ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

MY CARE (HOLDINGS) LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312023-03-312022-04-01falseNo description of principal activity33falsefalse SC567134 2022-04-01 2023-03-31 SC567134 2021-04-01 2022-03-31 SC567134 2023-03-31 SC567134 2022-03-31 SC567134 2021-04-01 SC567134 1 2022-04-01 2023-03-31 SC567134 d:Director1 2022-04-01 2023-03-31 SC567134 d:Director2 2022-04-01 2023-03-31 SC567134 d:Director3 2022-04-01 2023-03-31 SC567134 d:RegisteredOffice 2022-04-01 2023-03-31 SC567134 c:Buildings 2022-04-01 2023-03-31 SC567134 c:Buildings 2023-03-31 SC567134 c:Buildings 2022-03-31 SC567134 c:Buildings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC567134 c:MotorVehicles 2022-04-01 2023-03-31 SC567134 c:FurnitureFittings 2022-04-01 2023-03-31 SC567134 c:OfficeEquipment 2022-04-01 2023-03-31 SC567134 c:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC567134 c:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 SC567134 c:CurrentFinancialInstruments 2023-03-31 SC567134 c:CurrentFinancialInstruments 2022-03-31 SC567134 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 SC567134 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 SC567134 c:ShareCapital 2023-03-31 SC567134 c:ShareCapital 2022-03-31 SC567134 c:ShareCapital 2021-04-01 SC567134 c:SharePremium 2022-04-01 2023-03-31 SC567134 c:SharePremium 2023-03-31 SC567134 c:SharePremium 2022-03-31 SC567134 c:SharePremium 2021-04-01 SC567134 c:CapitalRedemptionReserve 2022-04-01 2023-03-31 SC567134 c:CapitalRedemptionReserve 2023-03-31 SC567134 c:CapitalRedemptionReserve 2022-03-31 SC567134 c:CapitalRedemptionReserve 2021-04-01 SC567134 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC567134 c:RetainedEarningsAccumulatedLosses 2023-03-31 SC567134 c:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 SC567134 c:RetainedEarningsAccumulatedLosses 2022-03-31 SC567134 c:RetainedEarningsAccumulatedLosses 2021-04-01 SC567134 d:OrdinaryShareClass1 2022-04-01 2023-03-31 SC567134 d:OrdinaryShareClass1 2023-03-31 SC567134 d:OrdinaryShareClass1 2022-03-31 SC567134 d:OrdinaryShareClass2 2022-04-01 2023-03-31 SC567134 d:OrdinaryShareClass2 2023-03-31 SC567134 d:OrdinaryShareClass2 2022-03-31 SC567134 d:OrdinaryShareClass3 2022-04-01 2023-03-31 SC567134 d:OrdinaryShareClass3 2023-03-31 SC567134 d:OrdinaryShareClass3 2022-03-31 SC567134 d:FRS102 2022-04-01 2023-03-31 SC567134 d:Audited 2022-04-01 2023-03-31 SC567134 d:FullAccounts 2022-04-01 2023-03-31 SC567134 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC567134 c:Subsidiary1 2022-04-01 2023-03-31 SC567134 c:Subsidiary1 1 2022-04-01 2023-03-31 SC567134 c:Subsidiary2 2022-04-01 2023-03-31 SC567134 c:Subsidiary2 1 2022-04-01 2023-03-31 SC567134 c:Subsidiary3 2022-04-01 2023-03-31 SC567134 c:Subsidiary3 1 2022-04-01 2023-03-31 SC567134 c:Subsidiary4 2022-04-01 2023-03-31 SC567134 c:Subsidiary4 1 2022-04-01 2023-03-31 SC567134 c:Subsidiary5 2022-04-01 2023-03-31 SC567134 c:Subsidiary5 1 2022-04-01 2023-03-31 SC567134 d:Consolidated 2023-03-31 SC567134 d:ConsolidatedGroupCompanyAccounts 2022-04-01 2023-03-31 SC567134 2 2022-04-01 2023-03-31 SC567134 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC567134

MY CARE (HOLDINGS) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

MY CARE (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	A J Price
	N J Price
	G L Price


Registered number	SC567134


Registered office	Johnstone House, 52-54 Rose Street
	Aberdeen
	AB10 1HA


Independent auditors	EQ Audit Services LLP
	Chartered Accountants & Statutory Auditors
	14 City Quay
	Dundee
	DD1 3JA

MY CARE (HOLDINGS) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10
Company statement of financial position	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 30

MY CARE (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Introduction

The directors present their strategic report and the audited financial statements for the year ended 31 March 2023.

