Registration number:
Camino Healthcare Limited
for the Year Ended 31 December 2024
Camino Healthcare Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Camino Healthcare Limited
Company Information
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Directors |
O G S Horsey JSNJ Horsey R Tamirepi A D Marsh M E Horsey |
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Company secretary |
JSNJ Horsey |
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Registered office |
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Auditors |
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Camino Healthcare Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of a holding company and providing management services. The principal activity of the subsidiary companies is the building and provision of care homes in the mental health sector.
Fair review of the business
Camino Healthcare Limited was running three services during the year.
Camino Healthcare Nuneaton – Cedar Lodge
Camino Nuneaton operates Cedar Lodge as a purpose built 20 bed specialist mental health and hospital avoidance facility for adults aged 18-65 with a primary diagnosis of Mental illness and associated social and occupational difficulties as well as Autism and/or mild/moderate Learning Disabilities and other comorbidities.
Cedar Lodge is designed to offer a high-quality, safe environment that provides a therapeutic environment to promote recovery.
The service continues to be supported by local ICBs, and there is a strong demand in the area.
Camino Healthcare Nuneaton – Cedar House
Cedar House is a 3-bedroom residential house which has been refurbished to be fit for the purpose of supporting adults with the primary diagnosis of mental health illness. The facility has one resident who requires 4:1 support 24 hours a day.
Camino Healthcare West Bromwich – Cromwell House
West Bromwich is a purpose built 17 bed specialist mental health care facility offering provision of a transition service for people diagnosed with a Learning Disability and/or autism who have a forensic history. The service is specifically aimed at those with complex needs and require support to reduce behaviours of distress and require support to move into a community setting and away from hospital services. The service also offers recovery-focussed community-based rehabilitation to those with severe and enduring mental health problems and Personality Disorder. The facility is staffed 24 hours a day by nurses and support workers working with a full MDT (multi-disciplinary team) comprising qualified psychologists, assistant psychologists, psychotherapy, occupational therapists and activity co-ordinators.
Camino Healthcare Kilsby – Kilsby House
In April 24 Camino acquired a closed residential care home based in Rugby. With all the planning conditions met, in December 24 a substantial refurbishment started to convert the property into a 22-bed mental health / learning disability facility. We expect the site to be completed and ready for residents in quarter 1 2026.
During the year the group has maintained high resident numbers, which in turn has resulted in continued growth in both turnover and profitability. Sufficient staff have been recruited so the group only uses agency staff in exceptional circumstances which benefits the residents.
Camino Healthcare Limited
Strategic Report for the Year Ended 31 December 2024
The group's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
7,129,786 |
5,913,852 |
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EBITDA |
£ |
2,331,353 |
1,831,366 |
Principal risks and uncertainties
The principal risk remains that fees might be reduced. Other significant risks relate to the retention of suitably qualified staff enabling the care homes to continue to trade with sufficient numbers of residents to make the business feasible. Health and safety and compliance with CQC standards is a very important aspect. The business requested an independent company to carry out a mock CQC inspection at Cromwell House in March 25, and obtained a good outcome.
Approved and authorised by the
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Camino Healthcare Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
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
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Camino Healthcare 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Camino Healthcare Limited
Independent Auditor's Report to the Members of Camino Healthcare Limited
Opinion
We have audited the financial statements of Camino Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, 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 and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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.
Camino Healthcare Limited
Independent Auditor's Report to the Members of Camino Healthcare Limited
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:
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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 |
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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 5], 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.
Camino Healthcare Limited
Independent Auditor's Report to the Members of Camino Healthcare Limited
Detecting irregularities, including fraud
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. As such, we have considered:
• the nature of the industry and sector, control environment and business performance including the company’s remuneration policy, bonus levels, and performance targets;
• the company’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company’s policies and procedures relating to:
• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.
