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COMPANY REGISTRATION NUMBER: 09962909

Rochmills (Holdings) Ltd

Financial Statements

For the year ending

31 December 2022

Rochmills (Holdings) Ltd

Financial Statements

Year ended 31 December 2022

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 5

Independent auditor's report to the members | 9

Consolidated statement of comprehensive income | 13

Consolidated statement of financial position | 14

Company statement of financial position | 15

Consolidated statement of changes in equity | 16

Company statement of changes in equity | 18

Consolidated statement of cash flows | 19

Notes to the financial statements | 20

Rochmills (Holdings) Ltd

Officers and Professional Advisers

The board of directors | J S Sehmi
| T P Sehmi
| K U Sehmi

Registered office | Burlington House
| 369 Wellinborough Road
| Northampton
| NN1 4EU

Auditor | Streets
| Chartered Accountants & statutory auditor
| Enterprise House
| 38 Tyndall Court
| Commerce Road
| Lynch Wood
| Peterborough
| Cambs
| PE2 6LR

Rochmills (Holdings) Ltd

Strategic Report

Year ended 31 December 2022
The principal activities continue to be the provision of care homes, property services and operation of a garden centre. The operational activity of Rochmills (Holdings) Limited hs recovered from the pandemic and the group has seen an increase in turnover (£10.57m compared to £8.96m in 2021). A general increase on costs and reduced government grant income has resulted in an overall group pre tax profit of £110k compared to £537K in 2021. At the year end date the group had gross assets of £41.1m (2021 - £41.6m) and net assets of £19.3m (2021 - £19.4m). Midland Care Home Limited was revisited during the year by the CQC which has resulted in the home receiving 'Good' status, during the year the home had an occupancy rate of 80%. Burlington Court Care Home Limited continued to perform extremely well with the home remained fully compliant during the period, and retained its' status as an "outstanding" care home, during the year the home had an occupancy rate of 83%. The Property portfolio continued to perform in line with expectations, with the garden centre also seeing an improvement in trade. S172 Statement The Board of Directors, both individually and collectively, have continued to act in a manner which they consider, in good faith, would be most likely to promote the ongoing success of the Company for the benefit of its members as a whole, as required by S172 Companies Act 2006. In doing so they have, amongst other matters, given regard to the following: - The likely long-term consequences of any decisions - The interests of the Company's employees - The need to foster the Company's relationships with its customers, suppliers, and others - The impact of the Company's operations on both the community and the environment - The desirability of maintaining the Company's reputation for high standards of business conduct, and - The need to act fairly between members of the Company. During the year under review, the Board's focus was on achieving three principal objectives, each of which was intended to further the interests of the Company's shareholders. These objectives were: - To protect and preserve the business - To keep our residents and staff safe and well during the pandemic - To improve the operational efficiency and commercial performance of the business To protect and preserve the business Throughout the financial year, the Board's priority was maintaining and improving the performance of the Group as a whole with specific regard to improving the performance of Midland Care Home, and Woburn Sands Emporium; which was achieved. To continue to improve the lives of our residents Following the COVID pandemic, 2022 saw the majority of the restrictions at the care home lifted. It has allowed us to improve the lives of our residents by focusing on more community engagement and events. These have included trips and events to enhance the quality of life of our residents. Our ongoing training and development of our team ensures that employees have the necessary skills and empathy to provide high-quality care and support. To improve the operational efficiency and commercial performance of the business Throughout the financial year the Board continued to look at improving the operational efficiency and commercial performance of the business. Measures that the Board took included: - Strengthened the management team at Midland Care Home, which improved the business performance. - Supply chain management to optimise costs, lead times and reliability - Progressed a scheme for a new care home in Woburn Sands. - Process optimisation to streamline workflows Current objectives In the forthcoming financial year, the Board is focuses on the following areas: - To protect, preserve and grow the business - To continue to improve the lives of our residents - To further improve the operational efficiency and commercial performance of the business Future Risks The future risks affecting the Group relate to the inherent risks in operating care homes. The needs of our residents will continue to grow and change, particularly with the inclusion of a nursing home within the Group. The Group will have to continue to increase resources, to deliver the exceptional person-centred care that our residents require, and this in turn carries an increased financial burden for the company, without any guarantee of additional revenue. The uncertainties surrounding Brexit continue to be a concern for not only the Group, but the industry as a whole. The Group has assessed the potential risks of a change in the labour market following Brexit and are implementing plans to mitigate against the risk, including becoming a Licence Sponsor with the Home Office. Risks The group uses financial instruments, other than derivatives, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the group's financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years. Interest rate risk The group finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The groups exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. Liquidity risk The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through loans. Short term flexibility is achieved by overdraft facilities.
This report was approved by the board of directors on 3 October 2023 and signed on behalf of the board by:

