Company registration number 08420775 (England and Wales)
LOVEN CARE HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
LOVEN CARE HOMES LIMITED
COMPANY INFORMATION
Director
Mr A L Levison
Company number
08420775
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Bondcare House
18 Lodge Road
London
NW4 4EF
LOVEN CARE HOMES LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
LOVEN CARE HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 1 -
The director presents the strategic report for the year ended 29 December 2024.
Review of the business
The results for the period and the financial position at the balance sheet date are considered satisfactory by the directors who expect continued growth in the foreseeable future.
Principal risks and uncertainties
The directors continually take steps to identify, manage and mitigate potential business risks, by, inter-alia, evaluating controls and establishing and executing action plans.
The directors, in their opinion, have identified the key risks as:
- Human resources. It is essential that the group of companies continue to recruit, retain and motivate high calibre personnel, particularly those appointed to senior management positions in the care homes.
- Management of Operations. The group continues to ensure it is bringing consistency to the management of its services. The group takes steps to manage the risks associated with its information technology systems at each of its care homes (including continuity and recovery plans); and works to retain relationships with key employees, the homes' residents and local authorities. Policies and procedures exist to ensure adequate credit control is in place in order facilitate the efficient recovery of trade debt. The directors consider the group is not significantly exposed to credit risk as a high proportion of the care home income is derived from publicly funded authorities. The directors continually strive to provide a high quality of care in order to secure the groups ongoing trading position against any possible risks and uncertainties.
Development and performance
The position of the group at the balance sheet date remains reasonably strong, is in line with with directors expectations and can be summarised as follows:
Gross assets - £16.23 million (2023: £15.40 million)
Shareholders funds - £4.00 million (2023: £2.97 million)
Key performance indicators
The group monitors cash flow as part of its day to day control procedures. Current cash position and future cash requirements are closely tracked to ensure appropriate facilities are available as and when required.
Other financial key performance indicators include turnover, gross profit margin and operating profit which are summarised below:
Turnover £15.55 million (2023: £13.75 million)
Gross profit £4.29 million (2023: £3.82 million)
Operating profit £2.11 million (2023: £1.67 million)
Other performance indicators
Other key performance indicators include home occupancy levels, charge rates, staffing hours and changes to rates of pay.
Mr A L Levison
Director
4 August 2025
LOVEN CARE HOMES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 2 -
The director presents his annual report and financial statements for the year ended 29 December 2024.
Principal activities
The company is the holding company of a group whose principal activity is the operation of residential and nursing homes, caring for the elderly.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr A L Levison
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
LOVEN CARE HOMES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 3 -
Auditor
Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr A L Levison
Director
4 August 2025
LOVEN CARE HOMES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 4 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LOVEN CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOVEN CARE HOMES LIMITED
- 5 -
Opinion
We have audited the financial statements of Loven Care Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 29 December 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; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 and parent 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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
LOVEN CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOVEN CARE HOMES LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
LOVEN CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOVEN CARE HOMES LIMITED
- 7 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
4 August 2025
LOVEN CARE HOMES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,550,618
13,745,199
Cost of sales
(11,265,440)
(9,924,459)
Gross profit
4,285,178
3,820,740
Administrative expenses
(2,183,261)
(2,220,215)
Other operating income
15,502
68,311
Operating profit
4
2,117,419
1,668,836
