Registration number:
Care Today/Parallel Parents Ltd
for the Year Ended 30 April 2025
Care Today/Parallel Parents Ltd
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Care Today/Parallel Parents Ltd
Company Information
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Director |
Sean Fitzpatrick |
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Company secretary |
Ellen Fitzpatrick |
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Registered office |
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Auditors |
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Care Today/Parallel Parents Ltd
Strategic Report for the Year Ended 30 April 2025
The director presents the strategic report for the year ended 30 April 2025.
Principal activity
The principal activity of the group is that of a fostering agency and provision of children's care homes.
Fair review of the business
In this Strategic Review, we intend to present a balanced view of the development and performance of the Group throughout the year and its position at year end. This Review is consistent with the size and non-complex nature of our business and is written in the context of the current risks and uncertainties. Our principal activities are as an independent Fostering Agency (IFA) and provider of children’s care homes. We have continued this throughout the year, working across the North West, North East and Midlands. We operate solely in the United Kingdom and have no offices outside the UK. We are an Equal Opportunities Employer, with non discriminatory selection processes. The company's Health and Safety policies meet all current regulations to ensure the health, safety and welfare of our employees (and foster carers and children) - as far as is reasonably practicable. Our management and whistleblowing policies protect any employee or carer who wishes to raise any issues or concerns about the company. We consult and communicate with all by phone and email. We continue to expand our geographical spread and provide children’s care homes to ensure diverse support services for foster children (respite and step up and step down placements). The company does not offer any form of employee share scheme and does not intend to do so.
The subsidiary Parallel Parents Ltd acquired the trade for four childrens care homes from the Care Today (Childrens Services) partnership which is controlled by the directors of the Company.
Also in the year, Parallel Parents Ltd acquired 100% of the issued share capital of Car Surgery Consultancy Ltd.
Note the KPI's below show the financial results for the 12 months to 30th April 2025 and the comparative of the six months to 30th April 2024 due to the change in the period lengths.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
20,866,259 |
8,657,064 |
|
EBITDA |
£ |
4,885,723 |
1,573,250 |
Principal risks and uncertainties
The group is exposed to a moderate level of price risk. They have a flexible and transparent pricing model which allows them to adjust to changes in their cost base quickly.
Exposure to liquidity and cashflow risk is managed by good credit terms with customers.
The group manages these risks by financing its operations through retained profits which is also used to fund expansion or capital expenditure programmes.
The management objectives are to retain sufficient liquid funds to enable it to meet its day-to-day requirements.
Approved and authorised by the
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Care Today/Parallel Parents Ltd
Director's Report for the Year Ended 30 April 2025
The report and the for the year ended 30 April 2025.
Director of the group
The director who held office during the year was as follows:
Information included in the Strategic Report
The Group has chosen, in accordance with Companies Act 2006, s.141C (11), to set out in the Group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2006, Sch.7 to be contained in the Directors' Report.
Disclosure of information to the auditor
The director has taken steps that ought to have taken as a director in order to make aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that of and of which the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution proposing that Williamson & Croft Audit Ltd be appointed as auditor fo the company for the year-ended 30 April 2025 was passed at a General Meeting.
On 1 December 2025, Williamson & Croft Audit Ltd began trading as UHY Williamson Croft and have signed the audit report in that name.
A resolution for the re-appointment of UHY Williamson Croft as auditors of the company for the year-ended 30 April 2026 is to be proposed at a forthcoming General Meeting.
Approved and authorised by the
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Care Today/Parallel Parents Ltd
Statement of Director's Responsibilities
The responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable to ensure that the financial statements comply with the Companies Act 2006. also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
Opinion
We have audited the financial statements of Care Today/Parallel Parents Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have given consideration to the control environment (including management's own process for identifying and assessing risks) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration was also given to the attitudes and incentives of management to commit fraud. We determined that the greatest potential for fraud existed in the following areas: timing of recognition of income and posting of unusual journals and complex transactions. In line with all audits performed under International Standards on Auditing (UK), we planned and performed specific procedures to respond to the risk of management override of controls. We also obtained an understanding of the applicable laws and regulations that the company has to abide by, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation. We paid particular focus to those laws and regulations that had the potential to materially impact the amounts and disclosures within the financial statements. The key laws and regulations we identified were the UK Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice), health and safety legislation, tax legislation, employment law, Data Protection Regulation. The Group is also required to be inspected by OFSTED.