Business review

The company has experienced a 1.9% increase in turnover from 2022, largely reflecting increased fee rates, new lines of service delivery, and additional contracts obtained. Recruitment and retention of staff remain critical to the delivery of quality care. The social care sector has experienced significant operational difficulties with the Covid-19 pandemic and resulting recruitment and retention difficulties over the past year. Operational costs due to the pandemic have increased and have failed to return to pre-pandemic levels. Employment costs were as expected including increases due to higher payroll costs at levels in excess of the Scottish Living Wage, which were planned to assist with recruitment and retention. Recruitment costs continued to be higher than expected due to the difficulties in retaining and attracting staff to the care sector. Other operating costs were in line with expectation.

Principal risks and uncertainties

The directors are responsible for risk assessment and management within the Group. The main risks associated with the Group's financial assets and liabilities are set out below:-
Financial Risks
Credit risk is managed by ensuring that all sales invoices are raised timeously, and by ensuring the credit control procedures are followed for all operations. Credit risk is also reduced by being in the advantageous position of having a significant level of income generated through local government across a variety of local authorities.
Operational Risks
The Group's services are regulated by the Care Inspectorate which has significant enforcement powers against operators who do not comply with statutory requirements. This is monitored internally by management to ensure that we are complying with all requirements and take steps to implement any recommendations.
Covid-19
Throughout the year the Group continued to adopt Public Health guidance to protect our service users, and our staff. This included, and continues to include a higher level of Personal Protective Equipment, although this reduced over the 3rd and 4th quarters.

Financial key performance indicators

The Group measures KPI's on a monthly basis as part of its internal control processes and management accounts function.
The KPI's are turnover, profitability and cashflow, which have continued to show a strong performance for the period.

Page 1

MY CARE (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Other key performance indicators

There are no other key performance indicators that the Group uses to measure performance.

This report was approved by the board on 18 December 2023 and signed on its behalf.

N J Price

Director

Page 2

MY CARE (HOLDINGS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £945,483 (2022 - £1,343,986).

Dividends of £351,900 (2022 - £461,580) were paid during the year.

Directors

The directors who served during the year were:

A J Price

N J Price

G L Price

Future developments

Details of future developments can be found within the Strategic Report and form part of this report by the directors.

Engagement with employees

The group places strong emphasis in ensuring the well-being of our employees and look to share and communicate information to our staff using all possible means.

Page 3

MY CARE (HOLDINGS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Post balance sheet events are disclosed at note 26 to these financial statements..

Auditors

The auditors, EQ Audit Services LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 December 2023 and signed on its behalf.

N J Price

Director

Page 4

MY CARE (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY CARE (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of My Care (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's profit for the year then ended;

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

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

Basis for opinion

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

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 or the 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.

Page 5

MY CARE (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY CARE (HOLDINGS) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 identified material misstatements in the Group strategic report or the Directors' report.

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

∙adequate accounting records have not been kept 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.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

MY CARE (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY CARE (HOLDINGS) LIMITED (CONTINUED)

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

Page 7

MY CARE (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY CARE (HOLDINGS) LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Douglas Rae (Senior statutory auditor)

for and on behalf of

EQ Audit Services LLP

Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA

18 December 2023

Page 8

MY CARE (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2023

	2023	2022
	£	£


Turnover	4	10,485,376	10,286,647
Cost of sales		(8,360,347)	(8,214,313)
Gross profit		2,125,029	2,072,334
Administrative expenses		(1,172,255)	(826,578)
Other operating income	5	210,972	421,276
Operating profit	6	1,163,746	1,667,032
Interest receivable and similar income	10	3,450	149
Interest payable and similar expenses	11	1,353	(6,995)
Profit before taxation		1,168,549	1,660,186
Tax on profit	12	(223,066)	(316,200)
Profit for the financial year		945,483	1,343,986


Total comprehensive income for the year		945,483	1,343,986

Profit for the year attributable to:
Owners of the parent Company	945,483	1,343,986
	945,483	1,343,986

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 30 form part of these financial statements.

