Company Registration No. 08405456 (England and Wales)
THE BUCKINGHAMSHIRE GROUP LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
THE BUCKINGHAMSHIRE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr C Bialan
Mr D Comyn
Mr R Cousins
Secretary
Mrs L Comyn
Company number
08405456
Registered office
31/33 Commercial Road
Poole
Dorset
BH14 0HU
Auditor
Morris Lane
31/33 Commercial Road
Poole
Dorset
BH14 0HU
Bankers
HSBC
1 Centenary Square
Birmingham
B1 1HQ
Solicitors
Laceys Solicitors
5 Poole Road
Bournemouth
Dorset
BH2 5QL
THE BUCKINGHAMSHIRE GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
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 - 36
THE BUCKINGHAMSHIRE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

Fair review of the business

The consolidated results for the year are set out on page 8.

 

During the year the strategy of the Group has been to continue the growth in revenue streams and profitability across its core care service and profit centre at Kings Lodge.

 

Total Group’s annual revenue reduced to £8,188,280 for the year to 31 May 2024 from £9,826,490 for the prior year. This is due to the sale of Group's rehabilitation services in January 2023. The annual revenue for the Group’s core care service increased to £7,959,563 for the year to 31 May 2024 from £6,990,633 in the prior year.

 

The Group recognised an aggregate operating profit of £1,409,820 for the year ended 31 May 2024 compared with an operating profit of £373,868 for the year ended 31 May 2023. This is primarily due to the decrease of operating expenses during the year compared to 2023 as a result of the sale of Group's rehabilitation services in January 2023.

 

The Group's net assets increased to £2,159,391 as at 31 May 2024 from £1,718,831 in 2023. This is mainly due to overall increased profitability of the Group following the disposal of underperforming subsidiaries in both the previous and the current year as part of the Board's streamlining strategy. This has enabled the group to focus on strengthening rehabilitation services.

 

The principal risks and uncertainties facing the group’s various businesses are:

 

Employment of Staff

 

Our businesses thrive on the skills and expertise of the staff we employ. The shortage of appropriate labour is a potential risk to the business, this is particularly acutely felt with the national shortage of qualified nursing staff along with the new employment rules due to Brexit. To mitigate this the Board has a Tier 2 Home office license and has recruited significantly from overseas to ensure service compliance, sustainability and to enable the growth in revenue at Kings Lodge.

 

CQC

 

Changes to Care Quality Commission (CQC) legislation, which require the company to be responsive to all compliance matters in order to ensure the continued support of care regulators, loss of revenue through lack of demand for places, reduction in Government funding and external restrictions on new resident admissions. Kings Lodge continues to have a ‘Good’ CQC rating to enable a positive relationship with regulators and service commissioners.

 

Future Developments

Following the sale of the care management services subsidiary, significant investment has been made in the Care Services facility, management team and staff to ensure service sustainability, compliance, and financial performance. This investment in the Care Services facility and its operations remains the core area of focus for the group for the future.

On behalf of the board

Mr C Bialan
Director
5 August 2025
THE BUCKINGHAMSHIRE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company and group continued to be that of investment in the facilities of care activities.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Bialan
Mr D Comyn
Mr R Cousins
Financial instruments
Treasury operations and financial instruments

The group’s activities expose it to a variety of financial risks. The Board reviews and agrees policies for managing these risks at regular intervals dependant on circumstances. The group’s principal financial instruments include assets and liabilities such as trade debtors and trade creditors arising directly from its operations. In accordance with group’s treasury policy, derivative instruments are not entered into for speculative purposes.

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 is exposed to fair value interest rate risk on its borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable debt so as to reduce its risk to expose to changes in the interest rates. Further details are given in note 20 to the financial statements.

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. All residents who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. The group is not exposed to commodity price risk.

Research and development

The Group is at the forefront of ground breaking innovation and new treatment strategies for rehabilitating patients with a wide range of disabilities. The Group continues to work with its own Innovation Group consisting of senior staff including directors and other staff throughout the group to develop its knowledge and to implement new innovative products within the Group with the view to establish treatments and procedures to be adopted globally.

Post reporting date events

Subsequent to the year end, a fixed charge over the investments held by the company was taken by Alum Care Limited to secure intercompany loans made.

