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REGISTERED NUMBER: 08751823 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2023

for

Lindisfarne Healthcare(Holdings) Limited

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Lindisfarne Healthcare(Holdings) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Cornford
V Keenan



REGISTERED OFFICE: Willowbrook House
St Arvans Crescent
St Mellons
Cardiff
CF3 0FD



REGISTERED NUMBER: 08751823 (England and Wales)



SENIOR STATUTORY AUDITOR: Stephen Horrigan FCA



AUDITORS: DHB Accountants Limited
Chartered Accountants
Statutory Auditors
110 Whitchurch Road
Cardiff
CF14 3LY

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group results for the financial year are set out in the attached profit & loss account and the balance sheet set's out the position of the group as at 31 December 2023.

At the start of the year the shareholder and founder of the business died after a long illness having been cared for by her family for some years.This was a source of great sadness to the family and staff and had an impact upon the operations of the group during the grieving process.The family continue that legacy and have implemented improved working practices they are confident will maintain the high standards of care the business is known for and improve efficiencies without comprising standards.

The group continues to operate a Nursing and Care home specializing in the care of the elderly and mentally informed ( EMI ). Turnover and underlying trading profitability increased during the year including the gross margins achieved.

The directors in recent years have undertaken a programme of repairs and maintenance necessary to maintain the fabric of the buildings and equipment owned and operated by a subsidiary company which are now considered by the directors to be in good condition..

Having regard to the comments made above the directors considers the results for the year to be satisfactory and are confident that underlying profitability will improve in the forthcoming financial year as the company continues to maintain and consolidate it's position in a competitive market.

As disclosed elsewhere in the accounts fixed assets held in a subsidiary which are stated at cost. In May 2015 a valuation was carried out which confirmed that the open market value of the underlying business is significantly in excess of the amounts at which it is stated in the group accounts.


Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The director undertakes periodic reviews of the operating risks facing the group.

The company and it's subsidiary are exposed to certain financial risks and the directors have developed and evaluated strategies and programmes on internal controls to address the principal risks identified. Those identified are controlled as follows :

Credit Risk : The company's principal assets comprise investment in a subsidiary company and amounts due from that company. Provisions are made if required for irrecoverable amounts and impairment provision made where a loss event is identifiable and which could give rise to a reduction in the recoverability of cash flows.

Liquidity Risk : In order to maintain liquidity to ensure that there are sufficient funds available for ongoing operations and future developments the company uses a mixture of long and short term debt finance.

Cash Flow Risk : The trading activities of the company and it's subsidiary are all within the United Kingdom and therefore it is not expected to be exposed to exchange rate fluctuations and is also not concerned as to any impact the effects that Brexit might have.

Interest rate risk: The subsidiary company has bank borrowings that are linked to bank base rate and costs have increased as a result of rise in the rates. The directors implemented a strategy of efficiencies designed to result in savings to meet these additional costs and have a strategy in place if this becomes unmanageable.

Regular management accounts are prepared and reviewed by the director and trends and variances considered and investigated as to any impact upon the business and it's cash flow.Because of the straightforward nature of the trading operations in the directors analysis using Key Performance Indicators ( KPI'S ) is not necessary for an understanding of the development, performance or position of the business.

Exposure to adverse movements in interest rates is not considered by the directors to be a significant risk as it is manageable within existing trading operations .

FINANCIAL KEY PERFORMANCE INDICATORS
One of the groups key indicators is wage costs expressed as a percentage of turnover. This information is confidential and regarded as commercially sensitive. However, the directors are of the view that the percentages achieved by the group are at an acceptable level particularly when increased costs as a result of the introduction of Auto Enrolment are taken into account.

Given the straightforward nature of the business of the group the directors are of the opinion that analysis of performance using key performance indicators is not necessary for an understanding of the development, performance or position of the business of the group.

ON BEHALF OF THE BOARD:





A Cornford - Director


25 September 2024

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the operation of a high quality Nursing and Care Home providing general nursing care but specialising particularly in the care of the elderly and mentally infirmed care users. (EMI)

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Cornford
V Keenan

Other changes in directors holding office are as follows:

A F Kelly - deceased 6 January 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
Under section 487(2) of the Companies Act 2006, DHB Accountants Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the financial statements with the registrar whichever is the earlier.

