Company Registration No. 11852187 (England and Wales)
NATIONAL CARE GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2021
NATIONAL CARE GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr F Lalani
Mr J Mawji
Mr D Rowe-Bewick
Mr J Allen
Prof M Green
Mrs K Lewis
Mr M Cleasby
(Appointed 1 September 2020)
Mr M Ranson
(Appointed 1 September 2020)
Mrs C Leake
(Appointed 26 August 2021)
Secretary
Mr J Hugkulstone
Company number
11852187
Registered office
Suite 22 The Globe Centre
St James Square
Accrington
Lancashire
BB5 0RE
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
NATIONAL CARE GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14 - 15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 47
NATIONAL CARE GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2021
- 1 -
The directors present the strategic report for the year ended 30 March 2021.
The principal activity of the Group continued to be that of provision of care, support and educational services across a wide range of settings across England and Wales.
STATEMENT IN ACCORDANCE WITH SECTION 172 OF THE COMPANIES ACT 2006
The Directors are required to make a statement which describes how they have behaved with regard to the matters set out in Section 172(1) of the Companies Act 2006, namely:
Duty to promote the success of the company
-
the likely consequences of any decision in the long-term.
-
the interests of the company’s employees.
-
the need to foster the company’s business relationships with suppliers, customers, and others.
-
the impact of the company’s operations on the community and the environment.
-
the desirability of the company maintaining a reputation for high standard of business conduct.
-
the need to act fairly between members of the company.
Section 172 Statement
The Directors insist on high operating standards, fiscal discipline and routinely engage with management, people we support, colleagues we employ and stakeholders of the Organisation to understand any underlying issues.
Additionally, the Board looks outside the Organisation at macro factors affecting the business. The Directors review all known facts when developing strategic decisions and long-term plans, considering their likely consequences for the Organisation. Our ability to respond to changes in market expectations is enhanced by the establishment of an experienced Executive and Senior Leadership Team with significant sectorial experience in both public and independent sectors.
To be sustainable in the long term, the business understands that high quality, person-centred support is central to service delivery and that robust risk management and governance processes need to be in place.
In addition to investment in relevantly qualified and experienced people within the Organisation, focus has and will continue to be given to electronic systems to support our approach to governance and continuous improvement. This approach enables the Organisation not only to mitigate risk but to enhance and assure the quality of service delivery.
National Care Group believes that any relationship must be mutually beneficial and the Organisation is recognised for its commitment to the people it supports and those commissioning its services. We take our responsibility as a major employer in many local communities very seriously and we invest in local community sponsorship opportunities. Members of local management teams attend local partnership Boards and, in this way, communities can contribute to the development of services locally.
NATIONAL CARE GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 2 -
Like any other reputable social support and care provider, National Care Group recognises that its principal reason for being is to support the most vulnerable members of society. In doing so, National Care Group is committed to placing the people it supports at the very centre of everything it does now and in the future. Through careful assessment, a clear understanding of specific needs and regular internal and external reviews, National Care Group is able to provide improved lives and deliver positive outcomes for those within its services.
The Organisation has a strong and compelling vision which is underpinned by a clear set of values shared and owned by all colleagues. The Directors and management are committed to the interests and well-being of the c2,200 colleagues employed. As such, National Care Group is committed to the highest levels of integrity and transparency possible with this key stakeholder group.
Safety initiatives, consistent training, strong benefit packages and open dialogue between colleagues are just a few of the ways the Organisation ensures those who work within it develop their skill sets and work hand-in-hand with management to improve all aspects of the Organisational performance.
Underpinned by robust policies and procedures and support by an experienced People Team, we believe that our Organisation acts fairly with regard those work within it. In addition to ensuring regular supervision takes place with colleagues and that comprehensive learning and development opportunities are in place, we have engaged the services of an independent whistleblowing helpline to which colleagues can refer to if necessary. Colleagues are also able to contact the Chief Executive directly through a dedicated email address should they have any issues of concern they may wish to raise.
A group wide colleague satisfaction survey was completed in 2021 and its findings will be assessed and actioned throughout 2022.
Other stakeholders include local authorities, suppliers, lenders, families, industry associations, government and regulatory agencies, media, local communities and shareholders. The Board, both individually and together, consider that they have acted in the way they consider would be most likely to promote the success of the Company as a whole. In order to do this, there is a process of dialogue with stakeholders to understand the issues that they might have.
Business review
The Directors are pleased with the performance of the Group during the period, with increases in turnover, gross profit and operating profit from care and educational activities. The group continued the investment in systems and people required to build a successful, sustainable and scalable business. As such a significant amount was invested in overheads which the Directors are confident will provide benefit to the business in the forthcoming year and beyond.
NATIONAL CARE GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 3 -
Principal risks and uncertainties
The principal risks and uncertainties are competition within the local area
s to our services
, the dependency on revenues
from Local Authorities who are facing budget cuts, the provision of substandard care or
non-compliance
with regulatory requirements.
The
Group
seeks to manage its risk and uncertainty by maintaining the highest levels of care
and support
provision
for
the people in
its service
s
at all times and by its continued investment in its training and
de
vel
opment
of its staff
and premises.
Since the balance sheet date, the outlook of the UK and Global economy has become increasingly uncertain due to the continued spread of the COVID-19 virus. The Directors have assessed the impact to the Group and due to the sector in which the Group operates and the board-led plans in place, they do not believe there to be any significant impact to the trading activities of the Group in the short to medium term.
The Directors are confident that the systems in place will enable the Organisation to continue to function to the standards expected in a post COVID-19 environment.
The Organisation like many other within and outside of the sector does face an increasing risk relating to the recruitment and retention of good quality staff. To mitigate this risk, the Organisation has produced a comprehensive resourcing strategy and has made further investment in its Talent Attraction Team. As part of this, the Organisation has also invested in a number of additional well-being initiatives as part of an all-encompassing staff well-being approach.
Development and performance
In a market with increasing demand for quality care provision, the strategy of the National Care Group Holdings (NCGH) Board is to continue to grow its portfolio both through acquisition and organic growth to meet the necessary needs of the UK's most vulnerable adults. Diversifying its geography across the UK and focussing on supporting people with more complex needs, will be the key aim of the strategy.
At 30 March 2021, NCGH consisted of 21 operating companies providing supported living care, support and educational services for people with learning disabilities for 1,026 people we support and 28 learners across 228 locations and employing 2,214 members of staff.
