Huntercombe Group Manco Limited - Period Ending 2021-03-31
Huntercombe Group Manco Limited - Period Ending 2021-03-31
Registration number:
for the Period from 16 September 2020 to
Huntercombe Group Manco Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Huntercombe Group Manco Limited
Company Information
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Directors |
Dr A Basu S T S Shiong M J Williamson |
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Registered office |
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Auditors |
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Huntercombe Group Manco Limited
Strategic Report for the Period from 16 September 2020 to 31 March 2021
The directors present their strategic report for the period from 16 September 2020 to 31 March 2021.
Principal activity
The principal activity of the company is as a holding company.
Fair review of the business
The results for the period, which are set out in the profit and loss account, show an operating profit of £nil. At 31 March 2021, the company had net assets of £1. The directors consider the performance for the period and the financial position at the period end to be satisfactory.
As part of the management accounts, the directors use Key Performance Indicators ) to assist in the understanding of the development, performance and the position of the business of the group. The KPIs used by the company to measure performance include divisional revenue, adjusted operating profit, adjusted operating margin, hours of care provided, new care contracts won, Care Quality Commission (CQC) rating and operating cash flow conversion.
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to ongoing compliance with current and future legislation affecting the sector.
Financial instruments
Objectives and policies
The board constantly monitors the company's trading results and revise projections as appropriate to ensure that the company can meet its future obligations as they fall due.
Price risk, credit risk, liquidity risk and cash flow risk
The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures.
In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009', the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.
The company has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the company to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Approved by the
Director
Huntercombe Group Manco Limited
Directors' Report for the Period from 16 September 2020 to 31 March 2021
The directors present their report and the financial statements for the period from 16 September 2020 to 31 March 2021.
Incorporation
The company was incorporated on
Change of company name
The company changed its name from
Directors of the company
The directors who held office during the period were as follows:
Going concern
The company's business activities, together with the factors likely to affect its future development and position are set out in the Strategic Report.
The directors have no reason to believe that a material uncertianty exists that may cast significant doubt about the ability of the group to continue as a going concern.
On the basis of their assessment of the company's financial position, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Future developments
The external environment is expected to remain competitive going forward.
Disclosure of information to the auditors
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Appointment of auditors
Hazlewoods LLP were appointed as auditors to the company during the period and have expressed their willingness to continue in office.
Approved by the
Director
Huntercombe Group Manco Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Huntercombe Group Manco Limited
Independent Auditor's Report to the Members of Huntercombe Group Manco Limited
Opinion
We have audited the financial statements of Huntercombe Group Manco Limited (the 'company') for the period from 16 September 2020 to 31 March 2021, which comprise the Profit and Loss Account, 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 2021 and of its results for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Huntercombe Group Manco Limited
Independent Auditor's Report to the Members of Huntercombe Group Manco Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, 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 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 Statement of Directors' Responsibilities set out on page 4, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Huntercombe Group Manco Limited
Independent Auditor's Report to the Members of Huntercombe Group Manco Limited
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).
In identifying and assessing risks of material mis-statement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the company's operations. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws.
• We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, those responsible for legal and compliance procedures.
• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.
Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. Detailed analysis of journals posted through the accounting system during the year to 30 April 2021 has been undertaken;
• Understanding the controls in place to prevent and detect fraud. Reliance was not placed on controls for the entirety of the audit, instead taking a substantive testing approach, however controls were in place to prevent fraud, and they appeared to be working effectively;
• Challenging assumptions and judgements made by management in its significant accounting estimates
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Huntercombe Group Manco Limited
Profit and Loss Account for the Period from 16 September 2020 to 31 March 2021
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Note |
16 September 2020 to 31 March 2021 |
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Turnover |
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Administrative expenses |
( |
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Exceptional items |
(56,943) |
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Operating profit |
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Interest payable and similar charges |
( |
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Profit/(loss) before tax |
- |
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Taxation |
- |
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Profit/(loss) for the financial period |
- |
The above results were derived from continuing operations.