K U Sehmi
Director

Registered office:
Burlington House
369 Wellinborough Road
Northampton
NN1 4EU

Rochmills (Holdings) Ltd

Directors' Report

Year ended 31 December 2022
The directors present their report and the financial statements of the group for the year ended 31 December 2022 .
Directors
The directors who served the company during the year were as follows:

J S Sehmi |
T P Sehmi |
K U Sehmi |

Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Greenhouse gas emissions and energy consumption

| Unit | 2022
Emissions resulting from activities for which the group is responsible | tCO2e | 407
Emissions resulting from the purchase of electricity by the group for its own use | tCO2e | 132
|  | ----
Total emissions | tCO2e | 539
Total energy consumption | kWh | 2,214,436
Intensity metric - Non-care tCo2 per sqm |  | 0.03
Intensity metric -Care - tCo2 per head |  | 1.37
|  | ------------

Methodologies for energy and emissions calculations
This is the third report for the Rochmills Group.
The usage has been assessed for the entire group, and the following methodology was used:
Gas
Actual usage was taken from supplier bills to give the kWh used and the relevant rate has been applied.
Electricity
Actual usage was taken from supplier bills to give the kWh used the relevant rate has been applied.
Fuels
Mileage: for mileage claims the claim was divided by .45 to establish the number of miles, and the number of miles was multiplied by the relevant rate based upon type and fuel.
Fuel: Fuel purchases were checked for actual number of litres purchased; this was multiplied by the relevant rate
EV charging: Supplier bills evaluated and the relevant rate
LPG: Cylinder size has been multiplied by 1.96 to convert to litres. Number of cylinders multiplied by number of litres has been calculated; this was multiplied by the relevant rate
Intensity Ratio
For the intensity ratios we have split the business into two sectors - care and non-care. For non-care we have calculated the impact per built SQM and for care we have calculated the impact by bed space.
Non-Care
For non-care the intensity ratio is tCO2 = 0.0316069 per SQM compared to 0.0369441 for 2021
Care
For care the intensity ratio is tCO2 = 1.367643673 per bed compared to 1.689744646 for 2021
Efficiency Measures
The Group continues to implement the following energy efficiency actions throughout the year.
- Moved fleet vehicles from diesel to EV where possible
- Introduced HF ballasts for fluorescent tubes
- Replaced lights with LED fittings
- Installed PIRs in cupboards, store rooms and toilets where possible.
It is clear that these energy improvements continue to have a positive effect on our environmental impact.
Principal measures taken to increase energy efficiency
The group continues to implement the following energy efficiency actions in the year;
- Replaced one of the boilers in Burlington House with a new more energy efficient boiler
- Moved fleet vehicles from diesel to EV where possible
- Introduced HF ballasts for fluorescent tubes
- Replaced lights with LED fittings
- Installed PIRs in cupboards, store rooms and toilets where possible.
Employment of disabled persons
Full and fair consideration is given to the employment of disabled persons having regard to their particular aptitudes and abilities. Appropriate training is provided for disabled persons and this includes retraining for alternative work of employees who become disabled.
Employee involvement
The group places considerable value on the involvement of its employees and keeps them informed on matters affecting them as employees and on the various factors affecting the performance of the group. This is achieved through formal and informal meetings and social activities.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 3 October 2023 and signed on behalf of the board by:

K U Sehmi
Director

Registered office:
Burlington House
369 Wellinborough Road
Northampton
NN1 4EU

Rochmills (Holdings) Ltd

Independent Auditor's Report to the Members of Rochmills (Holdings) Ltd

Year ended 31 December 2022
Opinion
We have audited the financial statements of Rochmills (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the consolidated statement of comprehensive income, 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 the related notes, 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 FRS 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's affairs as at 31 December 2022 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of 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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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 company and sector in which it operates; - 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 and taxation legislation, Care Home legislation 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 - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - 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 set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. 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 inquiry 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 deliberate concealment or collusion. 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 auditor’s report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Day
(Senior Statutory Auditor)

For and on behalf of
Streets
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambs
PE2 6LR

3 October 2023

Rochmills (Holdings) Ltd

Consolidated Statement of Comprehensive Income

Year ended 31 December 2022

| 2022 | 2021
Note | £ | £
Turnover | 4 | 10,574,039 | 8,961,762

Cost of sales | 6,672,108 | 5,591,451
| ------------- | ------------
Gross profit | 3,901,931 | 3,370,311

