Silver Birch Care (Holdings) Limited - Limited company accounts 23.2
Silver Birch Care (Holdings) Limited - Limited company accounts 23.2
| REGISTERED NUMBER: 09049900 (United Kingdom) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 March 2023 |
| for |
| Silver Birch Care (Holdings) Limited |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 11 |
| Consolidated Other Comprehensive Income | 12 |
| Consolidated Balance Sheet | 13 |
| Company Balance Sheet | 14 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Financial Statements | 19 |
| Silver Birch Care (Holdings) Limited |
| Company Information |
| for the Year Ended 31 March 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| First Floor |
| Spitalfields House |
| Stirling Way |
| Borehamwood |
| Hertfordshire |
| WD6 2FX |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Group Strategic Report |
| for the Year Ended 31 March 2023 |
| The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
| REVIEW OF BUSINESS |
| The group is a growing, multi-service provider offering 16+ supported living services, and specialist social care and education services for children aged 8 to 18 years of age. |
| The results for the year and the financial position of the group at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future. |
| Under its wholly-owned subsidiary The Beeches UK Limited (TBL), the group provides Ofsted regulated residential childcare services across its five care homes which are located in Cambridgeshire and London, and supporting living services via its 7 provisions in Cambridgeshire. TBL also opened a 'state of the art' Special Education Needs School with a placement capacity of 32 students in Peterborough. Under its dedicated London division, Silver Birch Care (Residential Services) Limited, the first of many London Ofsted regulated residential children's homes has opened in Ealing. |
| Under its wholly-owned subsidiary Silver Birch Care Limited (SBCL), the group provides supported living services for looked after young people aged 16 to 25 years within the M25 across its 38 provisions. SBCL is an integral member of The Commissioning Alliance and works in partnership with just under 40 Local Authorities and County Councils, and is the provider of choice for Westminster City Council and the Royal Borough of Kensington and Chelsea. |
| The group recognises the challenges that young people may encounter as they prepare to leave local authority care, and seeks to help their transition to independent adult life by providing them with the highest level of support within a nurturing environment, helping to develop their skills through motivating them and facilitating their access to education and vocational training. The group is the only provider of its size to have a dedicated Sports coach and programme for young people, and an extensive suite of software that enables constant proactive monitoring of key data of the young people placed in its care. |
| The group's performance and has been broadly in-line with the board's expectations. The group has continued to navigate well through the various challenges presented by COVID-19, sector staff shortages, and inflationary pressures. |
| The group continues to adapt and respond to the associated challenges it faces, and remains in a strong financial position, underpinned by a significant property portfolio and consistent strong cash generation, and the board remains confident in our outlook. |
| The group continues to generate gross operating profits despite the tightening of budgetary spending by its local authority clients, as the government continues to raise standards of care across the sector. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Group Strategic Report |
| for the Year Ended 31 March 2023 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group's activities expose it to a number of operational and financial risks. The principal risks include: |
| Quality of service |
| Failure to provide a high quality of service to the young people in our care would cause severe damage to the group's brand and its ability to attract new residents and/or pupils. Staff induction and training programmes are in place to ensure they all have an understanding of regulatory requirements and quality standards. The group also operates in robust levels of performance monitoring with reporting to senior management and directors of any potential issues. |
| Safeguarding |
| Safeguarding and protection of all young people in our care is one of our primary concerns. The group operates robust safer recruitment policy and procedure. Compliance is organised and monitored through our Safeguarding and Quality and Service Management teams as well as regular on-site audits and inspections which all contribute to continuous improvement plans. |
| Recruitment |
| Our services rely on the capable skills and expertise of the team we employ. Shortage of appropriate staff is a potential risk to the business, especially with the prevalent national shortage of qualified staff. In order to mitigate this risk, the group has a proactive Human Resources and Recruitment team, and will shortly embark on the recruitment of suitable skilled candidates from overseas. |