After our initial risk assessment, we performed the following procedures to detect material misstatements in respect of irregularities arising due to fraud or error:
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Auditing the risk of management override of controls, including through testing journal entries and other
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Reviewing financial statement disclosures and testing these against supporting documentation to assess
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Assessing key accounting estimates within the financial statements in order to assess their reasonableness and
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Reviewing minutes of meetings of those charged with governance; |
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Making enquiries of management as to whether they are aware of any alleged, suspected or actual fraud during the year; |
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Testing completeness of income from source documents to the financial statements; |
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Confirming existence of both income and foster carer payments by tracing to formal agreements with the relevant Local Authority |
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We also performed procedures to satisfy ourselves regarding compliance with applicable laws and regulations, including: |
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Making enquiries of management and those charged with governance if there were any actual and potential litigation and claims; |
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Reviewing legal and professional fees incurred in the year for indicators of any litigation or claims against the company; |
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Reviewing minutes of meetings of those charged with governance; |
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Reviewing correspondence with relevant legal authorities; |
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Reviewing latest OFSTED inspection report. |
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All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance with relevant laws and regulations or fraud. |
Care Today/Parallel Parents Ltd
Independent Auditor's Report to the Members of Care Today/Parallel Parents Ltd
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There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the Directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the law in itself is far removed from any financial transactions. |
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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
20 York Street
Manchester
M2 3BB
Care Today/Parallel Parents Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2025
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Note |
Year ended |
Period ended |
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Turnover |
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|
|
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
|
440,293 |
391,608 |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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Profit for the year |
|
|
|
Deficit on property, plant and equipment revaluation |
( |
- |
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Total comprehensive income for the year |
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|
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Total comprehensive income attributable to: |
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Owners of the company |
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Care Today/Parallel Parents Ltd
(Registration number: 04311745)
Consolidated Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Intangible assets |
|
- |
|
|
Tangible assets |
|
|
|
|
|
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||
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Current assets |
|||
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Debtors |
|
|
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Cash at bank and in hand |
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|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
300 |
300 |
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|
Revaluation reserve |
122,458 |
656,288 |
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Other reserves |
4,000 |
3,900 |
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Retained earnings |
37,019,519 |
33,842,320 |
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Equity attributable to owners of the company |
37,146,277 |
34,502,808 |
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Shareholders' funds |
37,146,277 |
34,502,808 |
Approved and authorised by the
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Care Today/Parallel Parents Ltd
(Registration number: 04311745)
Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Investments |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
300 |
300 |
|
|
Shareholders' funds |
300 |
300 |
The company made a profit after tax for the financial year of £Nil
Approved and authorised by the
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Care Today/Parallel Parents Ltd
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2025
Equity attributable to the parent company
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Share capital |
Revaluation reserve |
Merger reserve |
Retained earnings |
Total |
Total equity |
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At 1 May 2024 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
( |
- |
- |
( |
( |
|
Total comprehensive income |
- |
( |
- |
|
|
|
|
Merger adjustment, increase in equity |
- |
- |
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- |
|
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At 30 April 2025 |
|
|
|
|
|
|
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Share capital |
Revaluation reserve |
Merger reserve |
Retained earnings |
Total |
Total equity |
