| REGISTERED NUMBER: |
| THE SUPERIOR HEALTHCARE GROUP LTD |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| THE SUPERIOR HEALTHCARE GROUP LTD |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Statement of Financial Position | 11 |
| Statement of Changes in Equity | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 |
| THE SUPERIOR HEALTHCARE GROUP LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Accountants and |
| Statutory Auditors |
| 2 Lakeview Stables |
| Lower St. Clere |
| Kemsing |
| Sevenoaks |
| Kent |
| TN15 6NL |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| FAIR REVIEW OF BUSINESS |
| The principal activity of The Superior Healthcare Group Ltd continued to be the provision of specialist, nurse-led care that supports children and adults who have complex, long term health conditions to live safely at home. |
| Building upon the continued investments made in both our team and resources in previous financial years, the business grew the average number of complex care hours that it delivered to nearly 10,000 hours per week by 30th September 2024. |
| The directors consider the performance of the Company to be satisfactory and believe that our business is well placed to grow again in the forthcoming year. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors have identified that the business is exposed to the following risks: |
| Loss of registration |
| The Superior Healthcare Group Ltd's services are regulated by the Care Quality Commission and failure to comply with the CQC regulations could impact the Company's ability to provide our services. The directors seek to maintain compliance with the regulations through ongoing monitoring and internal assessment of compliance with statutory regulations. The current rating awarded to The Superior Healthcare Group Ltd by the Care Quality Commission is Good. |
| Loss of contract |
| The Company works extensively with NHS ICBs which continue to combine to create a smaller number of commissioning organisations. The directors seek to mitigate exposure to any single ICB through expansion of our geographic footprint and continued diversification of our client base. |
| Recruitment and employee retention |
| The Company's ability to deliver and grow its services depends upon the continued growth of our skilled team of carers and nurses. The Company invests heavily to both retain valued members of our team and to attract new employees to our businesses - not least by offering competitive rates of pay, prompt, regular and accurate payment of wages and an increasing range of employee benefits and wellbeing initiatives. The Superior Healthcare Group Ltd employs an in house team of trainers and clinical educators and offers funded diplomas and additional training opportunities to support employees to progress their careers. |
| Financial risk management |
| Credit risk - the principal credit risk arises from the Company's trade debtors. In order to manage credit risk, the Company reviews payment history, third party credit references, debt ageing and collection history on a regular basis. |
| Interest rate risk - the directors do not consider that the Company is materially exposed to the risk of interest rate rises. |
| Liquidity risk - the Company ensures that it has sufficient cash to meet the needs of the business through weekly cash forecasting and has effective, long-standing arrangements to support the working capital requirements of the business. |
| IT systems |
| The Company's operations depend upon a number of cloud-based IT systems. The directors ensure the security of our systems and data through the procurement of dedicated support contracts. |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| KEY PERFORMANCE INDICATORS |
| The directors use a range of financial and non-financial key performance indicators to monitor the performance of the business and, in particular, monitors the following KPIs: |
| 2024 | 2023 | Change |
| Average number of care hours fulfilled weekly: | 9,863 | 8,226 | + 20% |
| Average weekly sales: | £379,672 | £291,122 | + 30% |
| Average number of carers and nurses paid weekly: | 330 | 271 | + 22% |
| Average weekly working hours per carer and nurse: | 30 | 31 | - 3% |
| FUTURE DEVELOPMENTS |
| Since 30th September 2024, the Company continues to experience significant demand for our services. Our ability to fulfil the demands of our existing and prospective clients depends upon our ability to attract new people to the Company and to ensure a high rate of retention and engagement amongst our existing team. These continue to be our priorities for the year ahead. |
| The directors aim to continue to grow our businesses at a sustainable rate which ensures the quality of service that the people that we support rightly expect and to promote an environment in which our employees have the opportunity to thrive. |
| ON BEHALF OF THE BOARD: |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| DIVIDENDS |
| The total distribution of dividends paid to The Superior Healthcare Group Ltd's parent for the year ended 30th September 2024 will be £1,650,000 (2023 - £500,000). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| EMPLOYEE ENGAGEMENT STATEMENT |
