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Registration number: 03252230

Care & Recreation Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 August 2024

 

Care & Recreation Holdings Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account and Statement of Retained Earnings

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Cash Flows

12

Notes to the Financial Statements

13 to 33

 

Care & Recreation Holdings Limited

Strategic Report for the Year Ended 31 August 2024

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

Principal activity

The principal activities of the group are that of an insurance intermediary, private schools, property letting and service company.

Fair review of the business

There have not been any significant changes in the group's financial activities in the year under review and the directors are not aware, at the date of this report, of any likely changes in the group's activities in the next year. The group loss after taxation amounted to £4,811,374 (2023 - £792,609). The consolidated balance sheet on page 9 of the financial statements shows that the group's net asset position has weakened. Further results and commentary on the trading activities within the subsidiaries are set out in the directors' reports of those companies.

The group's directors believe that further key performance indicators for the group are not necessary or appropriate for an understanding of the development, performance or position of the business, and the ones identified are the key indicators that are used by the board to monitor the group's performance.

Both the level of business and the year-end position are considered satisfactory.

Principal risks and uncertainties

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts represented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Competitive pressure in the UK is a continuing risk for the group. The group manages such risks by providing appropriate quality services to its customers.

The group's transactions are all in pounds sterling and therefore there is no exposure to a movement in exchange rates.

Section 172(1) statement

This statement sets out how the directors of the Group have fulfilled their duty to comply with the requirements of Section 172 of the Companies Act 2006.

The strategy set out by the Board is intended to strengthen our position as a leading provider of private education, while keeping safety and social responsibility fundamental to our business approach. The Board conducts board meetings to assess and monitor the progress against its strategic decisions. Factors which are continually being considered against strategy include the promotion of the company, its stakeholders, employees, and the strengthening of suppler and customer relationships.

The Group try to make all decisions with our key stakeholders’ best interests in mind, in particular: employees, customers, suppliers, the environment, and shareholders.

 

Care & Recreation Holdings Limited

Strategic Report for the Year Ended 31 August 2024

Engagement with employees

The employees of the Group are fundamental to our success and are the only way we can continually meet our strategic ambitions for growth and development, our success is tied to the finding, training and retaining of our great staff, we are committed to being responsible employees, through pay and benefits, continual improvements in health and safety within the workplace, and ongoing training. We are constantly looking to drive employee engagement, this helped by the fact the directors are available to all staff most days.

Engagement with suppliers, customers and other relationships

Our Customers
Our business strategy is reliant on our customers, without them and the relationships we have with them, we wouldn’t have a business. As such, we are constantly trying to build stronger relationships with our customers and support them wherever we possibly can, we try to provide the highest level of education as well as a memorable experience throughout their time with us. We are constantly working on ways to improve the service we provide by regularly investing in new technology and equipment.

Our Suppliers
Suppliers are regularly reviewed for performance, with the directors having oversight and heavy involvement in this process. We have a large network of suppliers with some extremely long-standing relationships.

The Environment
Decisions taken by the directors for the group are done so very much with their environmental impact in mind, we are a group really trying to make an impact on reducing our carbon footprint.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Care & Recreation Holdings Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the for the year ended 31 August 2024.

Directors of the group

The directors who held office during the year were as follows:

A Martin

C J Hall

Employment of disabled persons

The group's policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities.

Disabled employees receive appropriate training to promote their career development within the group. Employees who become disabled are retrained in their existing posts where possible or retrained for suitable alternative posts.

Employee involvement

Regular meetings are held between senior management and employee representatives to discuss matters of concern. Employees are kept well informed about the progress and position of the group by means of regular departmental meetings, newsletters and journals.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Care & Recreation Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Care & Recreation Holdings Limited

Independent Auditor's Report to the Members of Care & Recreation Holdings Limited

Opinion

We have audited the financial statements of Care & Recreation Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's affairs as at 31 August 2024 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Care & Recreation Holdings Limited

Independent Auditor's Report to the Members of Care & Recreation Holdings Limited

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the 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:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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 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 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:

 

Care & Recreation Holdings Limited

Independent Auditor's Report to the Members of Care & Recreation Holdings Limited

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in evaluating fixed assets, cash balances, the validity of purchases, expenses and the misappropriation of transactions through management override.

