Company Registration No. 08445791 (England and Wales)
Oldham Care and Support Ltd
Annual report and financial statements
for the year ended 31 March 2025
Oldham Care and Support Ltd
Company information
Directors
Ms Catherine Butterworth
Mr Adrian McCourt
(Appointed 13 August 2025)
Ms Eleanor McNeil
(Appointed 1 January 2025)
Mr Terry Sweeney
(Appointed 13 August 2025)
Ms Patricia Taylor
Company number
08445791
Registered office
2 Ellesmere Street
Failsworth
Manchester
England
M35 9AD
Independent auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Oldham Care and Support Ltd
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
Oldham Care and Support Ltd
Strategic report
For the year ended 31 March 2025
1

The directors present their Strategic Report for consideration alongside the audited financial statements of Oldham Care and Support Ltd ("the Company" or "OCS") for the year ended 31 March 202 5.

Principal activities

The principal activity of Oldham Care and Support (OCS) is the provision of personalised adult social care services. This primarily consists of the provision of care to two client groups. Firstly, the provision of care to older and frail people in their own homes or in a community bed setting. These services aim to enable people to maintain and regain their independence, prevent hospital admissions and/or increase the independence of people who leave hospital and are unable to initially maintain fully independent living. Secondly, the provision of care to people with a learning disability, complex needs and/or autism that prevents them from living a fully independent life.

Fair review of the business

The Company was incorporated on 14th March 2013. The Company began formally trading in October 2013 following the transfer of 450 employees from Oldham Council (“the Council”) to Oldham Care and Support Ltd (“the Company”). During 2015 the Company was acquired by MioCare Group CIC (formerly Oldham Care Services Ltd), which is wholly owned by the Council. In 2024-25, the Company maintained its existing portfolio of services and there was no growth in activity in the period. The Company regularly reviews its business and financial planning arrangements. Historically these have been largely determined by the service level agreement and associated management fee with Oldham Council.

MioCare Group is an established member of Oldham’s integrated health and social care system, and has a seat on the Integrated Care Partnership Committee. OCS maintained its commitment to paying at least the Real Living Wage rate and intends to do so going forward. OCS also operates non-discriminatory policies in relation to its recruitment activities and has maintained, albeit on a small scale, an employment initiative to enable people with a learning disability to gain/retain employment.

The Company has a range of communication methods for liaising with staff including regular team meetings, monthly briefings, a weekly newsletter and staff conference events.

During 2024-25 the Company has carried out surveys with people it supports, receiving over 380 responses. Overall, it was an invaluable and positive exercise, but also constructive, with some key themes around where we can sharpen practice – an example being how we best inform people we support and their families about changes in staff providing support.

2024-25 was the first full year of the organisation’s three-year strategy, focused on combining our efforts to achieve the mission of supporting people to get the most out of life. The Board will continue to monitor progress against the plan through existing governance arrangements.

Principal risk s

The key risks for the business remain the future financial viability challenges faced by the public and care sectors. A number of key risks require effective management going forward, including:

- Growing levels of acuity and demand amongst Oldham’s adult population

- Constrained budgets at all levels

- Workforce recruitment and retention, for the Company and the wider sector

- Key legislative changes in terms of Adult Social Care reform nationally

- The ongoing development of the Greater Manchester Integrated Care System and how this plays out at an Oldham level

- The roll-out of digital care technology and the ability to manage well the Public Switch Telephone Network (PSTN) switchover process in the Helpline & Response service

- The capacity of the organisation to deliver its objectives in the context of its financial resources.

Actions to mitigate these risks are in operation and regular reporting on progress against these is made in detail to the Finance, Audit and Risk Committee (which meets quarterly) and in summary form to Board.

Oldham Care and Support Ltd
Strategic report (continued)
For the year ended 31 March 2025
2
Financial risk management objectives and policies

The company uses financial instruments – these include cash and various items such as trade debtors and trade creditors that arise directly from the company's operations. The existence of these financial instruments exposes the company to liquidity risk.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably. The directors have obtained confirmation of continued financial support from the Council for a period of no less than 12-months from the date of approval of said financial statements.

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, credit limits are set and reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Quality and performance

The Company continues to review the quality of both its financial and non-financial performance. A corporate dashboard is in place which is monitored by the Board of Management and is used to manage the organisation’s performance. The dashboard includes a range of key performance indicators in relation to services, risk, people and resources.