THE BUCKINGHAMSHIRE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Future developments

Following the sale of the care management services subsidiary, significant investment has been made in the Care Services facility, management team and staff to ensure service sustainability, compliance, and financial performance. This investment in the Care Services facility and its operations remains the core area of focus for the group for the future.

Auditor

The auditor, Morris Lane, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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. They are 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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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.

On behalf of the board
Mr C Bialan
Director
5 August 2025
THE BUCKINGHAMSHIRE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE BUCKINGHAMSHIRE GROUP LIMITED
- 4 -

Qualified opinion

We have audited the financial statements of The Buckinghamshire Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

With respect to income, the audit evidence available to us was limited because the subsidiary company was unable to provide third party evidence as to the agreed fee rates. As a result, we were unable to satisfy ourselves that group income and the group trade debtor balances are not materially misstated.

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 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 qualified 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 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 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 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.

 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning income and whether this and the resulting trade debtor balances are materially misstated for the year ended 31 May 2024. We have concluded that where the other information relates to income or related balances such as debtors, it may be materially misstated for the same reason.

THE BUCKINGHAMSHIRE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BUCKINGHAMSHIRE GROUP LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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 and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE BUCKINGHAMSHIRE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BUCKINGHAMSHIRE GROUP LIMITED
- 6 -

Identifying and assessing the risks of material misstatement due to irregularities, including fraud

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and company through discussion with the directors and from our general commercial experience. The identified laws and regulations were communicated to the audit team in order that they remained alert to any non-compliance throughout the audit.

 

The group and company are subject to laws and regulations which have a direct effect on the financial statements and the disclosures contained therein. These have been identified as: the financial reporting framework under which the group and company operates - Financial Reporting Standard 102; Statutory Instrument 2008/410 – The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008; the Companies Act 2006; taxation legislation including pay as you earn and corporation tax and pensions legislation.

 

In addition to the above, the group and company are subject to other operational laws and regulations where non-compliance may have a material effect on the financial statements. Non-compliance of such laws and regulations may result in litigation, the imposition of fines or the closure of the business which could have a material impact on amounts or disclosures in the financial statements. We have identified the following laws and regulations which are more likely to have significant effect as: compliance with the Care Quality Commission regulations; food hygiene laws; health and safety laws; General Data Protection Regulation (GDPR) and employment law.

In order to identify risks of material misstatement due to fraud, we assessed events and conditions where opportunities and incentives may exist within the group and company for fraud to occur. Our risk assessment procedures included enquiring of directors as to any instances of fraud, their procedures to identify fraud and by using analytical procedures to identify any unusual or unexpected relationships. We identified the greatest potential for fraud in the following areas: recognition of income; ghost employees and grant income. As required by auditing standards, we are also required to perform specific procedures to respond to the risk of management override.

 

The identified risks of material misstatement due to fraud were communicated to the audit team in order that they remained alert to any non-compliance throughout the audit.

Audit procedures designed to respond to the risks of material misstatement due to irregularities, including fraud

 

As a result of performing our risk assessments as detailed above, we planned and performed our audit so as to identify non-compliance with such laws and regulations, including fraud by undertaking the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that, despite properly planning and performing our audit in accordance with accounting standards, some material misstatements may not have been detected.

THE BUCKINGHAMSHIRE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BUCKINGHAMSHIRE GROUP LIMITED
- 7 -

Auditing standards limit the audit procedures required to identify non-compliance with other operational laws and regulations to enquiry of directors and management and inspection of any correspondence. If a breach of operational regulations is not evident from relevant correspondence or disclosed to us, an audit is unlikely to detect that breach. In addition, the further removed non-compliance with laws and regulations is from the events and transactions included in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

 

In addition, the risk of not detecting material misstatement from due to fraud is higher than the risk of one not being detected through error as fraud may involve deliberate concealment through collusion, forgery, misrepresentations and intentional omissions.

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.

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.