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At 1 November 2023 |
|
|
|
|
|
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Profit for the year |
- |
- |
- |
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|
|
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At 30 April 2024 |
300 |
656,288 |
3,900 |
33,842,320 |
34,502,808 |
34,502,808 |
Care Today/Parallel Parents Ltd
Statement of Changes in Equity for the Year Ended 30 April 2025
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Share capital |
Total |
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At 1 May 2024 |
|
|
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At 30 April 2025 |
|
|
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Share capital |
Total |
|
|
At 1 November 2023 |
|
|
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At 30 April 2024 |
300 |
300 |
Care Today/Parallel Parents Ltd
Consolidated Statement of Cash Flows for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
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Other adjustments |
|
- |
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Loss on disposal of tangible assets |
- |
|
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Finance income |
( |
( |
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Finance costs |
|
|
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Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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Decrease/(increase) in trade debtors |
|
( |
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Increase/(decrease) in trade creditors |
|
( |
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Cash generated from operations |
|
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 May |
|
|
|
|
Cash and cash equivalents at 30 April |
11,745,686 |
19,319,749 |
|
Care Today/Parallel Parents Ltd
Statement of Cash Flows for the Year Ended 30 April 2025
|
2025 |
2024 |
|
|
Cash flows from operating activities |
||
|
Profit/(loss) for the year |
- |
- |
|
Net cash flow from operating activities |
- |
- |
|
Net increase/(decrease) in cash and cash equivalents |
- |
- |
|
Cash and cash equivalents at 1 May |
- |
- |
|
Cash and cash equivalents at 30 April |
- |
- |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The consolidation of the subsidiary companies has been accounted for using the merger method of accounting following a group reorganisation in previous years as permitted by FRS 102. Assets and liabilities of the parties to the combination were not required to be adjusted to fair value.
The subsidiary Car Surgery Consultancy Ltd has been consolidated using the purchase method of accounting 100% of the share capital was acquired in the year. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Disclosure of long or short period
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tax
The tax expense for the period comprises current tax and movement in deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
Tangible assets
Land and buildings held and used in the Company's own activities are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful lives, using the straight-line method.
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.
Fittings, furniture, tools and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income
immediately.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Furniture, fittings, tools and equipment |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10 years |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Loss on disposal of tangible assets |
- |
( |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Loss on disposal of property, plant and equipment |
- |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
- |
- |
|
- |
- |
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of financial statements |
|
|
|
Non audit services providers by auditors - accounts preparation |
|
|
|
20,750 |
18,000 |
|
Taxation |
Tax charged/(credited) in the consolidated statement of comprehensive income
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
|
Tax decrease arising from group relief |
( |
- |
|
Tax increase from other tax effects |
|
- |
|
Total tax charge |
|
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Deferred tax on revaluation of Land & Buildings |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Deferred tax on revaluation of Land & Buildings |
- |
|
|
- |
|
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
Additions acquired separately |
|
|
|
Acquired through business combinations |
|
|
|
At 30 April 2025 |
|
|
|
Amortisation |
||
|
Amortisation charge |
|
|
|
At 30 April 2025 |
|
|
|
Carrying amount |
||
|
At 30 April 2025 |
|
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and Machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 May 2024 |
|
|
|
- |
|
|
Revaluations |
( |
- |
- |
- |
( |
|
Additions |
|
|
|
|
|
|
At 30 April 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 May 2024 |
- |
|
|
- |
|
|
Charge for the year |
- |
|
|
|
|
|
At 30 April 2025 |
- |
|
|
|
|
|
Carrying amount |
|||||
|
At 30 April 2025 |
|
|
|
|
|
|
At 30 April 2024 |
|
|
|
- |
|
Included within the net book value of land and buildings above is £10,841,604 (2024 - £10,139,386) in respect of freehold land and buildings.
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 April 2025 |
|
|
At 30 April 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital (all of which are consolidated into the Group Financial Statements) are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
|
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
|
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
|
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
2nd,Floor Lansdowne House, 85 Buxton Road Heavily, Buxton Road, Stockport, England, SK2 6LR England & Wales |
|
|
|
The holdings in all subsidiaries except Car Surgery Consultancy Ltd have 100% of their issued share capital owned directly by Care Today/Parallel Parents Ltd. Parallel Parents Ltd (a subsidiary of the group) owns 100% of the issued share capital of Car Surgery Consultancy Ltd.