From a regulation perspective, in 2024-25 we have maintained ‘good’ ratings across all regulated services, whilst at the same time we have been preparing for Care Quality Commission’s new assessment framework.

On behalf of the board

Mr Adrian McCourt
Director
6 October 2025
Oldham Care and Support Ltd
Directors' report
For the year ended 31 March 2025
3

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Councillor David Arnott
(Resigned 4 June 2024)
Councillor Steven Bashforth
(Resigned 4 June 2024)
Ms Catherine Butterworth
Ms Nyla Ibrahim
(Resigned 18 April 2024)
Mr Robert Jackson
(Resigned 13 August 2025)
Mr Jeff Jones
(Resigned 13 August 2025)
Mr Adrian McCourt
(Appointed 13 August 2025)
Ms Eleanor McNeil
(Appointed 1 January 2025)
Mr Terry Sweeney
(Appointed 13 August 2025)
Ms Patricia Taylor
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

We continue to engage and maintain open channels of communication across all our teams, not only through essential reporting structures but also through the Senior Leadership Team being visible, staff conferences, team meetings, monthly briefings and engagement surveys. We will continue to push for increased engagement and think of new ways of doing this.

Highlights and future developments

2024-25 was the first full year of the organisation’s three-year strategy, focused on combining our efforts to achieve the mission of supporting people to get the most out of life.

We started the year with a round of People We Support engagement surveys, which, with 382 completed, gave great insights into the thoughts and feelings of the many Oldham residents using our services. This was a very positive exercise, though it was also constructive and gave us valuable feedback on areas we can sharpen, such as keeping people we support updated on any changes in the team providing care, for example.

Oldham Care and Support Ltd
Directors' report (continued)
For the year ended 31 March 2025
4
Highlights and future developments (continued)

The Senior Leadership Team (SLT) have created a set of workstreams under which detailed plans will deliver the agreed objectives over the three-year period, set against four strategic goals.

(1) people we support at the heart of everything

(2) to have an engaged, skilled and well-supported workforce

(3) to be an outstanding and collaborative organisation

(4) financial sustainability through growth and development.

The board has additional measures which will be used to determine the progress of these.

These strategic goals set an exciting, challenging and ambitious direction. We want to provide the very best experience for the people we support and their families, and push the boundaries of staff wellbeing, support and innovation in all its forms.

Despite the ongoing challenges inherent in the social care sector, OCS and the wider MioCare group has worked hard to control our costs and operate in a commercially viable manner, to deliver an appropriate surplus support to enable development, and crucially, ensure that its staff members can be properly rewarded for the life-changing jobs they do.

We have made real progress this year in the area of data (including workforce data), benefiting from a fixed-term Data Analyst role being part of the team this year. Service dashboards now help tell the story around our impact and contribution to the health and social care system and allow us to monitor, report, analyse and develop the business.

In June 2024, we were delighted to host Vic Rayner, Chief Executive of National Care Forum, to Oldham and combined with a visit to various services, also convene a roundtable of local authority trading company (LATCo) CEOs from the region.

Statement of directors' responsibilities

The directors are responsible 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements 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 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.

Oldham Care and Support Ltd
Directors' report (continued)
For the year ended 31 March 2025
5
Matters covered in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The Company's business activities, its financial position and factors likely to affect its future development are set out within the Strategic Report. The Company generates the majority of its revenue from contracts with Oldham Council (the Council) and the ability of the Company to continue as a going concern is dependent on the continued commissioning of the Company's services by the Council.

The directors have obtained confirmation of continued financial support from the Council for a period of no less than 12-months from the date of approval of said financial statements.

The directors anticipate funding levels to continue at a similar level and therefore have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future, being at-least 12 months from the signing of these financial statements

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Adrian McCourt
Director
6 October 2025
Oldham Care and Support Ltd
Independent auditor's report
To the members of Oldham Care and Support Ltd
6
Opinion

We have audited the financial statements of Oldham Care and Support Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 March 2025 and of its 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'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 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 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.

Other information

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.

Oldham Care and Support Ltd
Independent auditor's report
To the members of Oldham Care and Support Ltd (continued)
7

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

- certain disclosures of 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 directors' r esponsibilities s tatement, 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's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Oldham Care and Support Ltd
Independent auditor's report
To the members of Oldham Care and Support Ltd (continued)
8

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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 is available on the Financial Reporting Council’s website at: https://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.