Administrative expenses | 3,549,469 | 2,764,800
Other operating income | 5 | 283,860 | 376,230
|  | ------------ | ------------
Operating profit | 6 | 636,322 | 981,741

Gain on financial assets at fair value through profit or loss | 75,000 | –
Other interest receivable and similar income | 10 | 17,704 | 18,679
Interest payable and similar expenses | 11 | 619,502 | 463,533
| ------------ | ------------
Profit before taxation | 109,524 | 536,887

Tax on profit | 12 | ( 443,551) | 306,718
| --------- | ---------
Profit for the financial year | 553,075 | 230,169
| --------- | ---------

Revaluation of tangible assets | 85,960 | 8,738,000
Reclassification from revaluation reserve to profit and loss account | – | ( 15,813)
Tax relating to components of other comprehensive income | ( 21,490) | ( 2,701,715)
| -------- | ------------
Other comprehensive income for the year | 64,470 | 6,020,472
| --------- | ------------
Total comprehensive income for the year | 617,545 | 6,250,641
| --------- | ------------

Profit for the financial year attributable to:

The owners of the parent company | 549,222 | 226,356
Non-controlling interests | 3,853 | 3,813
| --------- | ---------
| 553,075 | 230,169
| --------- | ---------

Total comprehensive income for the year attributable to:

The owners of the parent company | 613,692 | 6,246,828
Non-controlling interests | 3,853 | 3,813
| --------- | ------------
| 617,545 | 6,250,641
| --------- | ------------

All the activities of the group are from continuing operations.

Rochmills (Holdings) Ltd

Consolidated Statement of Financial Position

31 December 2022

|  | 2022 | 2021
Note |  | £ | £

Fixed assets

Intangible assets | 14 |  | 1,310,698 | 1,534,706
Tangible assets | 15 |  | 37,839,705 | 38,155,625
|  | ------------- | -------------
|  | 39,150,403 | 39,690,331

Current assets

Stocks | 17 | 452,313 |  | 497,466
Debtors | 18 | 1,180,721 |  | 958,615
Cash at bank and in hand | 277,115 |  | 488,972
| ------------ |  | ------------
| 1,910,149 |  | 1,945,053

Creditors: amounts falling due within one year | 19 | 2,670,886 |  | 11,496,960
| ------------ |  | -------------
Net current liabilities |  | 760,737 | 9,551,907
|  | ------------- | -------------
Total assets less current liabilities |  | 38,389,666 | 30,138,424

Creditors: amounts falling due after more than one year | 20 |  | 14,389,035 | 6,108,233

Provisions

Taxation including deferred tax | 22 |  | 4,136,050 | 4,671,155
|  | ------------- | -------------
Net assets |  | 19,864,581 | 19,359,036
|  | ------------- | -------------

Capital and reserves

Called up share capital | 26 |  | 859 | 859
Revaluation reserve | 27 |  | 10,766,988 | 10,845,608
Merger reserve | 27 |  | 7,473,351 | 7,473,351
Profit and loss account | 27 |  | 1,615,270 | 1,034,958
|  | ------------- | -------------
Equity attributable to the owners of the parent company |  | 19,856,468 | 19,354,776

Non-controlling interests |  | 8,113 | 4,260
|  | ------------- | -------------
|  | 19,864,581 | 19,359,036
|  | ------------- | -------------

These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:

K U Sehmi
Director

Company registration number: 09962909

Rochmills (Holdings) Ltd

Company Statement of Financial Position

31 December 2022

|  | 2022 | 2021
Note |  | £ | £

Fixed assets

Tangible assets | 15 |  | 215,717 | 154,125
Investments | 16 |  | 1,540 | 1,440
|  | --------- | ---------
|  | 217,257 | 155,565

Current assets

Debtors | 18 | 1,706,990 |  | 2,023,831
Cash at bank and in hand | 2,271 |  | 6,398
| ------------ |  | ------------
| 1,709,261 |  | 2,030,229

Creditors: amounts falling due within one year | 19 | 1,117,873 |  | 1,302,409
| ------------ |  | ------------
Net current assets |  | 591,388 | 727,820
|  | --------- | ---------
Total assets less current liabilities |  | 808,645 | 883,385

Creditors: amounts falling due after more than one year | 20 |  | 65,278 | 37,854
|  | --------- | ---------
Net assets |  | 743,367 | 845,531
|  | --------- | ---------

Capital and reserves

Called up share capital | 26 |  | 859 | 859
Profit and loss account | 27 |  | 742,508 | 844,672
|  | --------- | ---------
Shareholders funds |  | 743,367 | 845,531
|  | --------- | ---------