Camino Healthcare Limited
Independent Auditor's Report to the Members of Camino Healthcare Limited
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For and on behalf of
2 Old Bath Road
Berkshire
RG14 1QL
Camino Healthcare Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
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|
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Administrative expenses |
( |
( |
|
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Other operating income |
- |
|
|
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar expenses |
( |
( |
|
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(930,715) |
(668,190) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
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Profit for the financial year |
|
|
|
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Profit/(loss) attributable to: |
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Owners of the company |
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Camino Healthcare Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
|
|
Profit for the year |
|
|
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Surplus on property, plant and equipment revaluation |
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- |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Camino Healthcare Limited
(Registration number: 07243615)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
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Called up share capital |
111 |
111 |
|
|
Revaluation reserve |
10,210,531 |
5,508,011 |
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|
Profit and loss account |
990,811 |
769,809 |
|
|
Equity attributable to owners of the company |
11,201,453 |
6,277,931 |
|
|
Shareholders' funds |
11,201,453 |
6,277,931 |
Approved and authorised by the
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Camino Healthcare Limited
(Registration number: 07243615)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Tangible assets |
|
|
|
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Investments |
|
|
|
|
|
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Current assets |
|||
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Debtors |
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|
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
111 |
111 |
|
|
Retained earnings |
109,432 |
119,790 |
|
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Shareholders' funds |
109,543 |
119,901 |
The company made a profit after tax for the financial year of £571,828 (2023 - profit of £406,607).
Approved and authorised by the
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Camino Healthcare Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 January 2023 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
- |
- |
|
Total comprehensive income |
- |
- |
|
|
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Dividends |
- |
- |
( |
( |
|
New share capital subscribed |
|
- |
- |
|
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At 31 December 2023 |
111 |
5,508,011 |
769,809 |
6,277,931 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
Total equity |
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|
At 1 January 2024 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
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Other comprehensive income |
- |
|
- |
|
|
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Total comprehensive income |
- |
|
|
|
|
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Dividends |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
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Camino Healthcare Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
|
|
|
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Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
New share capital subscribed |
|
- |
|
|
At 31 December 2023 |
111 |
119,790 |
119,901 |
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Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2024 |
|
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|
Camino Healthcare Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
- |
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
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Decrease/(increase) in trade debtors |
|
( |
|
|
Decrease in trade creditors |
( |
( |
|
|
(Decrease)/increase in provisions |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
- |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Loans and borrowings (repaid)/received |
|
|
|
|
Proceeds from issue of shares |
- |
|
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
721,174 |
663,078 |
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Cedar Lodge
221 C Bucks Hill
Nuneaton
CV10 9LE
These financial statements were authorised for issue by the
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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 have been 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.
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 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.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The group has maintained the number of residents placed in the care homes they manage during the year and as a result both turnover and profits have increased significantly. The group has the continued support of finance providers for the forseeable future. Therefore the Directors are of the opinion that there will not be any long term issues for the group and the going concern basis is therefore appropriate.
Prior period errors
The amount of £635,064 was reclassified from tangible fixed assets category Property under construction to Land and buildings in Note 11, to reflect the period in which the asset came into use.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports 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 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. |
Recoverability of intercompany balances
The company reviews annually whether the amounts owed from group undertakings and related parties require impairment. The recoverable amounts are determined from reviewing the financial position of each entity which owes to determine if the balance sheet position is recoverable.
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Company turnover comprises the fair value of the consideration received or receivable for the provision of management services and the wages recharged in relation to the subsidiaries provision of care homes. Group turnover comprises the fair value of the consideration received or receivable for the provision of care homes.Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Freehold land and buildings held and used in the company's own activities for the supply of services are stated in the statement of financial postition at their revalued amounts, excluding Kilsby House. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.
Leasehold land and buildings and plant and equipment are stated in the statement of financial position 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.
Assets under construction are stated at cost and are not depreciated. Costs include all directly attributable expenditure necessary to bring the asset to its intended use. Depreciation commences when the asset is available for use.
