Corriewood Holdings Limited - Limited company accounts 23.2
Corriewood Holdings Limited - Limited company accounts 23.2
REGISTERED NUMBER: NI639214 (Northern Ireland) |
CORRIEWOOD HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 6 |
Consolidated Income Statement | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows |
16 |
Notes to the Consolidated Financial Statements | 17 |
CORRIEWOOD HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
BANKERS: | Bank of Ireland |
1 Donegall Square South |
Belfast |
BT1 5LR |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
PRINCIPAL ACTIVITY |
The principal activity of the group is the provision of healthcare services including domiciliary care, nursing/residential homes and specialist care facilities. The principal activity of the company is that of a holding company. |
REVIEW OF BUSINESS |
The directors aim to present a balanced and comprehensive view of the development and performance of the group and company during the year and its position at the year end. The review is consistent with the size and nature of the group and the company and is written in the context of the risks and uncertainties faced. |
Revenue during the year increased from £13,757,810 to £15,425,486, whilst gross profit increased from £3,924,294 to £4,623,248. The company continues to manage costs and generated a profit before tax of £165,848 (2022: £530,289). |
PRINCIPAL RISKS AND UNCERTAINTIES |
Partnerships with Health and Social Care Trusts |
The Health and Social Care Trusts in Northern Ireland rely on the private sector to provide nursing, residential and specialist care. The group, in turn, relies on the Trusts to place residents into its care, however as with all other public bodies, they are under pressure to reduce their costs which could have an impact on the group. |
Availability of Quality Nursing Staff |
The group relies on the provision of well trained staff being available, especially from the nursing sector. At present there is a shortage of nurses within the UK and as such nursing costs are expected to continue to rise. |
Competition Risk: |
The group operates in a very competitive market in the Northern Ireland nursing industry. In order to manage such risk, the group aims to set high quality standards and ensure it achieves the best possible care for their residents. |
Economic Risk: |
Economic risk is inherent in the industry in which the group operates. The directors manage this risk by ensuring relationships with suppliers are maintained. The group has developed long standing relationships with suppliers over the previous years and will continue to develop these relationships further in the future. |
Health and Safety |
The group is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and homes are safe environments for employees and customers alike. |
KEY PERFORMANCE INDICATORS |
The group uses the following key performance indicators to monitor the performance of the business. |
2023 | 2022 |
£ | £ |
Turnover | 15,425,486 | 13,757,810 |
Operating profit | 773,968 | 899,665 |
Profit before profit | 165,848 | 530,289 |
The directors are satisfied with the results for the year and believe the group is in a strong position to continue its performance and initial results for the financial year 2024 would indicate a satisfactory performance for 2024. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FUTURE DEVELOPMENTS |
The group is committed to long term creation of shareholder value by increasing the group's market share. The group aims to increase revenue and operating profits. The group will continue to meet the needs of residents and develop innovative solutions for their needs while remaining highly competitive. |
ON BEHALF OF THE BOARD: |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their report with the audited financial statements of the Company and the Group for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group is the provision of healthcare services including domiciliary care, nursing/residential homes and specialist care facilities. The principal activity of the company is that of a holding company. |
DIVIDENDS |
No interim dividends were paid in the year (2023: £4,000) and the directors do not recommend the payment of a final dividend (2022: £Nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The company made no political donations or incurred any political expenditure during the current year (2022: £Nil) |
EMPLOYMENT OF DISABLED PERSONS |
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
EMPLOYEE INVOLVEMENT |
During the year, the policy of providing employees with information about the group has continued to be through internal communication methods. |
