
( 192,000)
At 31 October 2023
200
18,330,226
7,848,976
26,179,402
Profit for the year
167,288
167,288
----
-------------
------------
-------------
Total comprehensive income for the year
167,288
167,288
Dividends paid and payable
13
( 192,000)
( 192,000)
----
----
---------
---------
Total investments by and distributions to owners
( 192,000)
( 192,000)
----
-------------
------------
-------------
At 31 October 2024
200
18,330,226
7,824,264
26,154,690
----
-------------
------------
-------------
STOCKS HALL CARE HOMES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 OCTOBER 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
88,058
615,843
Adjustments for:
Depreciation of tangible assets
809,361
801,351
Other interest receivable and similar income
( 9,827)
( 9,378)
Interest payable and similar expenses
709,744
651,971
Loss/(gains) on disposal of tangible assets
2,069
( 202,763)
Tax on profit
299,048
357,809
Accrued expenses
78,936
226,460
Changes in:
Stocks
( 37,670)
23,200
Trade and other debtors
( 551,205)
( 392,729)
Trade and other creditors
395,895
300,071
------------
------------
Cash generated from operations
1,784,409
2,371,835
Interest paid
( 709,744)
( 651,971)
Interest received
9,827
9,378
Tax paid
( 361,428)
( 63,794)
------------
------------
Net cash from operating activities
723,064
1,665,448
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 863,874)
( 609,763)
Proceeds from sale of tangible assets
410
519,431
------------
------------
Net cash used in investing activities
( 863,464)
( 90,332)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 63,411)
( 1,205,620)
Payments of finance lease liabilities
( 5,673)
Dividends paid
( 192,000)
( 192,000)
------------
------------
Net cash used in financing activities
( 255,411)
( 1,403,293)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 395,811)
171,823
Cash and cash equivalents at beginning of year
288,606
116,783
---------
---------
Cash and cash equivalents at end of year
19
( 107,205)
288,606
---------
---------
STOCKS HALL CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stocks House, 50c White Moss Road, Skelmersdale, WN8 8BL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Stocks Hall Care Homes Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life of fixed assets: In making decisions regarding the depreciation of non current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to the profit or loss in each year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Tangible assets held under finance lease arrangements are depreciated over the shorter of the lease term and their useful economic life.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measure at the lower of cost and estimated selling price. Work in progress is valued on the basis of direct costs plus attributable overheads and profit based on a normal level of activity. Provisions are made for any foreseeable losses where appropriate.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Provision of care services
23,812,223
21,627,648
Construction services
31,407
50,219
-------------
-------------
23,843,630
21,677,867
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
32,181
62,275
--------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
809,361
801,351
Loss/(gains) on disposal of tangible assets
2,069
( 202,763)
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
51,295
46,525
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
17,275
16,770
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administration staff
11
11
Carers
689
642
Directors
3
3
Maintenance and construction workers
4
4
----
----
707
660
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
16,798,342
15,038,792
Social security costs
1,232,382
1,028,463
Pension costs
241,332
205,694
-------------
-------------
18,272,056
16,272,949
-------------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
245,069
344,706
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
162,006
208,496
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
9,827
9,378
-------
-------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
709,744
650,283
Interest on obligations under finance leases and hire purchase contracts
1,688
---------
---------
709,744
651,971
---------
---------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
292,867
368,424
Adjustments in respect of prior periods
( 733)
---------
---------
Total current tax
292,134
368,424
---------
---------
Deferred tax:
Origination and reversal of timing differences
6,914
( 35,312)
Impact of change in tax rate