ON BEHALF OF THE BOARD:





A Cornford - Director


25 September 2024

Report of the Independent Auditors to the Members of
Lindisfarne Healthcare(Holdings) Limited

Opinion
We have audited the financial statements of Lindisfarne Healthcare(Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lindisfarne Healthcare(Holdings) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Lindisfarne Healthcare(Holdings) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of planning our audit, we determined materiality and assessed the risks of material misstatement in the financial statement's, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures , opportunity and motivations for fraud. As part of this discussion we identified the internal controls to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory frameworks that are applicable to the company and the industry in which it operates, drawing on our wide experience, and considered whether there had been any acts by the company that may have been contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and relevant local laws and regulations. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated where necessary to other necessary evidence.

Our audit tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management and identifying and testing journal entries

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override on internal controls including testing journals and evaluation of whether there was any evidence of bias by management that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statement's, the less likely we are to become aware of it.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Lindisfarne Healthcare(Holdings) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Stephen Horrigan FCA (Senior Statutory Auditor)
for and on behalf of DHB Accountants Limited
Chartered Accountants
Statutory Auditors
110 Whitchurch Road
Cardiff
CF14 3LY

25 September 2024

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 5,970,525 5,462,012

Cost of sales 559,611 578,163
GROSS PROFIT 5,410,914 4,883,849

Administrative expenses 4,849,596 4,741,782
561,318 142,067

Other operating income - 5,631
OPERATING PROFIT 4 561,318 147,698


Interest payable and similar expenses 5 343,781 171,686
PROFIT/(LOSS) BEFORE TAXATION 217,537 (23,988 )

Tax on profit/(loss) 6 138,590 117,289
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

78,947

(141,277

)
Profit/(loss) attributable to:
Owners of the parent 78,947 (141,277 )

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 78,947 (141,277 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

78,947

(141,277

)

Total comprehensive income attributable to:
Owners of the parent 78,947 (141,277 )

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - 33,000
Tangible assets 9 5,261,031 5,346,511
Investments 10 3,667,923 3,667,923
8,928,954 9,047,434

CURRENT ASSETS
Stocks 11 35,000 35,000
Debtors 12 2,307,262 2,286,519
Cash at bank and in hand 20,986 2,001
2,363,248 2,323,520
CREDITORS
Amounts falling due within one year 13 1,173,817 1,277,713
NET CURRENT ASSETS 1,189,431 1,045,807
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,118,385

10,093,241

CREDITORS
Amounts falling due after more than one
year

14

(4,536,847

)

(4,647,169

)

PROVISIONS FOR LIABILITIES 17 (403,657 ) (347,138 )
NET ASSETS 5,177,881 5,098,934

CAPITAL AND RESERVES
Called up share capital 18 2 2
Share premium 19 1,549,998 1,549,998
Retained earnings 19 3,627,881 3,548,934
SHAREHOLDERS' FUNDS 5,177,881 5,098,934

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





A Cornford - Director


Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 3,124,539 3,124,539
3,124,539 3,124,539

CREDITORS
Amounts falling due within one year 13 124,539 124,539
NET CURRENT LIABILITIES (124,539 ) (124,539 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,000,000

3,000,000

CAPITAL AND RESERVES
Called up share capital 18 2 2
Share premium 1,549,998 1,549,998
Retained earnings 1,450,000 1,450,000
SHAREHOLDERS' FUNDS 3,000,000 3,000,000

Company's profit for the financial year - -

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





A Cornford - Director


Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 2 3,690,211 1,549,998 5,240,211

Changes in equity
Total comprehensive income - (141,277 ) - (141,277 )
Balance at 31 December 2022 2 3,548,934 1,549,998 5,098,934

Changes in equity
Total comprehensive income - 78,947 - 78,947
Balance at 31 December 2023 2 3,627,881 1,549,998 5,177,881