The company has no other comprehensive income for the period.
Huntercombe Group Manco Limited
(Registration number: 12883784)
Balance Sheet as at 31 March 2021
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Note |
31 March 2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Total equity |
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Approved and authorised by the
Director
Huntercombe Group Manco Limited
Statement of Changes in Equity for the Period from 16 September 2020 to 31 March 2021
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Share capital |
Total |
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New share capital subscribed |
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At 31 March 2021 |
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Huntercombe Group Manco Limited
Notes to the Financial Statements for the Period from 16 September 2020 to 31 March 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as Trident Group Manco Limited.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company.
Name of parent of group
These financial statements are consolidated in the financial statements of Huntercombe Group Holdco Limited.
The financial statements of Huntercombe Group Holdco Limited may be obtained from Companies House.
Group accounts not prepared
Disclosure of long or short period
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Huntercombe Group Manco Limited
Notes to the Financial Statements for the Period from 16 September 2020 to 31 March 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
2 years straight line |
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Fixtures and fittings |
5 years straight line |
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Land & buildings |
50 years straight line |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Huntercombe Group Manco Limited
Notes to the Financial Statements for the Period from 16 September 2020 to 31 March 2021
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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Revenue |
The analysis of the company's revenue for the period from continuing operations is as follows:
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2021 |
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Management charges receivable |
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Huntercombe Group Manco Limited
Notes to the Financial Statements for the Period from 16 September 2020 to 31 March 2021
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Operating profit |
Arrived at after charging:
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16 September 2020 to 31 March 2021 |
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Depreciation expense |
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Operating lease expense - property |
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Exceptional items |
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16 September 2020 to 31 March 2021 |
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Exceptional expenses |
56,943 |
Exceptional items in the current year consist of one-off costs associated with the group restructure.
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Interest payable and similar expenses |
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2021 |
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Interest on bank overdrafts and borrowings |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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16 September 2020 to 31 March 2021 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
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16 September 2020 to 31 March 2021 |
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Administration and support |
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Huntercombe Group Manco Limited
Notes to the Financial Statements for the Period from 16 September 2020 to 31 March 2021
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Directors' remuneration |
The directors' remuneration for the period was as follows:
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2021 |
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Remuneration |
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Contributions paid to money purchase schemes |
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54,060 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
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2021 |
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Accruing benefits under defined benefit pension scheme |
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Auditors' remuneration |
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2021 |
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Audit of the financial statements |
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Intangible assets |
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Goodwill |
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Cost |
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Additions and at 31 March 2021 |
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Amortisation |
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Amortisation charge |
- |
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At 31 March 2021 |
- |
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Carrying amount |
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At 31 March 2021 |
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Tangible assets |
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Furniture, fittings and equipment |
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Cost |
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Additions and at 31 March 2021 |
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Depreciation |
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Charge for the period and at 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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Huntercombe Group Manco Limited
Notes to the Financial Statements for the Period from 16 September 2020 to 31 March 2021
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Investments |
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2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost and carrying amount |
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Additions and at 31 March 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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England and Wales |
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Subsidiary undertakings |
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Huntercombe Neuro Limited The principal activity of Huntercombe Neuro Limited is |
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Huntercombe Young People Limited The principal activity of Huntercombe Young People Limited is |
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Huntercombe Adult Limited The principal activity of Huntercombe Adult Limited is |
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Debtors |
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31 March 2021 |
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Other debtors |
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Prepayments |
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Creditors |
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31 March 2021 |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
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Other creditors |
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Accrued expenses |
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Huntercombe Group Manco Limited
Notes to the Financial Statements for the Period from 16 September 2020 to 31 March 2021
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
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31 March 2021 |
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No. |
£ |
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1 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2021 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Contingent liabilities |
The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group headed by Huntercombe Group Holdco Limiited. The amount guaranteed is £33,555,000.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is