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Registered number: 09269713











HUNTINGTON HOUSE (HLDGS) LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023
















TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
HUNTINGTON HOUSE (HLDGS) LTD
 

COMPANY INFORMATION


Directors
M F M Hoare 
G P Hoare 




Registered number
09269713



Registered office
The Old Rectory
Church Street

Weybridge

Surrey

KT13 8DE




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
HUNTINGTON HOUSE (HLDGS) LTD
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9 - 10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14 - 15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 33


 
HUNTINGTON HOUSE (HLDGS) LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

 
Huntington House Limited operates two Care Homes on one 30 acre site in Hindhead, Surrey and is branded as The Huntington & Langham Estate. Huntington House Nursing Home was established in 1978 and caters for 34 residents with general nursing needs, and Langham Court Dementia Home was established in 2013 and caters for 40 residents with dementia care needs. Both homes follow the Meaningful Care Matters model of care and have much higher staff to resident ratios than other care homes with similar CQC registrations.
The Huntington & Langham Estate’s aim is to provide the best standard of individual care in a relaxed and comfortable environment with plenty of outdoor space for residents and their families to enjoy. Significant outdoor space is rarely available to residents of other care homes but is vital for their wellbeing. A team room in the grounds has been added to the already popular lakeside pavilion.
In order to maintain high resident occupancy across both homes a wide spectrum of marketing strategies is undertaken from internet search engine optimisation to supporting local events and charities. Close links with GP surgeries and hospital discharge coordinators as well as community groups involving older people are nurtured.
Geopolitics and the possibility of further Covid outbreaks remain as risks. The opening of yet another corporate care home nearby has the potential to impact staff recruitment, but the lifestyle offering is so different to the Huntington & Langham Estate that it is doubtful there will be an impact on resident admissions. 
Staff costs are monitored on a regular basis by referring to the homes’ computer management system which records every shift worked by department.
Room fee income is monitored by keeping costed monthly occupancy charts which are regularly crosschecked with the computer management system.
There is a plan to sell the staff house and fund a small development of independent living, but the uncertain housing market is hampering the sale, so this is currently on hold.


This report was approved by the board on 13 March 2024 and signed on its behalf.






................................................
G P Hoare
Director

Page 1

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Principal activity

The principal activity of the group was the provision of rental accommodation and care for people with ongoing personal nursing care needs.

Results and dividends

The profit for the year, after taxation, amounted to £434,658 (2022 - £306,796).

The total distribution of dividends to the parent company for the year will be £480,000 (2022 - £290,000).

Directors

The directors who served during the year were:

M F M Hoare 
G P Hoare 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 2

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Post balance sheet events

There have been no significant events affecting the company since the balance sheet date.

This report was approved by the board on 13 March 2024 and signed on its behalf.
 





................................................
G P Hoare
Director

Page 3

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE (HLDGS) LTD
 

Opinion


We have audited the financial statements of Huntington House (HLDGS) Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 July 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE (HLDGS) LTD (CONTINUED)


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 contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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.


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 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 set out on page 2, 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.


Page 5

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE (HLDGS) LTD (CONTINUED)


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 Group 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:
Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management and those charged with governance around actual and potential litigation and claims.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
Review of after year end information to ensure expenditure has been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions 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 Auditor's Report.


Page 6

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUNTINGTON HOUSE (HLDGS) LTD (CONTINUED)


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 2006Our 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.






Philip Munk FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

14 March 2024
Page 7

 
HUNTINGTON HOUSE (HLDGS) LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
7,396,884
6,141,828

Cost of sales
  
(4,690,392)
(4,094,589)

Gross profit
  
2,706,492
2,047,239

Administrative expenses
  
(1,562,635)
(1,381,733)

Other operating income
 5 
892
128,856

Operating profit
 6 
1,144,749
794,362

Fair value movements
  
-
12,806

Interest receivable and similar income
 10 
5,484
5,409

Interest payable and similar expenses
 11 
(507,468)
(290,071)

Profit before taxation
  
642,765
522,506

Tax on profit
 12 
(208,107)
(215,710)

Profit for the financial year
  
434,658
306,796

  

 
 
 
 
Foreign exchange on translation
  
(44,614)
53,779

Other comprehensive income for the year
  
(44,614)
53,779

Total comprehensive income for the year
  
390,044
360,575

Profit for the year attributable to:
  

Owners of the parent Company
  
434,658
306,796

  
434,658
306,796

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 33 form part of these financial statements.