Interest payable and similar expenses
7
(696,622)
(731,252)
Amounts written off/written back on current asset loans
8
-
3,255,145
Profit before taxation
1,420,797
4,192,729
Tax on profit
9
(381,555)
(425,738)
Profit for the financial year
1,039,242
3,766,991
Profit for the financial year is attributable to:
- Owners of the parent company
1,032,391
3,780,617
- Non-controlling interests
6,851
(13,626)
1,039,242
3,766,991
LOVEN CARE HOMES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,039,242
3,766,991
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
1,039,242
3,766,991
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,032,391
3,780,617
- Non-controlling interests
6,851
(13,626)
1,039,242
3,766,991
LOVEN CARE HOMES LIMITED
GROUP BALANCE SHEET
AS AT
29 DECEMBER 2024
29 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
11,061,489
11,143,535
Current assets
Debtors
14
4,671,038
4,148,331
Cash at bank and in hand
500,177
107,140
5,171,215
4,255,471
Creditors: amounts falling due within one year
15
(4,164,452)
(3,914,996)
Net current assets
1,006,763
340,475
Total assets less current liabilities
12,068,252
11,484,010
Creditors: amounts falling due after more than one year
16
(8,020,000)
(8,475,000)
Provisions for liabilities
Deferred tax liability
18
40,303
40,303
(40,303)
(40,303)
Net assets
4,007,949
2,968,707
Capital and reserves
Called up share capital
20
2,000
2,000
Profit and loss reserves
3,971,932
2,939,541
Equity attributable to owners of the parent company
3,973,932
2,941,541
Non-controlling interests
34,017
27,166
Total equity
4,007,949
2,968,707
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved and signed by the director and authorised for issue on 4 August 2025
04 August 2025
Mr A L Levison
Director
Company registration number 08420775 (England and Wales)
LOVEN CARE HOMES LIMITED
COMPANY BALANCE SHEET
AS AT 29 DECEMBER 2024
29 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
3,148,705
3,148,705
Current assets
Debtors
14
4,964,856
5,355,132
Cash at bank and in hand
16,149
16
4,981,005
5,355,148
Creditors: amounts falling due within one year
15
(2,839,116)
(1,803,616)
Net current assets
2,141,889
3,551,532
Total assets less current liabilities
5,290,594
6,700,237
Creditors: amounts falling due after more than one year
16
(8,020,000)
(8,475,000)
Net liabilities
(2,729,406)
(1,774,763)
Capital and reserves
Called up share capital
20
2,000
2,000
Profit and loss reserves
(2,731,406)
(1,776,763)
Total equity
(2,729,406)
(1,774,763)
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £954,644 (2023 - £3,612,113 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 August 2025
04 August 2025
Mr A L Levison
Director
Company registration number 08420775 (England and Wales)
LOVEN CARE HOMES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 30 December 2022
2,000
3,402,062
(171,046)
3,233,016
40,792
3,273,808
Year ended 29 December 2023:
Profit and total comprehensive income
-
-
3,780,617
3,780,617
(13,626)
3,766,991
Disposal of shares in subsidiary to non-controlling interest
-
-
(4,072,092)
(4,072,092)
-
(4,072,092)
Other movements
-
(3,402,062)
3,402,062
-
-
-
Balance at 29 December 2023
2,000
-
2,939,541
2,941,541
27,166
2,968,707
Year ended 29 December 2024:
Profit and total comprehensive income
-
-
1,032,391
1,032,391
6,851
1,039,242
Balance at 29 December 2024
2,000
-
3,971,932
3,973,932
34,017
4,007,949
LOVEN CARE HOMES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 30 December 2022
2,000
1,835,350
1,837,350
Year ended 29 December 2023:
Loss and total comprehensive income for the year
-
(3,612,113)
(3,612,113)
Balance at 29 December 2023
2,000
(1,776,763)
(1,774,763)
Year ended 29 December 2024:
Profit and total comprehensive income
-
(954,643)
(954,643)
Balance at 29 December 2024
2,000
(2,731,406)
(2,729,406)
LOVEN CARE HOMES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,201,800
1,655,239
Interest paid
(696,622)
(731,252)
Income taxes paid
(212,062)
(273,797)
Net cash inflow from operating activities
1,293,116
650,190
Investing activities
Purchase of tangible fixed assets
(414,915)
(3,831,797)
Loans made to other entities
-
(350,000)
Net cash used in investing activities
(414,915)
(4,181,797)
Financing activities
Proceeds from new bank loans
-
9,100,000
Repayment of bank loans
(455,000)
(6,967,319)
Net cash (used in)/generated from financing activities
(455,000)
2,132,681
Net increase/(decrease) in cash and cash equivalents
423,201
(1,398,926)
Cash and cash equivalents at beginning of year
62,733
1,461,659
Cash and cash equivalents at end of year
485,934
62,733
Relating to:
Cash at bank and in hand
500,177
107,140
Bank overdrafts included in creditors payable within one year
(14,243)
(44,407)
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Loven Care Homes Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, England, M3 5FS.
