REGISTERED NUMBER: 09734885 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
ELEANOR HEALTH CARE GROUP LIMITED |
REGISTERED NUMBER: 09734885 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
ELEANOR HEALTH CARE GROUP LIMITED |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
ELEANOR HEALTH CARE GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
409-411 Croydon Road |
Beckenham |
Kent |
BR3 3PP |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The director presents his strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The group successfully provides services in the health and social care sectors. The principal activities are home care (providing personal and domiciliary care), nursing agency, care homes, health and social care training, hospital logistics, patient care transport and consultancy to health care providers. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's principal uncertainties are the challenging environment in the health and social care sector due to austerity cuts by the government, and the general squeeze on company margins. |
RESULTS AND PERFORMANCE |
The results of the group for the year show a profit on the ordinary activities before tax of £5,470,932. The shareholders' funds of the group total £24,789,260. |
The performance of the group during the year has produced encouraging results. Eleanor Nursing and Social Care Limited continues to be the largest in the Care Group. Our home care and care home business has seen a significant improvement for this year despite the challenging environment in health and social care sector due to austerity cuts by the government. |
BUSINESS ENVIRONMENT |
Eleanor Care's main clients in Social Care is the local government and in health care is the NHS. Due to the austerity measures, both local government and NHS have been asked to make major savings reflecting in huge price reduction for the services we provide. Tougher regulations imposed by the Care quality commission also has led to increase in cost leading to a squeeze in the margins. |
Due to the hard and difficult conditions in this sector many businesses have closed, however Eleanor has increased its market share in both health and social care during the year. |
STRATEGY |
The group's success is dependent on the service quality, pricing, and ongoing management of the costs - mainly the overheads. In the Care business, we have continued to consolidate our position. We believe it is important to retain a diversified portfolio of area in order to achieve maximum profitability through synergy in this highly competitive marketplace. In the Care and Logistics sector we have refocused the alignment of our products with our strong network which will allow us to enhance our market share and retention levels in this sector. |
The group will continue to consolidate its position and concentrate its efforts on achieving maximum growth in its existing market segments and also hope to provide new services with more margins. We aim to improve efficiency in all areas of our operations with technology, innovation and creativity. |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
FUTURE DEVELOPMENTS |
Although the growth of the UK economy strengthened in the year, risks to UK economic growth remain significant and future prospects may be influenced by developments in the euro zone. The economic environment will continue to evolve at a rapid pace over the next two to three years making a return to the relative stability and certainty that preceded the crisis unlikely, at least in the short term. Interest rates are predicted to remain low in the short to medium term. |
In addition, we are expecting there will be continuing growth in the Care Industry and also the potential for an increase in use frequency on certain lines of business. We plan to actively review our Home Care to seek to ensure profitability is maintained in difficult market conditions. This includes gaining a better understanding and efficiency in recruitment of our care staff. |
We will continue to win new contracts in home care and logistics while going into new areas such as supported living, out-reach and day centres. we will also continue to invest in care homes. Fresh energy will be applied in nursing and training to develop the potential in the sectors. |
We will continue to develop our relationships with customers, generating new business where possible and increasing retention levels while navigating the pressure on our Service users. The level of profitability in the coming year will dependent on our cost management, entering new profitable sectors using our brand name and careful acquisition. |