| Interest rate risk management |
| The group is exposed to interest rate risk as it borrows funds at floating interest rates on long term loans. Recent events indicate see UK base rate rising 4.5% and this will have a drastic impact on the group's borrowing costs |
| Government action |
| Failure to anticipate or respond to changes in government policy or regulation could negatively impact the group's performance. Regular intelligence gathering by senior management on proposed legislative and regulatory changes takes place and is cascaded down to teams during regular meetings. |
| DEVELOPMENT AND PERFORMANCE |
| The group's strategy is primarily to maintain its operational activities at their existing levels but also to explore opportunities for growth including through the acquisition and development of other homes. SBCL is preparing for impending regulatory changes in the semi-independent care sector: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1041166/unregulated_ national_standards_consultation_response.pdf. |
| TBL seeks to expand within Cambridgeshire with the opening of a brand-new school and at least three new EBD OFSTED regulated children's care homes. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Group Strategic Report |
| for the Year Ended 31 March 2023 |
| KEY PERFORMANCE INDICATORS |
| The Key Performance indicators used by the directors to assess the performance of the group are as follows:- |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Turnover | 17,732,860 | 14,779,676 |
| Operating profit | 2,857,150 | 1,780,218 |
| Occupancy rates | 95% | 94% |
| ON BEHALF OF THE BOARD: |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Report of the Directors |
| for the Year Ended 31 March 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of residential care activities and supporting young persons aged 16+. |
| DIVIDENDS |
| An interim dividend of £160,000 per share on the Ordinary A £1 shares was paid on 5 April 2022. The directors recommend that no final dividend be paid on these shares. |
| No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares. |
| The total distribution of dividends for the year ended 31 March 2023 will be £ 160,000 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
| 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. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Report of the Directors |
| for the Year Ended 31 March 2023 |
| AUDITORS |
| Primera Accountants Limited were appointed as auditor to the company and are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Silver Birch Care (Holdings) Limited |
| Opinion |
| We have audited the financial statements of Silver Birch Care (Holdings) 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 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. |
| Report of the Independent Auditors to the Members of |
| Silver Birch Care (Holdings) 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 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 five, 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. |
| Report of the Independent Auditors to the Members of |
| Silver Birch Care (Holdings) 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation including compliance with customs regulations, data protection, anti-bribery, employment, and health and safety legislation; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - obtaining an understanding of the policies and procedures including internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations in order to design audit procedures that are appropriate in the circumstances (but not not for the purpose of expressing an opinion on the effectiveness of the company's internal control). |
| To address the risk of fraud through management bias and override of controls, we: |
| - identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, design and performed audit procedures responsive to those risks, and obtained audit evidence that is sufficient and appropriate to provide a basis for our opinion |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates in relation to income recognition, collectability of debtors, impairment of tangible and intangible assets and valuation of stock were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors; |
| Report of the Independent Auditors to the Members of |
| Silver Birch Care (Holdings) Limited |
| -evaluating the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view); |
| -reading the minutes of meetings of those charged with governance; |
| -enquiring of management as to actual and potential litigation and claims; |
| -reviewing correspondence with HMRC and the company's legal advisors; and |
| - Concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve collusion, forgery, deliberate concealment and omissions, misrepresentations, or the override of internal control. |