Page 9

MY CARE (HOLDINGS) LIMITED

REGISTERED NUMBER: SC567134

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
		£		£

Fixed assets
Tangible assets	15		767,224		734,174
Current assets
Debtors: amounts falling due within one year	17	1,305,419		1,291,843
Cash at bank and in hand		4,260,767		3,977,631
		5,566,186		5,269,474
Creditors: amounts falling due within one year	18	(1,010,081)		(1,283,699)
Net current assets			4,556,105		3,985,775
Total assets less current liabilities			5,323,329		4,719,949
Provisions for liabilities
Deferred taxation	19	(12,452)		(2,655)
			(12,452)		(2,655)
Net assets			5,310,877		4,717,294

Capital and reserves
Called up share capital	20	11,941	11,941
Share premium account	21	2,470,801	2,470,801
Capital redemption reserve	21	1,990	1,990
Profit and loss account	21	2,826,145	2,232,562
Equity attributable to owners of the parent Company		5,310,877	4,717,294

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2023.

N J Price

Director

The notes on pages 16 to 30 form part of these financial statements.

Page 10

MY CARE (HOLDINGS) LIMITED

REGISTERED NUMBER: SC567134

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
		£		£

Fixed assets
Tangible assets	15		852,620		871,780
Investments	16		3,533,400		3,533,400
			4,386,020		4,405,180
Current assets
Cash at bank and in hand		33		98
Creditors: amounts falling due within one year	18	(1,780,626)		(1,815,365)
Net current liabilities			(1,780,593)		(1,815,267)
Total assets less current liabilities			2,605,427		2,589,913


Net assets			2,605,427		2,589,913

Capital and reserves
Called up share capital	20		11,941		11,941
Share premium account	21		2,470,801		2,470,801
Capital redemption reserve	21		1,990		1,990
Profit and loss account brought forward		105,181		86,883
Profit for the year		367,414		479,878
Other changes in the profit and loss account		(351,900)		(461,580)
Profit and loss account carried forward			120,695		105,181
			2,605,427		2,589,913

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2023.

N J Price

Director

The notes on pages 16 to 30 form part of these financial statements.

Page 11

MY CARE (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2023

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2021	11,941	2,470,801	1,990	1,350,156	3,834,888
Comprehensive income for the year
Profit for the year	-	-	-	1,343,986	1,343,986
Dividends: Equity capital	-	-	-	(461,580)	(461,580)

At 1 April 2022	11,941	2,470,801	1,990	2,232,562	4,717,294
Comprehensive income for the year
Profit for the year	-	-	-	945,483	945,483
Dividends: Equity capital	-	-	-	(351,900)	(351,900)
At 31 March 2023	11,941	2,470,801	1,990	2,826,145	5,310,877

The notes on pages 16 to 30 form part of these financial statements.

Page 12

MY CARE (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2023

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2021	11,941	2,470,801	1,990	86,883	2,571,615
Comprehensive income for the year
Profit for the year	-	-	-	479,878	479,878
Dividends: Equity capital	-	-	-	(461,580)	(461,580)

At 1 April 2022	11,941	2,470,801	1,990	105,181	2,589,913
Comprehensive income for the year
Profit for the year	-	-	-	367,414	367,414
Dividends: Equity capital	-	-	-	(351,900)	(351,900)
At 31 March 2023	11,941	2,470,801	1,990	120,695	2,605,427

The notes on pages 16 to 30 form part of these financial statements.

Page 13

MY CARE (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

			2023	2022
			£	£

Cash flows from operating activities
Profit for the financial year	945,483	1,343,986
Adjustments for:
Depreciation of tangible assets	49,292	31,227
Loss on disposal of tangible assets	1,016	-
Government grants	(210,972)	(421,276)
Interest paid	(1,353)	6,995
Interest received	(3,450)	(149)
Taxation charge	223,066	316,200
(Increase) in debtors	(9,195)	(59,128)
(Increase) in amounts owed by associates	(4,381)	(4,378)
Increase/(decrease) in creditors	36,921	(350,340)
Corporation tax (paid)	(388,356)	(263,180)
Net cash generated from operating activities	638,071	599,957

Cash flows from investing activities
Purchase of tangible fixed assets	(83,358)	(11,952)
Government grants received	210,972	421,276
Interest received	3,450	149
Net cash from investing activities	131,064	409,473
Cash flows from financing activities
Repayment of loans	(135,452)	(24,946)
Dividends paid	(351,900)	(461,580)
Interest paid	1,353	(6,995)
Net cash used in financing activities	(485,999)	(493,521)
Net increase in cash and cash equivalents	283,136	515,909
Cash and cash equivalents at beginning of year	3,977,631	3,461,722
Cash and cash equivalents at the end of year	4,260,767	3,977,631

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,260,767	3,977,631

The notes on pages 16 to 30 form part of these financial statements.