ON BEHALF OF THE BOARD: |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2023 is £180,000. |
DIRECTOR |
POLITICAL DONATIONS AND EXPENDITURE |
During the year, the group made charitable donations of £5,105. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Edwards Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP LIMITED |
Opinion |
We have audited the financial statements of Eleanor Health Care Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 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 Group 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 Group 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 Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP LIMITED |
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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP LIMITED |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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 can detect irregularities, including fraud is detailed below: |
Our approach was as follows: |
a) We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and relevant tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
b) We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
c) We examined the company's regulatory and legal correspondence and discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations. |
d) We assessed the risks of material misstatement in respect of fraud as follows: |
i) We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks |
ii) The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion. |
iii) In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. |
iv) We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures. |
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including: |
Designing audit procedures to address, for example: |
a) The possibility of fraudulent or corrupt payments made through third parties. |
b) The risk of bribery and corruption. |
c) The opportunity to segregate duties within the entity. |
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. |
Using our general commercial and sector experience and through discussions with management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either because of fraud or error. |
The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELEANOR HEALTH CARE GROUP LIMITED |
Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. |
We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet. |
We considered the extent to which the audit was considered capable of detecting irregularities: 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 from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
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. |
for and on behalf of |
Statutory Auditor |
409-411 Croydon Road |
Beckenham |
Kent |
BR3 3PP |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 51,513,783 | 43,058,427 |
Cost of sales | 26,330,487 | 22,773,186 |
GROSS PROFIT | 25,183,296 | 20,285,241 |
Administrative expenses | 18,445,109 | 14,855,327 |
6,738,187 | 5,429,914 |
Other operating income | 10,005 | 200 |
OPERATING PROFIT | 4 | 6,748,192 | 5,430,114 |
Interest receivable and similar income | 11,462 | 1,648 |
6,759,654 | 5,431,762 |
Interest payable and similar expenses | 5 | 1,288,722 | 480,584 |
PROFIT BEFORE TAXATION | 5,470,932 | 4,951,178 |
Tax on profit | 6 | 1,421,641 | 1,139,583 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 4,049,291 | 3,811,595 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 4,049,291 | 3,811,595 |
OTHER COMPREHENSIVE INCOME |
Revaluation eliminated on disposals | (383,000 | ) | 550,190 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(383,000 |
) |
550,190 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,666,291 |
4,361,785 |
Total comprehensive income attributable to: |
Owners of the parent | 3,666,291 | 4,361,785 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 4,340,325 | 3,734,836 |
Tangible assets | 10 | 22,205,549 | 16,897,520 |
Investments | 11 | 21,970,942 | 9,030,949 |
48,516,816 | 29,663,305 |
CURRENT ASSETS |
Stocks | 12 | 8,500 | 8,500 |
Debtors | 13 | 12,802,362 | 12,367,465 |
Cash at bank and in hand | 1,890,647 | 4,113,428 |
14,701,509 | 16,489,393 |
CREDITORS |
Amounts falling due within one year | 14 | 11,072,168 | 6,680,120 |
NET CURRENT ASSETS | 3,629,341 | 9,809,273 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
52,146,157 |
39,472,578 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(27,134,764 |
) |
(17,892,488 |
) |
PROVISIONS FOR LIABILITIES | 18 | (222,133 | ) | (277,121 | ) |