The group consists of Loven Care Homes Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Loven Care Homes Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 29 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line on the building element
Fixtures and fittings
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Fees from operating nursing homes in the UK
15,550,618
13,745,199
2024
2023
£
£
Other revenue
Grants received
-
10,364
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(10,364)
Depreciation of owned tangible fixed assets
496,961
429,015
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 21 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,300
6,360
Audit of the financial statements of the company's subsidiaries
41,050
42,060
47,350
48,420
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Head office administration
1
1
-
-
Carehome staff
405
520
-
-
Total
406
521
0
0
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,451,779
7,042,512
Social security costs
692,931
534,033
-
-
Pension costs
142,975
126,533
9,339,763
7,761,899
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
696,622
588,655
Other interest on financial liabilities
-
142,597
696,622
731,252
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 22 -
8
Amounts written off/written back on current asset loans
2024
2023
£
£
Amounts written back to/(written off) current loans
-
(350,000)
Amounts written back on parent company loan
-
3,605,145
-
3,255,145
The parent loan write back relate to balances written back due to the original parent company, Loven Holdings Limited. As the parent company's figures are not included in the consolidated of Loven Care Homes Limited, theses are not eliminated on consolidation.
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
382,197
148,476
Adjustments in respect of prior periods
(642)
Total current tax
381,555
148,476
Deferred tax
Origination and reversal of timing differences
277,262
Total tax charge
381,555
425,738
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,420,797
4,192,729
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.49%)
355,199
984,872
Tax effect of expenses that are not deductible in determining taxable profit
9,204
(569,601)
Adjustments in respect of prior years
(642)
Permanent capital allowances in excess of depreciation
17,794
10,467
Taxation charge
381,555
425,738
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 23 -
10
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 30 December 2023
15,584,221
618,268
49,645
16,252,134
Additions
414,915
414,915
At 29 December 2024
15,584,221
1,033,183
49,645
16,667,049
Depreciation and impairment
At 30 December 2023
4,807,269
266,285
35,045
5,108,599
Depreciation charged in the year
235,471
257,840
3,650
496,961
At 29 December 2024
5,042,740
524,125
38,695
5,605,560
Carrying amount
At 29 December 2024
10,541,481
509,058
10,950
11,061,489
At 29 December 2023
10,776,952
351,983
14,600
11,143,535
The company had no tangible fixed assets at 29 December 2024 or 29 December 2023.
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
3,148,705
3,148,705
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 December 2023 and 29 December 2024
3,148,705
Carrying amount
At 29 December 2024
3,148,705
At 29 December 2023
3,148,705
12
Subsidiaries
Details of the company's subsidiaries at 29 December 2024 are as follows:
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
12
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bondcare (Ambassador) Limited
1st Floor Cloister House Riverside, New Bailey Street, Manchester, England, M3 5FS
Ordinary
100.00
Care Worldwide (Bradford) Limited
1st Floor Cloister House Riverside, New Bailey Street, Manchester, England, M3 5FS
Ordinary
100.00
Loven Larchwood Limited
1st Floor Cloister House Riverside, New Bailey Street, Manchester, England, M3 5FS
Ordinary
100.00
Loven Management Ltd
1st Floor Cloister House Riverside, New Bailey Street, Manchester, England, M3 5FS
Ordinary
51.00
Loven Richden Park Limited
1st Floor Cloister House Riverside, New Bailey Street, Manchester, England, M3 5FS
Ordinary
100.00
Loven Green Lane Limited
1st Floor Cloister House Riverside, New Bailey Street, Manchester, England, M3 5FS
Ordinary
100.00
The parent company Loven Care Homes Limited has given undertakings under 479C of the Companies Act 2006 to guarantee the following subsidiary company in respect of the year ended 29 December 2024:
Loven Management Ltd
The company is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts.