Page 8

 
HUNTINGTON HOUSE (HLDGS) LTD
REGISTERED NUMBER: 09269713

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
14,698,140
14,649,490

Investments
 16 
22,000
22,000

Investment property
 17 
-
554,301

  
14,720,140
15,225,791

Current assets
  

Stocks
 18 
23,028
23,931

Debtors: amounts falling due within one year
 19 
1,303,393
810,966

Cash at bank and in hand
 20 
283,615
246,227

  
1,610,036
1,081,124

Creditors: amounts falling due within one year
 21 
(1,762,959)
(1,699,299)

Net current liabilities
  
 
 
(152,923)
 
 
(618,175)

Total assets less current liabilities
  
14,567,217
14,607,616

Creditors: amounts falling due after more than one year
 22 
(7,999,411)
(8,029,251)

Provisions for liabilities
  

Deferred taxation
 25 
(1,554,787)
(1,475,390)

  
 
 
(1,554,787)
 
 
(1,475,390)

Net assets
  
5,013,019
5,102,975

Page 9

 
HUNTINGTON HOUSE (HLDGS) LTD
REGISTERED NUMBER: 09269713

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
100
100

Revaluation reserve
 27 
4,770,448
4,770,448

Foreign exchange reserve
 27 
86,595
131,209

Profit and loss account
 27 
155,876
201,218

Equity attributable to owners of the parent Company
  
5,013,019
5,102,975

  
5,013,019
5,102,975


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2024.





................................................
G P Hoare
................................................
M F M Hoare
Director
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
HUNTINGTON HOUSE (HLDGS) LTD
REGISTERED NUMBER: 09269713

COMPANY BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
100
100


  
100
100

  

Total assets less current liabilities
  
 
100
 
100

  

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
 26 
100
100

  
100
100


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2024.




................................................
G P Hoare
................................................
M F M Hoare
Director
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
HUNTINGTON HOUSE (HLDGS) LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 August 2019
100
4,770,448
77,430
184,422
5,032,400



Profit for the year
-
-
-
306,796
306,796

Forex on translation
-
-
53,779
-
53,779

Dividends: Equity capital
-
-
-
(290,000)
(290,000)



At 1 August 2022
100
4,770,448
131,209
201,218
5,102,975



Profit for the year
-
-
-
434,658
434,658

Forex on translation
-
-
(44,614)
-
(44,614)

Dividends: Equity capital
-
-
-
(480,000)
(480,000)


At 31 July 2023
100
4,770,448
86,595
155,876
5,013,019


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
HUNTINGTON HOUSE (HLDGS) LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2021
100
-
100



Profit for the year
-
290,000
290,000

Dividends: Equity capital
-
(290,000)
(290,000)



At 1 August 2022
100
-
100



Profit for the year
-
480,000
480,000

Dividends: Equity capital
-
(480,000)
(480,000)


At 31 July 2023
100
-
100


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
HUNTINGTON HOUSE (HLDGS) LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
434,658
306,796

Adjustments for:

Depreciation of tangible assets
358,959
375,655

Loss on disposal of tangible assets
-
(155)

Interest paid
507,468
290,071

Interest received
(5,484)
(5,409)

Taxation charge
208,107
215,710

Decrease/(increase) in stocks
903
(2,764)

(Increase) in debtors
(425,105)
(365,534)

Increase in creditors
77,983
175,967

Net fair value losses/(gains) recognised in P&L
-
(12,805)

Corporation tax (paid)/received
(163,210)
98,666

Net cash generated from operating activities

994,279
1,076,198


Cash flows from investing activities

Purchase of tangible fixed assets
(410,563)
(279,506)

Sale of tangible fixed assets
3,533
1,842

Sale of investment properties
543,893
-

Purchase of unlisted and other investments
-
(5,000)

Interest received
5,484
5,409

Net cash from investing activities

142,347
(277,255)
Page 14

 
HUNTINGTON HOUSE (HLDGS) LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(138,315)
(323,317)

Repayment of/new finance leases
26,545
(838)

Dividends paid
(480,000)
(290,000)

Interest paid
(507,468)
(290,071)

Net cash used in financing activities
(1,099,238)
(904,226)

Net increase/(decrease) in cash and cash equivalents
37,388
(105,283)

Cash and cash equivalents at beginning of year
246,227
351,510

Cash and cash equivalents at the end of year
283,615
246,227


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
283,615
246,227

283,615
246,227


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
HUNTINGTON HOUSE (HLDGS) LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023





At 1 August 2022
Cash flows
New finance leases
At 31 July 2023
£

£

£

£

Cash at bank and in hand

246,227

37,388

-

283,615

Debt due after 1 year

(8,029,251)

43,669

-

(7,985,582)

Debt due within 1 year

(363,888)

94,646

-

(269,242)

Finance leases

(49)

-

(26,545)

(26,594)


(8,146,961)
175,703
(26,545)
(7,997,803)

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

1.


General information

Huntington House (HLDGS) Limited is incorporated in England and Wales and limited by shares. The nature of the company's operations and principal activity is a holding company. The principal activity of the group was the provision of rental accommodation and care for people with ongoing personal nursing care needs.
The address of the registered office is given in the company information of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2015.