We also obtained an understanding of the legal and regulatory frameworks that the group operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the group operates, to enable us to identify the key laws and regulations applicable to the group. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

 

Care & Recreation Holdings Limited

Independent Auditor's Report to the Members of Care & Recreation Holdings Limited

We then performed audit procedures after consideration of the above risks which included the following:

substantive fixed asset audit testing and assessing the validity of purchases and expenses by documenting and assessing the internal controls and performing tests of detail on purchases and expenses;

documenting and assessing the internal controls over cash balances and performing tests of detail on the balances and reconciliations;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC and the group's legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business and performing a review of inter-company recharges for reasonableness.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Andrew Padgett BFP, ACA, FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

29 August 2025

 

Care & Recreation Holdings Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

3

53,881,002

45,795,030

Cost of sales

 

(27,742,310)

(24,017,570)

Gross profit

 

26,138,692

21,777,460

Administrative expenses

 

(33,502,093)

(30,131,133)

Other operating income

4

4,135,599

7,811,409

Operating loss

5

(3,227,802)

(542,264)

Loss on financial assets at fair value through profit and loss account

 

(1,750,000)

-

Other interest receivable and similar income

7

152,836

20,688

Exceptional items

 

(407,801)

-

Interest payable and similar charges

8

(49,240)

(102,386)

 

(2,054,205)

(81,698)

Loss before tax

 

(5,282,007)

(623,962)

Taxation

12

470,633

(168,647)

Loss for the financial year

 

(4,811,374)

(792,609)

Profit/(loss) attributable to:

 

Owners of the company

 

(4,811,374)

(792,609)

Retained earnings brought forward

 

36,546,259

37,338,868

Retained earnings carried forward

 

31,734,885

36,546,259

 

Care & Recreation Holdings Limited

(Registration number: 03252230)
Consolidated Balance Sheet as at 31 August 2024

Note

2024
 

2023
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

13

 

24,918,660

 

24,641,963

Investment property

14

 

44,500,000

 

46,250,000

   

69,418,660

 

70,891,963

Current assets

   

 

Stocks

16

685,530

 

450,439

 

Debtors

17

7,080,887

 

9,923,765

 

Cash at bank and in hand

18

23,356,262

 

19,133,392

 

 

31,122,679

 

29,507,596

 

Creditors: Amounts falling due within one year

19

(66,791,224)

 

(61,857,298)

 

Net current liabilities

   

(35,668,545)

 

(32,349,702)

Total assets less current liabilities

   

33,750,115

 

38,542,261

Creditors: Amounts falling due after more than one year

19

 

(113,528)

 

(244,400)

Provisions for liabilities

20

 

(1,901,700)

 

(1,751,600)

Net assets

   

31,734,887

 

36,546,261

Capital and reserves

   

 

Called up share capital

22

2

 

2

 

Revaluation reserve

23

5,192,377

 

5,192,377

 

Profit and loss account - non distributable

23

4,118,355

 

5,868,355

 

Profit and loss account

23

22,424,153

 

25,485,527

 

Equity attributable to owners of the company

 

31,734,887

 

36,546,261

 

Total equity

   

31,734,887

 

36,546,261

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Care & Recreation Holdings Limited

(Registration number: 03252230)
Balance Sheet as at 31 August 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Investments

15

 

3,776,113

 

3,776,113

Current assets

   

 

Debtors

17

26,232,284

 

26,246,758

 

Creditors: Amounts falling due within one year

19

(29,331,451)

 

(29,331,451)

 

Net current liabilities

   

(3,099,167)

 

(3,084,693)

Net assets

   

676,946

 

691,420

Capital and reserves

   

 

Called up share capital

22

2

 

2

 

Profit and loss account

676,944

 

691,418

 

Shareholders' funds

   

676,946

 

691,420

The exemption under section 408 of the Companies Act has been taken therefore a Company Profit and Loss Account is not included. The company made a loss after tax for the financial year of £14,474 (2023 - loss of £11,587).