13
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,410,256
3,941,025
4,892,736
5,262,736
Carrying amount of financial liabilities
Measured at amortised cost
11,098,966
12,053,617
10,859,116
10,278,616
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,150,442
1,395,225
Corporation tax recoverable
65,847
25,063
Amounts owed by group undertakings
-
-
3,392,736
3,472,736
Other debtors
2,236,104
2,522,090
1,500,000
1,790,000
Prepayments and accrued income
218,645
205,953
72,120
92,396
4,671,038
4,148,331
4,964,856
5,355,132
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
469,243
499,407
455,000
455,000
Trade creditors
513,296
743,515
Amounts owed to group undertakings
1,548,501
Corporation tax payable
236,996
26,719
Other taxation and social security
101,653
130,693
-
-
Deferred income
746,837
178,967
Other creditors
1,368,991
1,723,964
765,000
1,278,000
Accruals
727,436
611,731
70,615
70,616
4,164,452
3,914,996
2,839,116
1,803,616
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
8,020,000
8,475,000
8,020,000
8,475,000
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
8,475,000
8,930,000
8,475,000
8,930,000
Bank overdrafts
14,243
44,407
8,489,243
8,974,407
8,475,000
8,930,000
Payable within one year
469,243
499,407
455,000
455,000
Payable after one year
8,020,000
8,475,000
8,020,000
8,475,000
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 26 -
In 2023, the group refinanced two loan facilities with Barclays PLC. An initial loan facility of £6,800,000 repayable by the 5th anniversary of drawdown with an interest rate of Margin of 2.5% plus Bank Of England Base rate. A further loan facility of £2,300,000 repayable by the 5th anniversary of drawdown with an interest rate of Margin of 2.65% plus Fixed Rate for 3 years of 5.7% before reverting to a floating rate. The total amount outstanding at the balance sheet date amounted to £8,475,000.
The bank loans are guaranteed by Loven Care Homes Limited and the following subsidiaries:
Loven Larchwood Limited
Care Worldwide (Bradford) Limited
Loven Richden Park Limited
Bondcare (Ambassador) Limited
Loven Management Limited
Loven Green Lane Limited
The loan is secured by a cross guarantee and debenture in favour of Barclays Bank PLC and a first legal charge over the properties owned by the above entities.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
40,303
40,303
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
142,975
126,533
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 27 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
21
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Connected party loan (interest free)
920,473
1,154,044
Company
Connected party loan (interest free)
765,000
1,205,000
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Connected party loan (interest free)
282,128
359,979
Company
Connected party loan (interest free)
150,000
440,000
22
Controlling party
The immediate parent company is Barkwell (London) Limited, a company incorporated in Gibraltar.
The ultimate controlling parties are Mr Alan Goldstein and Mrs Sarah Goldstein.
LOVEN CARE HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 28 -
23
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,039,242
3,766,991
Adjustments for:
Taxation charged
381,555
425,738
Finance costs
696,622
731,252
Depreciation and impairment of tangible fixed assets
496,961
429,015
Other gains and losses
-
(418,695)
Movements in working capital:
(Increase)/decrease in debtors
(481,923)
645,879
Decrease in creditors
(498,527)
(3,762,798)
Increase/(decrease) in deferred income
567,870
(162,143)
Cash generated from operations
2,201,800
1,655,239
24
Analysis of changes in net debt - group
30 December 2023
Cash flows
29 December 2024
£
£
£
Cash at bank and in hand
107,140
393,037
500,177
Bank overdrafts
(44,407)
30,164
(14,243)
62,733
423,201
485,934
Borrowings excluding overdrafts
(8,930,000)
455,000
(8,475,000)
(8,867,267)
878,201
(7,989,066)
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