Camelot Care (Plymouth) Limited

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

1	General information

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

The address of its registered office is:
Suite 106 C/O Walpole Dunn
Viney Court
Viney Street
Taunton
Somerset
TA1 3FB

The principal place of business is:
Butterfly Lodge
Agaton Road
St Budeaux
Plymouth
Devon
PL5 2EW

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are presented in Sterling (£).

Going concern

The director has made the assessment that the company is a going concern and these financial statements are prepared on that basis. The assessment took into account the forecasts and projections to assess that the company has adequate resources to continue in operational existence for the foreseeable future.

Camelot Care (Plymouth) Limited

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

Judgements

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position 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 have had the most significant effect on amounts recognised in the financial statements. Valuation of properties The Company carries its freehold property at fair value, with changes in fair value being recognised in other comprehensive income. The Company engaged independent valuations specialists to determine fair value at 7 October 2024. The valuer used the profits method of valuation as they consider the market norm is to assess this type of asset for sale purposes by reference to its trading characteristics and profitability. The Director having made appropriate enquiries has adopted a similar model to arrive at the current year-end valuation.

Turnover recognition

Revenue represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for services provided.

Revenue from residents of the care homes is recognised and apportioned on the basis of usage, and accrued or deferred as appropriate.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Other operating income

Other operating income is recognised on receipt.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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 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 company operates and generates taxable income.

Camelot Care (Plymouth) Limited

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

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

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

Depreciation of tangible assets

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
Freehold Property	- 2% on cost, Land - Nil
Furniture and fittings	- 15% reducing balance
Computer equipment	- 25% reducing balance

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

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.

Camelot Care (Plymouth) Limited

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

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Camelot Care (Plymouth) Limited

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

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Revaluation reserve is the surplus or deficit arising on the revaluation of an asset of a company.

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

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 63 (2023 - 66).

Camelot Care (Plymouth) Limited

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

4	Tangible assets

	Freehold property £	Fixtures and fittings  £	Computer equipment  £	Total £
Cost or valuation
At 1 January 2024	2,786,080	578,285	13,618	3,377,983
Revaluations	372,997	-	-	372,997
Additions	-	176,422	1,651	178,073
At 31 December 2024	3,159,077	754,707	15,269	3,929,053
Depreciation
At 1 January 2024	-	365,869	10,114	375,983
Charge for the year	50,022	52,125	945	103,092
Eliminated on revaluation	(50,022)	-	-	(50,022)
At 31 December 2024	-	417,994	11,059	429,053
Carrying amount
At 31 December 2024	3,159,077	336,713	4,210	3,500,000
At 31 December 2023	2,786,080	212,416	3,504	3,002,000

Included within the net book value of land and buildings above is £3,159,077 (2023 - £2,786,080) in respect of freehold land and buildings.
 

Cost or valuation at 31 December 2024 is represented by:
 

	Freehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Valuation in 2024	372,997	-	-	372,997
Valuation in 2023	40,778	-	-	40,778
Valuation in 2022	(14,288)	-	-	(14,288)
Valuation in 2020	609,590	-	-	609,590
Valuation in 2014	241,301	-	-	241,301
Valuation in 2005	1,098,594	-	-	1,098,594
Cost	810,105	754,707	15,269	1,580,081
	3,159,077	754,707	15,269	3,929,053

Camelot Care (Plymouth) Limited

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

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

 

	2024		2023
	£		£
Cost	810,105		810,105
Aggregate depreciation	545,168		534,666
Value of land in freehold land and buildings	284,999		284,999

The property was revalued at £3,500,000 in October 2024 by T Harrison MRICS and A Burchell MRICS of Avision Young, professional valuers.

The Director having made appropriate enquiries has adopted a similar model to arrive at the current year-end valuation.

5

Debtors

	Note	2024  £	2023  £
Trade debtors		5,577	9,052
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	1,890,441	1,645,255
Other debtors		4,751	6,198
Prepayments and accrued income		23,990	42,345
		1,924,759	1,702,850

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Loans and borrowings	8	30,285	26,241
Trade creditors		32,140	25,100
Taxation and social security		21,603	21,308
Corporation tax		42,406	18,283
Other creditors		5,796	4,493
Accruals and deferred income		86,487	37,170
		218,717	132,595
Due after one year
Loans and borrowings	8	434,459	464,501

Camelot Care (Plymouth) Limited

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

7	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Not later than one year	23,136	23,136
Later than one year and not later than five years	61,696	84,832
	84,832	107,968

The amount of non-cancellable operating lease payments recognised as an expense during the year was £23,136 (2023 - £23,136).

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	30,285	26,241

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	434,459	464,501

Included in bank and borrowings is a bank loan which is denominated in sterling with a nominal interest rate of 3% above the Bank of England base rate, repayable in monthly instalments to 26 March 2026. The carrying amount at the year end is £464,744 (2023: £490,742).

The bank borrowings are secured on a fixed and floating charge across all assets including cross guarantees within the Camelot Care Group and a personal guarantee from the Director.
 

Camelot Care (Plymouth) Limited

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

9	Related party transactions

Summary of transactions with parent

The company has taken advantage of not disclosing transactions with its parent or other group companies on the grounds it is a wholly owned subsidiary.

Summary of transactions with other related parties

Able Angels Care Agency Limited ("Able Angels")
 A company owned by Mrs H J Teasdale and family.

During the year the company was supplied with services from Able Angels amounting to £53,841 (2023: £26,506). At the year end the amount owed to Able Angels was £831 (2023: £1,700).
 
Park Asset Management Limited
A company owned by Mr S Teasdale, a shareholder.

During the year the company was supplied with services from Park Asset Management Limited amounting to £23,136 (2023: £23,136). At the year end the amount owed to/by Park Asset Management Limited was £nil (2023: £nil).

10	Parent and ultimate parent undertaking

The company's immediate parent is Camelot Care Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr P Teasdale.

11	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 September 2025 was Neil Johnston, who signed for and on behalf of Albert Goodman LLP.