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Care & Recreation Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 August 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(4,811,374)

(792,609)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

4,023,149

3,801,526

Changes in fair value of investment property

 

1,750,000

-

Profit on disposal of tangible assets

5

-

(4,961)

Finance income

7

(152,836)

(20,688)

Finance costs

8

49,240

102,386

Corporation tax

12

(470,633)

168,647

 

387,546

3,254,301

Working capital adjustments

 

(Increase)/decrease in stocks

16

(235,091)

275,313

Decrease in debtors

17

3,028,423

2,161,985

Increase in creditors

19

4,933,239

2,400,070

Decrease in provisions

20

-

(199,902)

Cash generated from operations

 

8,114,117

7,891,767

Corporation tax received/(paid)

 

305,004

(187,663)

Net cash flow from operating activities

 

8,419,121

7,704,104

Cash flows from investing activities

 

Interest received

152,836

20,688

Acquisitions of tangible assets

13

(4,299,847)

(2,173,927)

Proceeds from sale of tangible assets

 

-

14,430

Net cash flows from investing activities

 

(4,147,011)

(2,138,809)

Cash flows from financing activities

 

Interest paid

8

(49,240)

(102,386)

Net increase in cash and cash equivalents

 

4,222,870

5,462,909

Cash and cash equivalents at 1 September

 

19,133,392

13,670,483

Cash and cash equivalents at 31 August

18

23,356,262

19,133,392

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Thorpe Underwood Hall
PO Box 100
Great Ouseburn
York
YO26 9SZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The group's functional and presentation currency is pound sterling.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Summary of disclosure exemptions

The group has taken advantage of the exemption under Section 33 Related Party disclosures from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Going concern

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

All shared expenses are allocated across related companies via recharges. Recharge split percentages are calculated on an appropriate allocation basis, such as turnover, staff numbers and building usage, according to expense type.

Key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £24,918,660 (2023 -£24,641,963).

Stock provision
The group makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
The carrying amount is £685,530 (2023 -£450,439).

Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors which include the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £7,080,887 (2023 -£9,923,765).

Defined benefit pension scheme
The group has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.
The carrying amount is £Nil (2023 -£Nil).

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of services and commissions received in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates, discounts and scholarships and after eliminating sales within the group.

The group recognises revenue when (a) the group retains no continuing involvement or control over the services provided; (b) the amount of revenue can be measured reliably; and (c) it is probable that future economic benefits will flow to the group.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

If there is an indication that there has been a significant change in estimated useful life or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

Asset class

Depreciation method and rate

Short leasehold improvements

4% to 25% straight line

Fixtures, fittings and equipment

10% straight line

Plant and machinery

4% - 25% straight line

Motor vehicles

12.5% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in subsidiaries are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method and the average cost method (AVCO).

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Defined benefit pension obligation

The group also operates a defined benefit pension scheme. Queen Ethelburga's College Limited, Chapterhouse Preparatory School Limited, KM School Limited and Faculty of Queen Ethelburga's Limited participate in the Teachers' Pension Scheme (England and Wales) ("the Scheme"), for its teaching staff. The Teachers' Pension Scheme ('TPS') is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the company in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stated in the notes to the financial statements, the TPS is a multi-employer scheme and the company is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

526,199

365,334

Rendering of services

53,354,803

45,429,696

53,881,002

45,795,030

The analysis of the group's turnover for the year by class of business is as follows:

2024

2023

£

£

Insurance intermediary

535,161

1,074,549

Property letting

106,547

182,352

Private schools

51,844,124

43,718,672

Service company

1,395,170

819,457

53,881,002

45,795,030

No further analysis of turnover is given as the directors consider this would be seriously prejudicial to the group.

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
 £

2023
 £

Rent receivable

4,135,590

3,762,502

Insurance claim proceeds

9

4,048,907

4,135,599

7,811,409

5

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

4,023,149

3,801,526

Profit on disposal of property, plant and equipment

-

(4,961)

6

Extraordinary items

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

2024
 £

2023
 £

Extraordinary items

(407,801)

-

Extraordinary items include a write off of a debtor no longer required.