| 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 |
| First Floor |
| Spitalfields House |
| Stirling Way |
| Borehamwood |
| Hertfordshire |
| WD6 2FX |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Consolidated Income Statement |
| for the Year Ended 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Notes | £ | £ |
| TURNOVER | 3 | 17,732,860 | 14,779,676 |
| Cost of sales | 4,453,905 | 4,029,546 |
| GROSS PROFIT | 13,278,955 | 10,750,130 |
| Administrative expenses | 10,439,271 | 8,986,516 |
| 2,839,684 | 1,763,614 |
| Other operating income | 17,466 | 16,604 |
| OPERATING PROFIT | 5 | 2,857,150 | 1,780,218 |
| Interest receivable and similar income | - | 11,964 |
| 2,857,150 | 1,792,182 |
| Interest payable and similar expenses | 7 | 142,163 | 60,630 |
| PROFIT BEFORE TAXATION | 2,714,987 | 1,731,552 |
| Tax on profit | 8 | 504,273 | 304,491 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 2,210,714 | 1,427,061 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 2,210,714 | 1,427,061 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of tangible fixed assets | - | 315,381 |
| Income tax relating to other comprehensive income |
(10,561 |
) |
(34,931 |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(10,561 |
) |
280,450 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,200,153 |
1,707,511 |
| Total comprehensive income attributable to: |
| Owners of the parent | 2,200,153 | 1,707,511 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Consolidated Balance Sheet |
| 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 833,050 | 971,891 |
| Tangible assets | 12 | 7,067,808 | 3,573,397 |
| Investments | 13 | - | - |
| Investment property | 14 | - | - |
| 7,900,858 | 4,545,288 |
| CURRENT ASSETS |
| Debtors | 15 | 1,456,260 | 1,423,083 |
| Cash at bank | 2,604,042 | 2,024,704 |
| 4,060,302 | 3,447,787 |
| CREDITORS |
| Amounts falling due within one year | 16 | 1,839,599 | 1,345,894 |
| NET CURRENT ASSETS | 2,220,703 | 2,101,893 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
10,121,561 |
6,647,181 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(3,091,659 |
) |
(1,875,461 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (377,626 | ) | (159,597 | ) |
| NET ASSETS | 6,652,276 | 4,612,123 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 115 | 115 |
| Share premium | 22 | 3 | 3 |
| Revaluation reserve | 22 | 625,730 | 640,551 |
| Retained earnings | 22 | 6,026,428 | 3,971,454 |
| SHAREHOLDERS' FUNDS | 6,652,276 | 4,612,123 |
| The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by: |
| A.P T Lalani - Director |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Company Balance Sheet |
| 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| Investment property | 14 |
| CURRENT ASSETS |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,991,680 | 457,568 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| 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 | 115 | 2,694,393 | 3 | 360,101 | 3,054,612 |
| Changes in equity |
| Dividends | - | (150,000 | ) | - | - | (150,000 | ) |
| Total comprehensive income | - | 1,427,061 | - | 280,450 | 1,707,511 |
| Balance at 31 March 2022 | 115 | 3,971,454 | 3 | 640,551 | 4,612,123 |
| Changes in equity |
| Transfer between reserves | - | 4,260 | - | (4,260 | ) | - |
| Dividends | - | (160,000 | ) | - | - | (160,000 | ) |
| Total comprehensive income | - | 2,210,714 | - | (10,561 | ) | 2,200,153 |
| Balance at 31 March 2023 | 115 | 6,026,428 | 3 | 625,730 | 6,652,276 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 March 2023 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | 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 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 3,534,348 | 1,998,074 |
| Interest paid | (141,028 | ) | (55,395 | ) |
| Interest element of hire purchase payments paid |
(1,135 |
) |
(5,235 |
) |
| Tax paid | (328,656 | ) | (210,488 | ) |
| Net cash from operating activities | 3,063,529 | 1,726,956 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (3,948,196 | ) | (302,785 | ) |
| Sale of tangible fixed assets | - | 83,492 |
| Interest received | - | 11,964 |
| Net cash from investing activities | (3,948,196 | ) | (207,329 | ) |
| Cash flows from financing activities |
| New loans in year | 1,687,980 | - |
| Capital repayments in year | (187,819 | ) | (239,520 | ) |
| Amount introduced by directors | 123,844 | - |
| Equity dividends paid | (160,000 | ) | (150,000 | ) |
| Net cash from financing activities | 1,464,005 | (389,520 | ) |
| Increase in cash and cash equivalents | 579,338 | 1,130,107 |
| Cash and cash equivalents at beginning of year |
2 |
2,024,704 |
894,597 |
| Cash and cash equivalents at end of year | 2 | 2,604,042 | 2,024,704 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| 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 |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Profit before taxation | 2,714,987 | 1,731,552 |
| Depreciation charges | 592,623 | 464,211 |
