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REGISTERED NUMBER: 11267392 (England and Wales)











AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

HEALTH & CARE SPACE NEWHAM LIMITED

HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HEALTH & CARE SPACE NEWHAM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M Venkataram
A D Ireland
G Clarke





SECRETARY: Waterstone Company Secretaries Ltd





REGISTERED OFFICE: Newham Dockside
1000 Dockside Road
London
E16 2QU





REGISTERED NUMBER: 11267392 (England and Wales)





AUDITORS: Friend & Grant Ltd
(Statutory Auditors)
Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW

HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

BALANCE SHEET
31 MARCH 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,248 75,411
Investment property under
construction 5 1,278,658 515,957
Investment property 6 4,470,000 4,470,000
5,815,906 5,061,368

CURRENT ASSETS
Debtors 7 87,326 536,114
Cash at bank 836,659 1,873,729
923,985 2,409,843
CREDITORS
Amounts falling due within one year 8 663,403 841,154
NET CURRENT ASSETS 260,582 1,568,689
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,076,488

6,630,057

CREDITORS
Amounts falling due after more than one
year

9

2,099,442

2,158,047
NET ASSETS 3,977,046 4,472,010

CAPITAL AND RESERVES
Called up share capital 4,000,200 4,000,200
Retained earnings (23,154 ) 471,810
3,977,046 4,472,010

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by:





A D Ireland - Director


HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Health & Care Space Newham Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102
"The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the
provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have
been prepared under the historical cost convention as modified by the revaluation of investment properties.

Going concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes. Turnover is not recognised when goods or services are exchanged for goods or services that are of a similar nature and value or when the transaction lacks commercial substance.

Rental income and service charge income
The percentage of completion method is used to calculate the revenue recognised at the period end.

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 7 years
Computer equipment - 25% on cost

Government grants
In accordance with the performance-based model of government grant recognition, grants of a revenue nature are recognised in the Profit and loss once performance conditions are met.

HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is carried at fair value determined annually be the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Expenditure on the purchase of an asset, together with costs directly attributable to bringing the asset into working condition for its intended use, are classified as capital expenditure.

Attributable costs included; labour costs of internal staff (e.g. in-house architects, surveyors and site workers) directly arising in the construction or acquisition of the tangible fixed asset. The incremental costs to the Company that would have been avoided only if the particular fixed asset had not been constructed or acquired.

Investments under construction
Investments under construction are carried at cost and will be transferred to Investment property upon completion of the works. No depreciation is provided.

Expenditure on the purchase of an asset, together with costs directly attributable to bringing the asset into working condition for its intended use, are classified as capital expenditure.

Attributable costs included; labour costs of internal staff (e.g. in-house architects, surveyors and site workers) directly arising in the construction or acquisition of the tangible fixed asset. The incremental costs to the Company that would have been avoided only if the particular fixed asset had not been constructed or acquired.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance costs
Finance costs are charged to profit and loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 86,479 1,715 88,194
Additions 5,544 - 5,544
At 31 March 2023 92,023 1,715 93,738
DEPRECIATION
At 1 April 2022 12,354 429 12,783
Charge for year 13,278 429 13,707
At 31 March 2023 25,632 858 26,490
NET BOOK VALUE
At 31 March 2023 66,391 857 67,248
At 31 March 2022 74,125 1,286 75,411

5. INVESTMENT PROPERTY UNDER
CONSTRUCTION

2023 2022
£ £
Hartley Avenue 520,805 261,625
Custom House 122,553 72,739
Appleby 8,931 8,745
Shrewsbury 15,364 15,131
Hallsville 567,049 126,806
Balaam Street 40,818 30,911
Forest Gate 3,000 -
Queens Market 138 -
1,278,658 515,957

HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 4,470,000
NET BOOK VALUE
At 31 March 2023 4,470,000
At 31 March 2022 4,470,000

The long leasehold interest in the Pontoon Dock Medical Centre, London E16 was valued as at 31
March 2022 by an external valuer, Gerald Eve LLP, a regulated firm of Chartered Surveyors. The
valuation was prepared in accordance with the requirements of the RICS Valuation - Professional
Standards, January 2022 amendment and Financial Reporting Standard 102. The valuation was
undertaken on a Fair Value basis, with the property valued by reference to its investment value.

Based on current market conditions and future rental yields, the directors are of the opinion that the carrying value of the property is a true reflection of the fair value as at 31 March 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 26,522 522,899
Other debtors 60,804 13,215
87,326 536,114

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 146,133 149,171
Taxation and social security 8,118 39,446
Other creditors 509,152 652,537
663,403 841,154

Included within Other creditors is deferred income of £404,522 (2022: £498,859) which is broken down as follows:
- Section 106 grant income of £49,500 (2022: £65,000) which will be released to the profit and loss account once the performance conditions are met
- Rental paid in advance for the Hartley site of £263,000 (2022: £263,000). Construction of this site has not completed yet and the rental paid in advance will be released to the profit and loss account over the period of the tenancy on commencement of the lease agreement
- Income of £50,000 for the Hartley Site (2022: £50,000) which will be released to the profit and loss account once a service has been provided
- Rent and service charges paid in advance for Pontoon Dock of £42,022 (2022: £120,859)

HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Other creditors 2,099,442 2,158,047

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 339,140 396,688

Included within other creditors is a balance of £1,547,818 (2022: £1,560,680) which relates to rental income paid in advance for Pontoon Dock, the breakdown for this is as follows:

20232022
££
1 - 5 years168,089168,089
More than 5 years1,379,7291,392,591
Total1,547,8181,560,680

This income will be released to the profit and loss account in equal annual installments of £42,022 over the period of the lease which expires February 2061.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Other loans 597,367 640,159

The loan is secured by way of a fixed and floating charge over the assets of the company.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Friend BSc FCA (Senior Statutory Auditor)
for and on behalf of Friend & Grant Ltd

12. CAPITAL COMMITMENTS

The company has entered into a pre lease agreement for a new health centre at Hartley. The company will be entering a lease of 125 years and will be acquiring the shell and core of the centre. The company will be required to fit out the site in order to make the site usable. The company is committed to pay the sum of £2.7 million for the lease premium plus any additional costs relating to variations to the shell and core building works and the accumulated interest calculated from the date of each invoice upon the practical completion date. It is anticipated that this will be June 2024.

HEALTH & CARE SPACE NEWHAM LIMITED (REGISTERED NUMBER: 11267392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


13. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounts to £22,543 (2022: £16,511).

Contributions totalling £2,564 (2022: £5,814) were payable to the fund at the balance sheet date.