The profit for the financial year of the parent company was £ 9,836 (2021: £ 264,056 loss).
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:

K U Sehmi
Director

Company registration number: 09962909

Rochmills (Holdings) Ltd

Consolidated Statement of Changes in Equity

Year ended 31 December 2022

| Called up share capital | Revaluation reserve | Merger reserve | Profit and loss account | Equity attributable to the owners of the parent company | Non-controlling interests | Total
Note | £ | £ | £ | £ | £ | £ | £
At 1 January 2021 | 859 | 5,291,089 | 7,473,351 | 342,649 | 13,107,948 | 447 | 13,108,395
Profit for the year |  |  |  | 226,356 | 226,356 | 3,813 | 230,169
Other comprehensive income for the year: |  |  |  |  |  |  |
| Revaluation of tangible assets | 15 | – | 8,738,000 | – | – | 8,738,000 | – | 8,738,000
| Reclassification from revaluation reserve to profit and loss account | – | ( 481,766) | – | 465,953 | ( 15,813) | – | ( 15,813)
| Tax relating to components of other comprehensive income | 12 | – | ( 2,701,715) | – | – | ( 2,701,715) | – | ( 2,701,715)
| ---- | ------------ | ------------ | --------- | ------------- | ------- | -------------
Total comprehensive income for the year | – | 5,554,519 | – | 692,309 | 6,246,828 | 3,813 | 6,250,641
At 31 December 2021 | 859 | 10,845,608 | 7,473,351 | 1,034,958 | 19,354,776 | 4,260 | 19,359,036
Profit for the year |  |  |  | 549,222 | 549,222 | 3,853 | 553,075
Other comprehensive income for the year: |  |  |  |  |  |  |
| Revaluation of tangible assets | 15 | – | 85,960 | – | – | 85,960 | – | 85,960
| Reclassification from revaluation reserve to profit and loss account | – | ( 143,090) | – | 143,090 | – | – | –
| Tax relating to components of other comprehensive income | 12 | – | ( 21,490) | – | – | ( 21,490) | – | ( 21,490)
| ---- | ------------- | ------------ | ------------ | ------------- | ------- | -------------
Total comprehensive income for the year | – | ( 78,620) | – | 692,312 | 613,692 | 3,853 | 617,545

Rochmills (Holdings) Ltd

Consolidated Statement of Changes in Equity (continued)

Year ended 31 December 2022

| Called up share capital | Revaluation reserve | Merger reserve | Profit and loss account | Equity attributable to the owners of the parent company | Non-controlling interests | Total
Note | £ | £ | £ | £ | £ | £ | £
Dividends paid and payable | 13 | – | – | – | ( 112,000) | ( 112,000) | – | ( 112,000)
| ---- | ---- | ---- | --------- | --------- | ---- | ---------
Total investments by and distributions to owners | – | – | – | ( 112,000) | ( 112,000) | – | ( 112,000)
| ---- | ------------- | ------------ | ------------ | ------------- | ------- | -------------
At 31 December 2022 | 859 | 10,766,988 | 7,473,351 | 1,615,270 | 19,856,468 | 8,113 | 19,864,581
| ---- | ------------- | ------------ | ------------ | ------------- | ------- | -------------

Rochmills (Holdings) Ltd

Company Statement of Changes in Equity

Year ended 31 December 2022

| Called up share capital | Profit and loss account | Total
| £ | £ | £
At 1 January 2021 | 859 | 1,108,728 | 1,109,587
Loss for the year |  | ( 264,056) | ( 264,056)
| ---- | ------------ | ------------
Total comprehensive income for the year | – | ( 264,056) | ( 264,056)
At 31 December 2021 | 859 | 844,672 | 845,531
Profit for the year |  | 9,836 | 9,836
| ---- | ------------ | ------------
Total comprehensive income for the year | – | 9,836 | 9,836
Dividends paid and payable | 13 | – | ( 112,000) | ( 112,000)
| ---- | --------- | ---------
Total investments by and distributions to owners | – | ( 112,000) | ( 112,000)
| ---- | --------- | ---------
At 31 December 2022 | 859 | 742,508 | 743,367
| ---- | --------- | ---------

Rochmills (Holdings) Ltd

Consolidated Statement of Cash Flows

Year ended 31 December 2022

| 2022 | 2021
| £ | £

Cash flows from operating activities

Profit for the financial year | 553,075 | 230,169

Adjustments for: |  |
Depreciation of tangible assets | 757,062 | 595,837
Amortisation of intangible assets | 224,008 | 224,008
Fair value adjustment of investment property | ( 70,000) | –
Government grant income | ( 124,549) | ( 376,230)
Gain on financial assets at fair value through profit or loss | (75,000) | –
Other interest receivable and similar income | ( 17,704) | ( 18,679)
Interest payable and similar expenses | 619,502 | 463,533
Loss on disposal of tangible assets | – | 4,271
Tax on profit/(loss) | ( 443,551) | 306,718
Accrued expenses/(income) | 20,813 | ( 460,029)

