Hopedale Children And Family Services Limited - Period Ending 2022-08-31

Hopedale Children And Family Services Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Hopedale Children And Family Services Limited

Company Information

Directors

S M Deaville J J Vellacott C Sutherland

Registered office

Hopedale House Off West Drive Cheddleton Leek Staffordshire ST13 7ED

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Hopedale Children And Family Services Limited

(Registration number: 07931653)
Balance Sheet as at 31 August 2022

	Note	31 August 2022 £	Unaudited 11 May 2022 £
Fixed assets
Tangible assets	4	1,458,053	282,375
Current assets
Debtors: Amounts due within one year	5	1,428,467	1,465,365
Debtors: Amounts falling due after more than one year	5	149,347	20,926
Cash at bank and in hand		1,834,060	1,178,590
	5	3,411,874	2,664,881
Creditors: Amounts falling due within one year	6	(500,234)	(1,109,575)
Net current assets		2,911,640	1,555,306
Total assets less current liabilities		4,369,693	1,837,681
Creditors: Amounts falling due after more than one year	6	(2,214,023)	(10,157)
Deferred tax liabilities		(32,766)	(22,945)
Net assets		2,122,904	1,804,579
Capital and reserves
Called up share capital		40,000	40,000
Profit and loss account		2,082,904	1,764,579
Shareholders' funds		2,122,904	1,804,579

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 June 2023 and signed on its behalf by:
 

J J Vellacott
Director

Hopedale Children And Family Services Limited

Notes to the Financial Statements for the Period from 12 May 2022 to 31 August 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hopedale House
Off West Drive
Cheddleton
Leek
Staffordshire
ST13 7ED

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Name of parent of group

These financial statements are consolidated in the financial statements of Rubicone Topco Limited.

The financial statements of Rubicone Topco Limited may be obtained from Companies House.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group..

Disclosure of long or short period

The financial statements cover a period of 112 days. The accounting period has been shortened to bring the year end in line with that of its ultimate parent undertaking, Rubicone Topco Limited.

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.

Hopedale Children And Family Services Limited

Notes to the Financial Statements for the Period from 12 May 2022 to 31 August 2022

Tax

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Asset class	Depreciation method and rate
Freehold property	10% straight line
Office equipment	33% reducing balance
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Computer equipment	25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Hopedale Children And Family Services Limited

Notes to the Financial Statements for the Period from 12 May 2022 to 31 August 2022

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Hopedale Children And Family Services Limited

Notes to the Financial Statements for the Period from 12 May 2022 to 31 August 2022

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

	12 May 2022 to 31 August 2022  No.	Unaudited 1 April 2021 to 11 May 2022  No.
Average number of employees	92	98

Hopedale Children And Family Services Limited

Notes to the Financial Statements for the Period from 12 May 2022 to 31 August 2022

4

Tangible assets

	Freehold property £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost
At 12 May 2022	228,382	307,832	46,958	583,172
Additions	1,160,068	20,757	15,995	1,196,820
At 31 August 2022	1,388,450	328,589	62,953	1,779,992
Depreciation
At 12 May 2022	98,404	178,619	23,774	300,797
Charge for the period	6,795	11,420	2,927	21,142
At 31 August 2022	105,199	190,039	26,701	321,939
Carrying amount
At 31 August 2022	1,283,251	138,550	36,252	1,458,053
At 11 May 2022	129,978	129,213	23,184	282,375

5

Debtors

	31 August 2022  £	Unaudited 11 May 2022  £
Trade debtors	1,321,471	1,370,508
Other debtors	53,616	53,460
Prepayments	53,380	41,397
Amounts owed by group undertakings	149,347	20,926
	1,577,814	1,486,291
Less non-current portion	(149,347)	(20,926)
Total current trade and other debtors	1,428,467	1,465,365

Details of non-current trade and other debtors

£149,347 (11 May 2022 - £20,926) of amounts owed by group undertakings is classified as non current.

Hopedale Children And Family Services Limited

Notes to the Financial Statements for the Period from 12 May 2022 to 31 August 2022

6

Creditors

	31 August 2022  £	Unaudited 11 May 2022  £
Due within one year
Trade creditors	16,411	27,068
Social security and other taxes	40,224	54,118
Outstanding defined contribution pension costs	-	11,043
Other creditors	2,360	114,484
Accrued expenses	80,398	26,709
Corporation tax liability	294,106	213,244
Deferred income	66,735	662,909
	500,234	1,109,575
Due after one year
Amounts owed to group undertakings	2,214,023	10,157

7

Share capital

Allotted, called up and fully paid shares

	31 August 2022		Unaudited 11 May 2022
	No.	£	No.	£
Ordinary shares of £1 each	30,000	30,000	30,000	30,000
Ordinary A shares of £1 each	10,000	10,000	10,000	10,000
	40,000	40,000	40,000	40,000

Rights, preferences and restrictions

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

8

Dividends

	31 August 2022  £	Unaudited 11 May 2022  £
Dividends paid	-	500,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group, headed by its ultimate parent undertaking, Rubicone Topco Limited. The amount guaranteed is
£135,783,498 (2021 - £40,685,000).

10

Parent and ultimate parent undertaking

The company's immediate parent undertaking is Shine Bidco Limited, incorporated in England and Wales. The ultimate parent company is Rubicone Topco Limited, incorporated in England and Wales. The ultimate controlling party is August Equity Partners V GP Limited, a company registered in England and Wales, which is considered to have no single controlling party.

Hopedale Children And Family Services Limited

Notes to the Financial Statements for the Period from 12 May 2022 to 31 August 2022

11

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444(5B) CA 2006, these accounts do not contain a copy of the company's Profit and Loss account or a copy of the Director's Report. Accordingly, the Independent Auditor's Report has also been omitted.

The Independent Auditor's Report was unqualified. The corresponding figures for the period from 1 April 2021 to 11 May 2022 shown in the financial statements are derived from the financial statements prepared for that period that were not audited. The name of the Senior Statutory Auditor who signed the audit report on 29 June 2023 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.