Michelle Pettifer (Senior Statutory Auditor)
For and on behalf of Morris Lane
5 August 2025
Chartered Accountants
Statutory Auditor
31/33 Commercial Road
Poole
Dorset
BH14 0HU
THE BUCKINGHAMSHIRE GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
Continuing
Discontinued
31 May
Continuing
Discontinued
31 May
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Revenue
3
7,959,563
228,717
8,188,280
6,990,633
2,835,857
9,826,490
Administrative expenses
(6,272,703)
(505,757)
(6,778,460)
(5,807,521)
(3,674,529)
(9,482,050)
Other operating income
-
-
-
19,412
10,014
29,426
Operating profit
4
1,686,860
(277,040)
1,409,820
1,202,524
(828,658)
373,866
Investment income
8
124,236
-
124,236
64,930
-
64,930
Finance costs
9
(540,569)
(271)
(540,840)
(525,013)
-
(525,013)
Profit/(loss) on disposal of operations
25
- The Buckinghamshire Limited
-
-
-
-
1,250,720
1,250,720
- Affinity Care Management Limited
-
(164,484)
(164,484)
-
-
-
Profit before taxation
1,270,527
(441,795)
828,732
742,441
422,062
1,164,503
Tax on profit
10
(386,792)
(1,380)
(388,172)
400,665
1,041
401,706
Profit for the financial year
24
883,735
(443,175)
440,560
1,143,106
423,103
1,566,209
Profit for the financial year is all attributable to the owners of the parent company.
THE BUCKINGHAMSHIRE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
2023
£
£
Profit for the year
440,560
1,566,209
Other comprehensive income
-
-
Total comprehensive income for the year
440,560
1,566,209
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE BUCKINGHAMSHIRE GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
12
77,176
416,566
Property, plant and equipment
13
4,716,247
4,655,804
4,793,423
5,072,370
Current assets
Inventories
16
4,936
3,444
Trade and other receivables - deferred tax
21
610,609
948,754
Trade and other receivables - other
17
5,401,017
2,656,813
Cash and cash equivalents
3,353,473
94,973
9,370,035
3,703,984
Current liabilities
18
(1,605,047)
(1,759,560)
Net current assets
7,764,988
1,944,424
Total assets less current liabilities
12,558,411
7,016,794
Non-current liabilities
19
(9,950,000)
(4,861,393)
Provisions for liabilities
Deferred tax liability
21
449,020
436,570
(449,020)
(436,570)
Net assets
2,159,391
1,718,831
Equity
Called up share capital
23
2,340
2,340
Equity reserve
24
2,531,156
2,531,156
Other reserves
24
1,567,917
1,567,917
Retained earnings
24
(1,942,022)
(2,382,582)
Total equity
2,159,391
1,718,831
The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
05 August 2025
Mr C Bialan
Director
THE BUCKINGHAMSHIRE GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 11 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
14
1,991,468
1,992,118
Current assets
Trade and other receivables
17
5,028,588
2,642,885
Cash and cash equivalents
9,078
75,212
5,037,666
2,718,097
Current liabilities
18
(9,548,148)
(6,676,312)
Net current liabilities
(4,510,482)
(3,958,215)
Net liabilities
(2,519,014)
(1,966,097)
Equity
Called up share capital
23
2,340
2,340
Equity reserve
24
2,531,156
2,531,156
Retained earnings
24
(5,052,510)
(4,499,593)
Total equity
(2,519,014)
(1,966,097)

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £552,917 (2023: £115,628 loss).