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, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
25% Reducing balance basis |
|
Furniture, fittings and equipment |
25%-33.3% Reducing balance basis |
|
Freehold land and buildings |
Not depreciated |
|
Leasehold land and buildings |
10% Straight line basis |
|
Properties under construction |
Not depreciated |
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the group's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
All revenue was generated in the UK.
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
- |
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
55,000 |
51,781 |
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
|
Effect of tax losses |
- |
( |
|
Deferred tax expense relating to changes in tax rates or laws |
|
|
|
Further item of tax decrease |
- |
( |
|
Total tax charge |
|
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Accelerated tax depreciation |
|
|
Revaluation of property, plant and equipment |
|
|
|
|
2023 |
Liability |
|
Accelerated tax depreciation |
|
|
Revaluation of property, plant and equipment |
|
|
|
Company
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Accelerated tax depreciation |
|
|
|
|
2023 |
Liability |
|
Accelerated tax depreciation |
|
|
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Properties under construction |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Revaluations |
|
- |
- |
- |
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
( |
- |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
- |
|
|
Charge for the year |
|
|
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
- |
( |
|
At 31 December 2024 |
|
|
|
- |
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £20,227,688 (2023 - £12,982,794) in respect of freehold land and buildings and £15,078 (2023 - £24,789) in respect of leasehold land and buildings.
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revaluation
Included within group land and buildings are three freehold properties that were revalued at £21,175,000 in January 2025 by Knight Frank LLP MRICS. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £7,743,333 (2023 - £5,877,872).
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor vehicles |
226,427 |
211,306 |
Company
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £15,078 (2023 - £24,789) in respect of leasehold land and buildings
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor vehicles |
226,427 |
211,306 |
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
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 |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Subsidiary undertakings
|
Camino Healthcare (West Bromwich) Ltd The principal activity of Camino Healthcare (West Bromwich) Ltd is |
|
Camino Developments Ltd The principal activity of Camino Developments Ltd is |
|
Camino Healthcare (Kilsby) Limited The principal activity of Camino Healthcare (Kilsby) Limited is |
|
Camino Healthcare (Nuneaton) Ltd The principal activity of Camino Healthcare (Nuneaton) Ltd is |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Work in progress |
|
|
- |
- |
Group
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Accrued income |
|
|
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Income tax liability |
276,539 |
121,353 |
- |
13,532 |
|
|
Deferred income |
|
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Deferred tax and other provisions |
Group
|
Other provisions |
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
( |
|
|
|
At 31 December 2024 |
|
|
|
|
|
|||
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
Other provisions |
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
( |
|
( |
|
At 31 December 2024 |
|
|
|
|
|
|||
|
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 £59,682 (2023 - £43,735).
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
60 |
|
60 |
|
|
|
15 |
|
15 |
|
|
|
5 |
|
5 |
|
|
|
5 |
|
5 |
|
|
|
15 |
|
15 |
|
|
|
11 |
|
11 |
|
|
|
|
|
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Hire purchase contracts |
|
|
|
|
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
The other borrowings are part of a multilateral guarantee arrangement between Camino Healthcare (Nuneaton) Limited, Camino Healthcare (West Bromwich) Limited, Camino Healthcare Limited and Camino Developments Limited in relation to 2 loan facilities with TC Loans Limited. There is an additional multilateral guarantee arrangement between Camino Healthcare (Nuneaton) Limited, Camino Healthcare (West Bromwich) Limited, Camino Healthcare (Kilsby) Limited, Camino Healthcare Limited and Camino Developments Limited in relation to a loan facility with TC Loans Limited.
Facility 1 is for £5,500,000, the interest rate payable is base rate plus 6.5% margin rate and has a maturity date of August 2027. The balance outstanding as at year end is £5,408,333 (2023: £5,500,000).
Facility 2 is for £700,000, the interest rate payable is base rate plus 6.25% margin rate and has a maturity date of August 2027. The balance outstanding as at year end is £684,444 (2023: £700,000).