24,697
-------
--------
Total deferred tax
6,914
( 10,615)
---------
---------
Tax on profit
299,048
357,809
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 22.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
387,106
973,652
---------
---------
Profit on ordinary activities by rate of tax
96,777
219,122
Adjustment to tax charge in respect of prior periods
3,872
Effect of expenses not deductible for tax purposes
15,914
8,501
Effect of capital allowances and depreciation
160,296
105,517
Utilisation of tax losses
( 4,605)
Unused tax losses
19,880
238
Rounding on tax charge
( 36)
Origination and reversal of timing differences
6,914
( 10,615)
Other tax adjustment to increase/(decrease) tax liability
35,082
---------
---------
Tax on profit
299,048
357,809
---------
---------
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
192,000
192,000
---------
---------
14. Intangible assets
Group and company
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
25,000
--------
Amortisation
At 1 November 2023 and 31 October 2024
25,000
--------
Carrying amount
At 1 November 2023 and 31 October 2024
--------
At 31 October 2023
--------
15. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
32,587,121
986,746
1,086,592
116,477
34,776,936
Additions
708,911
70,141
71,627
13,195
863,874
Disposals
( 79,378)
( 79,378)
-------------
------------
------------
---------
-------------
At 31 October 2024
33,296,032
1,056,887
1,158,219
50,294
35,561,432
-------------
------------
------------
---------
-------------
Depreciation
At 1 November 2023
1,926,406
684,294
849,267
98,726
3,558,693
Charge for the year
665,920
74,522
61,802
7,117
809,361
Disposals
( 76,899)
( 76,899)
-------------
------------
------------
---------
-------------
At 31 October 2024
2,592,326
758,816
911,069
28,944
4,291,155
-------------
------------
------------
---------
-------------
Carrying amount
At 31 October 2024
30,703,706
298,071
247,150
21,350
31,270,277
-------------
------------
------------
---------
-------------
At 31 October 2023
30,660,715
302,452
237,325
17,751
31,218,243
-------------
------------
------------
---------
-------------
Company
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
32,437,121
709,744
1,086,592
88,477
34,321,934
Additions
708,911
70,141
71,627
3,595
854,274
Disposals
( 73,878)
( 73,878)
-------------
---------
------------
--------
-------------
At 31 October 2024
33,146,032
779,885
1,158,219
18,194
35,102,330
-------------
---------
------------
--------
-------------
Depreciation
At 1 November 2023
1,917,406
447,651
849,267
85,672
3,299,996
Charge for the year
662,920
66,449
61,802
998
792,169
Disposals
( 71,467)
( 71,467)
-------------
---------
------------
--------
-------------
At 31 October 2024
2,580,326
514,100
911,069
15,203
4,020,698
-------------
---------
------------
--------
-------------
Carrying amount
At 31 October 2024
30,565,706
265,785
247,150
2,991
31,081,632
-------------
---------
------------
--------
-------------
At 31 October 2023
30,519,715
262,093
237,325
2,805
31,021,938
-------------
---------
------------
--------
-------------
Tangible assets held at valuation
The company's freehold property was valued on 31 October 2020 by Knight Frank, an independent valuer, and is based on open market values.
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Freehold property
£
At 31 October 2024
Aggregate cost
21,431,890
Aggregate depreciation
(6,122,078)
-------------
Carrying value
15,309,812
-------------
At 31 October 2023
Aggregate cost
20,721,778
Aggregate depreciation
(5,348,431)
-------------
Carrying value
15,373,347
-------------
Company
Freehold property
£
At 31 October 2024
Aggregate cost
20,033,848
Aggregate depreciation
(5,872,760)
-------------
Carrying value
14,161,088
-------------
At 31 October 2023
Aggregate cost
19,323,736
Aggregate depreciation
(5,127,074)
-------------
Carrying value
14,196,662
-------------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 November 2023 and 31 October 2024
100
----
Impairment
At 1 November 2023 and 31 October 2024
----
Carrying amount
At 1 November 2023 and 31 October 2024
100
----
At 31 October 2023
100
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Stocks Hall Care Homes (2) Limited
Ordinary
100
Registered office: Bank House, 260-268 Chapel Street, Salford, M3 5JZ.
The financial statements of Stocks Hall Care Homes (2) Limited are consolidated in these group accounts. The principal activity of the company during the year continued to be the construction of care home facilities.
