Langland Holdings Limited - Limited company accounts 22.3

REGISTERED NUMBER: 10485231 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 January 2022

for

Langland Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

M T Banfield

J C Banfield

Mrs C M Banfield

REGISTERED OFFICE:

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

REGISTERED NUMBER:

10485231 (England and Wales)

AUDITORS:

Alwyns LLP, Statutory Auditor

Crown House

151 High Road

Loughton

IG10 4LG

The directors present their strategic report of the company and the group for the year ended 31 January 2022.

REVIEW OF BUSINESS

The core business and principal activity of Langland Holdings Limited during the year continued to be that of a holding company. The principal activity of the group headed by the company continued to be that of the provision of care home facilities.

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

The directors are satisfied with the performance of the company's trading subsidiary, Langland Care Limited. Group turnover increased by 3% from the previous year with gross margin slightly decreasing from 45% to 43% which is the company's key performance indicator (KPI). The group balance sheet net assets increased from £6.649m to £7.690m.

PRINCIPAL RISKS AND UNCERTAINTIES

The wholly owned subsidiary operates in the care home sector which remains very competitive and the directors believe that the market will remain this way in the foreseeable future. The company itself does not actively trade with unconnected third parties but the activities of the trading subsidiary exposes it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial instruments is continually monitored by the directors and the company does not use derivative financial instruments for speculative purposes. The directors monitor the performance of the subsidiary on a regular basis to manage its risks and uncertainties. Risks and uncertainties of those are managed as follows:

Credit risk

Credit risk is primarily attributable to trade and other receivables. Credit risk in relation to trade receivables is managed by regularly monitoring credit limits and balances outstanding. There is no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, a significant amount of cash within bank accounts is maintained. Liquidity risk is managed by monitoring working capital and ensuring that there are sufficient funds to meet payments. The balance outstanding is managed as part of the overall working capital management. The majority of fixed assets are acquired through direct payments. The board is cognisant of the company's working capital requirements and has concluded the facilities currently in place are appropriate to the size and complexity of operations.

COVID-19

The directors are grateful for its excellent team of staff that have seen it through the COVID pandemic and Brexit. Considerable focus has been made and continues to be made on maintaining a safe environment for all our employees in which to work and this has enabled us to continue trading throughout. The group faced many challenges as a result of the COVID pandemic and continues to do so but with its excellent staff has managed these to the highest level without affecting profitability.

FUTURE PROSPECTS

The group is focussed on maintaining its position in the market and continuing to provide an excellent service.

ON BEHALF OF THE BOARD:

Mrs C M Banfield - Director

9 January 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2022.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary 0.1p

-

£16.47058

- 31 January 2022

Ordinary A 0.1p

-

£68.33333

- 31 January 2022

The total distribution of dividends for the year ended 31 January 2022 will be £ 97,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2021 to the date of this report.

M T Banfield

J C Banfield

Mrs C M Banfield

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The directors refer you to the Strategic Report for information regarding financial risk management, objectives and policies.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 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 directors are 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Alwyns LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs C M Banfield - Director

9 January 2023

Opinion

We have audited the financial statements of Langland Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2022 which comprise the Consolidated Statement of 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 January 2022 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

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 are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance as to whether the entity complies with such laws and regulations;

- Enquiry of management and those charged with governance concerning any actual or potential litigation claims;

- Inspection of relevant legal correspondence;

- Testing of journal and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;

- Performing analytical procedures to identify unexpected movements in account balances;

- Reviewing assumptions and judgements made by management within any significant accounting estimates, particularly in relation to deferred and accrued income.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

David Stanley (Senior Statutory Auditor)

for and on behalf of Alwyns LLP, Statutory Auditor

Crown House

151 High Road

Loughton

IG10 4LG

13 January 2023

TURNOVER

3

3,445,138

3,330,901

Cost of sales

1,953,514

1,826,329

GROSS PROFIT

1,491,624

1,504,572

Administrative expenses

356,593

326,719

1,135,031

1,177,853

Other operating income

319,320

53,160

OPERATING PROFIT

5

1,454,351

1,231,013

Income from fixed asset investments

2,664

19

Interest receivable and similar income

12,438

8,979

15,102

8,998

1,469,453

1,240,011

Amounts written off investments

6

52,764

-

1,416,689

1,240,011

Interest payable and similar expenses

7

-

76

PROFIT BEFORE TAXATION

1,416,689

1,239,935

Tax on profit

8

278,189

237,468

PROFIT FOR THE FINANCIAL YEAR

1,138,500

1,002,467

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,138,500

1,002,467

Profit attributable to:

Owners of the parent

1,138,500

1,002,467

Total comprehensive income attributable to:

Owners of the parent

1,138,500

1,002,467

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

216,399

208,833

Investments

13

6,216,278

5,631,453

6,432,677

5,840,286

CURRENT ASSETS

Debtors

14

131,778

35,468

Cash at bank and in hand

3,934,857

4,209,681

4,066,635

4,245,149

CREDITORS

Amounts falling due within one year

15

(2,789,372

)

(3,419,212

)