As part of the growth strategy, the Board continues to invest heavily in its core compliance functions such as Finance, Learning and Development, HR, Quality and IT to ensure best practice and appropriate synergies are achieved across the Group. Whilst this will continue to be a further key objective for the Directors to ensure best value for all stakeholders, further investment will be made in commercial, marketing and property development functions to drive future revenue growth and ensure the NCGH proposition is clearly understood in the marketplace.
Finally, and in addition to the above and to support the increasing geographical coverage of NCGH, the Board has invested in a second office in Daventry to complement its main administrative office in Accrington. The new office will also create new opportunities in terms of talent acquisition and customer engagement.
The Board has a good relationship with their investors who are supportive of the strategy and work integrally to ensure NCGH achieves their strategy defined above.
NATIONAL CARE GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 4 -
Key performance indicators
The
D
irectors consider the following to be the key
financial
performance indicators for the
Group
:
The Directors also employ other non-financial key performance indicators such as compliance, training and colleague turnover. However, due to to their confidential nature, they have not been reproduced in this report.
Financial risk management objectives and policies
The
group
holds or issues financial instruments in order to achieve three main objectives, being:
(a) to finance its operations;
(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of
finance; and
(c) for trading purposes.
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and
accrued income
)
arise directly from the company's operations.
The
group
has no significant concentrations of credit risk. Amounts shown in the balance sheet best
represent the maximum credit risk exposure in the event other parties fail to perform their obligations under
financial instruments.
Mr D Rowe-Bewick
Director
30 June 2022
NATIONAL CARE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2021
- 5 -
The directors present their annual report and financial statements for the year ended 30 March 2021.
Principal activities
The principal activity of the company and group continued to be that of provision of care and support across a wide range of service size and type.
Results and dividends
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £288,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr F Lalani
Mr J Mawji
Mr D Rowe-Bewick
Mr J Allen
Miss C Moore
(Resigned 31 August 2020)
Prof M Green
Mrs K Lewis
Mr M Cleasby
(Appointed 1 September 2020)
Mr M Ranson
(Appointed 1 September 2020)
Mrs C Leake
(Appointed 26 August 2021)
Auditor
UHY Hacker Young were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
Summary of gas emissions, energy consumption
and
energy efficiency activities in this reporting period:
2021
2020
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
8,650,500
7,979,000
NATIONAL CARE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 6 -
2021
2020
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1,404,634
971,699
- Fuel consumed for owned transport
-
-
1,404,634
971,699
Scope 2 - indirect emissions
- Electricity purchased
1,931,371
1,943,397
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
308
385
Total gross emissions
3,336,313
2,915,481
Intensity ratio
Tonnes CO2e per Bed
7617
7,217
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per Bed, the recommended ratio for the care home sector.
Measures taken to improve energy efficiency
As a socially responsible provider, National Care Group aims to utilise energy in an efficient manner utilising technologies such as woodchip boilers, water temperature monitoring and LED lighting and video conferencing wherever possible.
The above said, year ending 30 March 2021, presented many challenges in terms of energy usage due to the pandemic, Government legislation surrounding residents in care homes and the extended periods of time the people we support remained in service. This inevitably increased our energy consumption.
Offsetting the above increase however were some reductions from reduced travel and a greater adoption of video conferencing.
Year ending 30 March 2022 will not see a significant reduction due to the continuing pandemic and Government legislation restrict
i
ng movement. It is hoped however that some improvement
s
will be seen as restrictions ease.
NATIONAL CARE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 7 -
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 group and company, and of the profit or loss of the group 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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 auditor
of the
company 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 auditor
of the
company
is
aware of that information.
On behalf of the board
Mr D Rowe-Bewick
Director
30 June 2022
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NATIONAL CARE GROUP HOLDINGS LIMITED
- 8 -
Opinion
We have audited the
financial statements of
National Care Group Holdings Limited
(the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 2021 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 FRS 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 March 2021 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.
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
group's and
parent
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.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONAL CARE GROUP HOLDINGS LIMITED
- 9 -
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.
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
group and the parent
company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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 directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONAL CARE GROUP HOLDINGS LIMITED
- 10 -
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
parent
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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Based on our understanding of the Company and the industry in which it operates, we identified that the principal risks of non-compliance with relevant laws and regulations related to Companies Act 2006, UK tax legislation, Health & Safety regulations, GDPR compliance, Care Quality Commission (CQC), Care Inspectorate Wales (CIW) and Ofsted. Non-compliance with these laws and regulations might have a material effect on the financial statements.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls) and determined that the principal risks were related to posting of unusual journal entries outside the normal course of business and revenue recognition journal entries to manipulate the Company's performance profit measures and other key performance indicators.
Audit procedures performed included: review of the financial statement and disclosures to underlying supporting documentation, review of compliance with the above laws and regulations specifically GDPR, CQC, CIW and Ofsted ratings to related ICO registration documentation as a data controller, inspection reports and correspondences, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONAL CARE GROUP HOLDINGS LIMITED
- 11 -
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.
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.
Marc Waterman (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
30 June 2022
Chartered Accountants
Statutory Auditor
NATIONAL CARE GROUP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 MARCH 2021
- 12 -
Year
Period
ended
ended
30 March
30 March
2021
2020
Notes
£
£
Turnover
3
66,008,329
59,855,739
Cost of sales
(43,635,176)
(40,552,391)
Gross profit
22,373,153
19,303,348
Administrative expenses
(21,061,555)
(19,218,390)
Other operating income
667,506
17,161
Profit/(loss) on disposal of properties
4
(7,578)
590,376
Operating profit
5
1,971,526
692,495
Interest receivable and similar income
9
101
477
Interest payable and similar expenses
10
(599,151)
(683,788)
Profit before taxation
1,372,476
9,184
Tax on profit
11
133,369
(179,009)
Profit/(loss) for the financial year
28
1,505,845
(169,825)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
NATIONAL CARE GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2021
- 13 -
Year
Period
ended
ended
30 March
30 March
2021
2020
£
£
Profit/(loss) for the year
1,505,845
(169,825)
Other comprehensive income
Revaluation of tangible fixed assets
434,163
18,421,447
Tax relating to other comprehensive income
(82,491)
(2,263,142)
Other comprehensive income for the year
351,672
16,158,305
Total comprehensive income for the year
1,857,517
15,988,480
Total comprehensive income for the year is all attributable to the owners of the parent company.