Changes in: |  |
Stocks | 45,153 | ( 116,135)
Trade and other debtors | ( 204,918) | 690,855
Trade and other creditors | ( 129,153) | 865,985
| ------------ | ------------
Cash generated from operations | 1,154,738 | 2,410,303

Interest paid | ( 619,502) | ( 463,533)
Interest received | 17,704 | 18,679
Tax paid | ( 59,175) | ( 222,654)
| ------------ | ------------
Net cash from operating activities | 493,765 | 1,742,795
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 233,343) | ( 623,089)
Proceeds from sale of tangible assets | 23,161 | –
| ------------ | ------------
Net cash used in investing activities | ( 210,182) | ( 623,089)
| ------------ | ------------

Cash flows from financing activities

Proceeds from borrowings | ( 565,065) | ( 1,066,173)
Government grant income | 124,549 | 376,230
Payments of finance lease liabilities | 57,076 | ( 81,430)
Dividends paid | ( 112,000) | –
| ------------ | ------------
Net cash used in financing activities | ( 495,440) | ( 771,373)
| ------------ | ------------

Net (decrease)/increase in cash and cash equivalents | ( 211,857) | 348,333
Cash and cash equivalents at beginning of year | 488,972 | 140,639
| --------- | ---------
Cash and cash equivalents at end of year | 277,115 | 488,972
| --------- | ---------

Rochmills (Holdings) Ltd

Notes to the Financial Statements

Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Burlington House, 369 Wellinborough Road, Northampton, NN1 4EU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the consolidated statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
The parent company is not considered to be a qualifying entity under FRS102 and accordingly no exemptions have been taken.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. The consolidated accounts have been prepared using the merger accounting method.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Property revaluation The Properties owned have been revalued in the current and in previous years using the services of a professional valuer. Where an external valuer has not been used at the year end, the directors will use their own expertise in determining the closing value of the property. Judgement is made in respect of the condition and longevity of the properties to determine this valuation. Property classification The properties are classified between property, plant and equipment and between investment property. When deciding the appropriate classification the directors consider the use of the property and the reason for its retention within the group. Goodwill amortisation Amortisation of purchased goodwill is calculated on a straight line basis and over its useful economic life which the directors have assessed and made an appropriate judgement on.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured on completion of those services on a time basis. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on material taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold property | - | 2% straight line
| Plant and machinery | - | 15% - 33% straight line
| Fixtures and fittings | - | 15% - 33% straight line
| Motor vehicles | - | 25% reducing balance
| Equipment | - | 15% - 33% Straight line

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Income from investments is included in the statement of comprehensive income in the accounting period to which it relates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:

| 2022 | 2021
| £ | £
Sale of goods | 2,706,143 | 2,393,269
Provision of care home facilities | 7,126,741 | 5,588,268
Serviced office and other rental income | 741,155 | 980,225
| ------------- | ------------
| 10,574,039 | 8,961,762
| ------------- | ------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income

| 2022 | 2021
| £ | £
Government grant income | 124,549 | 376,230
Other operating income | 159,311 | –
| --------- | ---------
| 283,860 | 376,230
| --------- | ---------

6. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2022 | 2021
| £ | £
Amortisation of intangible assets | 224,008 | 224,008
Depreciation of tangible assets | 757,062 | 595,837
Loss on disposal of tangible assets | – | 4,271
Fair value adjustments to investment property | ( 70,000) | –
Impairment of trade debtors | (8,683) | (93,487)
| --------- | ---------

7. Auditor's remuneration

| 2022 | 2021
| £ | £
Fees payable for the audit of the financial statements | 38,985 | 22,600
| -------- | --------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services | 27,490 | 26,495
| -------- | --------

8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:

| 2022 | 2021
| No. | No.
Production staff | 263 | 224
Management staff | 33 | 27
| ---- | ----
| 296 | 251
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2022 | 2021
| £ | £
Wages and salaries | 4,694,332 | 3,701,936
Social security costs | 348,857 | 250,657
Other pension costs | 281,709 | 250,801
| ------------ | ------------
| 5,324,898 | 4,203,394
| ------------ | ------------

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2022 | 2021
| £ | £
Remuneration | 207,388 | 180,943
Company contributions to defined contribution pension plans | 201,761 | 200,000
| --------- | ---------
| 409,149 | 380,943
| --------- | ---------