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
36,425
33,175
36,425
33,175
Work in progress
102,045
67,625
---------
---------
--------
--------
138,470
100,800
36,425
33,175
---------
---------
--------
--------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,379,461
1,611,150
2,371,891
1,600,709
Prepayments and accrued income
237,931
463,934
225,889
452,680
Other debtors
4,308,487
4,299,590
4,308,487
4,299,590
------------
------------
------------
------------
6,925,879
6,374,674
6,906,267
6,352,979
------------
------------
------------
------------
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
116,501
510,641
Bank overdrafts
( 223,706)
( 222,035)
---------
---------
( 107,205)
288,606
---------
---------
20. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
825,946
3,127,069
602,240
2,905,034
Trade creditors
566,340
498,241
435,417
465,955
Amounts owed to group undertakings
135,680
131,934
Accruals and deferred income
839,616
760,680
832,447
754,108
Corporation tax
235,336
304,630
235,336
304,630
Social security and other taxes
540,110
343,495
495,378
305,525
Director loan accounts
2,853
18,139
2,853
18,139
Other creditors
548,797
417,616
548,797
417,616
------------
------------
------------
------------
3,558,998
5,469,870
3,288,148
5,302,941
------------
------------
------------
------------
21. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
8,588,253
6,333,584
8,588,253
6,333,584
------------
------------
------------
------------
The bank loans and overdrafts are secured by a debenture over all assets of the company and legal charges over its freehold properties.
Included within creditors: amounts falling due after more than one year is an amount of £3,019,400 (2023: £1,784,953) for the group and £3,019,400 (2023: £1,784,953) for the company in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above relates to loans repayable in monthly instalments over 7 years, 8 years, 17 years and 21 years. The interest rates on the loans are linked to the Bank of England base Rate.
22. Provisions
Group
Deferred tax (note 23)
£
At 1 November 2023
111,765
Charge against provision
6,914
---------
At 31 October 2024
118,679
---------
Company
Deferred tax (note 23)
£
At 1 November 2023
102,906
Charge against provision
6,928
---------
At 31 October 2024
109,834
---------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 22)
118,679
111,765
109,834
102,906
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
118,679
111,765
109,834
102,906
---------
---------
---------
---------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 241,332 (2023: £ 205,694 ).
25. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
26. Reserves
Profit and loss reserve: The profit and loss reserve records retained earnings and accumulated losses. Revaluation reserve: The revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in the statement of comprehensive income.
27. Analysis of changes in net debt
At 1 Nov 2023
Cash flows
At 31 Oct 2024
£
£
£
Cash at bank and in hand
510,641
(394,140)
116,501
Bank overdrafts
(222,035)
(1,671)
(223,706)
Debt due within one year
(2,923,173)
2,318,080
(605,093)
Debt due after one year
(6,333,584)
(2,254,669)
(8,588,253)
------------
------------
------------
( 8,968,151)
( 332,400)
( 9,300,551)
------------
------------
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
8,323
8,323
8,323
8,323
Later than 1 year and not later than 5 years
2,475
10,798
2,475
10,798
--------
--------
--------
--------
10,798
19,121
10,798
19,121
--------
--------
--------
--------
29. Directors' advances, credits and guarantees
At 31 October 2024 the company owed £2,853 (2023: £18,139) to its directors. No interest has been charged to or from the company in respect of the loans which are repayable on demand and are classified under creditors falling due within one year.
30. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Mawdesley Leisure Ltd
98,413
93,658
4,313,827
4,309,574
--------
--------
------------
------------
Mawdesley Leisure Ltd is related by common ownership and control. The amounts owed by the above company is interest free and there are no fixed repayment terms. No securities have been given or received.
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 245,069 (2023: £ 344,706 ) .
STOCKS HALL CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2024
30. Related party transactions (continued)
Company
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Mawdesley Leisure Ltd
73,438
71,068
4,308,487
4,299,590
--------
--------
------------
------------
Mawdesley Leisure Ltd is related by common ownership and control. The amounts owed by the above company is interest free and there are no fixed repayment terms. No securities have been given or received.