NATIONAL CARE GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 MARCH 2021
30 March 2021
- 14 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
13
30,985,250
32,160,091
Negative goodwill
13
(5,231,448)
(5,522,084)
Net goodwill
25,753,802
26,638,007
Other intangible assets
13
206,610
179,963
Total intangible assets
25,960,412
26,817,970
Tangible assets
14
41,542,138
39,342,136
67,502,550
66,160,106
Current assets
Debtors
18
7,366,981
7,589,976
Cash at bank and in hand
3,743,175
1,830,116
11,110,156
9,420,092
Creditors: amounts falling due within one year
19
(25,133,588)
(24,998,384)
Net current liabilities
(14,023,432)
(15,578,292)
Total assets less current liabilities
53,479,118
50,581,814
Creditors: amounts falling due after more than one year
20
(18,480,406)
(17,328,305)
Provisions for liabilities
Provisions
23
15,000
15,000
Deferred tax liability
24
7,713,715
7,538,029
(7,728,715)
(7,553,029)
Net assets
27,269,997
25,700,480
Capital and reserves
Called up share capital
26
10,000,000
10,000,000
Revaluation reserve
27
15,475,927
15,688,072
Profit and loss reserves
28
1,794,070
12,408
Total equity
27,269,997
25,700,480
NATIONAL CARE GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2021
30 March 2021
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 30 June 2022 and are signed on its behalf by:
30 June 2022
Mr D Rowe-Bewick
Director
NATIONAL CARE GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 MARCH 2021
30 March 2021
- 16 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
15
10,000,000
10,000,000
Current assets
Debtors
18
288,000
Creditors: amounts falling due within one year
19
(288,030)
-
Net current liabilities
(30)
-
Net assets
9,999,970
10,000,000
Capital and reserves
Called up share capital
26
10,000,000
10,000,000
Profit and loss reserves
28
(30)
-
Total equity
9,999,970
10,000,000
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was £287,970 (2020 - £288,000 profit).
The financial statements were approved by the board of directors and authorised for issue on 30 June 2022 and are signed on its behalf by:
30 June 2022
Mr D Rowe-Bewick
Director
Company Registration No. 11852187
NATIONAL CARE GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2021
- 17 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Period ended 30 March 2020:
Loss for the period
-
-
(169,825)
(169,825)
Other comprehensive income:
Revaluation of tangible fixed assets
-
18,421,447
-
18,421,447
Tax relating to other comprehensive income
-
(2,263,142)
(2,263,142)
Total comprehensive income for the period
-
16,158,305
(169,825)
15,988,480
Issue of share capital
26
10,000,000
-
-
10,000,000
Dividends
12
-
-
(288,000)
(288,000)
Transfers
-
(470,233)
470,233
-
Balance at 30 March 2020
10,000,000
15,688,072
12,408
25,700,480
Period ended 30 March 2021:
Profit for the period
-
-
1,505,845
1,505,845
Other comprehensive income:
Revaluation of tangible fixed assets
-
434,163
-
434,163
Tax relating to other comprehensive income
-
(82,491)
(82,491)
Total comprehensive income for the period
-
351,672
1,505,845
1,857,517
Dividends
12
-
-
(288,000)
(288,000)
Transfers
-
(563,817)
563,817
-
Balance at 30 March 2021
10,000,000
15,475,927
1,794,070
27,269,997
NATIONAL CARE GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2021
- 18 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 February 2019
-
-
-
Period ended 30 March 2020:
Profit and total comprehensive income for the period
-
288,000
288,000
Issue of share capital
26
10,000,000
-
10,000,000
Dividends
12
-
(288,000)
(288,000)
Balance at 30 March 2020
10,000,000
-
10,000,000
Period ended 30 March 2021:
Profit and total comprehensive income for the period
-
287,970
287,970
Dividends
12
-
(288,000)
(288,000)
Balance at 30 March 2021
10,000,000
(30)
9,999,970
NATIONAL CARE GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 MARCH 2021
- 19 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
8,548,848
2,650,557
Interest paid
(599,151)
(683,788)
Income taxes paid
(2,402,047)
(1,173,007)
Net cash inflow from operating activities
5,547,650
793,762
Investing activities
Purchase of business
(1,035,252)
(8,030,956)
Purchase of intangible assets
(83,953)
(116,369)
Proceeds on disposal of intangibles
-
50,000
Purchase of tangible fixed assets
(3,764,467)
(1,113,209)
Proceeds on disposal of tangible fixed assets
249,337
870,130
Interest received
101
477
Net cash used in investing activities
(4,634,234)
(8,339,927)
Financing activities
Repayment of borrowings
-
(8,938,114)
Proceeds of new bank loans
-
19,600,000
Repayment of bank loans
1,300,500
(980,250)
Payment of finance leases obligations
(12,805)
(17,407)
Dividends paid to equity shareholders
(288,000)
(288,000)
Net cash generated from financing activities
999,695
9,376,229
Net increase in cash and cash equivalents
1,913,111
1,830,064
Cash and cash equivalents at beginning of year
1,830,064
Cash and cash equivalents at end of year
3,743,175
1,830,064
Relating to:
Cash at bank and in hand
3,743,175
1,830,116
Bank overdrafts included in creditors payable within one year
-
(52)
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2021
- 20 -
1
Accounting policies
Company information
National Care Group Holdings Limited (“the company”)
is a
private
limited company domiciled and incorporated in
England and Wales
.
The registered office is
Suite 22 The Globe Centre, St James Square, Accrington, Lancashire, BB5 0RE.
The group consists of National Care Group Holdings Limited and all of its subsidiaries.
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 the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
-
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 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 21 -
1.2
Business combinations
In the parent company
financial statements, t
he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
I
nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company
National Care Group Holdings Limited
together with
all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates
.
All
financial statements
are made up to 30 March 2021
.
Where necessary, adjustments are made to the
financial statements
of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
National Care Group Ltd and its subsidiaries
ha
ve
been included in the group
financial statements
using the
purchase method of accounting. Accordingly, the group
profit and loss account
and statement of cash flows include the results and cash flows of
National Care Group Ltd and its subsidiaries
for the period from its acquisition on
31 March 2019
. The purchase consideration has been allocated to the assets and liabilities
on the basis of fair value at the date of acquisition.