Remuneration of the highest paid director in respect of qualifying services:

| 2022 | 2021
| £ | £
Aggregate remuneration | 107,490 | 95,503
| --------- | --------

10. Other interest receivable and similar income

| 2022 | 2021
| £ | £
Interest on loans and receivables | 17,704 | 18,679
| -------- | --------

11. Interest payable and similar expenses

| 2022 | 2021
| £ | £
Interest on banks loans and overdrafts | 508,110 | 451,651
Interest on obligations under finance leases and hire purchase contracts | 6,729 | 10,078
Other interest payable and similar charges | 104,663 | 1,804
| --------- | ---------
| 619,502 | 463,533
| --------- | ---------

12. Tax on profit/(loss)
Major components of tax income

| 2022 | 2021
| £ | £

Current tax:

UK current tax income | 106,453 | 245,827
Adjustments in respect of prior periods | 23,779 | ( 23,173)
| --------- | ---------
Total current tax | 130,232 | 222,654
| --------- | ---------

Deferred tax:

Origination and reversal of timing differences | ( 573,783) | 63,718
Impact of change in tax rate | – | 20,346
| --------- | --------
Total deferred tax | ( 573,783) | 84,064
| --------- | ---------
Tax on profit/(loss) | ( 443,551) | 306,718
| --------- | ---------

Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ 21,490 (2021: £ 2,701,715 ).
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

| 2022 | 2021
| £ | £
Profit on ordinary activities before taxation | 109,524 | 536,887
| --------- | ---------
Profit on ordinary activities by rate of tax | 20,810 | 101,310
Adjustment to tax charge in respect of prior periods | 23,779 | ( 23,173)
Effect of expenses not deductible for tax purposes | ( 3) | 40,904
Effect of capital allowances and depreciation | ( 493,174) | 182,640
Other adjustments | 5,037 | 5,037
| --------- | ---------
Tax on profit/(loss) | ( 443,551) | 306,718
| --------- | ---------

13. Dividends

| 2022 | 2021
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 112,000 | –
| --------- | ----

14. Intangible assets

Group | Goodwill
| £
Cost |
At 1 January 2022 and 31 December 2022 | 2,240,083
| ------------
Amortisation |
At 1 January 2022 | 705,377
Charge for the year | 224,008
| ------------
At 31 December 2022 | 929,385
| ------------
Carrying amount |
At 31 December 2022 | 1,310,698
| ------------
At 31 December 2021 | 1,534,706
| ------------

The company has no intangible assets.
15. Tangible assets

Group | Land and buildings | Plant and machinery | Fixtures and fittings | Motor vehicles | Equipment | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 Jan 2022 | 37,821,240 | 3,155,873 | 539,055 | 352,003 | 49,381 | 41,917,552
Additions | 14,161 | 25,008 | 71,668 | 111,766 | 10,740 | 233,343
Disposals | ( 23,161) | – | – | – | – | ( 23,161)
Revaluations | 130,470 | – | – | – | – | 130,470
| ------------- | ------------ | --------- | --------- | -------- | -------------
At 31 Dec 2022 | 37,942,710 | 3,180,881 | 610,723 | 463,769 | 60,121 | 42,258,204
| ------------- | ------------ | --------- | --------- | -------- | -------------
Depreciation |  |  |  |  |  |
At 1 Jan 2022 | 209,643 | 3,079,729 | 241,597 | 197,878 | 33,080 | 3,761,927
Charge for the year | 570,378 | 34,495 | 88,023 | 50,174 | 13,992 | 757,062
Revaluations | ( 100,490) | – | – | – | – | ( 100,490)
| ------------- | ------------ | --------- | --------- | -------- | -------------
At 31 Dec 2022 | 679,531 | 3,114,224 | 329,620 | 248,052 | 47,072 | 4,418,499
| ------------- | ------------ | --------- | --------- | -------- | -------------
Carrying amount |  |  |  |  |  |
At 31 Dec 2022 | 37,263,179 | 66,657 | 281,103 | 215,717 | 13,049 | 37,839,705
| ------------- | ------------ | --------- | --------- | -------- | -------------
At 31 Dec 2021 | 37,611,597 | 76,144 | 297,458 | 154,125 | 16,301 | 38,155,625
| ------------- | ------------ | --------- | --------- | -------- | -------------