NET ASSETS | 24,789,260 | 21,302,969 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 10,002 | 10,002 |
Share premium | 20 | 100,000 | 100,000 |
Revaluation reserve | 20 | 695,440 | 1,078,440 |
Retained earnings | 20 | 23,983,818 | 20,114,527 |
SHAREHOLDERS' FUNDS | 24,789,260 | 21,302,969 |
The financial statements were approved by the director and authorised for issue on 14 December 2023 and were signed by: |
M V Santhiapillai - Director |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (10,880 | ) | 275,101 |
The financial statements were approved by the director and authorised for issue on |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 10,002 | 16,482,932 | 100,000 | 528,250 | 17,121,184 |
Changes in equity |
Dividends | - | (180,000 | ) | - | - | (180,000 | ) |
Total comprehensive income | - | 3,811,595 | - | 550,190 | 4,361,785 |
Balance at 31 March 2022 | 10,002 | 20,114,527 | 100,000 | 1,078,440 | 21,302,969 |
Changes in equity |
Dividends | - | (180,000 | ) | - | - | (180,000 | ) |
Total comprehensive income | - | 4,049,291 | - | (383,000 | ) | 3,666,291 |
Balance at 31 March 2023 | 10,002 | 23,983,818 | 100,000 | 695,440 | 24,789,260 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 10,753,795 | 6,798,472 |
Interest paid | (1,288,722 | ) | (480,584 | ) |
Tax paid | (556,802 | ) | (912,905 | ) |
Net cash from operating activities | 8,908,271 | 5,404,983 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (1,769,693 | ) | (3,957,324 | ) |
Purchase of tangible fixed assets | (7,586,275 | ) | (8,592,475 | ) |
Purchase of fixed asset investments | (12,939,993 | ) | (1,554,984 | ) |
Sale of tangible fixed assets | 795,636 | - |
Interest received | 11,462 | 1,648 |
Net cash from investing activities | (21,488,863 | ) | (14,103,135 | ) |
Cash flows from financing activities |
New loans in year | 10,537,811 | 6,030,855 |
Equity dividends paid | (180,000 | ) | (180,000 | ) |
Net cash from financing activities | 10,357,811 | 5,850,855 |
Decrease in cash and cash equivalents | (2,222,781 | ) | (2,847,297 | ) |
Cash and cash equivalents at beginning of year |
2 |
4,113,428 |
6,960,725 |
Cash and cash equivalents at end of year | 2 | 1,890,647 | 4,113,428 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 5,470,932 | 4,951,178 |
Depreciation charges | 2,206,936 | 1,083,450 |
Loss on disposal of fixed assets | 56,878 | - |
Finance costs | 1,288,722 | 480,584 |
Finance income | (11,462 | ) | (1,648 | ) |
9,012,006 | 6,513,564 |
Increase in stocks | - | (8,500 | ) |
Increase in trade and other debtors | (434,897 | ) | (376,531 | ) |
Increase in trade and other creditors | 2,176,686 | 669,939 |
Cash generated from operations | 10,753,795 | 6,798,472 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,890,647 | 4,113,428 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 4,113,428 | 6,960,725 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,113,428 | (2,222,781 | ) | 1,890,647 |
4,113,428 | (2,222,781 | ) | 1,890,647 |
Debt |
Debts falling due within 1 year | (1,649,381 | ) | (1,295,535 | ) | (2,944,916 | ) |
Debts falling due after 1 year | (17,892,488 | ) | (9,242,276 | ) | (27,134,764 | ) |
(19,541,869 | ) | (10,537,811 | ) | (30,079,680 | ) |
Total | (15,428,441 | ) | (12,760,592 | ) | (28,189,033 | ) |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Eleanor Health Care Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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 |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 30,714,852 | 27,227,610 |
Social security costs | 2,558,756 | 2,057,498 |
Other pension costs | 559,833 | 467,018 |
33,833,441 | 29,752,126 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct and administrative |
2023 | 2022 |
£ | £ |
Director's remuneration | 100,000 | 120,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 44,375 | 19,094 |
Equipment hire | 550,779 | 368,632 |
Depreciation - owned assets | 1,042,732 | 636,371 |
Loss on disposal of fixed assets | 56,878 | - |
Goodwill amortisation | 1,164,204 | 447,079 |
Auditor's remuneration | 46,770 | 32,700 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 1,267,991 | 477,730 |
Other interest | 20,731 | 2,854 |
1,288,722 | 480,584 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 1,476,629 | 1,050,807 |
Deferred tax | (54,988 | ) | 88,776 |
Tax on profit | 1,421,641 | 1,139,583 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation eliminated on disposals | (383,000 | ) | - | (383,000 | ) |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | 550,190 | - | 550,190 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final | 180,000 | 180,000 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 | 4,897,333 |