| Profit on disposal of fixed assets | - | (1,162 | ) |
| Finance costs | 142,163 | 60,630 |
| Finance income | - | (11,964 | ) |
| 3,449,773 | 2,243,267 |
| Increase in trade and other debtors | (33,177 | ) | (306,288 | ) |
| Increase in trade and other creditors | 117,752 | 61,095 |
| Cash generated from operations | 3,534,348 | 1,998,074 |
| 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 | 2,604,042 | 2,024,704 |
| Year ended 31 March 2022 |
| 31.3.22 | 1.4.21 |
| £ | £ |
| Cash and cash equivalents | 2,024,704 | 894,597 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.4.22 | Cash flow | At 31.3.23 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 2,024,704 | 579,338 | 2,604,042 |
| 2,024,704 | 579,338 | 2,604,042 |
| Debt |
| Finance leases | (20,542 | ) | 16,375 | (4,167 | ) |
| Debts falling due within 1 year | (313,454 | ) | (296,168 | ) | (609,622 | ) |
| Debts falling due after 1 year | (1,871,294 | ) | (1,220,365 | ) | (3,091,659 | ) |
| (2,205,290 | ) | (1,500,158 | ) | (3,705,448 | ) |
| Total | (180,586 | ) | (920,820 | ) | (1,101,406 | ) |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Silver Birch Care (Holdings) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Business combinations |
| 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, joint ventures and associates are accounted for at cost less impairment. |
| Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
| Basis of consolidation |
| The consolidated group financial statements consist of the financial statements of the parent company Silver Birch Care (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates. |
| All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
| 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. |
| Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
| Going concern |
| The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors regard the foreseeable future as no less than twelve months following the publication of the company's annual financial statements. The directors have considered the company's balance sheet position as at the year end, its working capital forecasts and projections, taking account of reasonably possible changes in trading performance and the current state of its operating market and are satisfied that the company has sufficient resources to remain in operational existence. Accordingly, they have adopted going concern basis in preparing these financial statements. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Critical judgements |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| Assets impairment |
| The company reviews on an annual basis the carrying amounts of tangible assets and investments in order to determine if there is an indication of impairment. If any such indication exists, an impairment review is carried out in order to determine the extent of the impairment loss. |
| Valuation of debtors |
| Valuation of debtors is based upon ongoing assessments of the probable estimated losses inherent in the trade and other debtors portfolio. Assessments are conducted by the board employing a methodology and guidelines, which are continually monitored and improved. The primary component of this methodology comprises specific allowances and collective allowances. |
| In assessing the need for collective allowances, management considers debtors in arrears over 121 days but excludes those for which there are valid indications that they will be collected. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
| Goodwill |
| Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. |
| For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
| 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. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Freehold land and buildings | 2% straight line basis |
| Leasehold land and buildings | Over the term of lease |
| Fixtures and fittings | 25% reducing balance basis |
| Motor vehicles | 25% reducing balance basis |
| Computer equipment | 25% reducing balance basis |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
| Fixed asset investments |
| Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
| In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| Impairment of fixed assets |
| At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Other financial assets |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Other financial liabilities |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
| Equity instruments |
| Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
| 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. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 31.3.23 | 31.3.22 |
| £ | £ |
| United Kingdom | 17,732,860 | 14,779,676 |
| 17,732,860 | 14,779,676 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Wages and salaries | 7,410,108 | 6,535,561 |
| Social security costs | 787,334 | 658,035 |
| Other pension costs | 160,802 | 137,356 |
| 8,358,244 | 7,330,952 |
| The average number of employees during the year was as follows: |
| 31.3.23 | 31.3.22 |