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 2 1,450,000 1,549,998 3,000,000

Changes in equity
Balance at 31 December 2022 2 1,450,000 1,549,998 3,000,000

Changes in equity
Balance at 31 December 2023 2 1,450,000 1,549,998 3,000,000

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 647,806 (238,165 )
Interest paid (343,781 ) (169,018 )
Interest element of hire purchase or
finance lease rental payments paid

-

(2,668

)
Tax paid (99,884 ) (13,825 )
Net cash from operating activities 204,141 (423,676 )

Cash flows from investing activities
Purchase of tangible fixed assets (11,000 ) (116,172 )
Sale of intangible fixed assets - 5,631
Net cash from investing activities (11,000 ) (110,541 )

Cash flows from financing activities
New loans in year 250,000 (403,265 )
Loan repayments in period (360,322 ) -
Capital repayments in year - (21,380 )
Net cash from financing activities (110,322 ) (424,645 )

Increase/(decrease) in cash and cash equivalents 82,819 (958,862 )
Cash and cash equivalents at
beginning of year

2

(129,413

)

829,449

Cash and cash equivalents at end of
year

2

(46,594

)

(129,413

)

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit/(loss) before taxation 217,537 (23,988 )
Depreciation charges 129,480 150,199
Profit on disposal of fixed assets - (5,631 )
Finance costs 343,781 171,686
690,798 292,266
Increase in stocks - (7,500 )
Increase in trade and other debtors (20,743 ) (122,228 )
Decrease in trade and other creditors (22,249 ) (400,703 )
Cash generated from operations 647,806 (238,165 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 20,986 2,001
Bank overdrafts (67,580 ) (131,414 )
(46,594 ) (129,413 )
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 2,001 829,449
Bank overdrafts (131,414 ) -
(129,413 ) 829,449


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 2,001 18,985 20,986
Bank overdrafts (131,414 ) 63,834 (67,580 )
(129,413 ) 82,819 (46,594 )
Debt
Debts falling due within 1 year (429,996 ) - (429,996 )
Debts falling due after 1 year (4,647,169 ) 110,322 (4,536,847 )
(5,077,165 ) 110,322 (4,966,843 )
Total (5,206,578 ) 193,141 (5,013,437 )

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lindisfarne Healthcare(Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in pounds sterling.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and it's subsidiary undertakings as at 31 December 2022. Uniform accounting policies are in place across the group and intercompany transactions and balances are eliminated on consolidation

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents the invoiced value of services provided to care users. The activities of the group are exempt from value added tax. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and that the revenue can be reliable measured.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - in accordance with the property
Plant and machinery - 2% on cost
Fixtures and fittings - at varying rates on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,008,229 3,331,877
Other pension costs 142,345 157,098
4,150,574 3,488,975

The average number of employees during the year was as follows:
2023 2022

Directors 2 3
Management, Financial and Administrative 6 6
Nursing & Carers 118 129
Kitchen & Domestics 19 19
Maintenance & Activities 6 7
151 164

Wage & Salary costs for the year ended 31 December 2023 includes £272,794 (2022 £294,930) in respect of Social Security costs represented by Employers National Insurance Contributions.

2023 2022
£    £   
Directors' remuneration 383,291 442,234

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 194,985 164,430

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 35,542 59,038
Depreciation - owned assets 96,480 117,199
Profit on disposal of fixed assets - (5,631 )
Goodwill amortisation 33,000 33,000
Auditors' remuneration 5,000 5,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 15,846 -
Interest payable 327,935 169,018
Hire purchase - 2,668
343,781 171,686

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 82,071 62,045

Deferred tax 56,519 55,244
Tax on profit/(loss) 138,590 117,289

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit/(loss) before tax 217,537 (23,988 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2022 - 19 %)

54,384

(4,558

)

Effects of:
Expenses not deductible for tax purposes 32,385 63,552
Depreciation in excess of capital allowances 51,821 3,051
Deferred Tax - 55,244
Total tax charge 138,590 117,289