EVENTS AFTER THE END OF THE REPORTING PERIOD |
There are no events since the balance sheet date of note and no post balance sheet events require disclosure in the financial statements |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The group's operations expose it to a variety of financial risks that include the effects of changes in liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. |
Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the director are implemented by the group's finance department. |
LIQUIDITY RISK |
The group actively manages cash flows to ensure the group has sufficient available funds for operations and planned expansions. |
INTEREST RATE RISK |
The group has both interest bearing assets and interest bearing liabilities, which bear interest at variable rates. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FUTURE DEVELOPMENTS |
The section on future developments, which is detailed in the strategic report, is included in this report by cross reference. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
CORRIEWOOD HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Corriewood Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 November 2023 and of the Group's loss 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 Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
CORRIEWOOD 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 Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 Directors' Responsibilities Statement 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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
CORRIEWOOD 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Explanation as to what extent the audit was considered capable of detecting irregularities, |
including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation; |
- | We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance; |
- | We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations; |
- | We obtained understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and |
- | We held discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override. |
The audit response to risks identified included: |
- | Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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 Auditors' Report. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
CORRIEWOOD HOLDINGS LIMITED |
Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 | 15,425,486 | 13,757,810 |
Cost of sales | (10,802,238 | ) | (9,833,516 | ) |
GROSS PROFIT | 4,623,248 | 3,924,294 |
Administrative expenses | (3,916,987 | ) | (3,416,812 | ) |
706,261 | 507,482 |
Other operating income | 5 | 67,707 | 392,183 |
OPERATING PROFIT | 8 | 773,968 | 899,665 |
Finance costs | 9 | (608,120 | ) | (369,376 | ) |
PROFIT BEFORE TAXATION | 165,848 | 530,289 |
Tax on profit | 10 | (364,297 | ) | (453,277 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(198,449 |
) |
77,012 |
(Loss)/profit attributable to: |
Owners of the parent | (198,449 | ) | 77,012 |
Total comprehensive income attributable to: |
Owners of the parent | (198,449 | ) | 77,012 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 13 | 2,927,618 | 3,815,238 |
Tangible assets | 14 | 10,652,683 | 10,970,899 |
Investments | 15 | - | - |
13,580,301 | 14,786,137 |
CURRENT ASSETS |
Receivables: amounts falling due within one year |
16 |
1,026,230 |
846,724 |
Cash at bank | 597,267 | 664,602 |
1,623,497 | 1,511,326 |
PAYABLES |
Amounts falling due within one year | 17 | (3,457,552 | ) | (3,070,960 | ) |
NET CURRENT LIABILITIES | (1,834,055 | ) | (1,559,634 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,746,246 |
13,226,503 |
PAYABLES |
Amounts falling due after more than one year |
18 |
(7,969,863 |
) |
(9,238,925 |
) |
PROVISIONS FOR LIABILITIES | 22 | (160,649 | ) | (173,395 | ) |
NET ASSETS | 3,615,734 | 3,814,183 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 4,000 | 4,000 |
Share premium | 24 | 4,191,219 | 4,191,219 |
Retained earnings | 24 | (579,485 | ) | (381,036 | ) |
SHAREHOLDERS' FUNDS | 3,615,734 | 3,814,183 |
The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2024 and were signed on its behalf by: |
Steven Close - Director |
Maria Therese McGrady - Director |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Receivables: amounts falling due within one year |
16 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PAYABLES |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 204,434 | 714,635 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 | 4,000 | (454,048 | ) | 4,191,219 | 3,741,171 |
Changes in equity |
Dividends | - | (4,000 | ) | - | (4,000 | ) |
Total comprehensive income | - | 77,012 | - | 77,012 |