7

Other interest receivable and similar income

2024
 £

2023
 £

Other interest receivable

152,836

20,688

8

Interest payable and similar expenses

2024
 £

2023
 £

Loan interest

49,240

102,386

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

21,128,950

17,907,168

Social security costs

2,167,982

1,791,771

Pension costs, defined contribution scheme

330,929

288,718

Pension costs, defined benefit scheme

1,797,827

1,467,925

25,425,688

21,455,582

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

122

112

Other departments

495

446

617

558

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

1,272,927

702,460

Contributions paid to money purchase schemes

90

9,719

1,273,017

712,179

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

During the year the number of directors who were receiving benefits was as follows:

2024
 No.

2023
 No.

Accruing benefits under defined contribution schemes

2

2

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

In respect of the highest paid director:

2024
£

2023
£

Remuneration

886,901

489,620

Company contributions to money purchase pension schemes

90

3,334

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

19,230

15,450

Audit of the financial statements of subsidiaries of the company pursuant to legislation

117,328

96,191

136,558

111,641

Other fees to auditors

Taxation compliance services

20,484

16,746

All other non-audit services

184,256

145,414

204,740

162,160


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

(620,642)

124,799

UK corporation tax adjustment to prior periods

(91)

(16,352)

(620,733)

108,447

Deferred taxation

Arising from origination and reversal of timing differences

150,100

186,200

Arising from adjustments relating to previous years

-

(126,000)

Total deferred taxation

150,100

60,200

Tax (receipt)/expense in the profit and loss account

(470,633)

168,647

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(5,282,007)

(623,962)

Corporation tax at standard rate

(1,320,502)

(155,991)

Decrease in UK and foreign current tax from adjustment for prior periods

-

(54,192)

Tax decrease from effect of capital allowances and depreciation

-

(10,747)

Increase/(decrease) from effect of different UK tax rates on some earnings

14

(5,512)

Effect of expense not deductible in determining taxable profit (tax loss)

850,062

611,140

Deferred tax credit from unrecognised temporary difference from a prior period

(207)

(216,051)

Total tax (credit)/charge

(470,633)

168,647

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

(1,951,000)

Other provisions

-

49,300

-

(1,901,700)

2023

Asset
£

Liability
£

Accelerated capital allowances

-

(1,617,051)

Other provisions

-

37,000

-

(1,580,051)

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £140,514 (2023 - £21,807).

The group has capital losses of £3,124,000 available to carry forward and offset against future capital gains.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

13

Tangible assets

Group

Land and buildings
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

55,864,483

2,319,778

11,463,372

818,247

70,465,880

Additions

-

31,665

4,268,182

-

4,299,847

At 31 August 2024

55,864,483

2,351,443

15,731,554

818,247

74,765,727

Depreciation

At 1 September 2023

36,964,381

1,034,675

7,333,619

491,243

45,823,918

Charge for the year

3,058,076

209,240

675,260

80,573

4,023,149

At 31 August 2024

40,022,457

1,243,915

8,008,879

571,816

49,847,067

Carrying amount

At 31 August 2024

15,842,026

1,107,528

7,722,675

246,431

24,918,660

At 31 August 2023

18,900,102

1,285,104

4,129,753

327,004

24,641,963

The short leasehold improvements have been built on land owned by Foxlow Limited, the ultimate parent undertaking, and are subject to ground rent leases of £4,670 (2023 - £4,190) per annum and on land owned by group companies and subject to ground rent leases of £5,170 (2023 - £4,640).

Included within the net book value of land and buildings above is £15,842,026 (2023 - £18,900,102) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the group's Short leasehold improvements and Plant and Machinery was revalued on 25 March 2021 by an independent valuer Eddison's Taylors Chartered Surveyors, RICS.

The valuations have been undertaken in accordance with the RICS Valuation - Global Standards (effective from 31 January 2020), incorporating IVSC International Valuation Standards, together with the UK National Supplement, and also having regard to the requirements under UK GAAP (FRS 102). Following the outbreak of COVID-19 the valuations are reported on the basis of “material valuation uncertainty” as per VPS3 and VPGA10 of the RICS Red Book Global Standards.

Due to the location and the interlinking of the properties with the College Campus land and buildings, and also the specialist nature of all or part of the properties, fair value has been assessed on a Depreciated Replacement Cost basis. This is in accordance with Valuation Statement 1 and Guidance Note 6 of the RICS Red Book.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £861,395 (2023 - £1,066,702).
 