The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
05 August 2025
Mr C Bialan
Director
Company Registration No. 08405456
THE BUCKINGHAMSHIRE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Equity reserve
Other reserves
Retained earnings
Total
£
£
£
£
£
Balance at 1 June 2022
2,340
2,531,156
1,567,917
(3,948,791)
152,622
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
1,566,209
1,566,209
Balance at 31 May 2023
2,340
2,531,156
1,567,917
(2,382,582)
1,718,831
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
-
440,560
440,560
Balance at 31 May 2024
2,340
2,531,156
1,567,917
(1,942,022)
2,159,391
THE BUCKINGHAMSHIRE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
Share capital
Equity reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 June 2022
2,340
1,952,440
(4,383,965)
(2,429,185)
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
-
(115,628)
(115,628)
Issue of convertible loan
-
578,716
-
578,716
Balance at 31 May 2023
2,340
2,531,156
(4,499,593)
(1,966,097)
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
-
(552,917)
(552,917)
Balance at 31 May 2024
2,340
2,531,156
(5,052,510)
(2,519,014)
THE BUCKINGHAMSHIRE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,332,240
1,399,198
Interest paid
(518,877)
(448,044)
Income taxes paid
(191,842)
(121,943)
Net cash inflow from operating activities
621,521
829,211
Investing activities
(Costs) proceeds of disposal of business
(127,352)
4,283,805
Purchase of property, plant and equipment
(167,272)
(311,154)
Proceeds on disposal of property, plant and equipment
-
2,400
Loans made
(2,029,596)
(528,272)
Interest received
124,236
64,930
Net cash (used in) generated from investing activities
(2,199,984)
3,511,709
Financing activities
Repayment of borrowings
-
(1,500,000)
Proceeds of new bank loans
11,995,000
5,200,000
Repayment of bank loans
(7,158,037)
(7,883,239)
Net cash generated from (used in) financing activities
4,836,963
(4,183,239)
Net increase in cash and cash equivalents
3,258,500
157,681
Cash and cash equivalents at beginning of year
94,973
(62,708)
Cash and cash equivalents at end of year
3,353,473
94,973
THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
1
Accounting policies
Company information

The Buckinghamshire Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 31/33 Commercial Road, Poole, Dorset, BH14 0HU.

 

The group consists of The Buckinghamshire Group 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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £552,917 (2023: £115,628 loss).

1.2
Basis of consolidation

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.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -

The consolidated group financial statements consist of the financial statements of the parent company The Buckinghamshire Group 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 31 May 2024 apart from the discontinued operations, see note 12 for additional information. 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.

1.3
Going concern

The Board has carefully considered those factors likely to affect the future development, performance and financial position of the company and its group in relation to the ability of the company and group to operate within its current and foreseeable financial and operational resources.

 

The company is reliant on its directors and its wider group to provide continued financial support in order to remain a going concern. The company continues to benefit from and rely upon the strong operational performance of its 100% owned subsidiary.

 

The company is facing various ongoing challenges including rising inflation, rising interest rates, staff shortages as a result of Brexit, the 6.7% increase in the National Living Wage from 1 April 2025, the cost of living crisis and higher insurance premiums, however, the Board has put in place a number of strategies to mitigate the effect of these challenges as far as possible. This includes the disposal of under performing subsidiary companies which has significantly increased liquidity and the profitability of the group.

 

In addition, the group is also dependent on the support of its bankers. The company maintains a positive relationship with its bankers and continued support has been provided to the group with all banking covenants being met throughout the year.

 

The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks applicable to the company and group as outlined above. The directors consider the company and group to be able to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements, and to be well placed to manage its financing and business risks satisfactorily. Overall, the directors do not consider there to be a cause for material uncertainty regarding the company and group's going concern status at the signing of these financial statements.

1.4
Revenue

Revenue 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 supply of care services, care home management services, training services and domiciliary care services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of payables due within one year.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -

Interest income is recognised when it is probable that the economic benefits will flow to the group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over the FRS 102 default period of 10 years on a straight line basis, as the directors consider that it is not possible to make a reliable estimate of the useful life of the assets.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Website
3 years straight line
1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

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 income statement.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Non-current 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.

1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

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.

1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.12
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 statement of financial position 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.

Fair value measurement of financial instruments

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical assets on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

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.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
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 trade and other payables, 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 payables 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 payables 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
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 income statement 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.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -
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 income statement, 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.

1.15
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 non-current 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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18

Credit risk

The group implements appropriate credit checks on residents and service users prior to providing services. This reduces the exposure of the group in respect of credit risk.

1.19

Liquidity risk

The policy of the Group is to maintain a mix of short and long term borrowings to effectively manage liquidity risk.