Westward Capital Holdings Limited and its subsidiaries
ha
ve
been included in the group
financial statements
using the
purchase method of accounting. Accordingly, the group
profit and loss account
and statement of cash flows include the results and cash flows of
Westward Capital Holdings Limited and its subsidiaries
for the period from its acquisition on
31 March 2019
. The purchase consideration has been allocated to the assets and liabilities
on the basis of fair value at the date of acquisition.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
group
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 22 -
In the annual review of the Group's going concern, the Directors have considered the long term impact of the ongoing coronavirus, COVID-19, pandemic. During the pandemic, the Government provided additional assistance to the Care Sector to ensure continuity of service and this has continued beyond the end of the financial year. The Directors are comforted that central and local Governments have continued to support the sector for the duration of the pandemic. Since the end of the financial year, the economy has continued to recover to pre-pandemic levels. As such, the Directors do not consider the COVID-19 pandemic to present a risk to the going concern status of the Group.
1.5
Turnover
Turnover represents fees invoiced and accrued in relation to care provided to individuals we support. Revenue is recognised in the period the care is provided.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 10 to 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straightline
1.8
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 23 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Over 50 years
Leasehold land and buildings
4% reducing balance/Straightline over the lease term
Leasehold improvements
20% reducing balance/Straightline over the lease term
Plant and equipment
25% reducing balance/20-33% straightline
Fixtures and fittings
15 - 25% reducing balance/ 20-33% straightline
Computers
15 - 25% reducing balance/ 20-33% straightline
Motor vehicles
20 - 25% reducing balance/ 10-33% straightline
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
profit and loss account
.
1.9
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company
financial statements,
investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible
and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 24 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group 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 group's
balance sheet
when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
m
ethod 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.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 25 -
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.
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 group 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 group after deducting all of its liabilities.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 26 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Amounts 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
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
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
group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
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
profit and loss account
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
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 27 -
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. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset
if, and only if, there is
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.
1.15
Provisions
Provisions are recognised when the
group
has a legal or constructive present obligation as a result of a past event, it is probable that the
group
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.16
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 28 -
1.18
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss
so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.19
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 29 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investments
Investments in subsidiaries are initially measured at cost and subsequently at cost less impairment. In assessing whether an impairment should be recognised the directors consider the performance of the subsidiary as well as its expected future performance and its position at the reporting date.
Goodwill
The directors use their knowledge and experience to review the impairment of goodwill. The directors have considered that there is no impairment on goodwill on the basis that the company expects to generate cash flows in the foreseeable future from the cash generating units where the goodwill is allocated to.
Freehold land and buildings
Freehold land and buildings
are valued at each balance sheet date at fair value. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, historical experience and rent levels. There is an inevitable degree of judgement involved and value can only
be
reliably tested ultimately in the market itself.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
66,008,329
59,855,739
2021
2020
£
£
Other income
Government grants receivable
660,673
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
3
Turnover and other revenue
(Continued)
- 30 -
During the year ended 30 March 2021, the Group received grant funding totalling £660,673 from the government to support the Care sector through the COVID-19 pandemic. The following coronavirus (COVID-19) grant income was recognised in the financial statements:
-
Infection Control Fund (ICF) - £351,522 was recognised in the profit and loss for costs incurred in implementing infection control procedures to reduce the rate of COVID-19 transmission. This mainly relates to increased staff costs incurred to put in place additional infection control procedures, staff costs for absence due to COVID-19 sickness or required isolation because of positive COVID-19 test results, agency staff costs utilised as a result of the shortage of permanent staff members and Personal Protective Equipment (PPE) costs incurred.
The Group has carefully considered the eligibility criteria with each stream of grant funding prior to submission of a claim and believe that all the criteria have been met to recognise the grant amounts detailed above.
Of the £660,673 received in the period all was utilised to protect and support colleagues and people we support. The profits for the financial year have not therefore been artificially inflated as a result.
4
Exceptional item
2021
2020
£
£
Expenditure
Profit/(loss) on disposal of property
(7,578)
590,376
(7,578)
590,376
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 31 -
5
Operating profit
2021
2020
£
£
Operating profit for the period is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,751,772
1,473,606
(Profit)/loss on disposal of tangible fixed assets
(111,358)
12,410
Amortisation of intangible assets
1,978,921
1,632,824
Release of negative goodwill
(290,636)
(290,636)
Profit on disposal of intangible assets
(5,252)
Operating lease charges
1,510,143
1,106,070
6
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and its subsidiaries
215,000
371,066
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Care and support staff
2,205
2,093
-
-
Directors
9
9
7
7
Total
2,214
2,102
7
7
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
7
Employees
(Continued)
- 32 -
Their aggregate remuneration comprised:
Group
Company
2021
2020
2021
2020
£
£
£
£
Wages and salaries
44,086,081
40,584,509
Social security costs
3,454,852
2,969,642
Pension costs
775,573
791,338
48,316,506
44,345,489
8
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
829,231
777,690
Company pension contributions to defined contribution schemes
4,595
53,203
833,826
830,893
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
216,000
216,000
Company pension contributions to defined contribution schemes
219
1,316
9
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
3
8
Other interest income
98
469
Total income
101
477
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 33 -
10
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
576,543
645,652
Interest on finance leases and hire purchase contracts
2,039
3,679
Other interest