Company | Motor vehicles | Total
| £ | £
Cost |  |
At 1 January 2022 | 337,841 | 337,841
Additions | 111,766 | 111,766
| --------- | ---------
At 31 December 2022 | 449,607 | 449,607
| --------- | ---------
Depreciation |  |
At 1 January 2022 | 183,716 | 183,716
Charge for the year | 50,174 | 50,174
| --------- | ---------
At 31 December 2022 | 233,890 | 233,890
| --------- | ---------
Carrying amount |  |
At 31 December 2022 | 215,717 | 215,717
| --------- | ---------
At 31 December 2021 | 154,125 | 154,125
| --------- | ---------

Included in land and buildings are investment properties with a carrying value of £4,717,000 (2021 - £4,687,000). Investment property has not been depreciated. During the year revaluations to market value took place on some of the freehold land and buildings owned by the group by various appropriately qualified valuers. The remaining properties have been revalued by the directors. The Directors consider the carrying value to be the fair value of the properties at the statement of financial position date.
16. Investments
The group has no investments.

Company | Shares in group undertakings
| £
Cost |
At 1 January 2022 and 31 December 2022 | 1,540
| -------
Impairment |
At 1 January 2022 and 31 December 2022 | –
| -------

Carrying amount |
At 1 January 2022 and 31 December 2022 | 1,540
| -------
At 31 December 2021 | 1,540
| -------

Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
Hampton (Burlington Court) Limited | Ordinary | 100
Hampton (Burlington Court Care) Limited | Ordinary | 100
Hampton (Midland) Limited | Ordinary | 100
Hampton (Midland Care) Limited | Ordinary | 100
Rochmills Limited | Ordinary | 100
Rochmills Property Limited | Ordinary | 100
Rochmills Developments Limited | Ordinary | 100
Architectural & Planning Limited | Ordinary | 84
Hampton (St Edmunds View) Limited | Ordinary | 100
Hampton (Woburn Sands) Limited | Ordinary | 100
Hampton (Woburn Sands Emporium) Limited | Ordinary | 100
Hampton The Grange Limited | Ordinary | 100
Hampton The Grange Care Limited | Ordinary | 100

Hampton Healthcare Management Limited | Ordianry | 100

All subsidiary companies registered office is Burlington House, 369 Wellingborough Road, Northampton, NN1 4EU.
All of the above companies have been consolidated in the group accounts.
17. Stocks

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Raw materials and consumables | 452,313 | 497,466 | – | –
| --------- | --------- | ---- | ----

18. Debtors

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Trade debtors | 502,608 | 438,514 | – | –
Amounts owed by group undertakings | – | – | 1,671,612 | 1,941,229
Prepayments and accrued income | 425,572 | 283,457 | – | –
Directors loan account | 15,301 | 58,761 | – | 34,875
Other debtors | 237,240 | 177,883 | 35,378 | 47,727
| ------------ | --------- | ------------ | ------------
| 1,180,721 | 958,615 | 1,706,990 | 2,023,831
| ------------ | --------- | ------------ | ------------

19. Creditors: amounts falling due within one year

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Bank loans and overdrafts | 613,046 | 9,106,428 | – | –
Trade creditors | 662,240 | 733,432 | – | –
Amounts owed to group undertakings | – | – | 1,014,376 | 1,263,615
Accruals and deferred income | 499,738 | 478,925 | – | –
Corporation tax | 71,057 | – | – | –
Social security and other taxes | 389,693 | 438,545 | – | –
Obligations under finance leases and hire purchase contracts | 68,446 | 38,794 | 68,446 | 38,794
Director loan accounts | – | – | 35,051 | –
Other creditors | 366,666 | 700,836 | – | –
| ------------ | ------------- | ------------ | ------------
| 2,670,886 | 11,496,960 | 1,117,873 | 1,302,409
| ------------ | ------------- | ------------ | ------------

Bank loans and overdrafts are secured on the assets to which they relate. There are also debentures creating fixed and floating charges over some of the group assets.
Hire purchase agreements are secured against the assets to which they relate to.
20. Creditors: amounts falling due after more than one year

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Bank loans and overdrafts | 12,754,701 | 4,826,384 | – | –
Obligations under finance leases and hire purchase contracts | 65,278 | 37,854 | 65,278 | 37,854
Other creditors | 1,569,056 | 1,243,995 | – | –
| ------------- | ------------ | -------- | --------
| 14,389,035 | 6,108,233 | 65,278 | 37,854
| ------------- | ------------ | -------- | --------

Bank loans and overdrafts are secured on the assets to which they relate. There are also debentures creating fixed and floating charges over group assets.
Hire purchase agreements are secured against the assets to which they relate to.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Not later than 1 year | 68,446 | 38,794 | 68,446 | 38,794
Later than 1 year and not later than 5 years | 65,278 | 37,854 | 65,278 | 37,854
| --------- | -------- | --------- | --------
| 133,724 | 76,648 | 133,724 | 76,648
| --------- | -------- | --------- | --------