1.20

Cash flow and interest rate risk

The Group’s interest rate risk arises primarily from long-term borrowings issued at variable rates which exposes the Group to cash flow interest rate risk. The cash flow interest rate risk is managed within the Group’s business projections and planning, in the monitoring of financial covenants and through negotiation of facility terms with the provider of the borrowing facility at specified intervals. In addition, the group hedges against variations in interest rates by entering into appropriate interest rate management products with their lenders.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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
Revenue

An analysis of the group's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Rehabilitation care services
-
2,689,573
Care services
7,959,563
6,990,632
Care home management services
228,717
146,285
8,188,280
9,826,490
2024
2023
£
£
Other significant revenue
Interest income
124,236
64,930
Grants received
-
19,412
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging (crediting):
Government grants
-
(19,412)
Depreciation of owned property, plant and equipment
105,891
182,955
(Profit) loss on disposal of property, plant and equipment
-
4,572
Amortisation of intangible assets
339,390
343,756
Operating lease charges
15,430
29,944

Amortisation of intangible assets is included in administrative expenses.

 

Government grants received in the year relate to various Covid-19 support schemes.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
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
9,425
17,515
Audit of the financial statements of the company's subsidiaries
17,640
18,534
27,065
36,049
For other services
Taxation compliance services
5,355
3,578
All other non-audit services
27,963
123,471
33,318
127,049
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
Care services
92
153
-
-
Care management services
8
9
-
-
Directors
3
3
3
3
Total
103
165
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,492,915
4,427,747
159,417
206,534
Social security costs
350,065
457,477
20,744
26,719
Pension costs
66,060
86,585
(7,182)
1,211
3,909,040
4,971,809
172,979
234,464
THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
159,417
206,534
Company pension contributions to defined contribution schemes
(7,182)
1,211
152,235
207,745

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
149,000
Company pension contributions to defined contribution schemes
n/a
1,211

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
1
2,921
Other interest income
124,235
62,009
Total income
124,236
64,930
9
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
496,703
373,812
Other interest on financial liabilities
-
91,534
Other interest
22,174
-
Total finance costs
518,877
465,346
THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
40,701
-
0
Adjustments in respect of prior periods
-
0
953
Total current tax
40,701
953
Deferred tax
Origination and reversal of timing differences
347,471
(402,659)
Total tax charge (credit)
388,172
(401,706)

Of the charge to current tax in relation to discontinued operations, £nil relates to tax on profits and £nil arose on disposal.

The actual charge (credit) for the year can be reconciled to the expected charge (credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
828,732
1,164,503
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023 - 25.00%)
207,183
291,126
Tax effect of expenses that are not deductible in determining taxable profit
166,273
118,533
Tax effect of income not taxable in determining taxable profit
(17,873)
(1,687)
Unutilised tax losses carried forward
(287,586)
(55,405)
Adjustments in respect of prior years
-
0
953
Permanent capital allowances in excess of depreciation
(27,296)
(40,725)
Deferred tax on fair value adjustments
5,727
5,726
Deferred tax on unutilised tax losses carried forward
327,914
(417,419)
Deferred tax on accelerated capital allowances
13,830
9,034
Loss on disposal of fixed assets
-
(311,842)
Taxation charge (credit)
388,172
(401,706)
11
Discontinued operations
The Buckinghamshire Limited

During the previous year, on 19 January 2023, the company disposed of its 100% shareholding in The Buckinghamshire Limited and it's subsidiary, The Royal Buckinghamshire Hospital Limited. The disposal was effected as a strategic withdrawal from the provision of specialist rehabilitation care services by the company.

 

A profit of £1,250,720 arose on the disposal, being the proceeds of the sale, less the costs of sale, carrying amount of the business assets and attributable goodwill.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11
Discontinued operations
(Continued)
- 26 -
Affinity Care Management Limited

During the year, on 30 May 2024, the company disposed of its 100% shareholding of Affinity Care Management Limited. The disposal was effected as a strategic withdrawal from the provision care home management services by the company.

 

A loss of £164,484 arose on the disposal, being the proceeds of the sale, less the costs of sale, carrying amount of the business assets and attributable goodwill.

12
Intangible fixed assets
Group
Goodwill
Website
Total
£
£
£
Cost
At 1 June 2023
3,439,297
38,157
3,477,454
Disposals
(44,937)
(6,500)
(51,437)
At 31 May 2024
3,394,360
31,657
3,426,017
Amortisation and impairment
At 1 June 2023
3,022,731
38,157
3,060,888
Amortisation charged for the year
339,390
-
0
339,390
Disposals
(44,937)
(6,500)
(51,437)
At 31 May 2024
3,317,184
31,657
3,348,841
Carrying amount
At 31 May 2024
77,176
-
0
77,176
At 31 May 2023
416,566
-
0
416,566
The company had no intangible fixed assets at 31 May 2024 or 31 May 2023.