20,569
34,457
Total finance costs
599,151
683,788
11
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
813,673
488,151
Adjustments in respect of prior periods
(1,194,286)
(326,267)
Total current tax
(380,613)
161,884
Deferred tax
Origination and reversal of timing differences
(140,777)
(122,747)
Changes in tax rates
(43)
139,872
Adjustment in respect of prior periods
388,064
Total deferred tax
247,244
17,125
Total tax (credit)/charge
(133,369)
179,009
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
11
Taxation
(Continued)
- 34 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
1,372,476
9,184
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
260,770
1,745
Tax effect of expenses that are not deductible in determining taxable profit
44,881
376,335
Tax effect of income not taxable in determining taxable profit
(198,931)
Adjustments in respect of prior years
(245,206)
Gain/rollover relief
(167,916)
125,882
Tax rate changes
(43)
139,870
Deferred tax not recognised
3,125
60,376
Rounding
(3)
(1)
Pre-acquisition credit
-
(326,267)
Effects of other reliefs
(28,977)
-
Taxation (credit)/charge
(133,369)
179,009
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2021
2020
£
£
Deferred tax arising on:
Revaluation of property
82,491
2,263,142
12
Dividends
2021
2020
Recognised as distributions to equity holders:
£
£
Interim paid
288,000
288,000
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 35 -
13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 31 March 2020
33,588,463
(5,812,720)
219,145
27,994,888
Additions - separately acquired
83,953
83,953
Additions - business combinations
746,774
746,774
At 30 March 2021
34,335,237
(5,812,720)
303,098
28,825,615
Amortisation and impairment
At 31 March 2020
1,428,372
(290,636)
39,182
1,176,918
Amortisation charged for the year
1,921,615
(290,636)
57,306
1,688,285
At 30 March 2021
3,349,987
(581,272)
96,488
2,865,203
Carrying amount
At 30 March 2021
30,985,250
(5,231,448)
206,610
25,960,412
At 30 March 2020
32,160,091
(5,522,084)
179,963
26,817,970
The company had no intangible fixed assets at 30 March 2021 or 30 March 2020.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 36 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 31 March 2020
35,081,059
(222,740)
378,768
(237,884)
2,068,281
288,025
87,602
37,443,111
Additions
2,864,775
59,450
75,480
3,373
598,760
160,629
2,000
3,764,467
Business combinations
14,635
21,129
35,764
Disposals
(150,756)
(19,727)
(170,483)
Revaluation
289,522
289,522
At 30 March 2021
38,084,600
(163,290)
468,883
(213,382)
2,667,041
448,654
69,875
41,362,381
Depreciation and impairment
At 31 March 2020
(1,735,640)
(451,067)
(62,191)
(302,356)
618,162
46,398
(12,331)
(1,899,025)
Depreciation charged in the year
974,135
18,281
77,980
38,206
495,505
117,520
30,145
1,751,772
Eliminated in respect of disposals
(20,756)
(11,748)
(32,504)
At 30 March 2021
(782,261)
(432,786)
15,789
(264,150)
1,113,667
163,918
6,066
(179,757)
Carrying amount
At 30 March 2021
38,866,861
269,496
453,094
50,768
1,553,374
284,736
63,809
41,542,138
At 30 March 2020
36,816,699
228,327
440,959
64,472
1,450,119
241,627
99,933
39,342,136
The company had no tangible fixed assets at 30 March 2021 or 30 March 2020.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
14
Tangible fixed assets
(Continued)
- 37 -
All freehold land and buildings within the group apart from those held within Unified Property Services Limited
were revalued at
31 January 2019
by
Cushman & Wakefield who are
not connected with the company
. The freehold land and buildings were valued at £24.7m. The valuation was made on an open market basis and was based on recent market transactions on arm's length terms for similar properties.
Freehold land and buildings of Unified Property Services Limited
were revalued at
30 April 2019
by
Avison Young who are
not connected with the company
. The freehold land and buildings were valued at £12.0m. The valuation was made on an open market basis and was based on recent market transactions on arm's length terms for similar properties.
The directors do not consider the market value of the freehold land and buildings as at 30 March 2021 to be materially different from the carrying value at the balance sheet date.
Group
Company
2021
2020
2021
2020
£
£
£
£
Cost
21,991,944
19,277,928
-
-
Accumulated depreciation
(4,422,093)
(4,026,758)
-
-
Carrying value
17,569,851
15,251,170
-
-
The revaluation surplus is disclosed in note 27.
15
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
16
10,000,000
10,000,000
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
15
Fixed asset investments
(Continued)
- 38 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 March 2020 and 30 March 2021
10,000,000
Carrying amount
At 30 March 2021
10,000,000
At 30 March 2020
10,000,000
16
Subsidiaries
Details of the company's subsidiaries at 30 March 2021 are as follows:
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
16
Subsidiaries
(Continued)
- 39 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
National Care Group Ltd
England and Wales
Holding company
Ordinary
100.00
-
Affinity Supporting People Limited
England and Wales
Provision of care
Limited by guarantee
0
100.00
Care Assure Northampton Limited
England and Wales
Provision of care
Ordinary
0
100.00
Endurance Care Ltd
England and Wales
Provision of care
Ordinary
0
100.00
Essential Care & Support Limited
England and Wales
Provision of care
Ordinary
0
100.00
Harvard Homes Services Limited
England and Wales
Provision of care
Ordinary
0
100.00
Highlea Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
Jamesons' Residential Home Limited
England and Wales
Provision of care
Ordinary
0
100.00
Kindstream Limited
England and Wales
Investment company
Ordinary
0
100.00
Newfield View Supported Living Limited
England and Wales
Provision of care
Limited by guarantee
0
100.00
North Western Housing Limited
England and Wales
Investment company
Ordinary
0
100.00
Oaklea Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
Highlea Homes Limited
England and Wales
Investment company
Ordinary
0
100.00
Affinity Supporting People (South) Limited
England and Wales
Provision of care
Ordinary
0
100.00
Sunnyfield Support Services Limited
England and Wales
Provision of care
Ordinary
0
100.00
Your Life Care and Support Limited
England and Wales
Provision of care
Ordinary
0
100.00
Cornerstones (UK) Ltd
England and Wales
Provision of care
Ordinary
0
100.00
Atlantic Way Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
Face 2 Face Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
Wellington Support Limited
England and Wales
Provision of care
Ordinary
0
100.00
National Neurological Services Ltd
England and Wales
Provision of care
Ordinary
0
100.00
Shelton Care Holdings Limited
England and Wales
Holding company
Ordinary
0
100.00
Shelton Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
National Supported Living Ltd
England and Wales
Dormant company
Ordinary
0
100.00
National Care Homes Limited
England and Wales
Dormant company
Ordinary
0
100.00
Regent College Limited
England and Wales
Dormant company
Ordinary
0
100.00
Richmond Care Homes Limited
England and Wales
Dormant company
Ordinary
0
100.00
Unified Resources Limited
England and Wales
Holding company
Ordinary
0
100.00
Unified Property Services Limited
England and Wales
Letting of properties
Ordinary
0
100.00
Integra Community Living Options Limited
England and Wales
Provision of care
Ordinary
0
100.00
Westward Capital Holdings Ltd
England and Wales
Holding company
Ordinary
100.00
-
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
16
Subsidiaries
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 40 -
Access Housing Limited
England and Wales
Holding company
Ordinary
0
100.00
Chosen Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
Merry Den Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
Westward Care Homes Limited
England and Wales
Provision of care
Ordinary
0
100.00
Steps Residential Care Limited
England and Wales
Provision of care
Ordinary
0
100.00
17
Financial instruments
Group
Company
2021
2020
2021
2020
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,761,675
2,965,752
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
41,513,423
37,937,322
n/a
n/a
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments
,
denoted by
'
n/a
'
above
.