Diane Petit-Laurent FCA
Senior Statutory Auditor
For and on behalf of Saffery LLP
6 October 2025
Statutory Auditors
Trinity
16 John Dalton Street
Manchester
M2 6HY
Oldham Care and Support Ltd
Statement of comprehensive income
For the year ended 31 March 2025
9
2025
2024
Notes
£
£
Turnover
3
17,586,788
16,770,113
Cost of sales
(16,797,203)
(16,150,980)
Gross profit
789,585
619,133
Administrative expenses
(504,726)
(872,716)
Operating profit/(loss)
284,859
(253,583)
Interest receivable and similar income
3,378,166
3,045,000
Interest payable and similar expenses
7
(2,131,000)
(2,041,000)
Profit before taxation
1,532,025
750,417
Tax on profit
8
(74,435)
2,434
Profit for the financial year
1,457,590
752,851
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(894,618)
(383,000)
Total comprehensive income for the year
562,972
369,851

The income statement has been prepared on the basis that all operations are continuing operations.

Oldham Care and Support Ltd
Statement of financial position
As at 31 March 2025
10
2025
2024
Notes
£
£
£
£
Current assets
Debtors
9
1,021,536
2,234,051
Cash at bank and in hand
1,420,467
295,241
2,442,003
2,529,292
Creditors: amounts falling due within one year
10
(872,556)
(1,522,817)
Net current assets
1,569,447
1,006,475
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
1,569,446
1,006,474
Total equity
1,569,447
1,006,475
The financial statements were approved by the board of directors and authorised for issue on 3 October 2025 and are signed on its behalf by:
Mr Adrian McCourt
Director
Company Registration No. 08445791
Oldham Care and Support Ltd
Statement of changes in equity
For the year ended 31 March 2025
11
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
1
636,623
636,624
Year ended 31 March 2024:
Profit
-
752,851
752,851
Other comprehensive income:
Actuarial gains on defined benefit plans
-
3,604,000
3,604,000
Restriction on defined benefit pension surplus
-
(4,200,000)
(4,200,000)
Impact of pension scheme revaluation
-
213,000
213,000
Total comprehensive income
-
369,851
369,851
Balance at 31 March 2024
1
1,006,474
1,006,475
Year ended 31 March 2025:
Profit
-
1,457,590
1,457,590
Other comprehensive income:
Actuarial gains on defined benefit plans
-
7,337,000
7,337,000
Restriction on defined benefit pension surplus
-
(8,231,618)
(8,231,618)
Total comprehensive income
-
562,972
562,972
Balance at 31 March 2025
1
1,569,446
1,569,447
Oldham Care and Support Ltd
Notes to the financial statements
For the year ended 31 March 2025
12
1
Accounting policies
Company information

Oldham Care and Support Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Ellesmere Street, Failsworth, Manchester, England, M35 9AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of MioCare Group Community Interest Company. These consolidated financial statements are available from its registered office, Ena Hughes Resource Centre, Ellesmere Street, Failsworth, Manchester, M35 9AD.

1.2
Going concern

The Company's business activities, its financial position and factors likely to affect its future development are set out within the Strategic Report. The Company generates the majority of its revenue from contracts with Oldham Council (the Council) and the ability of the Company to continue as a going concern is dependent on the continued commissioning of the Company's services by the Council.true

The directors have obtained confirmation of continued financial support from the Council for a period of no less than 12-months from the date of approval of said financial statements.

The directors anticipate funding levels to continue at a similar level and therefore have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future, being at-least 12 months from the signing of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Income is received from Oldham Council under defined contractual arrangements. Income is recognised in the period in which service under those contracts is provided.

Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
13
Income is also received from a number of private clients for care and well-being services and income is recognised in the period that the service is delivered.
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and deposits held at call with banks and ban k overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
14
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
15
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The costs are recognised as an expense in measuring profit or loss in the period.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
16

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. If the company cannot benefit from a scheme surplus in the form of refunds from the plan or reductions in future contributions, any asset resulting from the above policy is restricted accordingly.

2
Critical accounting judgements and key sources of estimation uncertainty

Management have applied their own judgement to assess the appropriateness of the key accounting policies, and to ensure that they are compliant with FRS 102.

Accounting for defined benefit pension scheme

The cost of defined pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Judgements and estimates are also made, using actuarial guidance, regarding key assumptions in the valuing of scheme assets and liabilities. The long-term nature of these plans and assets and liabilities that underpin them mean that such estimates are subject to uncertainty.