Intangible fixed assets with a carrying amount of £nil (2023: £416,566) have been pledged to secure liabilities of the group. Detail of these liabilities are given in note 20.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
13
Property, plant and equipment
Group
Freehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
4,933,465
455,188
23,720
5,412,373
Additions
86,953
80,319
-
0
167,272
Disposals
-
0
(7,474)
-
0
(7,474)
At 31 May 2024
5,020,418
528,033
23,720
5,572,171
Depreciation and impairment
At 1 June 2023
380,628
361,918
14,023
756,569
Depreciation charged in the year
50,204
53,718
1,969
105,891
Eliminated in respect of disposals
-
0
(6,536)
-
0
(6,536)
At 31 May 2024
430,832
409,100
15,992
855,924
Carrying amount
At 31 May 2024
4,589,586
118,933
7,728
4,716,247
At 31 May 2023
4,552,837
93,270
9,697
4,655,804
The company had no property, plant and equipment at 31 May 2024 or 31 May 2023.

Property, plant and equipment with a carrying amount of £4,716,247 (2023: £4,655,804) have been pledged to secure liabilities of the group. Detail of these liabilities are given in note 20.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,991,468
1,992,118
Financial assets pledged as collateral

Fixed asset investments with a carrying amount of £nil (2023: £1,992,118) have been pledged to secure liabilities of the company. Detail of these liabilities are given in note 20.

During the prior year the company was allotted an additional share of one of it's subsidiaries. The subsidiary was subsequently disposed of during the prior year.

 

Additionally in the prior year, the company acquired 25% of a subsidiary company from a fellow group company. As a result the company now has 100% direct control of the subsidiary.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Fixed asset investments
(Continued)
- 28 -
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
1,992,118
Disposals
(650)
At 31 May 2024
1,991,468
Carrying amount
At 31 May 2024
1,991,468
At 31 May 2023
1,992,118
15
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Alum Care Limited
England and Wales
Operating a care home
Ordinary
100.00
Ballinderry Limited Liability Partnership
England and Wales
Dormant
Members' interest
100.00
The Bucks Group Limited
England and Wales
Dormant
Ordinary
100.00

The investments in subsidiaries are all stated at cost, less provision for impairment.

The registered office of each of the above subsidiaries is 31/33 Commercial Road, Poole, Dorset, BH14 0HU.

16
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Patient requisites
4,936
3,444
-
0
-
0

Patient requisites with a carrying amount of £4,936 (2023: £3,444) have been pledged to secure liabilities of the group. Detail of these liabilities are given in note 20.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
17
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
378,569
330,269
-
0
-
0
Corporation tax recoverable
1,235,619
550,631
1,235,619
550,631
Other receivables
3,703,463
1,680,977
3,703,464
1,674,835
Prepayments and accrued income
83,366
94,936
-
0
-
0
5,401,017
2,656,813
4,939,083
2,225,466
Deferred tax asset (note 21)
89,505
283,460
89,505
283,460
5,490,522
2,940,273
5,028,588
2,508,926
Amounts falling due after more than one year:
Deferred tax asset (note 21)
521,104
665,294
-
0
133,959
Total debtors
6,011,626
3,605,567
5,028,588
2,642,885

Trade debtors and other receivables with a carrying amount of £461,935 (2023: £3,605,567) have been pledged to secure liabilities of the group. Detail of these liabilities are given in note 20.