18
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,253,608
2,347,570
Amounts owed by group undertakings
-
-
288,000
-
Other debtors
508,067
618,182
Prepayments and accrued income
4,561,633
4,584,168
7,323,308
7,549,920
288,000
-
Deferred tax asset (note 24)
43,673
40,056
7,366,981
7,589,976
288,000
-
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 41 -
19
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
21
1,447,000
1,307,052
Obligations under finance leases
22
8,398
12,804
Trade creditors
1,729,937
1,510,104
Amounts owed to group undertakings
288,030
Corporation tax payable
563,386
3,162,171
Other taxation and social security
1,537,185
1,227,196
-
-
Other creditors
17,091,763
14,662,451
Accruals and deferred income
2,755,919
3,116,606
25,133,588
24,998,384
288,030
20
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
21
18,473,250
17,312,750
Obligations under finance leases
22
7,156
15,555
18,480,406
17,328,305
-
-
21
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
19,920,250
18,619,750
Bank overdrafts
52
19,920,250
18,619,802
-
-
Payable within one year
1,447,000
1,307,052
Payable after one year
18,473,250
17,312,750
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
21
Loans and overdrafts
(Continued)
- 42 -
The long-term loans are secured by fixed and floating charges over the assets of the group. Guarantees have been provided by the group companies.
National Care Group Ltd, its subsidiary company, obtained a loan of £19.6m from Allied Irish Bank in 2019 primarily for redemption of its existing bank loans within the group companies and to facilitate future growth opportunities. The loan is repayable on 16 May 2024 and the rate of interest charged on this loan is LIBOR plus 2.75% per annum.
22
Finance lease obligations
Group
Company
2021
2020
2021
2020
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,398
12,804
In two to five years
7,156
15,555
15,554
28,359
-
-
The finance lease creditors are secured over the assets to which the lease relates.
23
Provisions for liabilities
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Dilapidations
15,000
15,000
-
-
Deferred tax liabilities
24
7,713,715
7,538,029
7,728,715
7,553,029
Movements on provisions apart from deferred tax liabilities:
Dilapidations
Group
£
At 31 March 2020 and 30 March 2021
15,000
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 43 -
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Group
£
£
£
£
Accelerated capital allowances
3,580,888
4,840,989
-
-
Tax losses
-
-
15,697
7,976
Revaluations
2,855,327
2,697,040
-
-
Effect of rollover relief
1,277,500
-
-
-
Short term differences
-
-
27,976
32,080
7,713,715
7,538,029
43,673
40,056
The company has no deferred tax assets or liabilities.
Group
Company
2021
2021
Movements in the year:
£
£
Liability at 31 March 2020
7,497,973
-
Charge to profit or loss
247,244
-
Charge to other comprehensive income
82,491
-
Movement arising from acquistion of business
1,475
-
Other
(159,141)
-
Liability at 30 March 2021
7,670,042
-
T
he deferred tax asset
on short term timing differences
is expected to reverse within 12 months
against future expected profits of the same period. The remaining deferred tax balances are expected
to reverse
after 1
2 months
.
25
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
775,573
791,338
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
25
Retirement benefit schemes
(Continued)
- 44 -
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
26
Share capital
Group and company
2021
2020
Ordinary share capital
£
£
Issued and fully paid
10,000,000 Ordinary shares of £1 each
10,000,000
10,000,000
27
Revaluation reserve
Group
Company
2021
2020
2021
2020
£
£
£
£
At the beginning of the year
15,688,072
-
-
Revaluation surplus arising in the year
434,163
18,421,447
Deferred tax on revaluation of tangible assets
(82,491)
(2,263,142)
-
-
Transfer to retained earnings
(563,817)
(470,233)
-
-
At the end of the year
15,475,927
15,688,072
-
28
Profit and loss reserves
Group
Company
2021
2020
2021
2020
£
£
£
£
At the beginning of the year
12,408
-
-
-
Profit/(loss) for the year
1,505,845
(169,825)
287,970
288,000
Dividends
(288,000)
(288,000)
(288,000)
(288,000)
Transfer to reserves
563,817
470,233
-
-
At the end of the year
1,794,070
12,408
(30)
-
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 45 -
29
Acquisitions
On 30 October 2020 the group acquired 100 percent of the issued capital of Steps Residential Care Limited.
Book Value
Adjustments
Fair Value
£
£
£
Property, plant and equipment
35,764
-
35,764
Trade and other receivables
414,188
-
414,188
Cash and cash equivalents
54,516
-
54,516
Trade and other payables
(135,265)
-
(135,265)
Tax liabilities
(25,055)
-
(25,055)
Deferred tax
(1,154)
-
(1,154)
Total identifiable net assets
342,994
-
342,994
Goodwill
746,774
Total consideration
1,089,768
The consideration was satisfied by:
£
Cash
1,089,768
Contribution by the acquired business for the reporting period included in the consolidated statement of comprehensive income since acquisition:
£
Turnover
588,179
Loss after tax
(149,154)
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 46 -
30
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Within one year
514,334
473,730
-
-
Between two and five years
960,923
776,950
-
-
In over five years
13,151
65,548
-
-
1,488,408
1,316,228
-
-
31
Related party transactions
Included within other creditors is an amount of £11,833,684 (2020 - £12,035,428) due to Global Capital Holdings Ltd, a company where two directors have an interest.
32
Directors' transactions
Dividends totalling £144,000 (2020 - £144,000) were paid in the period in respect of shares held by the company's directors.
Included within other creditors is an amount of £93,782 (2020 - £93,782) due to the directors.