| Chairman and Directors | 2 | 2 |
| Operations Director | 1 | 1 |
| Finance and HR | 3 | 3 |
| Care managers and support workers | 237 | 217 |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Directors' remuneration | - | - |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Depreciation - owned assets | 453,785 | 325,369 |
| Profit on disposal of fixed assets | - | (1,162 | ) |
| Goodwill amortisation | 138,841 | 138,841 |
| 6. | AUDITORS' REMUNERATION |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
23,750 |
20,500 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Bank loan interest | 141,024 | 55,156 |
| Interest payable | 4 | 239 |
| Hire purchase | 1,135 | 5,235 |
| 142,163 | 60,630 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Current tax: |
| UK corporation tax | 296,805 | 340,059 |
| Deferred tax | 207,468 | (35,568 | ) |
| Tax on profit | 504,273 | 304,491 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Profit before tax | 2,714,987 | 1,731,552 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
515,848 |
328,995 |
| Effects of: |
| Expenses not deductible for tax purposes | 1 | 275 |
| Capital allowances in excess of depreciation | (190,937 | ) | - |
| Depreciation in excess of capital allowances | - | 55,332 |
| Utilisation of tax losses | - | (2,078 | ) |
| Adjustments to tax charge in respect of previous periods | (28,107 | ) | (42,465 | ) |
| Deferred tax | 207,468 | (35,568 | ) |
| Total tax charge | 504,273 | 304,491 |
| Tax effects relating to effects of other comprehensive income |
| 31.3.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of tangible fixed assets | - | (10,561 | ) | (10,561 | ) |
| 31.3.22 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of tangible fixed assets | 315,381 | (34,931 | ) | 280,450 |
| 9. | 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. |
| 10. | DIVIDENDS |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Ordinary A shares of £1 each |
| Interim | 160,000 | 150,000 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 | 1,388,414 |
| AMORTISATION |
| At 1 April 2022 | 416,523 |
| Amortisation for year | 138,841 |
| At 31 March 2023 | 555,364 |
| NET BOOK VALUE |
| At 31 March 2023 | 833,050 |
| At 31 March 2022 | 971,891 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Short | and |
| property | leasehold | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2022 | 2,438,088 | 185,153 | 1,318,020 |
| Additions | 2,582,003 | - | 983,240 |
| At 31 March 2023 | 5,020,091 | 185,153 | 2,301,260 |
| DEPRECIATION |
| At 1 April 2022 | - | 54,011 | 823,083 |
| Charge for year | 15,200 | 12,329 | 252,936 |
| At 31 March 2023 | 15,200 | 66,340 | 1,076,019 |
| NET BOOK VALUE |
| At 31 March 2023 | 5,004,891 | 118,813 | 1,225,241 |
| At 31 March 2022 | 2,438,088 | 131,142 | 494,937 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2022 | 368,933 | 468,867 | 4,779,061 |
| Additions | 377,370 | 5,583 | 3,948,196 |
| At 31 March 2023 | 746,303 | 474,450 | 8,727,257 |
| DEPRECIATION |
| At 1 April 2022 | 104,361 | 224,209 | 1,205,664 |
| Charge for year | 111,551 | 61,769 | 453,785 |
| At 31 March 2023 | 215,912 | 285,978 | 1,659,449 |
| NET BOOK VALUE |
| At 31 March 2023 | 530,391 | 188,472 | 7,067,808 |
| At 31 March 2022 | 264,572 | 244,658 | 3,573,397 |
| Company |
| Fixtures |
| Short | and |
| leasehold | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 13. | FIXED ASSET INVESTMENTS |
| 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 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: SBCH House,212 Ballards Lane, London, England, N3 2LX |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: SBCH House,212 Ballards Lane, London, England, N3 2LX |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: SBCH House,212 Ballards Lane, London, England, N3 2LX |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Registered office: SBCH House,212 Ballards Lane, London, England, N3 2LX |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ |
| Aggregate capital and reserves | ( |
) |
| Loss for the period/year | ( |
) |
| Silver Birch Care Limited |
| Registered office: SBCH House, 212 Ballards Lane, London, England, N3 2LX |
| Nature of business: Residential care activities |
| % |
| Class of shares: | holding |
| Ordinary shares | 100.00 |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Aggregate capital and reserves | 2,666,248 | 2,360,552 |
| Profit for the year | 1,305,696 | 1,052,818 |
| Foster Care Partnerships Ltd |
| Registered office: SBCH House, 212 Ballards Lane, London, England, N3 2LX |
| Nature of business: Foster care activities |
| % |
| Class of shares: | holding |
| Ordinary shares | 100.00 |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Aggregate capital and reserves | 142,338 | 140,000 |
| Profit for the year | 2,338 | 10,939 |
| The Beeches UK Limited |
| Registered office: SBCH House, 212 Ballards Lane, London, England, N3 2LX |
| Nature of business: Residential care activities |
| % |
| Class of shares: | holding |