Additions | 1,769,693 |
Disposals | (30,000 | ) |
At 31 March 2023 | 6,637,026 |
AMORTISATION |
At 1 April 2022 | 1,162,497 |
Amortisation for year | 1,164,204 |
Eliminated on disposal | (30,000 | ) |
At 31 March 2023 | 2,296,701 |
NET BOOK VALUE |
At 31 March 2023 | 4,340,325 |
At 31 March 2022 | 3,734,836 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2022 | 16,994,713 | 466,027 | 25,799 |
Additions | 7,331,000 | - | 2,013 |
Disposals | (1,369,708 | ) | - | - |
At 31 March 2023 | 22,956,005 | 466,027 | 27,812 |
DEPRECIATION |
At 1 April 2022 | 1,440,141 | 38,527 | 20,795 |
Charge for year | 512,311 | 45,000 | 1,861 |
Eliminated on disposal | (167,712 | ) | - | - |
At 31 March 2023 | 1,784,740 | 83,527 | 22,656 |
NET BOOK VALUE |
At 31 March 2023 | 21,171,265 | 382,500 | 5,156 |
At 31 March 2022 | 15,554,572 | 427,500 | 5,004 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 2,203,836 | 183,082 | 198,622 | 20,072,079 |
Additions | 217,624 | 16,995 | 18,643 | 7,586,275 |
Disposals | (89,790 | ) | (6,680 | ) | (3,219 | ) | (1,469,397 | ) |
At 31 March 2023 | 2,331,670 | 193,397 | 214,046 | 26,188,957 |
DEPRECIATION |
At 1 April 2022 | 1,461,225 | 102,433 | 111,438 | 3,174,559 |
Charge for year | 409,048 | 29,136 | 45,376 | 1,042,732 |
Eliminated on disposal | (56,998 | ) | (6,680 | ) | (2,493 | ) | (233,883 | ) |
At 31 March 2023 | 1,813,275 | 124,889 | 154,321 | 3,983,408 |
NET BOOK VALUE |
At 31 March 2023 | 518,395 | 68,508 | 59,725 | 22,205,549 |
At 31 March 2022 | 742,611 | 80,649 | 87,184 | 16,897,520 |
11. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 9,030,949 | - | 9,030,949 |
Additions | 11,015,312 | 1,924,681 | 12,939,993 |
At 31 March 2023 | 20,046,261 | 1,924,681 | 21,970,942 |
NET BOOK VALUE |
At 31 March 2023 | 20,046,261 | 1,924,681 | 21,970,942 |
At 31 March 2022 | 9,030,949 | - | 9,030,949 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 8,500 | 8,500 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 5,162,028 | 3,420,546 |
Other debtors | 6,354,734 | 8,468,794 |
Prepayments and accrued income | 1,285,600 | 478,125 |
12,802,362 | 12,367,465 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 2,944,916 | 1,649,381 |
Trade creditors | 1,311,872 | 1,217,726 |
Amounts owed to group undertakings | - | - |
Tax | 2,065,389 | 1,145,562 |
Social security and other taxes | 1,286,704 | 577,862 |
VAT | 405,366 | 183,009 | - | - |
Other creditors | 1,736,420 | 938,080 |
Accruals and deferred income | 1,321,501 | 968,500 |
11,072,168 | 6,680,120 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 27,134,764 | 17,892,488 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 2,944,916 | 1,649,381 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 27,134,764 | 17,892,488 | 2,333,333 | 3,666,667 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 7,187 | - |
Between one and five years | 61,020 | 96,957 |
68,207 | 96,957 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 222,133 | 277,121 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 277,121 |
Credit to Income Statement during year | (54,988 | ) |
Balance at 31 March 2023 | 222,133 |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,002 | 10,002 |
20. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 20,114,527 | 100,000 | 1,078,440 | 21,292,967 |
Profit for the year | 4,049,291 | 4,049,291 |
Dividends | (180,000 | ) | (180,000 | ) |
Eliminated on disposals | - | - | (383,000 | ) | (383,000 | ) |
At 31 March 2023 | 23,983,818 | 100,000 | 695,440 | 24,779,258 |
Company |
Retained |
earnings |
£ |
At 1 April 2022 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 March 2023 |
21. | TRANSACTIONS WITH DIRECTORS |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
M V Santhiapillai |
Balance outstanding at start of year | - | (5,081 | ) |
Amounts advanced | - | 5,081 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
ELEANOR HEALTH CARE GROUP LIMITED (REGISTERED NUMBER: 09734885) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
21. | TRANSACTIONS WITH DIRECTORS - continued |
During the year, the group voted dividends of £180,000 to the director. |
At the balance sheet date, the group was owed the following amounts from entities under the control of the director: |
£613,600 by Santhiapillai Investments Limited |
£4,404,328 by Eleanor Healthcare Holdings Limited |
£739,429 by Eleanor Properties LLP |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is M V Santhiapillai. |