On 13 June 2024, Parallel Parents Ltd acquired 100% of the issued share capital of Car Surgery Consultancy Ltd, obtaining control.
On 27 October 2025, the group undertook a restructure such that the direct shareholding of Car Surgery Consultancy Ltd were transferred to be held by Care Today/Parallel Parents Ltd.
|
Subsidiary undertakings |
|
Parallel Parents Ltd The principal activity of Parallel Parents Ltd is |
|
Care Today (Chlidrens Services) Ltd The principal activity of Care Today (Chlidrens Services) Ltd is |
|
Training to Care Ltd The principal activity of Training to Care Ltd is |
|
Care Today (Disability Services) Ltd The principal activity of Care Today (Disability Services) Ltd is |
|
Car Surgery Consultancy Ltd The principal activity of Car Surgery Consultancy Ltd is |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Business combinations |
The subsidiary Parallel Parents Ltd acquired the trade for four children's' care homes from the Care Today (Childrens Services) partnership which is controlled by the directors of the Company.
£11,582,200 was paid for three homes that were obtained as of 21 August 2024. £4,480,000 was paid for the home obtained as of 23 March 2025.
The total consideration of £16,062,000 has therefore been recognised in goodwill additions.
The useful life of goodwill is 10 years.
On
Car Surgery Consultancy Ltd contributed £
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
|
Book value |
Revaluation adjustments |
Fair value |
|
|
Assets and liabilities acquired |
|||
|
Financial assets |
6,113 |
- |
|
|
Tangible assets |
87,095 |
48,372 |
|
|
Financial liabilities |
(18,731) |
- |
( |
|
Total identifiable assets |
74,477 |
48,372 |
|
|
Goodwill |
124,917 |
- |
|
|
Total consideration |
199,394 |
48,372 |
247,766 |
|
Cash flow analysis: |
|||
|
Cash consideration |
247,766 |
- |
|
|
|
|||
The useful life of goodwill is
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
- |
|
- |
- |
|
Accrued income |
|
|
- |
- |
|
|
|
- |
- |
|
Group
The payments on account of £5,595,421 in 2024 included in prepayments is for the trade and assets purchase from the Care Today Partnership..
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
- |
- |
|
|
|
- |
- |
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
- |
- |
- |
|
|
Other payables |
( |
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
Income tax liability |
564,526 |
59,656 |
- |
- |
|
|
|
|
- |
- |
||
|
Due after one year |
|||||
|
Other financial liabilities |
|
|
- |
- |
|
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Provisions for liabilities |
Group
|
Deferred tax on revaluation of Land & Buildings |
Total |
|
|
At 1 May 2024 |
|
|
|
Additional provisions |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 April 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
300 |
|
300 |
Care Today/Parallel Parents Ltd
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Related party transactions |
Group
The Company has taken advantage of the available exemption under FRS 102 from disclosing transactions with related parties where those transaction have been eliminated within the consolidated financial statements.
As at 30 April 2025, there is an amount of £3,582 (2024: £3,582) owed to the Director from the Group which is included within creditors due within one year. These amounts are provided interest free and unsecured.
As at 30 April 2025, there is an amount of £506,337 (2024: £506,337) owed by the Group to the Parallel Parents Family Findings Ltd which is controlled by the Director of the Group. This is included within creditors due after one year. These amounts are provided interest free and unsecured.
As at 30 April 2025, there is an amount of £432,670 (2024: £398,451) owed by the Group to the Care Today (Childrens Services) Partnership which is controlled by the Director of the Group. This is included within creditors due within one year. These amounts are provided interest free and unsecured.
During the year to 30 April 2025, Care Today (Childrens Services) Partnership recharged expenditure of £423,764 (period ended 30th April 2024: £299,808) to the Group.
|
Financial instruments |
Group
Categorisation of financial instruments
|
30 April 2025 |
30 April 2024 |
|
|
Financial assets measured at fair value through profit or loss |
|
|
|
Financial liabilities measured at fair value through profit or loss |
|
|