| Ordinary shares | 100.00 |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Aggregate capital and reserves | 2,608,592 | 2,406,131 |
| Profit for the year | 1,513,022 | 594,577 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Silver Birch Care (Residential Care) Services Limited |
| Registered office: SBCH House, 212 Ballards Lane, London, England, N3 2LX |
| Nature of business: Residential Care Activities |
| % |
| Class of shares: | holding |
| Ordinary shares | 100.00 |
| 31.3.23 |
| £ |
| Aggregate capital and reserves | (163,081 | ) |
| Loss for the period/year | (163,181 | ) |
| 14. | INVESTMENT PROPERTY |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2022 |
| Additions |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the Directors . The valuation was made on an open market value basis by reference to rental yields and market conditions. |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
| £ | £ | £ | £ |
| Trade debtors | 538,376 | 729,150 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 210,365 | 491,778 |
| Prepayments and accrued income | 707,519 | 202,155 |
| 1,456,260 | 1,423,083 |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 609,622 | 313,454 |
| Hire purchase contracts (see note 19) | 4,167 | 16,375 |
| Trade creditors | 167,354 | 119,219 |
| Amounts owed to group undertakings | - | - |
| Tax | 350,673 | 382,524 |
| Social security and other taxes | 194,375 | 171,108 |
| VAT | 53,870 | 10,875 | - | - |
| Other creditors | 32,001 | 26,727 |
| Directors' current accounts | 385,537 | 261,693 | 24,907 | 10,394 |
| Accrued expenses | 42,000 | 43,919 |
| 1,839,599 | 1,345,894 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 3,091,659 | 1,871,294 |
| Hire purchase contracts (see note 19) | - | 4,167 |
| 3,091,659 | 1,875,461 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 609,622 | 313,454 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 3,091,659 | 1,871,294 |
| The bank loans are secured by fixed and floating charges over all property or undertakings of the company and a negative pledge against future borrowings. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 4,167 | 16,375 |
| Between one and five years | - | 4,167 |
| 4,167 | 20,542 |
| Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is between 3 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments with the lease payments secured against the assets acquired under such arrangements. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Deferred tax | 377,626 | 159,597 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 | 159,597 |
| Charge to Income Statement during year | 207,468 |
| Charge to other comprehensive | 10,561 |
| Balance at 31 March 2023 | 377,626 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
| value: | £ | £ |
| Ordinary A | £1 | 100 | 100 |
| Ordinary B | £1 | 15 | 15 |
| 115 | 115 |
| The ordinary A and ordinary B shares rank pari passu in all respects. |
| Silver Birch Care (Holdings) Limited (Registered number: 09049900) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 22. | RESERVES |
| Group |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 April 2022 | 3,971,454 | 3 | 640,551 | 4,612,008 |
| Profit for the year | 2,210,714 | 2,210,714 |
| Dividends | (160,000 | ) | (160,000 | ) |
| Deferred tax on revaluation of |
| tangible assets | - | - | (10,561 | ) | (10,561 | ) |
| Transfer between reserves | 4,260 | - | (4,260 | ) | - |
| At 31 March 2023 | 6,026,428 | 3 | 625,730 | 6,652,161 |
| 23. | OTHER FINANCIAL COMMITMENTS |
| Group: |
| The group leases its motor vehicles under business contract hire. Such contracts are non-cancellable operating lease contracts. The contracts range between 24 months to 36 months, and as at the year end the total commitment due under such contracts was £6,442 (2022: £16,131). |
| The group also leases its properties, such leases are non-cancellable operating leases with contract term of between 2 to 12 years. As at the year end the total commitment due under such lease agreements was £6,021,560 (2022: £5,743,141). |
| Company: |
| The company leases its properties, such leases are non-cancellable operating leases with contract term of between 2 to 12 years. As at the year end the total commitment due under such lease agreements was £128,334 (2022: £148,334). |
| 24. | RELATED PARTY DISCLOSURES |
| Group: |
| Included within other debtors is an amount of £Nil (2022: £ 343,427) owed by a company in which the director has an interest. The debtor balance is unsecured and accrued interest of £Nil (2022: £11,964) for the year. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Company: |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Included within other debtors is an amount of £Nil (2022: £ 353,794) owed by a company in which the director has an interest. The debtor balance is unsecured and accrued interest of £Nil (2022: £11,964) for the year. |
| 25. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of Mr A P T Lalani and his close family by virtue of holding its entire issued ordinary share capital. |