NATIONAL CARE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 47 -
33
Cash generated from group operations
2021
2020
£
£
Profit/(loss) for the year after tax
1,505,845
(169,825)
Adjustments for:
Taxation (credited)/charged
(133,369)
179,009
Finance costs
599,151
683,788
Investment income
(101)
(477)
(Gain)/loss on disposal of tangible fixed assets
(111,358)
12,410
Gain on disposal of intangible assets
(5,252)
Amortisation and impairment of intangible assets
1,688,285
1,632,824
Depreciation and impairment of tangible fixed assets
1,751,772
1,473,607
Property fair value adjustments
144,641
-
Movements in working capital:
Decrease in debtors
640,800
3,446,493
Increase/(decrease) in creditors
2,463,182
(4,602,020)
Cash generated from operations
8,548,848
2,650,557
34
Analysis of changes in net debt - group
31 March 2020
Cash flows
30 March 2021
£
£
£
Cash at bank and in hand
1,830,116
1,913,059
3,743,175
Bank overdrafts
(52)
52
1,830,064
1,913,111
3,743,175
Borrowings excluding overdrafts
(18,619,750)
(1,300,500)
(19,920,250)
Obligations under finance leases
(28,359)
12,805
(15,554)
(16,818,045)
625,416
(16,192,629)
2021-03-30
2020-03-31
false
CCH Software
CCH Accounts Production 2022.100
Mr F Lalani
Mr J Mawji
Mr D Rowe-Bewick
Mr J Allen
Miss C Moore
Prof M Green
Mrs K Lewis
Mr M Cleasby
Mr M Ranson
Mrs C Leake
Mr J Hugkulstone
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11852187
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-03-30
11852187
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2021-03-30
11852187
core:LeaseholdImprovements
bus:Consolidated
2021-03-30
11852187
core:PlantMachinery
bus:Consolidated
2021-03-30
11852187
core:FurnitureFittings
bus:Consolidated
2021-03-30
11852187
core:ComputerEquipment
bus:Consolidated
2021-03-30
11852187
core:MotorVehicles
bus:Consolidated
2021-03-30
11852187
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2020-03-30
11852187
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2020-03-30
11852187
core:LeaseholdImprovements
bus:Consolidated
2020-03-30
11852187
core:PlantMachinery
bus:Consolidated
2020-03-30
11852187
core:FurnitureFittings
bus:Consolidated
2020-03-30
11852187
core:ComputerEquipment
bus:Consolidated
2020-03-30
11852187
core:MotorVehicles
bus:Consolidated
2020-03-30
11852187
2020-03-30
11852187
core:ShareCapital
bus:Consolidated
2021-03-30
11852187
core:ShareCapital
bus:Consolidated
2020-03-30
11852187
core:RevaluationReserve
bus:Consolidated
2021-03-30
11852187
core:RevaluationReserve
bus:Consolidated
2020-03-30
11852187
core:ShareCapital
2021-03-30
11852187
core:ShareCapital
2020-03-30
11852187
core:RevaluationReserve
bus:Consolidated
2020-03-30
11852187
core:RevaluationReserve
2020-03-30
11852187
core:RevaluationReserve
2021-03-30
11852187
core:CurrentFinancialInstruments
2021-03-30
11852187
core:CurrentFinancialInstruments
2020-03-30
11852187
core:ShareCapital
bus:Consolidated
2019-02-28
2020-03-30
11852187
core:ShareCapital
2019-02-28
2020-03-30
11852187
bus:Consolidated
2019-02-27
11852187
core:Goodwill
2020-03-31
2021-03-30
11852187
core:IntangibleAssetsOtherThanGoodwill
2020-03-31
2021-03-30
11852187
core:ComputerSoftware
2020-03-31
2021-03-30
11852187
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-31
2021-03-30
11852187
core:LandBuildings
core:LongLeaseholdAssets
2020-03-31
2021-03-30
11852187
core:LeaseholdImprovements
2020-03-31
2021-03-30
11852187
core:PlantMachinery
2020-03-31
2021-03-30
11852187
core:FurnitureFittings
2020-03-31
2021-03-30
11852187
core:ComputerEquipment
2020-03-31
2021-03-30
11852187
core:MotorVehicles
2020-03-31
2021-03-30
11852187
core:UKTax
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:UKTax
bus:Consolidated
2019-02-28
2020-03-30
11852187
bus:Consolidated
2
2020-03-31
2021-03-30
11852187
bus:Consolidated
2
2019-02-28
2020-03-30
11852187
bus:Consolidated
3
2020-03-31
2021-03-30
11852187
bus:Consolidated
3
2019-02-28
2020-03-30
11852187
bus:Consolidated
4
2020-03-31
2021-03-30
11852187
bus:Consolidated
4
2019-02-28
2020-03-30
11852187
core:Goodwill
bus:Consolidated
2020-03-30
11852187
core:NegativeGoodwill
bus:Consolidated
2020-03-30
11852187
core:ComputerSoftware
bus:Consolidated
2020-03-30
11852187
bus:Consolidated
2020-03-30
11852187
core:Goodwill
core:ExternallyAcquiredIntangibleAssets
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:NegativeGoodwill
core:ExternallyAcquiredIntangibleAssets
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:ComputerSoftware
core:ExternallyAcquiredIntangibleAssets
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:ExternallyAcquiredIntangibleAssets
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:Goodwill
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:NegativeGoodwill
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:ComputerSoftware
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2020-03-30
11852187
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2020-03-30
11852187
core:LeaseholdImprovements
bus:Consolidated
2020-03-30
11852187
core:PlantMachinery
bus:Consolidated
2020-03-30
11852187
core:FurnitureFittings
bus:Consolidated
2020-03-30
11852187
core:ComputerEquipment
bus:Consolidated
2020-03-30
11852187
core:MotorVehicles
bus:Consolidated
2020-03-30
11852187
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:LeaseholdImprovements
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:PlantMachinery
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:FurnitureFittings
