Company registration number 10072188 (England and Wales)
HFH COMPLEX CARE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HFH COMPLEX CARE LTD
COMPANY INFORMATION
Directors
S A Yandle
W L Hope
J M Hudson
M Knight
Company number
10072188
Registered office
Tuition House
27-37 St George's Road
Wimbledon
London
United Kingdom
SW19 4EU
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
HFH COMPLEX CARE LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
13
Group statement of cash flows
12
Notes to the financial statements
14 - 29
HFH COMPLEX CARE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The group is a provider of care in the home for both adults and children with complex healthcare needs. Support is provided by highly trained carers and is overseen by a qualified nursing team.

 

The UK has seen the steepest rise in inflation in 40 years and the Bank of England expects further rises in the year ahead. The  increased cost of living affecting fuel, energy and food will continue to have an impact on the staff and businesses within the health and social care sector that have already suffered from staff shortages due to years of under investment by Central Government.

Principal risks and uncertainties

There is no doubt that there are ongoing and significant pressures on the budgets for health and social care however the government have not as yet made any improvements.

 

What we do know is that there is a growing demand for our specialist services and this will continue due to the nature of the care that we deliver and the life expectancy of our clients that we care for. Complex care in the home is far more cost effective than expensive ITU care in a hospital setting and the bed that it blocks long term.

Key performance indicators

The financial key performance indicators to which the directors refer are set out below:

Year ended
Year ended
31 December 2023
31 December 2022
Turnover
13,323,733
13,892,245
Turnover change on prior year
(4.09)%
(9.34)%
Loss before tax for the year
(972,081)
(1,324,281)
Loss change on prior year
(26.60)%
14.96%
Gross profit margin
33.90%
31.25%
Other performance indicators

Other key performance indicators to which the directors refer, include client numbers and employee recruitment and training.

Future developments

The directors do not anticipate significant change to the operation of the company and it is expected that we will continue to operate in the provision of complex care in the home for the foreseeable future.

 

We will continue and are confident that we can scale the business through the frameworks of Clinical Commissioning Groups, Local Authorities and private funders both in and around London as well as from our satellite office based in Hampshire that supports the Southeast of the country.

On behalf of the board

S A Yandle
Director
19 August 2024
HFH COMPLEX CARE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the subsidiary undertakings of the company and the group is the provision of support to acute and chronically ill people in their own homes.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S A Yandle
W L Hope
J M Hudson
M Knight
Qualifying third party indemnity provisions

The directors benefit from a qualifying indemnity provision in the form permitted by the Section 234 of the Companies Act 2006 in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying indemnity provision was in force throughout the financial year and up to the date of approval of the Directors' Report.

Matters covered in the Strategic Report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report. These matters relate to business review and future developments.

HFH COMPLEX CARE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Employee involvement

The group and company place considerable value on the involvement of their employees and have continued to keep them informed of matters affecting them as employees, and of the various factors affecting the performance of the group and company. This is achieved through formal and informal meetings and mailings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests. Employees are also eligible for various benefits (e.g. target-related bonuses, pension plan, staff discount).

 

Going concern

Management complete and review budgets on a regular basis and these are reviewed by the directors, who are involved in the running of the business. In their assessment of the going concern position, the directors take into account the forecast availability of cash to meet liabilities as they fall due, the financial position of the group of which the company is a member, the covenants and terms attached to the company's loan agreement, and any risk of those loans becoming repayable before their due dates, should financial covenants not be met. The group is currently in a net liability position, but this is primarily due to interest accrued on loans.

 

The formulation of strategies that include developing what we know best i.e. the London market, scaling this to a wider geographical footprint and introducing additional specialist services assures us that we cannot only satisfy our financial obligations but allows us to forge ahead by shaping the business for sustainable growth. This year we have successfully opened an office in Basingstoke that supports the Southeast of the country and added in “complex care with learning disabilities” . The office is performing well for the first year. Our plan for the year ahead will be to continue to expand on these much needed services.

 

Since the year end we have been granted an extension to the loans received from shareholders which allows the group to use its cash resources to run the business as forecasted.