22. Provisions

Group | Deferred tax (note 23)
| £
At 1 January 2022 | 4,671,155
Additions | 35,848
Charge against provision | ( 570,953)
| ------------
At 31 December 2022 | 4,136,050
| ------------

The company does not have any provisions.
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Included in provisions (note 22) | 4,136,050 | 4,671,155 | – | –
| ------------ | ------------ | ---- | ----

The deferred tax account consists of the tax effect of timing differences in respect of:

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Accelerated capital allowances | ( 468,044) | 50 | – | –
Revaluation of tangible assets | 4,388,592 | 4,455,603 | – | –
Fair value adjustment of investment property | 215,502 | 215,502 | – | –
| ------------ | ------------ | ---- | ----
| 4,136,050 | 4,671,155 | – | –
| ------------ | ------------ | ---- | ----

Included in deferred tax is a provision for unrealised gains on revalued freehold property. The expected reversal of deferred tax in the next 12 months is £84,247.
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 281,709 (2021: £ 250,801 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £

Recognised in other operating income:

Government grants recognised directly in income | 124,549 | 376,230 | – | –
| --------- | --------- | ---- | ----

26. Called up share capital
Issued, called up and fully paid

| 2022 | 2021
| No. | £ | No. | £
Ordinary shares of £ 0.01 each | 85,850 | 859 | 85,850 | 859
| -------- | ---- | -------- | ----

27. Reserves
Revaluation reserve - this reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Merger reserve - this reserve records the reserve created on the business combination. Profit and loss account - this reserve records retained earnings and accumulated losses.
28. Analysis of changes in net debt

| At 1 Jan 2022 | Cash flows | At 31 Dec 2022
| £ | £ | £
Cash at bank and in hand | 488,972 | (211,857) | 277,115
Debt due within one year | (9,145,222) | 8,463,730 | (681,492)
Debt due after one year | (4,864,238) | (7,955,741) | (12,819,979)
| ------------- | ------------ | -------------
| ( 13,520,488) | 296,132 | ( 13,224,356)
| ------------- | ------------ | -------------

29. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Not later than 1 year | 39,896 | 39,896 | – | –
Later than 1 year and not later than 5 years | 134,248 | 134,248 | – | –
Later than 5 years | 431,457 | 471,353 | – | –
| --------- | --------- | ---- | ----
| 605,601 | 645,497 | – | –
| --------- | --------- | ---- | ----

Rochmills (Holdings) Ltd

Notes to the Financial Statements (continued)

Year ended 31 December 2022
29. Operating leases (continued)
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

| Group | Company
| 2022 | 2021 | 2022 | 2021
| £ | £ | £ | £
Not later than 1 year | 375,631 | 375,631 | – | –
Later than 1 year and not later than 5 years | 800,727 | 800,727 | – | –
Later than 5 years | 13,959 | 389,590 | – | –
| ------------ | ------------ | ---- | ----
| 1,190,317 | 1,565,948 | – | –
| ------------ | ------------ | ---- | ----

30. Contingencies
The company has provided cross guarantees for certain other group companies.
31. Directors' advances, credits and guarantees
A director operates a loan account with the group. The opening balance owed to the group was £58,761. During the year there were net payments totalling £43,461 and at the year end the director owed the group £15,300. No interest was charged and the loan is repayable on demand.
32. Related party transactions
Group
Exemption is taken from disclosing group related party transactions as set out in FRS 102. During the year the group made the following related party transactions:- S H Pension Fund J S Sehmi is a trustee and member of this scheme. The group paid rent amounting to £72,000 (2021 - £72,000) to the pension fund during the year. The group have borrowed funds from the pension fund during the year, the balance outstanding at the year end was £1,569,065 (2021 - £1,486,381). The loan is repayable over 5 years and interest at 6% is charged on the outstanding balance. The loan is secured against the assets of that company. Fragrances UK Limited This is a company controlled by a director. Fragrance UK Limited paid rent and charges amounting to £84,424 (2021 - £84,259) to the the group during the year. The balance outstanding at the statement of financial position date was £31,605 (2021 - £39,180). Hartshill Care Limited This is a company controlled by a director. Hartshill Care Limited paid rent and charges amounting to £36,434 (2021 - £nil) to the group during the year, which was fully paid during the year. The remuneration for key management personnel is as disclosed in the directors remuneration note.
Company
The company has taken advantage of the exemption available from disclosing transactions with group companies.
33. Controlling party
The ultimate controlling party is J S Sehmi .