3
Turnover and other revenue

An analysis of turnover by class of business is as follows:

2025
2024
£
£
Turnover analysed by class of business
Turnover from the provision of services
17,586,788
16,770,113
2025
2024
£
£
Other revenue
Interest income
3,378,166
3,045,000

The entire turnover of the company in both the current and prior period, is attributable to the Company's principal activity which is wholly carried out in the United Kingdom.

4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
27,117
25,950
Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
17
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
411
475

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
13,537,061
13,362,217
Social security costs
1,145,584
1,067,516
Pension costs
332,652
295,016
15,015,297
14,724,749
6
Directors' remuneration

During both the current and prior period, directors' remuneration was borne by MioCare Group Community Interest Company.

7
Interest payable and similar expenses
2025
2024
£
£
Net interest on the net defined benefit liability
2,131,000
2,041,000
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
96,238
21,803
Adjustments in respect of prior periods
(21,803)
(24,237)
Total current tax
74,435
(2,434)
Deferred tax
Origination and reversal of timing differences
6,840
-
0
Adjustments in respect of prior periods
(6,840)
-
0
Total deferred tax
-
0
-
0
Total tax charge/(credit)
74,435
(2,434)
Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
Taxation (continued)
18

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,532,025
750,417
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
383,006
187,604
Tax effect of income not taxable in determining taxable profit
(245,750)
-
0
Adjustments in respect of prior years
(28,643)
(24,237)
Group relief
(56,178)
(57,383)
Deferred tax not recognised
22,000
(108,418)
Taxation charge/(credit) for the year
74,435
(2,434)

9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
308,763
442,120
Amounts owed by group undertakings
697,108
1,488,296
Other debtors
3,531
167,696
Prepayments and accrued income
12,134
135,939
1,021,536
2,234,051

An impairment loss of £nil (2024: £nil) was recognised against trade debtors.

The amounts owed by group undertakings and parent company are interest free and payable on demand.

Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
19
10
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
157,410
138,323
Amounts owed to group undertakings
-
0
757,148
Corporation tax
96,238
21,803
Other taxation and social security
237,095
288,627
Other creditors
105,732
51,465
Accruals and deferred income
276,081
265,451
872,556
1,522,817

Amounts owed to group undertakings and parent company are interest free and payable on demand.

11
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
332,652
295,016

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
11
Retirement benefit schemes (continued)
20
Defined benefit schemes

The Company operates a defined benefit scheme for qualifying employees. The Greater Manchester Pension Fund (GMPF) is a multi-employer scheme, which is administered by Tameside MBC under the regulations governing the Local Government Pension Scheme (LGPS), a defined benefit scheme. The most recent formal actuarial valuation was a revaluation completed as at 31 March 202 5.

2025
2024
Key assumptions
%
%
Discount rate
5.8
4.85
Expected rate of increase of pensions in payment
2.75
2.75
Expected rate of salary increases
3.55
3.55
Inflation assumption
3.05
3.05
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
18.9
19.0
- Females
22.6
22.6
Retiring in 20 years
- Males
19.7
19.8
- Females
24.1
24.2
2025
2024

Amounts recognised in the income statement

£
£
Current service cost
1,071,000
1,252,000
Net interest on net defined benefit liability/(asset)
(450,000)
(1,004,000)
Past service cost
247,000
199,000
Total costs
868,000
447,000
2025
2024

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(656,000)
1,555,000
Less: calculated interest element
-
-
Return on scheme assets excluding interest income
(656,000)
1,555,000
Actuarial changes related to obligations
7,993,000
2,049,000
Total income
7,337,000
3,604,000
Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
11
Retirement benefit schemes (continued)
21

The amounts included in the Statement of Financial Position arising from the Company's obligations in respect of defined benefit plans are as follows:

2025
2024
£
£
Present value of defined benefit obligations
38,568,000
43,506,000
Fair value of plan assets
(72,341,000)
(69,047,000)
Surplus in scheme
(33,773,000)
(25,541,000)
2025
2024

Movements in the present value of defined benefit obligations

£
£
Liabilities at 1 April
43,506,000
42,436,000
Current service cost
1,071,000
1,252,000
Past service cost
247,000
199,000
Benefits paid
(719,000)
(722,000)
Contributions from scheme members
325,000
349,000
Actuarial gains and losses
(7,993,000)
(2,049,000)
Interest cost
2,131,000
2,041,000
At 31 March
38,568,000
43,506,000
2025
2024

The defined benefit obligations arise from plans funded as follows:

£
£
Wholly unfunded obligations
-
-
Wholly or partly funded obligations
38,568,000
43,506,000
38,568,000
43,506,000
2025
2024