 

At the time of approving the financial statements, the directors had a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Strategic report

Ttruehe group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business and the future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S A Yandle
Director
19 August 2024
HFH COMPLEX CARE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HFH COMPLEX CARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HFH COMPLEX CARE LTD
- 5 -
Opinion

We have audited the financial statements of HFH Complex Care Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HFH COMPLEX CARE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HFH COMPLEX CARE LTD
- 6 -
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 their 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:

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 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 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HFH COMPLEX CARE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HFH COMPLEX CARE LTD
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Toby Mason (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
19 August 2024
Chartered Accountants
Statutory Auditor
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
HFH COMPLEX CARE LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
13,323,733
13,892,245
Cost of sales
(8,806,630)
(9,551,109)
Gross profit
4,517,103
4,341,136
Administrative expenses
(4,999,939)
(5,091,409)
Operating loss
4
(482,836)
(750,273)
Interest payable and similar expenses
8
(489,245)
(574,008)
Loss before taxation
(972,081)
(1,324,281)
Tax on loss
9
(186,125)
129,230
Loss for the financial year
21
(1,158,206)
(1,195,051)
Loss for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
HFH COMPLEX CARE LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,586,873
2,316,900
Other intangible assets
10
1,894,927
2,746,580
Total intangible assets
3,481,800
5,063,480
Tangible assets
11
50,456
68,595
3,532,256
5,132,075
Current assets
Debtors
14
1,591,962
1,497,142
Cash at bank and in hand
2,839,375
2,723,902
4,431,337
4,221,044
Creditors: amounts falling due within one year
15
(6,067,314)
(3,290,174)
Net current (liabilities)/assets
(1,635,977)
930,870
Total assets less current liabilities
1,896,279
6,062,945
Creditors: amounts falling due after more than one year
16
(8,963,854)
(11,924,196)
Provisions for liabilities
Deferred tax liability
18
473,735
521,853
(473,735)
(521,853)
Net liabilities
(7,541,310)
(6,383,104)
Capital and reserves
Called up share capital
20
975
975
Other reserves
21
2,868,361
2,868,361
Profit and loss reserves
21
(10,410,646)
(9,252,440)
Total equity
(7,541,310)
(6,383,104)
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
19 August 2024
S A Yandle
Director
Company registration number 10072188 (England and Wales)
HFH COMPLEX CARE LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
18,622,220
18,622,220
Current assets
-
-
Creditors: amounts falling due within one year
15
(13,442,226)
(9,932,639)
Net current liabilities
(13,442,226)
(9,932,639)
Total assets less current liabilities
5,179,994
8,689,581
Creditors: amounts falling due after more than one year
16
(8,963,854)
(11,924,196)
Net liabilities
(3,783,860)
(3,234,615)
Capital and reserves
Called up share capital
20
975
975
Other reserves
21
2,868,361
2,868,361
Profit and loss reserves
21
(6,653,196)
(6,103,951)
Total equity
(3,783,860)
(3,234,615)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £549,245 (2022 - £634,008 loss).

The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
19 August 2024
S A Yandle
Director
Company registration number 10072188 (England and Wales)
HFH COMPLEX CARE LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
975
2,868,361
(8,057,389)
(5,188,053)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(1,195,051)
(1,195,051)
Balance at 31 December 2022
975
2,868,361
(9,252,440)
(6,383,104)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(1,158,206)
(1,158,206)
Balance at 31 December 2023
975
2,868,361
(10,410,646)
(7,541,310)
HFH COMPLEX CARE LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
680,617
961,380
Interest paid
(480,153)
(465,081)
Income taxes paid
(56,761)
(95,293)
Net cash inflow from operating activities
143,703
401,006
Investing activities
Purchase of tangible fixed assets
(3,888)
-
Proceeds from disposal of tangible fixed assets
11,000
-
Net cash generated from/(used in) investing activities
7,112
-
Financing activities
Repayment of borrowings
(35,342)
(250,000)
Net cash used in financing activities
(35,342)
(250,000)
Net increase in cash and cash equivalents
115,473
151,006
Cash and cash equivalents at beginning of year
2,723,902
2,572,896
Cash and cash equivalents at end of year
2,839,375
2,723,902
HFH COMPLEX CARE LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
975
2,868,361
(5,469,943)
(2,600,607)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(634,008)
(634,008)
Balance at 31 December 2022
975
2,868,361
(6,103,951)
(3,234,615)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(549,245)
(549,245)
Balance at 31 December 2023
975
2,868,361
(6,653,196)
(3,783,860)
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

HFH Complex Care Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Tuition House, St George's Road, Wimbledon, London, SW19 4EU.

 

The group consists of HFH Complex Care Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company HFH Complex Care Ltd together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

Management complete and review budgets on a regular basis and these are reviewed by the directors, who are involved in the running of the business. In their assessment of the going concern position, the directors take into account the forecast availability of cash to meet liabilities as they fall due, the financial position of the group of which the company is a member, the covenants and terms attached to the company's loan agreement, and any risk of those loans becoming repayable before their due dates, should financial covenants not be met. The group is currently in a net liability position, but this is primarily due to interest accrued on loans.