Facility 3 is for £1,600,000, the interest rate payable is base rate plus 6.25% margin rate and has a maturity date of August 2027. The balance outstanding as at year end is £1,573,333 (2023: £nil).
See Note 25 for further information surrounding the borrowings.
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Hire purchase contracts |
|
|
|
|
|
Other borrowings |
|
- |
|
- |
|
|
|
|
|
|
Group
Hire purchase
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 7.9%, and the final instalment is due on 7 May 2026. The carrying amount at year end is £41,175 (2023 - £48,325).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 8%, and the final instalment is due on 22 October 2026. The carrying amount at year end is £73,067 (2023 - £87,239).
Hire purchase liabilities is denominated in with a nominal interest rate of 9.6%, and the final instalment is due on 21 November 2025. The carrying amount at year end is £5,129 (2023 - £10,058).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.2%, and the final instalment is due on 16 December 2026. The carrying amount at year end is £38,046 (2023 - £45,745).
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 5.9%, and the final instalment is due on 11 October 2028. The carrying amount at year end is £25,296 (2023 - £31,345).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 5.9%, and the final instalment is due on 21 June 2029. The carrying amount at year end is £17,000 (2023 - £Nil).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.4%, and the final instalment is due on 9 August 2028. The carrying amount at year end is £19,608 (2023 - £Nil).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.4%, and the final instalment is due on 24 September 2027. The carrying amount at year end is £23,491 (2023 - £Nil).
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
Hire Purchase
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 7.9%, and the final instalment is due on 7 May 2026. The carrying amount at year end is £41,175 (2023 - £48,325).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 8%, and the final instalment is due on 22 October 2026. The carrying amount at year end is £73,067 (2023 - £87,239).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 9.6%, and the final instalment is due on 21 November 2025. The carrying amount at year end is £5,129 (2023 - £10,058).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.2%, and the final instalment is due on 16 December 2026. The carrying amount at year end is £38,046 (2023 - £45,745).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 5.9%, and the final instalment is due on 11 October 2028. The carrying amount at year end is £25,296 (2023 - £31,345).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 5.9%, and the final instalment is due on 21 June 2029. The carrying amount at year end is £17,000 (2023 - £Nil).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.4%, and the final instalment is due on 9 August 2028. The carrying amount at year end is £19,608 (2023 - £Nil).
Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.4%, and the final instalment is due on 24 September 2027. The carrying amount at year end is £23,491 (2023 - £Nil).
|
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 |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of 5,244.92 (2023 - 3,287.49) per each Ordinary Share |
582,186 |
328,749 |
||
|
Analysis of changes in net debt |
Group
|
At 1 January 2024 |
Financing cash flows |
Other non-cash changes |
At 31 December 2024 |
|
|
Cash and cash equivalents |
||||
|
Cash |
663,078 |
58,096 |
- |
721,174 |
|
Borrowings |
||||
|
Long term borrowings |
(6,381,570) |
(874,939) |
(73,968) |
(7,330,477) |
|
Short term borrowings |
(41,120) |
372,705 |
(910,030) |
(578,445) |
|
(6,422,690) |
(502,234) |
(983,998) |
(7,908,922) |
|
|
|
||||
|
( |
( |
( |
( |
|
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Group
The Group and Company are taking the exemption under FRS 102 section 33.1A to not disclose related party transactions with wholly owned subsidiaries within the group.
During the period the directors had loans with the group. At the balance sheet date, the amount due to the directors in respect of loan accounts was £309,298 (2023: £204,967)
Loans to related parties
|
2024 |
Other related parties |
Total |
|
At start of period |
|
|
|
Transfer |
( |
( |
|
At end of period |
- |
- |
|
|
||
|
2023 |
Other related parties |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
Loans from related parties
|
2024 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Repaid |
( |
- |
( |
|
Transfer |
|
( |
|
|
At end of period |
|
( |
|
|
|
|||
|
2023 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Repaid |
( |
- |
( |
|
At end of period |
|
|
|
|
|
|||
Camino Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Non adjusting events after the financial period |
|
|