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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
COMPANY INFORMATION
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
CONTENTS
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the Company's Strategic Report for the year ended 31 December 2024.
Provision of residential care continues to be high on the political agenda, with ongoing developments in legislation, political priorities, and financial restraints. There remains a strong shift towards supported living and similar schemes, which are seen by government and local authorities as the preferred way forward. Supported living is promoted at the expense of residential care by all local authorities and is consistently the first funding option for commissioning bodies.
Given these challenges and the uncertainties referred to below, the Directors consider the Company’s results for the year to be satisfactory.
IIn addition to the above, the year was challenging and this is expected to continue. All parties are implementing increasing requirements around the standard and delivery of care, alongside a shift away from traditional funding methods for health and social care.
The Care Act 2014, which came into effect in spring 2015, continues to encourage individuals to choose how their care is delivered. Supported living schemes and personal budgets are now widely viewed as the preferred route for adults with learning disabilities. The Directors regularly assess the risks to the business, the nature of those risks, and their potential impact. Key risks include: 1. Workforce shortages – Recruitment and retention remain a significant challenge since Brexit has made sourcing staff more difficult. 2. Cost-of-living impact – The continued rise in living costs, combined with inflationary pressures on gas, electricity, food, and supplier contracts, it has substantially increased operational costs. 3. Salary costs and NI contributions – The Company continued to face upward pressure on wages to remain competitive, while also preparing to absorb the increase in National Insurance contributions, which would further increase staffing costs. 4. Local authority funding uplifts – Fee uplifts from local authorities have not kept pace with rising operational costs, closing the gap between income and expenditure. 5. Regulatory and compliance costs – Care Quality Commission (CQC) compliance requirements, together with the ongoing digitisation of care delivery, continue to drive up operational expenses. 6. Broader economic pressures – Higher interest rates and overall economic uncertainty may impact the Company’s borrowing costs. While competition from other providers is always a consideration, the Company is well placed to control its costs as far as possible and will continue to demonstrate its value on the basis of the quality of its provision. The Directors continue to attach high priority to managing the risks posed by IT security breaches, with cybersecurity remaining under regular review. All General Data Protection Regulation (GDPR) and Caldicott Guardian requirements continue to be met. The Company has managed cost pressures and increased our service offerings without compromising service quality. However, following a detailed review of available resources and risk mitigation measures, the Directors are satisfied that the Company remains a going concern.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors consider turnover and operating profit to be key financial performance indicators and these are set out as follows:
2024 2023 Turnover £9,280,045 £9,181,285 Operating profit £1,221,555 £1,822,684 While the Directors are pleased with turnover, they are conscious that economic constraints, digitalisation costs, wage inflation, corporation tax increases, and incoming NI increases will place further pressure on profitability.
The key non-financial performance indicator is the quality of care, which is continuously monitored internally and externally inspected. The Directors consider that this indicator continues to be of a high standard.
This report was approved by the board and signed on its behalf.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £1,103,441 (2023 - £1,357,873).
Dividends paid for the year amounted to £nil (2023 - £250,000)
The directors who served during the year and up to the date of this report were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In this context, the Company’s growth strategy is accompanied by a continued focus on efficiency, workforce development, and proactive engagement with commissioners. The Directors believe that by combining targeted expansion with prudent financial management, the Company can strengthen its position, maintain quality of care, and adapt successfully to increase its offering.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have chosen, in accordance with section 414c (11) of the Companies Act 2006 to include the strategic report matters otherwise required to be disclosed in the Directors’ Report as the Directors consider these to be of strategic importance to the Company. These matters include:
∙Principal risks and uncertainties
∙Future developments
In July 2025 the Directors voted a dividend of £1.33 per share, totalling £50,000 and this will be recognised in the year ended 31 December 2025.
This report was approved by the board and signed on its behalf.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
We have audited the financial statements of Rehabilitation Education and Community Homes Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' report.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED (CONTINUED)
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:
∙enquiry of management around actual and potential litigation and claims;
∙enquiry of staff to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries and there other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias:
∙reviewing minutes of meetings of those charged with governance;and
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable law and regulations.
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.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED (CONTINUED)
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.
for and on behalf of
Colchester, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
REGISTERED NUMBER: 03092509
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 24 form part of these financial statements.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Rehabilitation Education and Community Homes Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the Company is Reach House, Churchfield Road, Chalfont St. Peter, Gerrards Cross, England, SL9 9EN.
The financial statements are presented in pound sterling and are rounded to the nearest pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. The Company has net current assets of £7,801,233 (2023- net current assets of £8,744,099) and net assets of £14,899,819 (2023 - £13,796,378).
The Company’s financial forecasts, taking into consideration the current environment, show that the Company is expected to remain profitable and generate positive cash flows giving the Company the ability to operate for the foreseeable future. Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital redemption reserve
Other reserves
Profit and loss account
The Company has capital commitments as at the balance sheet date to complete projects at Chalvey Park and Farnham Lane.
The total amount contracted for but not provided in the financial statements was £1,904,974 (2023 - £Nil).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £209,222 (2023 - £95,389). Contributions totalling £23,738 (2023 - £21,875) were payable to the fund at the balance sheet date and are included in creditors.
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REHABILITATION EDUCATION AND COMMUNITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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