Balance at 30 November 2022 | 4,000 | (381,036 | ) | 4,191,219 | 3,814,183 |
Changes in equity |
Total comprehensive income | - | (198,449 | ) | - | (198,449 | ) |
Balance at 30 November 2023 | 4,000 | (579,485 | ) | 4,191,219 | 3,615,734 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 November 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 November 2023 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,528,719 | 1,850,761 |
Interest paid | (608,120 | ) | (369,376 | ) |
Tax paid | (191,434 | ) | (299,748 | ) |
Net cash from operating activities | 729,165 | 1,181,637 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (71,309 | ) | (76,592 | ) |
Net cash from investing activities | (71,309 | ) | (76,592 | ) |
Cash flows from financing activities |
Loan repayments in year | (722,501 | ) | (919,379 | ) |
Hire purchase repayments | (2,690 | ) | - |
Amount withdrawn by directors | - | (26,264 | ) |
Equity dividends paid | - | (4,000 | ) |
Net cash from financing activities | (725,191 | ) | (949,643 | ) |
(Decrease)/increase in cash and cash equivalents | (67,335 | ) | 155,402 |
Cash and cash equivalents at beginning of year |
2 |
664,602 |
509,200 |
Cash and cash equivalents at end of year |
2 |
597,267 |
664,602 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 165,848 | 530,289 |
Depreciation charges | 389,524 | 417,118 |
Amortisation of intangible fixed assets | 887,620 | 887,620 |
Finance costs | 608,120 | 369,376 |
2,051,112 | 2,204,403 |
Decrease in stocks | 34,562 | 1,602 |
Increase in trade and other debtors | (214,067 | ) | (209,275 | ) |
Decrease in trade and other creditors | (342,888 | ) | (145,969 | ) |
Cash generated from operations | 1,528,719 | 1,850,761 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 November 2023 |
30/11/23 | 1/12/22 |
£ | £ |
Cash and cash equivalents | 597,267 | 664,602 |
Year ended 30 November 2022 |
30/11/22 | 1/12/21 |
£ | £ |
Cash and cash equivalents | 664,602 | 545,538 |
Bank overdrafts | - | (36,338 | ) |
664,602 | 509,200 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/12/22 | Cash flow | At 30/11/23 |
£ | £ | £ |
Net cash |
Cash at bank | 664,602 | (67,335 | ) | 597,267 |
664,602 | (67,335 | ) | 597,267 |
Debt |
Finance leases | (37,396 | ) | 2,690 | (34,706 | ) |
Debts falling due within 1 year | (1,246,792 | ) | 62,231 | (1,184,561 | ) |
Debts falling due after 1 year | (7,212,431 | ) | 660,270 | (6,552,161 | ) |
(8,496,619 | ) | 725,191 | (7,771,428 | ) |
Total | (7,832,017 | ) | 657,856 | (7,174,161 | ) |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Corriewood Holdings Limited is a private company, limited by shares, registered in Northern Ireland and incorporated within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page. |
The principal activity of the group is the provision of healthcare services including domiciliary care, nursing/residential homes and specialist care facilities. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These Group and company financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006 under the provision of the large and medium-sized companies and Groups (Accounts and Reports) Regulations 2008. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis under the historical costs convention in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise Judgment in applying the company's accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements. |
Group Financial Statements |
The group financial statements consolidate the financial statements of its subsidiary undertakings drawn up to 30 November each year. Consistent accounting policies are applied across companies within the group. The results of subsidiary undertakings sold or acquired are included in the consolidated Income Statement up to or from the date control passes. Intra-group sales, profits and balances are eliminated fully on consolidation. No profit and loss account is presented for Corriewood Holdings Limited as permitted by section 408 of the Companies Act 2006. |
The following principal accounting policies have been applied consistently unless otherwise stated: |
Disclosure exemptions for qualifying entities under frs 102 |
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions. |
The company has taken advantage of the following exemptions: |
- |
from presenting its own Income Statement in the financial statements as permitted under section 408 of the Companies Act 2006: |
- |
from preparing a Statement of cash flows on the basis that it is a qualifying entity: its cash flows is included in the cash flows in the consolidated financial statements: |
- |