 

The formulation of strategies that include developing what we know best i.e. the London market, scaling this to a wider geographical footprint and introducing additional specialist services assures us that we cannot only satisfy our financial obligations but allows us to forge ahead by shaping the business for sustainable growth. This year we have successfully opened an office in Basingstoke that supports the Southeast of the country and added in “complex care with learning disabilities” . The office is performing well for the first year. Our plan for the year ahead will be to continue to expand on these much needed services.

 

Since the year end we have been granted an extension to the loans received from shareholders which allows the group to use its cash resources to run the business as forecasted.

 

At the time of approving the financial statements, the directors had a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

 

Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

At each reporting date, the company assess 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.

Intangible assets are considered to have a finite useful life. It a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 

The estimated useful lives of intangible assets are as follows:

Software
10 years
Trademarks
10 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
4% on cost
Fixtures and fittings
20% on cost
Motor vehicles
20% on cost
Office equipment
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of intangible fixed assets

In determining the useful economic life of intangible fixed assets, which affects any requirement to impair those assets as well as the amortisation policy to be applied, the directors are required to estimate the future economic benefits which will arise from those assets and the period of time over which such benefits will flow. In the cases of trademarks and goodwill, the directors base this estimate on previous experience combined with projections of additional business which is likely to arise from the group controlling those assets. In the case of computer software, the directors consider the term of the software license and the period of time after which is considered that the software may be superseded. Variations in these various projections may lead to differences in the estimates of useful economic life.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Provision of domiciliary complex care
13,323,733
13,892,245

All turnover arose within the United Kingdom.

4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
16,403
50,172
(Profit)/loss on disposal of tangible fixed assets
(5,376)
4,167
Amortisation of intangible assets
1,581,680
1,589,753
Operating lease charges
166,684
147,393
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
26,100
25,500
26,100
25,000
For other services
Taxation compliance services
3,100
3,000
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
60
54
4
4
Carers
384
406
-
-
Total
444
460
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
9,977,281
10,640,964
-
0
-
0
Social security costs
868,300
994,213
-
-
Pension costs
181,189
196,551
-
0
-
0
11,026,770
11,831,728
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
138,900
164,800
Company pension contributions to defined contribution schemes
43,701
1,431
182,601
166,231

The directors are considered to be key management personnel.

8
Interest payable and similar expenses
2023
2022
£
£
Loan note interest
489,245
574,008
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
233,539
32,584
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(47,414)
(161,814)
Total tax charge/(credit)
186,125
(129,230)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(972,081)
(1,324,281)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(243,020)
(251,613)
Tax effect of expenses that are not deductible in determining taxable profit
47,652
214
Effect of change in corporation tax rate
(11,817)
240
Amortisation on assets not qualifying for tax allowances
347,302
138,706
Under/(over) provided in prior years
45,670
(15,248)
Original and reversal of timing differences
338
(1,529)
Taxation charge/(credit)
186,125
(129,230)
10
Intangible fixed assets
Group
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
7,300,270
174,450
8,516,528
15,991,248
Amortisation and impairment
At 1 January 2023
4,983,370
174,450
5,769,948
10,927,768
Amortisation charged for the year
730,027
-
0
851,653
1,581,680
At 31 December 2023
5,713,397
174,450
6,621,601
12,509,448
Carrying amount
At 31 December 2023
1,586,873
-
0
1,894,927
3,481,800
At 31 December 2022
2,316,900
-
0
2,746,580
5,063,480
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Intangible fixed assets
(Continued)
- 24 -
11
Tangible fixed assets
Group
Improvements to property
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
118,373
117,378
35,750
102,432
373,933
Additions
-
0
-
0
-
0
3,888
3,888
Disposals
-
0
(462)
(11,250)
(3,843)
(15,555)
At 31 December 2023
118,373
116,916
24,500
102,477
362,266
Depreciation and impairment
At 1 January 2023
72,154
117,048
13,704
102,432
305,338
Depreciation charged in the year
9,643
331
6,213
216
16,403
Eliminated in respect of disposals
-
0
(463)
(5,625)
(3,843)
(9,931)
At 31 December 2023
81,797
116,916
14,292
98,805
311,810
Carrying amount
At 31 December 2023
36,576
-
0
10,208
3,672
50,456
At 31 December 2022
46,219
330
22,046
-
0
68,595
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
18,622,220
18,622,220
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
18,622,220
Carrying amount
At 31 December 2023
18,622,220
At 31 December 2022
18,622,220
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Home From Hospital Limited
Tuition House, 27-37 St George's Road, Wimbledon, London, SW19 4EU.
Ordinary
100.00
-
HFH Healthcare Limited
Tuition House, 27-37 St George's Road, Wimbledon, London, SW19 4EU.
Ordinary
-
100.00

Subsidiaries held indirectly are via Home From Hospital Limited.