 
2.3

Going concern

The directors are confident that the Group and Company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 17

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

2.Accounting policies (continued)

 
2.4

Turnover

Turnover comprises revenue recognised by the group in respect of nursing, residential care services and rental accommodation during the year, exclusive of Value Added Tax and trade discounts.
Income is recognised based on occupancy and adjustment is made for any amounts received in advance or arrears.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight Line
Plant and machinery
-
25%
Straight Line
Motor vehicles
-
25%
Straight Line
Fixtures and fittings
-
15%
Straight Line
Office equipment
-
25%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

The freehold properties are recognised in the group as tangible fixed assets and any associated gains and losses and deferred taxation thereon are recognised in the revaluation reserve.

Page 18

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

2.Accounting policies (continued)

 
2.7

Investment property

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

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial  assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

2.Accounting policies (continued)

 
2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.16

Finance costs

Finance costs are charged to profit or 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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.18

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 20

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

2.Accounting policies (continued)

 
2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 21

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.


4.


Turnover

The whole of the turnover is attributable to the provision of residential care services and rental services.
The directors are of the view that the disclosures of segmental classes of turnover would be seriously prejudicial to the interests of the group and is therefore not shown.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,372,829
6,106,957

Rest of the world
24,055
34,871

7,396,884
6,141,828



5.


Other operating income

2023
2022
£
£

Government grants receivable
892
128,856

892
128,856


The government grants are related to COVID-19 Job Retention Scheme and other COVID-19 government supporting grants.


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
358,753
375,655

Fair value movements
-
(12,806)

Page 22

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Auditor's remuneration
21,450
19,962


Fees payable to the Group's auditor and its associates in respect of:

2023
2022
£
£



All other services
10,880
12,867

10,880
12,867


8.

Employees

Staff costs, including directors' remuneration, were as follows:

Group 
 2023
Group 
 2022
Company 
 2023
Company 
 2022
        £
        £
        £
        £
Wages and salaries

3,163,124

2,885,858

-
 
-
 
Social security costs

268,928

235,002

-
 
-
 
Cost of defined contribution scheme

53,722

49,709

-
 
-
 

3,485,774

3,170,569

-
 
-
 

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Care home and admin staff
132
127

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

9.


Directors' remuneration




During the year retirement benefits were accruing to 1 directors (2022 - 1) in respect of defined contribution pension schemes.

Page 23

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

10.


Interest receivable

2023
2022
£
£


Other interest receivable
5,484
5,409

5,484
5,409


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
506,271
290,071

Other loan interest payable
1,197
-

507,468
290,071


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
128,710
128,424


128,710
128,424


Total current tax
128,710
128,424

Deferred tax


Origination and reversal of timing differences
79,397
91,309

Deferred tax on investment property revaluation gain
-
(4,023)

Total deferred tax
79,397
87,286


Taxation on profit on ordinary activities
208,107
215,710
Page 24

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
642,765
522,506


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
160,691
99,276

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2,625
(53)

Capital allowances for year in excess of depreciation
(12,304)
29,140

Increase or decrease in pension fund prepayment leading to an increase
(decrease) in tax
98
657

Short-term timing difference leading to an increase (decrease) in taxation
79,397
87,286

Other timing differences leading to an increase (decrease) in taxation
-
(125)

Fair value movements
-
(2,433)

Double taxation relief
1,607
1,962

Changes in tax rates
(24,007)
-

Total tax charge for the year
208,107
215,710

Page 25

 
HUNTINGTON HOUSE (HLDGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Dividends paid to owners
480,000
290,000

480,000
290,000


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £480,000 (2022 - £290,000).

Page 26

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

   £
£
£
£
   £
            £



Cost or valuation


At 1 August 2022
15,954,288
209,971
103,074
323,746
90,392
16,681,471


Additions
246,690
44,679
47,154
60,519
11,521
410,563


Disposals
-
(75,892)
-
(108,916)
(22,817)
(207,625)



At 31 July 2023

16,200,978
178,758
150,228
275,349
79,096
16,884,409



Depreciation


At 1 August 2022
1,501,849
166,325
91,467
197,557
74,783
2,031,981


Charge for the year on owned assets
268,371
30,582
3,470
35,671
8,718
346,812


Charge for the year on financed assets
-
-
11,568
-
-
11,568


Disposals
-
(75,892)
-
(105,383)
(22,817)
(204,092)



At 31 July 2023

1,770,220
121,015
106,505
127,845
60,684
2,186,269



Net book value



At 31 July 2023
14,430,758
57,743
43,723
147,504
18,412
14,698,140



At 31 July 2022
14,452,439
43,646
11,607
126,189
15,609
14,649,490

Page 27

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

           15.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
14,430,758
14,452,439

14,430,758
14,452,439


Paragraph 35.10(d) of FRS 102 provides an optional exemption from restating the value of the property based on its original cost. The group and company has decided not to continue its policy of revaluation as permitted by FRS 102. The revalued amount from the prior year valuation is now used as its deemed cost. In order to comply with company law the revaluation reserve would be retained and the excess depreciation would continue to be offset against it.