| Employee engagement is key to the Company's ability to attract and retain our employees and to the Company's overall success. The Company goes to significant lengths to provide a great working experience for colleagues including by providing an open and transparent working environment in which news and developments are shared. The Company provides structured as well as ad-hoc supervision sessions for employees and opportunities for our employees to develop their career prospects through providing access to ongoing training including apprenticeships. The Company has achieved significant successes through the promotion of longstanding employees; all career opportunities are advertised internally and promotions are celebrated by the business. |
| The Company employs a dedicated wellbeing team and provides all employees access to an employee assistance programme which includes providing access to counselling sessions where events in our employees' lives including homelives lead them to require extra support. |
| We fundamentally understand that our clients' wellbeing and the Company's success depends upon our people - and recognise our employees as our most valuable asset. To that end, the Company and directors are committed to finding opportunities to continually improve our employees' experience of working for us - and continue to evaluate our success in this area through regular employee surveys, supervision sessions and by providing other opportunities for employees to offer feedback and suggestions. |
| DISABLED PERSONS |
| Applications for employment by disabled persons will always be fully and proactively considered. In the event that employees become disabled, every effort is made to ensure that their employment within the Company continues and that appropriate support is offered and adjustments, made. It is the Company's policy that the training, career development and promotion of disabled people should, as far as possible, be identical to that of other employees. |
| MATTERS COVERED IN THE STRATEGIC REPORT |
| Information in respect of the business review, future developments, post balance sheet events, financial risk management and exposure to risks are not shown in the Directors' Report because they are presented in the Strategic Report in accordance with s414c(ii) of the Companies Act 2006. |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | 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. |
| DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Lakeview Southern Audit Limited, are deemed to be reappointed in accordance with the Companies Act 2006 s.487 (2). |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE SUPERIOR HEALTHCARE GROUP LTD |
| Opinion |
| We have audited the financial statements of The Superior Healthcare Group Ltd (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 30 September 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE SUPERIOR HEALTHCARE GROUP LTD |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| 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 directors |
| As explained more fully in the Directors' Responsibilities Statement set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' 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 a Report of the Auditors 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: |
| We considered the central laws and regulations to the entity and identified those being of significance. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance. |
| Through discussion and, where appropriate, written representation we obtained an understanding of the entity's policies and procedures in relation to fraud risks, including knowledge of any actual, suspected or alleged fraud. |
| The Senior Statutory Auditor has assessed that the engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations within the areas that they are responsible for testing. |
| Where necessary, documentation scrutiny was used to determine the significance of any instances with non-compliance of central laws and regulations and reviewed disclosures made in the financial statements to ensure these were appropriately made. We also reviewed the journals processed by the finance team and reviewed all transactions outside the normal course of the entity's business. |
| We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| Irregularities that result from fraud are inherently more difficult to detect from irregularities that result from error. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE SUPERIOR HEALTHCARE GROUP LTD |
| 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 a Report of the Auditors 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 |
| Chartered Accountants and |
| Statutory Auditors |
| 2 Lakeview Stables |
| Lower St. Clere |
| Kemsing |
| Sevenoaks |
| Kent |
| TN15 6NL |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 2,221,745 | 923,624 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| STATEMENT OF FINANCIAL POSITION |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 14 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Intercompany loan movements | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
836,353 |
| Cash and cash equivalents at end of year | 2 | 481,000 | 77,936 |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | - | 2,314 |
| Finance income | (147 | ) | - |