14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,077,813
1,169,644
-
0
-
0
Other debtors
41,301
32,270
-
0
-
0
Prepayments and accrued income
468,162
289,838
-
0
-
0
1,587,276
1,491,752
-
-
Deferred tax asset (note 18)
4,686
5,390
-
0
-
0
1,591,962
1,497,142
-
-
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
17
2,975,000
50,000
2,975,000
50,000
Trade creditors
40,358
65,062
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
9,465,549
8,860,052
Corporation tax payable
233,539
56,761
-
0
-
0
Other taxation and social security
516,903
493,337
-
-
Other creditors
1,914,889
1,997,909
967,043
957,951
Accruals and deferred income
386,625
627,105
34,634
64,636
6,067,314
3,290,174
13,442,226
9,932,639

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
17
8,963,854
11,924,196
8,963,854
11,924,196
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
11,938,854
11,974,196
11,938,854
11,974,196
Payable within one year
2,975,000
50,000
2,975,000
50,000
Payable after one year
8,963,854
11,924,196
8,963,854
11,924,196

A loan of £2,925,000 (2022: £2,925,000) bears interest at a rate of 4.75%. Capital and interest repayments will be made equal to the sum of 'Excess Cash' quarterly in arrears. 'Excess Cash' being available cash reserves in excess of £2,000,000. Loan notes and accrued interest will be repaid in full on the final repayment date, being 31 March 2024. On 2 July 2024, the loan provider agreed to extend the repayment date to 31 March 2027.

 

A loan of £8,164,000 (2022: £8,164,000) bears interest at a rate of 4%. Loan notes and accrued interest will be repaid in full on the final repayment date, being 31 March 2026. On 2 July 2024, the loan provider agreed to extend the repayment date to 31 March 2028.

 

Management loans of £849,588 (2022: £899,588) accrue interest at 1% which is included in accruals. The Principal and accrued interest being repayable on 22 March 2023. Management loans are designated as Second Creditors, and cannot be repaid until the First Creditor loans of £2,925,000 and £8.164,000 plus interest have been repaid. Principal amounts received have been discounted at a market-equivalent rate of interest at the date of issue, with the corresponding unwinding of this adjustment being made over the life of the loan to its repayment date on 22 March 2023. At the year end, the unamortised amount of this discounted included in the above amounts to £Nil (2022: £14,413).

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
-
-
4,686
5,390
Trademarks
473,735
521,853
-
-
473,735
521,853
4,686
5,390
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 27 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
516,463
-
Credit to profit or loss
(47,414)
-
Liability at 31 December 2023
469,049
-
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
181,189
196,551

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end, there were outstanding pension contributions of £76,474 (2022: £77,889).

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A ordinary shares of 1p each
64,500
64,500
645
645
Class B ordinary shares of 1p each
19,500
19,500
195
195
Class C ordinary shares of 1p each
13,500
13,500
135
135
97,500
97,500
975
975

Each ordinary share carried one voting right and no right to fixed income.

21
Reserves
Profit and loss reserves

This reserve represents the cumulative profits and losses of the group.

 

Other reserves

This reserve represents capital which has been contributed to the company by shareholders. The funds were not received by the company in exchange for shares, nor did it result in the establishment of a liability.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
112,232
29,404
-
-
Between two and five years
379,945
546
-
-
492,177
29,950
-
-
23
Related party transactions

During 2016, the directors and shareholders provided finance to the Company in exchange for loan notes. Amounts outstanding at the year end are as follows:

Other related parties
2023
2022
Balance
Balance
£
£
Group
C Hellary
679,587
729,587
G White
120,000
120,000
R Storey
50,000
50,000
Spring Ventures Group Investments Limited
11,089,000
11,089,000
24
Controlling party

At the year end, the controlling party of the group and company was Spring Ventures Group Investments Limited, by virtue of their beneficial interest in the share capital of HFH Complex Care Limited.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
25
Cash generated from group operations
2023
2022
£
£
Loss for the year after tax
(1,158,206)
(1,195,051)
Adjustments for:
Taxation charged/(credited)
186,125
(129,230)
Finance costs
489,245
574,008
(Gain)/loss on disposal of tangible fixed assets
(5,376)
4,167
Amortisation and impairment of intangible assets
1,581,680
1,589,753
Depreciation and impairment of tangible fixed assets
16,403
50,172
Movements in working capital:
(Increase)/decrease in debtors
(95,524)
577,736
Decrease in creditors
(333,730)
(510,175)
Cash generated from operations
680,617
961,380
26
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,723,902
115,473
2,839,375
Borrowings excluding overdrafts
(11,974,196)
35,342
(11,938,854)
(9,250,294)
150,815
(9,099,479)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100S A YandleW L HopeJ M HudsonM 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