Finance leases

The net book value of assets held under finance leases or hire purchase contracts, included above is £34,704 (2022 - £Nil).


16.


Fixed asset investments

Group





Polo Ponies

£



Valuation


At 1 August 2022
22,000



At 31 July 2023
22,000




Company





Investments in subsidiary companies

£



Cost


At 1 August 2022
100



At 31 July 2023
100




Page 28

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Huntington House Limited
Retirement accommodation and related nursing services
Ordinary
100%
Hoare Property Limited
Rental accommodation
Ordinary
100%

The above subsidiary has been consolidated within the group financial statements.


17.


Investment property

Group


Freehold investment property

    £





At 1 August 2022
554,301


Disposals
(543,893)


Foreign exchange movement
(10,408)



At 31 July 2023
-

The 2022 valuations were made by Amanda Mahon Atwell of Alleyne Real Estate, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
-
564,341

Accumulated revaluations and foreign exchange differences
-
(10,040)

-
554,301


18.


Stocks

Group
Group
2023
2022
£
£

Stocks
23,028
23,931

23,028
23,931


Page 29

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

19.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
105,564
193,128

Other debtors
997,711
373,545

Prepayments and accrued income
200,118
244,293

1,303,393
810,966



20.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
283,615
246,227

283,615
246,227



21.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£
£

Bank loans
269,242
363,888

Trade creditors
309,899
320,209

Corporation tax
196,896
129,289

Other taxation and social security
71,572
66,144

Obligations under finance lease and hire purchase contracts
12,765
49

Other creditors
627,962
605,602

Accruals and deferred income
274,623
214,118

1,762,959
1,699,299


Included within creditors falling due within one year are bank borrowings of £269,242 (2022 - £363,888) that are secured by a fixed charge over the freehold property held by the company and by a fixed and floating charge over all the assets of the company.

Page 30

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

22.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
7,985,582
8,029,251

Net obligations under finance leases and hire purchase contracts
13,829
-

7,999,411
8,029,251


Included within creditors falling due after one year are bank borrowings of £7,985,582 (2022 - £8,029,251) that are secured by a fixed charge over the freehold property held by the company, by a fixed and floating charge over all the assets of the company.


23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
269,242
363,888

Amounts falling due 1-2 years

Bank loans
297,360
374,782

Amounts falling due 2-5 years

Bank loans
1,031,271
1,199,987

Amounts falling due after more than 5 years

Bank loans
6,656,951
6,454,482

8,254,824
8,393,139


Bank loan terms of repayment are on average £187,868 per quarter which include interest between 4.75% to 7% on the principal amount. The remaining capital is payable in January 2030.


24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
12,765
-

Between 1-5 years
13,829
-

26,594
-

Page 31

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

25.


Deferred taxation


Group



2023
2022


          £

£






At beginning of year
(1,475,390)
(1,388,104)


Charged in the year
(79,397)
(87,286)



At end of year
(1,554,787)
(1,475,390)

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Deferred tax on revaluation gains
(1,203,873)
(1,203,873)

Accelerated capital allowances
(350,914)
(271,517)

(1,554,787)
(1,475,390)


26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



95 (2022 - 95) Ordinary A shares of £1.00 each
95
95
5 (2022 - 5) Ordinary B shares of £1.00 each
5
5

100

100



27.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Foreign exchange reserve

The foreign exchange reserve represents cumulative gains and losses on translation of the foreign subsidiaries.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of adjustments and dividends.

Page 32

 
HUNTINGTON HOUSE (HLDGS) LTD
 

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

28.


Pension commitments

The group 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 amounted to £53,722 (2022 - £49,709). Contributions totalling £13,464 (2022 - £12,384) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

At 31 July 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
5,232
5,232

Later than 1 year and not later than 5 years
19,620
19,620

24,852
24,852

30.


Transactions with directors

Huntington House Limited
At the beginning of the year the company owen £269,603 from M F M Hoare & G P Hoare, the directors. During the year advances totalling £44,131 were made to the directors and total repayments of £26,145 were received from the directors. Interest at 2% has been charged on the outstanding loan and amounted to £5,068. At the end of the year the balance due from the directors was £292,657 and is included within other debtors within the group.


31.Directors' personal guarantees

M F M Hoare & G P Hoare, have provided a total limited guarantee of £500,000 to the group's bankers.


32.


Related party transactions

The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS102 and therefore transactions with group companies have not been disclosed.


33.


Controlling party

The company is under the control of M F M Hoare who is the director of the company.


Page 33