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

14

Investment properties

Group

2024
£

At 1 September

46,250,000

Fair value adjustments

(1,750,000)

At 31 August

44,500,000

The group's investment properties were revalued in 2024 at £44,500,000 by an independent valuer Eddison's Taylors Chartered Surveyors, RICS.

The valuations have been undertaken in accordance with the current edition of the RICS Valuation - Professional Standards issued by the Royal Institution of Chartered Surveyors (RICS) - the "Red Book", having regards to the requirements of FRS 102. As the property forms part of a larger College campus the properties could not be sold on the open market except as an overall sale of the whole campus.

Due to the above and the specialised nature of the buildings the Depreciated Replacement Cost has been adopted in assessing the Fair Value in accordance with Valuation Statement 1 and Guidance Note 6 of the RICS Red Book.

Had this class of asset been measured on a historical cost basis, their carrying amount would have been £47,701,405 (2023 - £47,701,405).

The investment properties have been built on land owned by Foxlow Limited, the ultimate parent undertaking, and are subject to ground rent leases of £19,440 (2023 - £18,150) per annum.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

15

Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

The Collegiate Formation Limited*

Ordinary

100%

100%

 

     

Martin Services Limited*

Ordinary

100%

100%

 

     

Queen Ethelburga's Classic Company Limited*

Ordinary

100%

100%

 

     

Thorpe Underwood Limited*

Ordinary

100%

100%

 

     

Vinewood Limited*

Ordinary

100%

100%

 

     

Chapterhouse Preparatory School Limited

Ordinary

100%

100%

 

     

Entertainment and Leisure Insurance Services Limited (this company has a financial year end of 30 September 2024)

Ordinary

100%

100%

 

     

Halcyon Court (Yorkshire) Limited

Ordinary

100%

100%

 

     

Queen Ethelburga's International School Limited

Ordinary

100%

100%

 

     

Norban Limited

Ordinary

100%

100%

 

     

Queen Ethelburga's College Limited

Ordinary

100%

100%

 

     

Queen Ethelburga's Collegiate Limited

Ordinary

100%

100%

 

     

Faculty of Queen Ethelburga's Limited

Ordinary

100%

100%

 

     

Ryan House Estates Limited

Ordinary

100%

100%

 

     

Queen Ethelburga's Services Limited

Ordinary

100%

100%

 

     

KM School Limited

Ordinary

100%

100%

 

     

* denotes direct shareholding

The address of all the subsidiary undertakings is Thorpe Underwood Hall, PO Box 100, Great Ouseburn, York, YO26 9SZ and all subsidiary undertakings are incorporated in England & Wales.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Company

2024
£

2023
£

Investments in subsidiaries

3,776,113

3,776,113

Subsidiaries

£

Cost or valuation

At 1 September 2023

3,776,113

Carrying amount

At 31 August 2024

3,776,113

At 31 August 2023

3,776,113

16

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Finished goods and goods for resale

685,530

450,439

-

-

17

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

381,716

424,935

-

-

Amounts owed by related parties

 

4,698,078

6,551,073

25,186,782

25,201,256

Other debtors

 

1,757,644

2,891,043

1,045,502

1,045,502

Prepayments

 

7,929

6,738

-

-

Corporation tax asset

12

235,520

49,976

-

-

   

7,080,887

9,923,765

26,232,284

26,246,758

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

77,992

101,515

-

-

Cash at bank

22,528,397

18,319,967

-

-

Short-term deposits

749,873

711,910

-

-

23,356,262

19,133,392

-

-

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,249,862

2,338,954

-

-

Amounts due to related parties

 

35,104,148

35,173,464

29,331,451

29,331,451

Social security and other taxes

 

488,102

435,432

-

-

Outstanding defined contribution pension costs

 

299,898

236,845

-

-

Other creditors

 

12,939,943

9,489,335

-

-

Accruals

 

317,193

501,751

-

-

Corporation tax liability

12

316

130,501

-

-

Payments on account

 

15,391,762

13,551,016

-

-

 

66,791,224

61,857,298

29,331,451

29,331,451

Due after one year

 

Other financial liabilities

 

113,528

244,400

-

-

20

Deferred tax and other provisions

Group

Deferred tax
£

At 1 September 2023

1,751,600

Increase (decrease) in existing provisions

150,100

At 31 August 2024

1,901,700


21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £330,929 (2023 - £288,718).