Page 14

MY CARE (HOLDINGS) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2023


At 1 April 2022	Cash flows	At 31 March 2023
£	£	£

Cash at bank and in hand	3,977,631	283,136	4,260,767
Debt due within 1 year	(262,436)	218,693	(43,743)
	3,715,195	501,829	4,217,024

The notes on pages 16 to 30 form part of these financial statements.

Page 15

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

My Care (Holdings) Limited is a private company, limited by shares, domiciled in Scotland with registration number SC567134. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The functional and presentatinal current of the Company is GBP sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2016.

Page 16

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 18

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Franchise buy out

years

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property	-	2% straight-line
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15-25% straight-line
Office equipment	-	25-33% straight-line
Tenant's improvements	-	10% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.14

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company'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.

The estimates and underlying assumptions are reviewed on an ongoing basis.

The following are the areas where the directors believe critical judgements are made-

Recoverability of debtors - the management review the amounts outstanding throughout the year and provide for any debts they consider will not be recovered.

Carrying value of tangible assets - the management exercise judgement over the carrying value of freehold land and buildings and other tangible assets and will impair the value of those assets if necessary.

Depreciation - depreciation is provided based on the estimated useful economic life of each class of asset, which is an estimate made by management. Depreciation is expensed in the profit and loss account in order to write off the asset over its useful economic life.

Turnover

The whole of the turnover and profit before taxation relates to continuing activites and is attributable to the provision of care for the elderly and infirm.

All turnover arose within the United Kingdom.

Page 20

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5.	Other operating income
		2023	2022
		£	£

	Government grants receivable	210,972	421,276

	Depreciation of tangible fixed assets	49,292	31,227
	Other operating lease rentals	6,307	10,946

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

20,460

18,600

The company has taken advantage of the FRS 102 medium group exemption not to disclose amounts paid for non-audit services.

Page 21

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2023	2022	2023	2022
£	£	£	£


Wages and salaries	8,362,474	8,176,088	-	-
Social security costs	16,668	2,991	-	-
Cost of defined contribution scheme	140,045	130,051	-	-
	8,519,187	8,309,130	-	-

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2023	2022	2023	2022
	No.	No.	No.	No.

Directors	3	3	3	3
Employees	486	516	-	-

	489	519	3	3

9.	Directors' remuneration
		2023	2022
		£	£

Directors' emoluments	134,734	50,207
Group contributions to defined contribution pension schemes	14,774	14,774
	149,508	64,981

During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

10.	Interest receivable
		2023	2022
		£	£

Other interest receivable

3,450

149

Page 22

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

11.	Interest payable and similar expenses
		2023	2022
		£	£

	Bank interest payable	(1,379)	6,995
	Other interest payable	26	-

Corporation tax
Current tax on profits for the year	213,269	316,109

	Deferred tax
	Origination and reversal of timing differences	9,797	91


	Taxation on profit on ordinary activities	223,066	316,200

Profit on ordinary activities before tax

1,168,549

1,660,186

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)	222,024	315,435
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(818)	(1,837)
Capital allowances for year in excess of depreciation	(7,937)	2,511
Short-term timing difference leading to an increase (decrease) in taxation	9,797	91
Total tax charge for the year	223,066	316,200

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

13.	Dividends
		2023	2022
		£	£

Ordinary shares	198,000	98,000
Ordinary shares - Class B	80,600	288,580
Ordinary shares - Class C	73,300	75,000
	351,900	461,580

14.	Intangible assets
	Group and Company

		Franchise buy out
		£
	Cost
	At 1 April 2022	998,817
	At 31 March 2023	998,817
	Amortisation
	At 1 April 2022	998,817
	At 31 March 2023	998,817
	Net book value
	At 31 March 2023	-
	At 31 March 2022	-

All of the Group's intangible fixed assets are held in the subsidiary companies.