Movements in the fair value of plan assets

£
£
Fair value of assets at 1 April
69,047,000
63,777,000
Interest income
3,361,000
3,045,000
Return on plan assets (excluding amounts included in net interest)
(656,000)
1,555,000
Benefits paid
(719,000)
(722,000)
Contributions by the employer
325,000
349,000
Contributions by scheme members
983,000
1,043,000
At 31 March
72,341,000
69,047,000
Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
11
Retirement benefit schemes (continued)
22
2025
2024
£
£
The analysis of the scheme assets at the reporting date were as follows:
Equity instruments
47,021,650
46,951,960
Debt instruments
12,297,970
10,357,050
Property
6,510,690
5,523,760
Cash
6,510,690
6,214,230
72,341,000
69,047,000
12
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1

There is a single class of ordinary shares. There are no restrictions on dividends and the the repayment of capital.

13
Reserves

Profit and loss account

Cumulative profit and loss net of distributions to owners.

14
Related party transactions

The company has taken advantage of the exemption in section 33 of Financial Reporting Standard 102 "Related party disclosures" and has not disclosed transactions with wholly owned group undertakings.

15
Ultimate controlling party

The immediate parent company is MioCare Group Community Interest Company, a company registered in England and Wales.

The financial statements of the company are consolidated in the financial statements of MioCare Group Community Interest Company. These consolidated financial statements are available from its registered office, Ena Hughes Resource Centre, Ellesmere Street, Failsworth, Manchester, M35 9AD.

The largest group in which the results of the Company are consolidated is MioCare Group Community Interest Company. There is no smaller group in which the results of the Company are consolidated.

The ultimate controlling party is considered to be Oldham Council, by virtue of its 100% holding in the voting share capital of MioCare Group Community Interest Company.

Oldham Care and Support Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
23
16
Contingent assets

The legislative framework governing access to The Greater Manchester Pension Fund means an organisation can only gain 'admitted body' status if there is a sponsoring body that is willing to provide a guarantee. O ldham Council is the sponsoring body for the Company and the guarantee means that if an admitted body fails to pay its pension obligations to The Greater Manchester Pension Fund then Oldham Council will take on those obligations.

2025-03-31 2024-04-01 false false false CCH Software CCH Accounts Production 2024.301 Councillor David Arnott Councillor Steven Bashforth Ms Catherine Butterworth Ms Nyla Ibrahim Mr Jeff Jones Mr Adrian McCourt Ms Eleanor McNeil Mr Terry Sweeney Ms Patricia Taylor Ms Patricia Taylor 08445791 2024-04-01 2025-03-31 08445791 bus:Director3 2024-04-01 2025-03-31 08445791 bus:Director6 2024-04-01 2025-03-31 08445791 bus:Director7 2024-04-01 2025-03-31 08445791 bus:Director8 2024-04-01 2025-03-31 08445791 bus:Director9 2024-04-01 2025-03-31 08445791 bus:Director1 2024-04-01 2025-03-31 08445791 bus:Director2 2024-04-01 2025-03-31 08445791 bus:Director4 2024-04-01 2025-03-31 08445791 bus:ChiefExecutive 2024-04-01 2025-03-31 08445791 bus:Director5 2024-04-01 2025-03-31 08445791 bus:Director10 2024-04-01 2025-03-31 08445791 bus:RegisteredOffice 2024-04-01 2025-03-31 08445791 2025-03-31 08445791 2023-04-01 2024-03-31 08445791 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 08445791 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 08445791 2024-03-31 08445791 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 08445791 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08445791 core:CurrentFinancialInstruments 2025-03-31 08445791 core:CurrentFinancialInstruments 2024-03-31 08445791 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2025-03-31 08445791 core:ShareCapital 2025-03-31 08445791 core:ShareCapital 2024-03-31 08445791 core:RetainedEarningsAccumulatedLosses 2025-03-31 08445791 core:RetainedEarningsAccumulatedLosses 2024-03-31 08445791 core:ShareCapital 2023-03-31 08445791 core:RetainedEarningsAccumulatedLosses 2023-03-31 08445791 core:UKTax 2024-04-01 2025-03-31 08445791 core:UKTax 2023-04-01 2024-03-31 08445791 1 2024-04-01 2025-03-31 08445791 1 2023-04-01 2024-03-31 08445791 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 08445791 bus:FRS102 2024-04-01 2025-03-31 08445791 bus:Audited 2024-04-01 2025-03-31 08445791 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP