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Registered number: SC096630
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
For the Year Ended
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ADVANCED SPECIALIST CARE LIMITED
COMPANY INFORMATION
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ADVANCED SPECIALIST CARE LIMITED
CONTENTS
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ADVANCED SPECIALIST CARE LIMITED
STRATEGIC REPORT
For the Year Ended 30 September 2024
The directors, in preparing this strategic report, has complied with s414C of the Companies Act 2006.
Principal activity The principal activity of the Company is the provision of care services including residential care for adults with learning disabilities, nursing care for elderly, dementia care, palliative care and Huntington’s care. The Company is a wholly owned subsidiary of Balhousie Holdings Limited ("The Group").
The Company recorded a profit before tax of £3,579k (2023 - £2,805k).
A more detailed analysis of the performance of the Company is provided in the Business Review below.
The Company has experienced a 9.54% increase in turnover from 2023, largely reflecting increased fee rates. Recruitment and retention of staff remain critical to the delivery of quality care, and the care sector as a whole continues to face challenges attracting and retaining high quality staff. The use of agency staff and increases to staff wages has put pressure on margins. Steps to mitigate agency use that were implemented in the prior year have resulted in agency costs significantly decreasing against 2023. Administration costs are closely monitored, however we are seeing price increases across all of our supplies.
The Group has assessed their KPIs as:
• Occupancy Rates • Average Fee Income per bed • Care Quality Grades • EBITDA % of Turnover • Wages & Salaries % of Income • Staff Turnover In relation to KPIs, the Group is performing at or above regional sector averages when benchmarked to the sector.
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ADVANCED SPECIALIST CARE LIMITED
STRATEGIC REPORT (CONTINUED)
For the Year Ended 30 September 2024
The directors are responsible for risk assessment and management within the Group. The main risks associated with the Group’s financial assets and liabilities are set out below:
Financial Risks As part of the acquisition by Selba Care Ltd, the Balhousie Care Limited and Advanced Specialist Care Limited bank debt was repaid in its entirety. This was replaced by a group liability for the financial liabilities of the parent company. The parent company has a single investment in the Balhousie Group. The senior / junior lenders have first / second ranked security over the assets. Credit risk is managed by invoicing private residents in advance and ensuring that all sales invoices are raised timeously. Appropriate credit control procedures are followed for all operations. Credit risk is also reduced by being in the advantageous position of having a significant level of income generated through local government across a variety of local authorities. Operational risks The Group’s services are regulated by the Care Inspectorate which has significant enforcement powers against operators who do not comply with statutory requirements. Operational risk is managed by care home managers and the Group’s Operational Support Team. This is monitored internally by management, internal quality controls and externally by regular unannounced inspections by the Care Inspectorate. Corporate governance The Group operates Care Governance and Audit & Remuneration Committees that provide oversight on key care quality, remuneration and audit issues impacting on the business.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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ADVANCED SPECIALIST CARE LIMITED
DIRECTORS' REPORT
For the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
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.
The profit for the year, after taxation, amounted to £3,262k (2023 - £2,781k).
A dividend of £1,928k was paid during the year to Balhousie Holdings Limited (2023 - £2,264k).
The directors who served during the year were:
The Group is undertaking a program of investment in their current facilities to future proof them. Thereafter looking at growth opportunities within their current geographical area of operations.
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ADVANCED SPECIALIST CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 30 September 2024
There have been no significant events affecting the Company since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ADVANCED SPECIALIST CARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED SPECIALIST CARE LIMITED
We have audited the financial statements of Advanced Specialist Care Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 Auditors' 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.
We draw attention to note 2.3 in the financial statements, which indicates that there is a material uncertainty relating to going concern due to the following circumstances.
The Group did not meet its loan covenants at the year end, but have received confirmation from their senior lender National Westminster Bank PLC, that support will be provided up to the point of renewal in September 2027. There is a level of debt that is due to be repaid in September 2027. The Group relies on these loans to allow them to continue to operate. The directors and owners are currently working on a number of plans in order to refinance this debt. As stated in note 2.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included consideration of post year end trading, and the directors' proposed solutions to resolve the relevant issues..
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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ADVANCED SPECIALIST CARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED SPECIALIST CARE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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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ADVANCED SPECIALIST CARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED SPECIALIST CARE 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 Auditors' 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. 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. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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 Auditors' 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 Auditors' 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.
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ADVANCED SPECIALIST CARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED SPECIALIST CARE LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants & Statutory Auditors
14 City Quay
DD1 3JA
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ADVANCED SPECIALIST CARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended 30 September 2024
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ADVANCED SPECIALIST CARE LIMITED
Registered number: SC096630
STATEMENT OF FINANCIAL POSITION
As at
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 25 form part of these financial statements.
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ADVANCED SPECIALIST CARE LIMITED
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 September 2024
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ADVANCED SPECIALIST CARE LIMITED
ANALYSIS OF NET DEBT
For the Year Ended 30 September 2024
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
Advanced Specialist Care Limited is a limited company incorporated in Scotland. The registered office is
located at Earn House, Lamberkine Drive, Perth, PH1 1RA.
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 functional and presentational currency of the Company is GBP sterling (£). The balances
reported in the financial statements have been rounded to the nearest thousand.
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 Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Balhousie Holdings Limited and Selba Ventures Ltd as at 30 September 2024 and these financial statements may be obtained from Companies House.
Whilst the Group achieves operating profits, the Group did not meet its loan covenants at the year end, but have received confirmation from their senior lender, National Westminster Bank PLC, that support will be provided up to the point of renewal in September 2027. The directors are aware that there is a level of debt that is due to be repaid in September 2027. The directors and owners are currently working on a number of plans in order to refinance this debt but accept that at the moment there exists a material uncertainty regarding going concern.
The directors are confident that this issue will be resolved before the due dates for payment of the relevant debts.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Turnover represents fee income receivable from care services provided. Turnover is recognised in the year in which the Company obtains the right to consideration as the services provided under contracts have been delivered and is recorded at the value of the consideration due. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of the Creditors due within one year. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
2.Accounting policies (continued)
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 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.
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.
No depreciation is provided on freehold property in the current or prior year. The director considers
that this accounting policy, which represents a departure from the statutory accounting rules, is necessary to provide a true and fair view as permitted under FRS 102. The Group has a policy and practice of regular maintenance and repairs (charges for which are recognised in the profit and loss account) such that the freehold property is kept to its previously assessed standards of performance. As a result the property maintains a high residual value and any depreciation is not considered material. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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 Statement of Financial Position 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.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, asset life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Assets are considered for indications of impairment, if required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit. Recoverability of debtors Bad debts are provided where, in the opinion of the directors, there is objective evidence of the need for a provision.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
The whole of the turnover and profit before taxation relates to continuing activities and is attributable to the provision of care facilities for the elderly and infirm.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
The only factors affecting future tax charges are those imposed by HMRC.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
Cost or valuation at 30 September 2024 is as follows:
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
National Westminster Bank Plc and Kroll Trustee Services Limited, via intercreditor agreement, hold a fixed standard security over the fixed asset properties, and a floating charge over the assets of the company in respect of the bank loan held within Selba Care Ltd and loans held within Selba Ventures Ltd, both parent companies in the group.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
Revaluation reserve
Profit and loss account
The company operates a defined contribution 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 £132k (2023 - £111k). Contributions totalling £30k (2023 - £26k) were payable to the fund at the balance sheet date and are included in creditors.
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ADVANCED SPECIALIST CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
The immediate parent undertaking is
The parent undertaking of the largest group to consolidate these financial statements is The ultimate controlling party is The Olivetree Foundation, by virtue of the share ownership held in Zamoli Ventures AG. The registered address of The Olivetree Foundation is Bangarten 10, FL-9490 Vaduz, Leichtenstein.
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