from the financial instrument disclosures, required under FRS 102 paragraphs 11.41(b) to 11.48(c) and 12.26 to 12.29. as the information is provided in the consolidated statement disclosure; and |
- |
from disclosing the company's key management personnel compensation as required by FRS 102 paragraph 33.7. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Provision of services: |
Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised: |
- the amount of revenue can be measured reliably; |
- it is probable that future economic benefits will flow through the Group |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably |
Intangible assets |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful life of that asset as follows: |
Goodwill | 10% straight line |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
Tangible assets |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended. |
The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
Freehold Property | 2 - 5% Straight line |
Plant and Machinery | 10 - 20% Reducing balance |
Fixtures, fittings and equipment | 10 - 25% Reducing balance |
Motor vehicles | 10 - 25% Reducing balance |
Equipment | 10 - 33% Reducing balance |
The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and 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 method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
(iii) Offsetting |
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. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Finance leases and hire purchase contracts |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the net assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any intial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
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. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new |
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Preference Share Capital |
Preference share capital is presented as debt. Preference shares carry an entitlement to a fixed cumulative preference dividend at an annual rate of 4% of their nominal value. |
4. | TURNOVER |
The revenue generated by the group is attributable to the principal activity of the group. An analysis of revenue by class of business and geographical market is not given as, in the opinion of the directors, this would be seriously prejudical to the group's interest. |
5. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Sundry receipts | 13,898 | 46,693 |
Government grants | 53,809 | 345,490 |
67,707 | 392,183 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
6. | EMPLOYEES AND DIRECTORS |
Average number of employees during the year | 2023 | 2022 |
were as follows: |
Total number of staff | 414 | 415 |
414 | 415 |
2023 | 2022 | 2023 | 2022 |
Staff Costs |
Group | Group | Company | Company |
£ | £ | £ | £ |
Wages and Salaries | 9,514,725 | 8,865,565 | 598,801 | 323,347 |
Social security costs | 783,301 | 710,983 | 23,953 | 9,646 |
Pension costs | 176,318 | 142,261 | 9,096 | 5,859 |
10,474,344 | 9,724,809 | 631,850 | 338,852 |
7. | DIRECTORS' EMOLUMENTS |
Directors Remuneration | 2023 | 2022 |
£ | £ |
Directors Emoluments | 283,858 | 163,600 |
Pension costs | 3,963 | 3,361 |
287,821 | 166,961 |
The highest paid director during the year earned £105,394 (2022: £61,847). |
During the year, retirement benefits were accruing for 4 directors (2022: 3) under a money purchase scheme. The directors of the group are considered to be the key management. |
8. | OPERATING PROFIT |
Operating profit or loss is stated after charging: |
2023 | 2022 |
£ | £ |
Amortisation of intangible assets | 887,620 | 887,620 |
Depreciation of tangible assets | 389,525 | 417,118 |
Fees payable to the group auditors for the audit of the group financial statements |
4,200 |
4,000 |
Fees payable to the subsiduary company's auditors for the audit of the audit of the subsidiary financial statements |
25,200 |
24,000 |
Taxation compliance services | 5,275 | 5,025 |
Government grants | 53,809 | 345,490 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
9. | FINANCE COSTS |
2023 | 2022 |
£ | £ |
Interest on bank loans and overdrafts | 525,779 | 280,680 |
Interest on obligations under finance leases and hire purchase contracts |
3,677 |
3,677 |
Preference share interest | 69,063 | 80,000 |
Other interest payable and similar charges | 9,601 | - |
608,120 | 364,357 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 331,505 | 342,666 |
respect of previous years | 45,538 | - |
Total current tax | 377,043 | 342,666 |
Deferred tax | (12,746 | ) | 110,611 |
Tax on profit | 364,297 | 453,277 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 165,848 | 530,289 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.010 % (2022 - 19 %) |