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:ComputerEquipment
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:MotorVehicles
bus:Consolidated
2020-03-31
2021-03-30
11852187
core:Subsidiary1
2020-03-31
2021-03-30
11852187
core:Subsidiary2
2020-03-31
2021-03-30
11852187
core:Subsidiary3
2020-03-31
2021-03-30
11852187
core:Subsidiary4
2020-03-31
2021-03-30
11852187
core:Subsidiary5
2020-03-31
2021-03-30
11852187
core:Subsidiary6
2020-03-31
2021-03-30
11852187
core:Subsidiary7
2020-03-31
2021-03-30
11852187
core:Subsidiary8
2020-03-31
2021-03-30
11852187
core:Subsidiary9
2020-03-31
2021-03-30
11852187
core:Subsidiary10
2020-03-31
2021-03-30
11852187
core:Subsidiary11
2020-03-31
2021-03-30
11852187
core:Subsidiary12
2020-03-31
2021-03-30
11852187
core:Subsidiary13
2020-03-31
2021-03-30
11852187
core:Subsidiary14
2020-03-31
2021-03-30
11852187
core:Subsidiary15
2020-03-31
2021-03-30
11852187
core:Subsidiary16
2020-03-31
2021-03-30
11852187
core:Subsidiary17
2020-03-31
2021-03-30
11852187
core:Subsidiary18
2020-03-31
2021-03-30
11852187
core:Subsidiary19
2020-03-31
2021-03-30
11852187
core:Subsidiary20
2020-03-31
2021-03-30
11852187
core:Subsidiary21
2020-03-31
2021-03-30
11852187
core:Subsidiary22
2020-03-31
2021-03-30
11852187
core:Subsidiary23
2020-03-31
2021-03-30
11852187
core:Subsidiary24
2020-03-31
2021-03-30
11852187
core:Subsidiary25
2020-03-31
2021-03-30
11852187
core:Subsidiary26
2020-03-31
2021-03-30
11852187
core:Subsidiary27
2020-03-31
2021-03-30
11852187
core:Subsidiary28
2020-03-31
2021-03-30
11852187
core:Subsidiary29
2020-03-31
2021-03-30
11852187
core:Subsidiary30
2020-03-31
2021-03-30
11852187
core:Subsidiary31
2020-03-31
2021-03-30
11852187
core:Subsidiary32
2020-03-31
2021-03-30
11852187
core:Subsidiary33
2020-03-31
2021-03-30
11852187
core:Subsidiary34
2020-03-31
2021-03-30
11852187
core:Subsidiary35
2020-03-31
2021-03-30
11852187
core:Subsidiary36
2020-03-31
2021-03-30
11852187
core:Subsidiary1
1
2020-03-31
2021-03-30
11852187
core:Subsidiary2
2
2020-03-31
2021-03-30
11852187
core:Subsidiary3
3
2020-03-31
2021-03-30
11852187
core:Subsidiary4
4
2020-03-31
2021-03-30
11852187
core:Subsidiary5
5
2020-03-31
2021-03-30
11852187
core:Subsidiary6
6
2020-03-31
2021-03-30
11852187
core:Subsidiary7
7
2020-03-31
2021-03-30
11852187
core:Subsidiary8
8
2020-03-31
2021-03-30
11852187
core:Subsidiary9
9
2020-03-31
2021-03-30
11852187
core:Subsidiary10
10
2020-03-31
2021-03-30
11852187
core:Subsidiary11
11
2020-03-31
2021-03-30
11852187
core:Subsidiary12
12
2020-03-31
2021-03-30
11852187
core:Subsidiary13
13
2020-03-31
2021-03-30
11852187
core:Subsidiary14
14
2020-03-31
2021-03-30
11852187
core:Subsidiary15
15
2020-03-31
2021-03-30
11852187
core:Subsidiary16
16
2020-03-31
2021-03-30
11852187
core:Subsidiary17
17
2020-03-31
2021-03-30
11852187
core:Subsidiary18
18
2020-03-31
2021-03-30
11852187
core:Subsidiary19
19
2020-03-31
2021-03-30
11852187
core:Subsidiary20
20
2020-03-31
2021-03-30
11852187
core:Subsidiary21
21
2020-03-31
2021-03-30
11852187
core:Subsidiary22
22
2020-03-31
2021-03-30
11852187
core:Subsidiary23
23
2020-03-31
2021-03-30
11852187
core:Subsidiary24
24
2020-03-31
2021-03-30
11852187
core:Subsidiary25
25
2020-03-31
2021-03-30
11852187
core:Subsidiary26
26
2020-03-31
2021-03-30
11852187
core:Subsidiary27
27
2020-03-31
2021-03-30
11852187
core:Subsidiary28
28
2020-03-31
2021-03-30
11852187
core:Subsidiary29
29
2020-03-31
2021-03-30
11852187
core:Subsidiary30
30
2020-03-31
2021-03-30
11852187
core:Subsidiary31
31
2020-03-31
2021-03-30
11852187
core:Subsidiary32
32
2020-03-31
2021-03-30
11852187
core:Subsidiary33
33
2020-03-31
2021-03-30
11852187
core:Subsidiary34
34
2020-03-31
2021-03-30
11852187
core:Subsidiary35
35
2020-03-31
2021-03-30
11852187
core:Subsidiary36
36
2020-03-31
2021-03-30
11852187
core:CurrentFinancialInstruments
bus:Consolidated
2021-03-30
11852187
core:CurrentFinancialInstruments
bus:Consolidated
2020-03-30
11852187
core:WithinOneYear
bus:Consolidated
2021-03-30
11852187
core:WithinOneYear
bus:Consolidated
2020-03-30
11852187
core:CurrentFinancialInstruments
core:WithinOneYear
2021-03-30
11852187
core:CurrentFinancialInstruments
core:WithinOneYear
2020-03-30
11852187
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2021-03-30
11852187
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2020-03-30
11852187
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-03-30
11852187
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-03-30
11852187
core:Non-currentFinancialInstruments
bus:Consolidated
2021-03-30
11852187
core:Non-currentFinancialInstruments
bus:Consolidated
2020-03-30
11852187
core:Non-currentFinancialInstruments
2021-03-30
11852187
core:Non-currentFinancialInstruments
2020-03-30
11852187
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2021-03-30
11852187
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2020-03-30
11852187
core:WithinOneYear
2021-03-30
11852187
core:WithinOneYear
2020-03-30
11852187
core:BetweenTwoFiveYears
bus:Consolidated
2021-03-30
11852187
core:BetweenTwoFiveYears
bus:Consolidated
2020-03-30
11852187
core:BetweenTwoFiveYears
2021-03-30
11852187
core:BetweenTwoFiveYears
2020-03-30
11852187
bus:PrivateLimitedCompanyLtd
2020-03-31
2021-03-30
11852187
bus:FRS102
2020-03-31
2021-03-30
11852187
bus:Audited
2020-03-31
2021-03-30
11852187
bus:ConsolidatedGroupCompanyAccounts
2020-03-31
2021-03-30
11852187
bus:FullAccounts
2020-03-31
2021-03-30
xbrli:pure
xbrli:shares
iso4217:GBP