| 2,402,604 | 1,112,246 |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 481,000 | 77,936 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 77,936 | 836,353 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 77,936 | 403,064 | 481,000 |
| 77,936 | 481,000 |
| Total | 77,936 | 403,064 | 481,000 |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| The Superior Healthcare Group Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| All income is recorded in the period in which the care is physically carried out. |
| Tangible fixed assets |
| Leasehold improvements | - |
| Office equipment | - |
| Computer equipment | - |
| Motor vehicles | - |
| Tangible fixed assets are stated at cost less accumulated depreciation. |
| Assets held under finance leases are depreciated in the same way as owned assets. |
| Financial instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. These are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Direct | 331 | 271 |
| Admin | 32 | 68 |
| Group employees working for this company | 37 | 3 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Loan |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation and net of deferred tax movement | 2,769 |
18,767 |
| Group relief | (25,483 | ) | (7,136 | ) |
| Effect of changes in corporation tax rates | - | (25,315 | ) |
| Total tax charge | 539,806 | 223,611 |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary A shares of £1 each |
| Interim |
| 8. | TANGIBLE FIXED ASSETS |
| Leasehold | Office | Computer | Motor |
| improvements | equipment | equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts recoverable on contract |
| Prepayments |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Invoice discounting facility | - | 263,592 |
| The invoice discounting facility is secured by a debenture over the assets of the company. The debenture contains both fixed and floating charges. The floating charge covers all the property or undertaking of the company. |
| 13. | FINANCIAL INSTRUMENTS |
| The company has basic financial debt instruments which are all measured at cost. These include trade debtors, other debtors, cash at bank, trade creditors and other creditors. |
| 14. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax | 70,873 | 103,552 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 October 2023 |
| Provided during year | ( |
) |
| Balance at 30 September 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary A | £1 | 1,200 | 1,200 |
| Ordinary B | £1 | 1 | 1 |
| Ordinary C | £1 | 8 | 8 |
| 1,209 | 1,209 |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | CALLED UP SHARE CAPITAL - continued |
| The ordinary A shares have voting rights, an entitlement to dividends and an entitlement to distribution on liquidation or sale. |
| The ordinary B shares hold no voting rights, have an entitlement to dividends, and will have no rights over surplus assets or proceeds should the company be liquidated or sold. |
| The ordinary C shares hold no voting rights, have an entitlement to dividends, and will have no rights over surplus assets or proceeds should the company be liquidated or sold. |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| The retained earnings is the cumulative profit and loss net of distributions. |
| 17. | PENSION COMMITMENTS |
| The company makes contributions to a defined contribution pension scheme. During the year contributions of £202,801 (2023: £170,224) were paid. The contributions due are those specified under the legal requirements of Auto-enrolment. The cost of these contributions are charged to the statement of comprehensive income on an accruals basis as they become payable under the scheme. |
| 18. | RELATED PARTY DISCLOSURES |
| The company owed £103 (2023: £286,074) to its parent company The Superior Healthcare Group Holdings Ltd, £103 (2023: £477,376) to Superior Payroll Ltd, a fellow company within the group and £450,000 (2023: £Nil) to the ultimate parent company, Healthcare Investment Group Limited at 30 September 2024. |
| The company was owed £Nil (2023: £12,113) by HRS Healthcare Ltd and £Nil (2023: £157,000) by Superior Nursing Services Ltd, both fellow companies within the group at 30 September 2024. |
| During the year, services of £473 (2023: £2,979) were supplied to the fellow group company Superior Nursing Services Ltd and services of £62,022 (2023: £66,866) were received and services of £89,816 (2023: £Nil) were received by the fellow group company HRS Healthcare Ltd. |
| During the year wages totalling £1,516,693 (2023: £736,312) and £42,315 (2023: £Nil) were processed and paid by fellow group companies Superior Payroll Ltd and HRS Healthcare Ltd respectively relating to The Superior Healthcare Group Ltd. |
| 19. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties are S Thorp and C Thorp. |
| THE SUPERIOR HEALTHCARE GROUP LTD (REGISTERED NUMBER: 05794330) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 20. | ULTIMATE PARENT COMPANY |
| Healthcare Investment Group Limited is regarded by the directors as being the company's ultimate parent company. |
| The Superior Healthcare Group Holdings Ltd holds the entire issued share capital of The Superior Healthcare Group Ltd. |
| The registered office where the financial statements may be obtained is Gazette House 5-8 Estuary View Business Park, Boorman Way, Whitstable, Kent, CT5 3SE. |