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 330,000
AMORTISATION
At 1 January 2023 297,000
Amortisation for year 33,000
At 31 December 2023 330,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 33,000

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 4,189,018 947,489 1,564,063 6,700,570
Additions - - 11,000 11,000
At 31 December 2023 4,189,018 947,489 1,575,063 6,711,570
DEPRECIATION
At 1 January 2023 555,100 246,330 552,629 1,354,059
Charge for year 38,448 16,872 41,160 96,480
At 31 December 2023 593,548 263,202 593,789 1,450,539
NET BOOK VALUE
At 31 December 2023 3,595,470 684,287 981,274 5,261,031
At 31 December 2022 3,633,918 701,159 1,011,434 5,346,511

Long leasehold property incudes an interest in land based upon a lease of 125 years at a peppercorn rent from January 2007.

The business was revalued for loan security purposes in May 2015 by Andrew Forbes, Chartered Valuation Surveyors, in accordance with the RCIS Valuation - Professional Standards January 2014 (Red Book) guidelines.. They were of the opinion that the market value of the long leasehold interest in the care home on the assumption it is a fully operational and equipped entity and having regard to trading potential, free from encumbrance and as described in their report can be fairly stated as £11,150,000 as at that date. The surplus arising on revaluation is not reflected in the accounts nor are any associated tax liabilities which would arise on the surplus over and above the amounts at which the fixed assets are stated in the accounts.

10. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 3,667,923
NET BOOK VALUE
At 31 December 2023 3,667,923
At 31 December 2022 3,667,923

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 3,124,539
NET BOOK VALUE
At 31 December 2023 3,124,539
At 31 December 2022 3,124,539

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Amos Nursing Homes Limited
Registered office: United Kingdom
Nature of business: Operation of a care home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,659,957 1,581,009
Profit for the year 78,948 188,770

The shares in Amos Nursing Homes Limited are owned 100% by Lindisfarne Healthcare Limited which is not required to prepare consolidated accounts as it is a 100% subsidiary itself of Lindisfarne Healthcare (Holdings) Limited whose accounts consolidate the results of it's subsidiary and sub-subsidiary.

Lindisfarne Healthcare Limited
Registered office: United Kingdom
Nature of business: Intermediate Holding Company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,973,540 1,973,540
Loss for the year - (330,047 )


11. STOCKS

Group
2023 2022
£    £   
Stocks 35,000 35,000

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 365,518 194,191
Other debtors 1,198,428 1,267,916
Due from related company 418,687 504,325
Tax 296,258 296,258
Prepayments and accrued income 28,371 23,829
2,307,262 2,286,519

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 497,576 561,410 - -
Trade creditors 89,957 140,522 - -
Amounts owed to group undertakings - - 124,539 124,539
Tax 175,137 192,950 - -
Social security and other taxes 293,713 214,994 - -
Accruals and deferred income 117,434 167,837 - -
1,173,817 1,277,713 124,539 124,539

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 15) 4,536,847 4,647,169

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 67,580 131,414
Bank loans 429,996 429,996
497,576 561,410
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,574,010 1,629,171
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,962,837 3,017,998

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 4,966,843 5,077,165

Bank and other loans are secured by a formal debenture over the assets of the companies in the group and by a fixed legal charge over the long leasehold property included in the accounts of a subsidiary company as described in these accounts. Cross guarantees also exist between the group companies in accordance with normal practice.

17. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 403,657 347,138

Group
Deferred
tax
£   
Balance at 1 January 2023 347,138
Provided during year 56,519
Accelerated capital allowance
Balance at 31 December 2023 403,657

Lindisfarne Healthcare(Holdings) Limited (Registered number: 08751823)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

19. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,548,934 1,549,998 5,098,932
Profit for the year 78,947 78,947
At 31 December 2023 3,627,881 1,549,998 5,177,879


20. RELATED PARTY DISCLOSURES

As at 31 December 2023 an amount of £1,128,648 is due from directors of the company. Other debtors also includes £504,325 (2021 :£260,000) due from a company under common control.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the company are the directors acting jointly in their capacity of executors of the estate of the late Mrs A F Kelly.