38,162 |
100,755 |
Effects of: |
Expenses not deductible for tax purposes | 20,167 | 196,565 |
Depreciation in excess of capital allowances | - | 56,380 |
Adjustments to tax charge in respect of previous periods | 45,538 | (11,084 | ) |
Non-relevant depreciation | 257,392 | - |
Deferred tax adjustments | - | 110,661 |
Impact of super-deduction | (343 | ) | - |
Impact of rate change | 2,149 | - |
Movement in unrecognised deferred tax | 1,232 | - |
Total tax charge | 364,297 | 453,277 |
11. | 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. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1.00 each |
Interim | - | 4,000 |
13. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 | 8,876,204 |
AMORTISATION |
At 1 December 2022 | 5,060,966 |
Amortisation for year | 887,620 |
At 30 November 2023 | 5,948,586 |
NET BOOK VALUE |
At 30 November 2023 | 2,927,618 |
At 30 November 2022 | 3,815,238 |
The company has no intangible assets. |
14. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 December 2022 | 11,209,330 | 314,095 | 2,874,901 |
Additions | - | 10,347 | 29,322 |
At 30 November 2023 | 11,209,330 | 324,442 | 2,904,223 |
DEPRECIATION |
At 1 December 2022 | 1,260,691 | 203,145 | 2,021,949 |
Charge for year | 225,076 | 9,560 | 134,535 |
At 30 November 2023 | 1,485,767 | 212,705 | 2,156,484 |
NET BOOK VALUE |
At 30 November 2023 | 9,723,563 | 111,737 | 747,739 |
At 30 November 2022 | 9,948,639 | 110,950 | 852,952 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
14. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 | 176,343 | 21,542 | 14,596,211 |
Additions | 28,670 | 2,970 | 71,309 |
At 30 November 2023 | 205,013 | 24,512 | 14,667,520 |
DEPRECIATION |
At 1 December 2022 | 120,670 | 18,857 | 3,625,312 |
Charge for year | 19,089 | 1,265 | 389,525 |
At 30 November 2023 | 139,759 | 20,122 | 4,014,837 |
NET BOOK VALUE |
At 30 November 2023 | 65,254 | 4,390 | 10,652,683 |
At 30 November 2022 | 55,673 | 2,685 | 10,970,899 |
Freehold land is provided as security in relation to loan facilities provided to the group. |
15. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
15. | FIXED ASSET INVESTMENTS - continued |
Subsidiaries, associates and other investments |
Details of the investments in which the parent company has an interest of 20% or more are as follows: |
Subsidiary undertakings |
Address |
Class of share |
% ofShares held |
Corriewood Private Clinic Limited |
1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG |
Ordinary |
100 |
Corriewood Lodge Limited |
1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG |
Ordinary |
100 |
Corriewood Estates (NI) Limited |
1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG |
Ordinary |
100 |
Provincial Care Services Limited |
70 Ballynahinch Road, Carryduff, Belfast, BT8 8DP |
Ordinary |
100 |
G&M Lodge Caring Limited |
1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG |
Ordinary |
100 |
G&M Property Limited |
1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG |
Ordinary |
100 |
Corriewood Holdings Limited of, 1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG, owns the entire ordinary share capital of Corriewood Developments Limited, a company incorporated in Northern Ireland, which has not traded since its incorporation in 2019. In the opinion of the directors the inclusion of Corriewood Developments Limited is unnecessary in the consolidated financial statements as it is not material for the purpose of giving a true and fair view. At 30 November 2023, the aggregate capital and reserves of Corriewood Developments Limited totalled £100 (2022: £100). |
16. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade receivables | 784,604 | 542,523 |
Other receivables | 67,187 | 144,616 | 5,667 | 45,538 |
Amounts owed by group undertakings | - | - |
Directors' current accounts | - | 34,561 | - | 34,561 |
Prepayments and accrued income | 174,439 | 125,024 |
1,026,230 | 846,724 |
Amounts owed from group undertakings are unsecured, interest free and recoverable on demand. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
17. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 1,184,561 |
1,246,792 |
Hire purchase contracts (see note 20) | 17,004 | 10,902 |
Trade payables | 213,203 | 262,464 |
Amounts owed to group undertakings | - | - |
Corporation Tax | 785,998 | 600,589 |
Social security and other taxes | 116,637 | 153,092 |
Other payables | 133,240 | 132,052 |
Directors' current accounts | 394,081 | - | 394,081 | - |
Accruals and deferred income | 612,828 | 665,069 |
3,457,552 | 3,070,960 |
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
See note 17 for details of security held in relation to bank borrowing and hire purchase creditors. |