Page 24


		MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

	15.	Tangible fixed assets
		Group

	Freehold property	Motor vehicles	Fixtures and fittings	Office equipment	Tenant's improvements	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2022	860,317	-	45,941	172,817	3,744	1,082,819
Additions	-	57,629	3,444	17,262	5,023	83,358
Disposals	-	-	(33,352)	(90,169)	-	(123,521)
At 31 March 2023	860,317	57,629	16,033	99,910	8,767	1,042,656
Depreciation
At 1 April 2022	148,493	-	40,935	157,721	1,496	348,645
Charge for the year on owned assets	17,206	14,407	2,324	14,479	876	49,292
Disposals	-	-	(33,331)	(89,174)	-	(122,505)
At 31 March 2023	165,699	14,407	9,928	83,026	2,372	275,432
Net book value
At 31 March 2023	694,618	43,222	6,105	16,884	6,395	767,224
At 31 March 2022	711,824	-	5,006	15,096	2,248	734,174

Page 25

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

15.Tangible fixed assets (continued)

	Company

		Freehold property
		£
	Cost or valuation
	At 1 April 2022	958,000
	At 31 March 2023	958,000
	Depreciation
	At 1 April 2022	86,220
	Charge for the year on owned assets	19,160
	At 31 March 2023	105,380
	Net book value
	At 31 March 2023	852,620
	At 31 March 2022	871,780

Page 26

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2022	3,533,400
	At 31 March 2023	3,533,400

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

My Care (Grampian) Limited	Ordinary	100%
	Ordinary B	100%
	Ordinary C	100%
My Care (Tayside) Limited	Ordinary	100%
Peakview Investments Limited	Ordinary	100%

17.

Debtors

		Group	Group
		2023	2022
		£	£


Trade debtors	1,033,693	813,564
Amounts owed by joint ventures and associated undertakings	11,557	7,176
Other debtors	234,650	189,888
Prepayments and accrued income	25,519	281,215
	1,305,419	1,291,843

Page 27

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2023	2022	2023	2022
		£	£	£	£

Bank loans	-	135,452	-	-
Trade creditors	24,902	21,821	786	713
Amounts owed to group undertakings	-	-	1,769,433	1,803,485
Other taxation and social security	243,723	326,414	7,711	9,124
Other creditors	356,679	473,366	1	1
Accruals and deferred income	384,777	326,646	2,695	2,042
	1,010,081	1,283,699	1,780,626	1,815,365

The bank loans were secured by a standard security over property held by the parent company and a bond and floating charge over all the assets of the group. The bank loans were repaid during the year.

19.	Deferred taxation
	Group

	2023	2022
	£	£

At beginning of year	(2,655)	(2,564)
Charged to profit or loss	(9,797)	(91)
At end of year	(12,452)	(2,655)

The provision for deferred taxation is made up as follows:
	Group	Group
	2023	2022
	£	£

Accelerated capital allowances

(12,452)

(2,655)

Page 28

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

20.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

4,100 (2022 - 4,100) Ordinary shares of £1.00 each	4,100	4,100
5,453 (2022 - 5,453) Ordinary B shares of £1.00 each	5,453	5,453
2,388 (2022 - 2,388) Ordinary C shares of £1.00 each	2,388	2,388

	11,941	11,941

21.

Reserves

Share premium account

The share premium account relates to the premium paid for the shares of My Care (Grampian) Limited and My Care (Tayside) Limited when purchased by My Care (Holdings) Limited.

Capital redemption reserve

The capital redemption reserve relates to the buy back of 1,990 Ordinary C shares in 2020.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

22.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £140,045 (2022 - £130,051). Contributions totalling £39,803 (2022 - £11,437) were payable to the fund at the reporting date and are included in creditors.

23.	Commitments under operating leases
	At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2023	2022
		£	£

Not later than 1 year	49,021	50,839
Later than 1 year and not later than 5 years	138,906	21,718
Later than 5 years	120,000	-
	307,927	72,557

Page 29

MY CARE (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

24.	Transactions with directors

At the balance sheet date the company owed directors £9,538 (2022 - £109,575). The director's current accounts are unsecured and repayable on demand.

25.

Related party transactions

During the year the Group paid expenses amounting to £5,866 (2022 - £4,378) on behalf of a related party, Guardian Live-In Care Limited. This is expected to be repaid in full with the amount outstanding at the year end being £13,042 (2022 - £7,176).
The Group has taken advantage of provisions within FRS102 and has not disclosed transactions entered into with other wholly owned members of the Group.
The directors consider themselves to be the only key management personnel, and their remuneration for the period is disclosed at note 9.

26.	Audit exemption of subsidiary companies

The subsidiary company Peakview Investments Limited (registration number SC498696) is exempt from the requirements of the Companies Act 2006 related to the audit of its individual accounts by virtue of Section 479a of the Companies Act 2006.

27.	Post balance sheet events

Post year end, the shareholding for Peakview Investments Limited was purchased by the directors of the Group causing the company to fall outwith the Group.
The financial effect, if any, cannot be quantified at this time.

Page 30