18
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
-
0
251,644
-
0
-
0
Trade payables
150,136
261,433
337
9,600
Amounts owed to group undertakings
-
0
-
0
8,642,747
6,060,143
Corporation tax payable
806,263
272,416
765,562
272,416
Other taxation and social security
105,914
116,273
14,430
13,125
Other payables
232,572
363,600
37,837
165,574
Accruals and deferred income
310,162
494,194
87,235
155,454
1,605,047
1,759,560
9,548,148
6,676,312
19
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
9,950,000
4,861,393
-
0
-
0
THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
19
Non-current liabilities
(Continued)
- 30 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,000,594
-
-
-
20
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
9,950,000
5,113,037
-
0
-
0
Payable within one year
-
0
251,644
-
0
-
0
Payable after one year
9,950,000
4,861,393
-
0
-
0

Bank loans included above totalling £nil (2023: £5,113,037) were secured by way of first legal charges over the properties and other assets of the group, a debenture and an intercompany guarantee. Interest is payable at a rate of 2.75% over Sterling Over Night Index Average. The loan was repaid during the year.

 

Bank loans included above totalling £9,950,000 (2023: £nil) are secured by way of first legal charges over the properties and other assets of the company and a debenture. Interest is payable at a rate of 2% above base rate. The loan matures in May 2039.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
449,020
436,570
-
4,504
Tax losses
-
-
89,505
417,419
Fair value adjustments
-
-
521,104
526,831
449,020
436,570
610,609
948,754
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Tax losses
-
-
89,505
417,419
THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
21
Deferred taxation
(Continued)
- 31 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 June 2023
(512,184)
(417,419)
Charge to profit or loss
350,595
327,914
Asset at 31 May 2024
(161,589)
(89,505)

Of the deferred tax asset set out above, an amount of £nil is expected to reverse within 12 months and relates to decelerated capital allowances, an amount of £1,994 is expected to reverse within 12 months and relates to accelerated capital allowances, an amount of £89,505 is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period and an amount of £5,727 is expected to reverse within 12 months and relates to fair value adjustments.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,060
86,585

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. At the balance sheet date, unpaid contributions of £10,841 (2023: £14,354) were due to the fund. They are included in other creditors.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
639
639
639
639
Ordinary 'B' shares of £1 each
765
765
765
765
Ordinary 'C' shares of £1 each
936
936
936
936
2,340
2,340
2,340
2,340

Ordinary 'A' shares have voting rights but have no right to fixed income or fixed repayment of capital.

 

Ordinary 'B' shares have voting rights but have no right to fixed income or fixed repayment of capital.

 

Ordinary 'C' shares have voting rights but have no right to fixed income or fixed repayment of capital.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 32 -
24
Reserves
Share premium

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Equity reserve

Other equity comprises unsecured borrowings repayable at the discretion of the group or on the occurrence of specific contingent conditions arising. Any interest payable on these borrowings is to be paid as part of a return of capital and the conditions attaching to the loan specify that the payment of interest must be matched to a dividend payment to Ordinary 'A' and Ordinary 'B' equity holders. As such the characteristics of the borrowings are that of equity instruments and they are therefore reported on this basis in the financial statements.

Other reserves

Other reverses comprises merger relief reserve.

Retained earnings

Retained earnings represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

25
Disposals

On 30 May 2024 the group disposed of its 100% holding in Affinity Care Management Limited. Included in these financial statements are trading losses of £278,691 arising from the company's interests in Affinity Care Management Limited up to the date of disposal.

Net assets disposed of
£
Cash and cash equivalents
127,354
Property, plant and equipment
937
Trade and other receivables
189,822
Trade and other payables
(156,751)
Deferred tax
3,124
164,486
Loss on disposal
(164,484)
Total consideration
2
The consideration was satisfied by:
£
Cash
2
THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 33 -
26
Financial commitments, guarantees and contingent liabilities

At 31 May 2024, the group had contingent liabilities amounting to £236,391 (2023: £236,391) in respect of possible additional charge to stamp duty land tax and corporation tax within Alum Care Limited excluding any potential penalties and interest that may be charged. This possible charge is in respect of the initial apportionment on purchase of the care home held by the company and relates to the values attributable to freehold property and goodwill. The determination of any liability to charge remains under assessment as at the end of the financial period.

 

At 31 May 2024, the group and company had contingent liabilities amounting to £1,304,589 (2023: £1,231,149) and £1,304,589 (2023: £1,231,149) respectively, in respect of interest due on equity loans made by the operators of a pension fund of which a director of the parent company is a beneficiary. The interest is only payable when specific contingent conditions are conditions are met. See note 24: Equity reserve for additional details in connection with these borrowings and the contingent conditions.