Bank overdrafts are secured over the company assets and a circular intercompany guarantee. |
18. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 19) | 6,552,161 | 7,212,431 |
Hire purchase contracts (see note 20) | 17,702 | 26,494 |
Preference Shares | 1,400,000 | 2,000,000 |
7,969,863 | 9,238,925 |
At the year end, the following security was held for bank borrowings: |
1) An unlimited intercompany cross guarantee between group companies; 2) A fixed charge over the shares held by the parent company in its subsidiary, Corriewood Lodge Limited; 3) A fixed charge over properties owned by the group; 4) Personal guarantees given by the directors. |
An intercompany cross guarantee is in place with regards to the group borrowings from Bank of Ireland. This is secured over the assets and undertakings of Corriewood Private Clinic Limited, Corriewood Estates (N.I.) Limited, Corriewood Lodge Limited, Corriewood Developments Limited, Corriewood Holdings Limited and G&M Lodge Caring Limited. |
Hire purchase creditors are secured on the assets to which they relate. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 1,184,561 | 1,246,792 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 1,014,668 | 1,173,218 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 2,997,993 | 3,009,439 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,539,500 | 3,029,774 | 2,539,500 | 3,023,132 |
Bank Loans due after more than 5 years are interest bearing and are repayable on a monthly basis. Interest is charged at 2.15% above the base rate. Total monthly repayments on all loans greater than 5 years are £82,128. |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 17,004 | 10,902 |
Between one and five years | 17,702 | 26,494 |
34,706 | 37,396 |
The company has no leasing agreements. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
21. | FINANCIAL INSTRUMENTS |
Group | 2023 | 2022 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade receivables | 784,604 | 542,523 |
Other receivables | 67,187 | 144,616 |
Directors' current accounts | - | 34,561 |
851,791 | 721,700 |
Financial liabilities measured at amortised cost |
Bank loans and overdrafts | 7,736,722 | 8,459,223 |
Hire purchase | 34,706 | 37,396 |
Trade payables | 213,203 | 262,464 |
Other payables | 133,240 | 132,052 |
Directors Current Account | 394,081 | - |
Preference shares | 1,400,000 | 2,000,000 |
9,911,952 | 10,891,135 |
22. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 160,649 | 173,395 |
Group |
Deferred tax |
£ |
Balance at 1 December 2022 | 173,395 |
Credit to Income Statement during year | (12,746 | ) |
Balance at 30 November 2023 | 160,649 |
The provision for deferred tax relates to accelerated capital allowances. |
The company does not have any provisions. |
23. | CALLED UP SHARE CAPITAL |
Issued, called up and fully paid |
2023 | 2022 |
No. | £ | No. | £ |
Amounts presented in equity: |
Ordinary shares of £1 each | 4,000 | 4,000 | 4,000 | 4,000 |
Amounts presented in liabilities: |
Preference shares of £1 each | 1,400,000 | 1,400,000 | 2,000,000 | 2,000,000 |
The company has in issue 1,400,000 £1 redeemable preference shares that are alloted, called up and fully paid. These shares pay an annual dividend of 4% and are redeemable as and when the directors resolve to do so. |
24. | RESERVES |
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. |
Retained earnings - This reserve records retained earnings and accumulated losses. |
CORRIEWOOD HOLDINGS LIMITED (REGISTERED NUMBER: NI639214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
25. | PENSION COMMITMENTS |
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £38,463 (2022: £42,042) |
26. | RELATED PARTY DISCLOSURES |
The group has taken advantage of exemptions, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The Directors of the company are considered to be related parties due to their position with the company. At the 30 November 2023 the directors are owed £394,081 from the group. (2022: the directors' owed £34,561 to the group). |
Imelda Mary McGrady and Ann Monica Byrne are deemed related parties due to their positions of directors in the group. In the year to 30 November 2023, Imelda Mary McGrady and Ann Monica Byrne each redeemed £300,000 preference shares. Interest paid in respect of the preference shares was £69,063 (2022: £80,000). The director of the group here also provided personal guarantees to the bank. |
During the year the group was under the control of its shareholders. |
27. | ULTIMATE CONTROLLING PARTY |
The directors consider there to be no single ultimate controlling party, due to no shareholder holding a majority interest in Corriewood Holdings Limited. |