Contributions totalling £(299,898) (2023 - £(236,845)) were payable to the scheme at the end of the year and are included in creditors.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Defined benefit pension schemes

Teachers Pension Scheme

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pensions Regulations 2010 (as amended) and The Teachers' Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Multi-employer plans

Four subsidiaries, Queen Ethelburga’s College Limited, Chapterhouse Preparatory School Limited, KM School Limited and Faculty of Queen Ethelburga’s Limited participate in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension cost paid to the TPS in the period amounted to £1,797,827 (2023 - £1,467,925) and at the year-end £Nil (2023 - £Nil) was accrued in respect of contributions to this scheme.
 

Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The schools have accounted for its contributions to the scheme as if it were a defined contribution scheme.

The schools have set out below the information available on the scheme.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023, confirmed that the employer contribution rate for the TPS would increase from 22.8% to 28.6% from 1 April 2024 to 31 March 2027. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The 31 March 2020 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 26 October 2023. The assumptions considered and the ruling of the McLoud and Goodwin legal cases and the changes to GMP indexation.

The cost control mechanism introduced in the 2020 valuation has introduced the following recommendations from the Independent Public Pension Commission. The aims were:
- Ensure a fair balance of risk between members of public service pension schemes and taxpayers with regard to the costs of these schemes.
- Maintain the value of such schemes to their members.
- Provide stability and certainty of member benefit and contribution levels, with changes only being triggered by 'extraordinary, unpredictable' events.

A number of legal challenges have been brought against public service (and other) pension schemes since the 2016 valuation of the scheme. This report describes the allowances that we have included at this valuation in respect of those cases.
In some cases, final determinations are outstanding, or impacts have yet to be agreed. Such determinations could impact on future valuations, however prior to their outcomes being known we have not made any allowances for them in the current valuation.

In view of the above rulings and decisions the assumptions used in the 31 March 2020 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the 2023 valuation is completed, it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:

All shares rank pari passu for income, capital and voting rights.

23

Reserves

Group

Share capital

Represents the nominal value of issued shares

Revaluation reserve

Represents any gains from revaluations of leasehold improvements and plant and machinery

Profit and loss account - non distributable

Represents the fair value gains and losses on revaluation of the investment properties

Profit and loss account

Includes all current and prior period distributable profits and losses

Company

Share capital

Represents the nominal value of issued shares

Profit and loss account

Includes all current and prior period distributable profits and losses

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

24

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

7,168,504

6,651,027

Later than one year and not later than five years

11,850,051

12,169,266

Later than five years

1,652,972

1,546,982

20,671,527

20,367,275

The amount of non-cancellable operating lease payments recognised as an expense during the year was £7,257,911 (2023 - £6,988,987).

25

Commitments

Group

Other financial commitments

The group is committed to make employer contributions into The Teachers Pension Scheme at a rate of 28.68%.

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

26

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

1,528,646

975,536

Income and receivables from related parties

2024

Key management
£

Other related parties
£

Rendering of services

-

29,818

Amounts receivable from related party

31,378

599,625

2023

Key management
£

Other related parties
£

Rendering of services

-

120,169

Amounts receivable from related party

1,723

134,231

Expenditure with and payables to related parties

2024

Other related parties
£

Interest paid

23,673

2023

Other related parties
£

Interest paid

86,514

Amounts payable to related party

242,999

Loans from related parties

Terms of loans from related parties

The balances bear interest at 1% over the Bank of England base rate, are unsecured and repayable on demand.
 

 

Care & Recreation Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

27

Financial instruments

Group

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets measured at fair value through profit or loss

44,500,000

46,250,000

28

Parent and ultimate parent undertaking

The company's immediate parent is Foxlow Limited, incorporated in British Virgin Islands.

 The ultimate controlling party is The Acme Settlement.

29

Non adjusting events after the financial period

On 1 September 2024, the trade and assets of Faculty of Queen Ethelburga's Limited, KM School Limited and Chapter House Preparatory School Limited, were transferred to Queen Ethelburga's College Limited and the companies ceased to trade.