 

As at 31 May 2024, the directors of Alum Care Limited had entered into a commitment to advance £2,231,597 to its parent company, The Buckinghamshire Group Limited following the refinance of its borrowings. This amount was advanced on 3 June 2024 with the financial effect being to reduce the cash balance and to increase the intercompany account balance by this amount.

27
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
4,464
4,464
-
-
Between two and five years
6,324
10,788
-
-
10,788
15,252
-
-
28
Events after the reporting date

Subsequent to the year end, a fixed charge over the investments held by the company was taken by Alum Care Limited to secure intercompany loans made.

29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
167,198
221,077

The remuneration of key management personnel of the parent company amounted to £175,700 (2023: £221,077), of which £14,963 (2023: £13,332) was paid by a subsidiary of the company.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
29
Related party transactions
(Continued)
- 34 -
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Services provided
Services received
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
236,627
183,518
28,918
99,630

During the year, services provided to other related parties by a subsidiary with an estimated value of £30,000 (2023: £96,000) at no cost. All other services provided to related parties were conducted on a normal commercial basis.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
612,709
589,709
Company
Entities over which the company has control, joint control or significant influence
8,692,575
6,060,143
Other related parties
578,716
578,716

The loans due to related parties above are interest free, unsecured and repayable on demand. Subsequent to the year end loans due to related parties totalling £8,692,575 were secured. See note 28 for more details.

 

Included above within other related parties is an amount of £571,000 (2023: £571,000) owed by the parent company, to the operators of a pension fund of which a director of the parent company is a beneficiary. The loan is repayable at the lender's discretion. Please see note 26 for further details.

 

Included above within other related parties is an amount of £7,716 (2023: £7,716) owed by the parent company, to a shareholder of the parent company. This loan is interest free and the loan is repayable on demand.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
3,703,462
1,673,866
Other related parties
-
5,426
THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
29
Related party transactions
(Continued)
- 35 -
Company
Key management personnel
3,703,462
1,673,866

The loans due from other related parties above, are interest free, unsecured and repayable on demand. See note 30 for details relating to loans due from key management personnel.

The following amounts were recognised as (income) an expense in the period in respect of bad and doubtful debts due to and from related parties:

2024
2023
£
£
Group
Other related parties
21,224
1,303
Company
Entities over which the company has control, joint control or significant influence
(1,763)
(198,542)
Entities over which the company has control, joint control or significant influence
-
173,966
(1,763)
(24,576)
30
Directors' transactions

The loans are unsecured and repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Director's loan account
5.00
1
850,796
21,269
872,066
Director's loan account
5.00
1,113,813
779,990
75,190
1,968,993
Director's loan account
3.00
145,928
-
3,750
149,678
Director's loan account
5.00
268,197
274,576
20,274
563,047
Director's loan account
3.00
145,928
-
3,750
149,678
1,673,867
1,905,362
124,233
3,703,462
31
Controlling party

The Company is controlled by the directors by virtue of their 80% shareholding of the issued share capital in the company.

THE BUCKINGHAMSHIRE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 36 -
32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
440,560
1,566,209
Adjustments for:
Taxation charged (credited)
388,172
(384,404)
Finance costs
518,877
448,044
Investment income
(124,236)
(64,930)
(Gain) loss on disposal of property, plant and equipment
-
4,572
Loss (gain) on disposal of business
164,484
(1,250,720)
Amortisation and impairment of intangible assets
339,390
343,756
Depreciation and impairment of property, plant and equipment
105,891
182,955
Movements in working capital:
Increase in inventories
(1,492)
(14,582)
Increase in trade and other receivables
(219,445)
(47,926)
(Decrease) increase in trade and other payables
(279,961)
616,224
Cash generated from operations
1,332,240
1,399,198
33
Analysis of changes in net debt - group
1 June 2023
Cash flows
Acquisitions and disposals
31 May 2024
£
£
£
£
Cash at bank and in hand
94,973
3,385,854
(127,354)
3,353,473
Borrowings excluding overdrafts
(5,113,037)
(4,836,963)
-
(9,950,000)
(5,018,064)
(1,451,109)
(127,354)
(6,596,527)
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