Jubilee Care Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 03558803 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

JUBILEE CARE LTD

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTOR:

Mr M P Madden

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

Leicestershire

LE1 7RU

REGISTERED NUMBER:

03558803 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr P Bott FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

The director presents his strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

Performance of the business and outlook

The previous period is a 17 month period from 1st November 2020 to 31st March 2022 so when comparing to the current year it is not entirely comparable. We have prorated the income to compare to 2022 as detailed below.

The company was purchased on 6 October 2021 by Welford Healthcare CHH.

Our KPI's for the year show how much we have achieved this year:

KPI's £

2023

1st November 2020 to 31st March 2022 (17 Month Period)

2022 (Prorated for 1 year)

Turnover

3,835

3,779

2,668

Staff costs

1,582

2,047

1,445

The company completes monthly management accounts, agreeing these to budgets to measure actual performance.

Our experienced management team and strong financial position enable us to be well positioned to continue the development of the company.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

21 December 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2023.

DIRECTOR

Mr M P Madden held office during the whole of the period from 1 April 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

21 December 2023

Opinion

We have audited the financial statements of Jubilee Care Ltd (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

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

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, significant one-off or unusual transaction, going concern and the CQC rating.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of a sample of occupancy reports in the year to ensure these were correctly recorded in revenue and detailed cut off testing around the year end to ensure revenue is correctly recognised.

- A review of laws and regulations the company is subject to, being specifically the CQC review and rating and discussion with management to ensure no instances of non compliance.

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Mr P Bott FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

21 December 2023

TURNOVER

3

3,838,845

3,779,353

Cost of sales

1,736,998

2,187,471

GROSS PROFIT

2,101,847

1,591,882

Administrative expenses

1,128,079

677,396

973,768

914,486

Other operating income

-

59,295

OPERATING PROFIT

5

973,768

973,781

Interest payable and similar expenses

6

439,200

185,266

PROFIT BEFORE TAXATION

534,568

788,515

Tax on profit

7

133,485

147,750

PROFIT FOR THE FINANCIAL YEAR

401,083

640,765

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

401,083

640,765

FIXED ASSETS

Tangible assets

9

6,701,248

6,958,219

CURRENT ASSETS

Debtors

10

1,606,192

477,974

Cash at bank and in hand

555,635

211,769

2,161,827

689,743

CREDITORS

Amounts falling due within one year

11

1,638,185

701,706

NET CURRENT ASSETS/(LIABILITIES)

523,642

(11,963

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,224,890

6,946,256

CREDITORS

Amounts falling due after more than one year

12

(6,646,884

)

(6,777,007

)

PROVISIONS FOR LIABILITIES

14

(11,354

)

(3,680

)

NET ASSETS

566,652

165,569

CAPITAL AND RESERVES

Called up share capital

15

2

2

Retained earnings

16

566,650

165,567

SHAREHOLDERS' FUNDS

566,652

165,569

The financial statements were approved by the director and authorised for issue on 21 December 2023 and were signed by:

Mr M P Madden - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2020

2

962,696

962,698

Changes in equity

Dividends

-

(1,437,894

)

(1,437,894

)

Total comprehensive income

-

640,765

640,765

Balance at 31 March 2022

2

165,567

165,569

Changes in equity

Total comprehensive income

-

401,083

401,083

Balance at 31 March 2023

2

566,650

566,652

1.	STATUTORY INFORMATION

Jubilee Care Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Comparative Figures

The comparative figures are for an extended 17 month period of trading to 31 March 2022. The current figures represent a 12 month period of trading to 31 March 2023.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Revenue represents income receivable from health and care provision services rendered and goods supplied.

Revenue is recognised in the accounting period in which the company obtains the right to consideration in exchange for its performance.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over 25 years

Fixtures and fittings

-

20% on cost and 10% on cost

Motor vehicles

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently, where material, at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently, where material, at amortised cost using the effective interest method, less any impairment.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

United Kingdom

3,838,845

3,779,353

3,838,845

3,779,353

4.	EMPLOYEES AND DIRECTORS

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

Wages and salaries

1,449,496

1,842,504

Social security costs

112,347

149,797

Other pension costs

20,948

54,908

1,582,791

2,047,209

The average number of employees during the year was as follows:

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

Admin

3

2

Carers

67

67

70

69

During the year, remuneration of £101,830 (2022: £71,488) was paid to key management personnel.

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

Depreciation - owned assets

287,068

212,667

Auditors remuneration

5,900

5,600

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

Bank loan interest

-

4,834

Other interest

439,200

180,432

439,200

185,266

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

Current tax:

UK corporation tax

128,180

201,754

Prior year

UK corporation tax

(2,369

)

-

Total current tax

125,811

201,754

Deferred taxation

7,674

(54,004

)

Tax on profit

133,485

147,750

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

Profit before tax

534,568

788,515

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 - 19%)

101,568

149,818

Effects of:

Expenses not deductible for tax purposes

3,103

2,363

Depreciation in excess of capital allowances

54,412

4,828

Finance lease charge

(23,229

)

(9,259

)

Prior year adjustment

(2,369

)

-

Total tax charge

133,485

147,750

8.

DIVIDENDS

Period

1.11.20

Year Ended

to

31.3.23

31.3.22

£

£

Ordinary shares of £1 each

Interim

-

1,437,894

During the previous year, the company paid dividends of £480,000 to its previous parent company Wemyss Lodge Limited. Wemyss Lodge Limited then transferred, via a distribution in specie, its shareholding in the company to Stratton Colebrook Limited. Following this transfer a dividend in specie was voted of £957,894 which transferred the property, including its assets, and dormant subsidiaries to Stratton Colebrook Limited at net book value.

9.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2022

7,077,808

-

-

44,240

7,122,048

Additions

-

7,006

23,091

-

30,097

At 31 March 2023

7,077,808

7,006

23,091

44,240

7,152,145

DEPRECIATION

At 1 April 2022

138,960

-

-

24,869

163,829

Charge for year

283,112

2,086

-

1,870

287,068

At 31 March 2023

422,072

2,086

-

26,739

450,897

NET BOOK VALUE

At 31 March 2023

6,655,736

4,920

23,091

17,501

6,701,248

At 31 March 2022

6,938,848

-

-

19,371

6,958,219

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

171,573

271,691

Bad debt provision

(30,168

)

(30,168

)

Amounts owed by group undertakings

166,849

222,000

Other debtors

1,281,041

119

Prepayments and accrued income

16,897

14,332

1,606,192

477,974

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Finance leases (see note 13)

130,123

122,259

Trade creditors

169,694

58,890

Amounts owed to group undertakings

159,849

-

Taxation

128,180

115,694

Paye/Ni payable

57,538

38,936

Other creditors

694,657

217,666

Accruals and deferred income

298,144

148,261

1,638,185

701,706

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Finance leases (see note 13)

6,646,884

6,777,007

13.	LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases

2023

2022

£

£

Net obligations repayable:

Within one year

130,123

122,259

Between one and five years

609,746

572,896

In more than five years

6,037,138

6,204,111

6,777,007

6,899,266

The lease above relates to the long leasehold included in the accounts in note 9 and relates to the rental of the residential care home.

14.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

11,354

3,680

Deferred

tax

£

Balance at 1 April 2022

3,680

Movement

7,674

Balance at 31 March 2023

11,354