NET CURRENT ASSETS

1,277,263

825,937

TOTAL ASSETS LESS CURRENT LIABILITIES

7,709,940

6,666,223

PROVISIONS FOR LIABILITIES

17

(19,702

)

(17,485

)

NET ASSETS

7,690,238

6,648,738

CAPITAL AND RESERVES

Called up share capital

18

4

4

Retained earnings

7,690,234

6,648,734

SHAREHOLDERS' FUNDS

7,690,238

6,648,738

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2023 and were signed on its behalf by:

Mrs C M Banfield - Director

M T Banfield - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

5,572,030

5,592,030

5,572,030

5,592,030

CURRENT ASSETS

Cash at bank

3,662,473

3,953,777

CREDITORS

Amounts falling due within one year

15

(2,405,745

)

(2,930,108

)

NET CURRENT ASSETS

1,256,728

1,023,669

TOTAL ASSETS LESS CURRENT LIABILITIES

6,828,758

6,615,699

CAPITAL AND RESERVES

Called up share capital

18

4

4

Retained earnings

6,828,754

6,615,695

SHAREHOLDERS' FUNDS

6,828,758

6,615,699

Company's profit for the financial year

310,059

1,100,669

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2023 and were signed on its behalf by:

Mrs C M Banfield - Director

M T Banfield - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2020

4

5,743,267

5,743,271

Changes in equity

Dividends

-

(97,000

)

(97,000

)

Total comprehensive income

-

1,002,467

1,002,467

Balance at 31 January 2021

4

6,648,734

6,648,738

Changes in equity

Dividends

-

(97,000

)

(97,000

)

Total comprehensive income

-

1,138,500

1,138,500

Balance at 31 January 2022

4

7,690,234

7,690,238

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2020

4

5,612,026

5,612,030

Changes in equity

Dividends

-

(97,000

)

(97,000

)

Total comprehensive income

-

1,100,669

1,100,669

Balance at 31 January 2021

4

6,615,695

6,615,699

Changes in equity

Dividends

-

(97,000

)

(97,000

)

Total comprehensive income

-

310,059

310,059

Balance at 31 January 2022

4

6,828,754

6,828,758

Cash flows from operating activities

Cash generated from operations

1

1,156,693

1,273,368

Interest paid

-

(76

)

Tax paid

(393,787

)

(201,424

)

Net cash from operating activities

762,906

1,071,868

Cash flows from investing activities

Purchase of tangible fixed assets

(40,984

)

(28,071

)

Purchase of fixed asset investments

(837,320

)

(39,584

)

Sale of fixed asset investments

181,019

1,645

Drawdown from fixed asset investments

20,000

20,000

Interest received

12,438

8,979

Dividends received

2,664

19

Net cash from investing activities

(662,183

)

(37,012

)

Cash flows from financing activities

Loans advanced out in year

(1,170

)

-

Amount introduced by directors

-

4,050,777

Amount withdrawn by directors

(524,910

)

(1,122,375

)

Government grants

247,533

-

Equity dividends paid

(97,000

)

(97,000

)

Net cash from financing activities

(375,547

)

2,831,402

(Decrease)/increase in cash and cash equivalents

(274,824

)

3,866,258

Cash and cash equivalents at beginning of year

2

4,209,681

343,423

Cash and cash equivalents at end of year

2

3,934,857

4,209,681

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.1.22

31.1.21

£

£

Profit before taxation

1,416,689

1,239,935

Depreciation charges

32,022

28,725

Loss on disposal of fixed assets

108

1,352

Impairment of investments

52,764

-

Government grants

(247,533

)

-

Finance costs

-

76

Finance income

(15,102

)

(8,998

)

1,238,948

1,261,090

Increase in trade and other debtors

(95,140

)

(2,910

)

Increase in trade and other creditors

12,885

15,188

Cash generated from operations

1,156,693

1,273,368

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 January 2022

31.1.22

1.2.21

£

£

Cash and cash equivalents

3,934,857

4,209,681

Year ended 31 January 2021

31.1.21

1.2.20

£

£

Cash and cash equivalents

4,209,681

343,423

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.21

Cash flow

At 31.1.22

£

£

£

Net cash

Cash at bank and in hand

4,209,681

(274,824

)

3,934,857

4,209,681

(274,824

)

3,934,857

Total

4,209,681

(274,824

)

3,934,857

1.	STATUTORY INFORMATION

Langland Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The functional and presentational currency of the group is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Langland Holdings Limited and its subsidiary, Langland Care Limited (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 January 2022 and have consistent accounting policies.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Other income

Dividend income is recognised when the right to receive payment is established.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been amortised in full.

Intangible assets

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

Tangible fixed assets

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

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

25% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments

Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Cash and cash equivalents

Cash and cash equivalents comprise bank balances and cash on hand. These are carried in the balance sheet at face value.

Taxation

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

Current or deferred taxation liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

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

Provisions for liabilities

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the profit and loss account in the period it arises.

Dividends

Dividends are recognised as liabilities once they are no longer at the discretion of the company.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

31.1.22

31.1.21

£

£

Care provision

3,445,138

3,330,901

3,445,138

3,330,901