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REGISTERED NUMBER: 07260218 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NORTHGATE HEALTHCARE HOLDINGS LIMITED

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)






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


NORTHGATE HEALTHCARE HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A K Haines
K Haines
M K Haines





REGISTERED OFFICE: White Gables
Cross Lane Head
Bridgnorth
Shropshire
WV16 4SJ





REGISTERED NUMBER: 07260218 (England and Wales)





AUDITORS: BSS & Co (Accountancy Services) Limited
(Statutory Auditor)
75 Aston Road
Shifnal
Shropshire
TF11 8DU

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

REVIEW OF BUSINESS
We are a provider of residential care homes for the elderly and currently own and operate four homes in the Midlands. We assess the performance for each home separately.

We pride ourselves on the quality of our homes and care we provide. Within our group of four homes we now provide nursing care in addition to specialist dementia care. Nursing care is provided solely at Autumn House which also provides some specialist dementia care along with our other three homes.

Following the issues that the Covid-19 pandemic caused in the care industry over the last few years 2023 saw the last of the end to longstanding problems this had caused and meant that the business could concentrate on growing the business and continuing the deliver the first class care expected for all of our residents. Bed occupancy rates were slightly down on 2022 figures but overall income was up.

The homes had a small amount of grant funding for the start of 2023 to assist with the additional costs regarding the impact of Covid-19 including the additional PPE, staffing and other costs which have had to be incurred to ensure care homes can operate in a safe, structured and efficient manner so as to assist as much we can with the fight against Covid-19. This has continued to ensure the homes have been run in a safe and Covid-19 secure manner to help with the reduction in infections both within the industry and the wider area.

All of our homes have been profitable for 2023 and continue to be profitable in 2024. We have seen an increase in total turnover overall from 2022, this is a combination of increased fees and increased occupancy. The largest rise again is in our specialist nursing care home, Autumn House with increased occupancy and an increase in nursing care residents with this home looking to reach its full potential during 2024.

We have continued with the on-going program of repairs to all homes to ensure they are kept to the high standards which we continue to meet for all of our service users. This again has resulted in a higher than average spend on repairs and maintenance with The Firs going through a refurbishment during the year and the continued refurbishment of Autumn House to ensure it continues to meet the high standards expected across the Northgate group. The major refurbishment of both of these homes expect to be finished during 2024 when we expect overall maintenance expenditure to decrease apart from the usual cyclical refurbishment programme.

As the group now also provides nursing care with Autumn House, this enables the company to increase the range of care available to residents. Residential nursing care is a growing sector of our industry and the directors are satisfied that including this service is worthwhile to the Northgate Healthcare group. This will ensure Northgate Healthcare can continue to provide the high quality care their residents need when nursing care is required.

We consider the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being average occupancy rates, gross profit margin and earnings before interest, tax, depreciation and amortisation (EBITDA).

Occupancy rates for 2023 overall have dropped slightly from 2022 but have increased again in 2024 and we are confident that this trend will continue during 2024 across all four of our homes. We continue to have high resident retention and satisfaction across all homes in the group.

The gross profit margin for the company as a whole has increased again to 38.07% over the 2022 figure of 30.93% for 2023. This is higher than the margins being achieved prior to the Covid-19 pandemic and is testament to both high standards of the homes but also the care provided to our residents.

Following the new measures introduced during the latter part of 2022 and which has continued during 2023 to assist with achieving both higher occupancy rates and better profitability across all homes in the group, although occupancy rates have fallen slightly profitability has increased overall.


NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
A number of risk factors continue to potentially impact the operating and financial performance of the company. These being:

- The effects of a further economic downturn which could lead to further pressures on margins
- Changes in the availability of public sector funding. A number of users of the company's care homes rely on government funding to assist with fees

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.

FINANCIAL RISK MANAGEMENT
The company's credit risk is low, being primarily attributed to its trade debtors. All credit risk both publicly and privately funded is managed by monitoring payments against contractual agreements. The increased interest rates have continued during 2023 but although has impacted profitability, other measures put in place have outweighed this impact and is continuing to be managed by the directors to ensure continued profitability moving forward.

The company faces financial risk from the inflationary pressures from staff costs. Any future changes in the National Living Wage will have significant impact on labour costs in the care sector as a whole. The company reviews upcoming changes to the National Living Wage and currently pay above this rate to ensure good quality care staff. The company plans future wage increases to ensure financial stability of the company going forward and to ensure these increases do not overly impact cashflow and profitability.

ON BEHALF OF THE BOARD:





A K Haines - Director


7 October 2024

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
A Ordinary £1 - £4364.9333
B Ordinary £1 - £8900
C Ordinary £1 - £4364.93
D Ordinary £1 - £9050
E Ordinary £1 - £3113.4776
F Ordinary £1 - £3113.4776

The total distribution of dividends for the year ended 31 December 2023 will be £ 565,935 .

FUTURE DEVELOPMENTS
The directors are confident about the continuing financial performance of the business and continue to seek opportunities to develop the business further.

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 K Haines
K Haines
M K Haines

OUR PEOPLE
The company provides employees with information on matters of concern to them, consulting them regularly so that their views can be taken into account when making decisions that are likely to affect their interests.

Disabled employees
The company is committed to a policy of recruitment and promotion based on the basis of aptitude and ability without discrimination of any kind. Particular attention is given to the training and promotion of disabled employees to ensure that their career development is not unfairly restricted by their disability, or perceptions to it.

The HR procedures make clear that full and fair consideration must be given to applications made by and the promotion of disabled persons. Where an employee becomes disabled whilst employed by the company, the HR procedures also require that reasonable effort is made to ensure they have the opportunity for continued employment within the company. Retaining of employees who become disabled whilst employed by the company is offered where appropriate.

DISCLOSURE IN THE STRATEGIC REPORT
A review of the business, principle risks and uncertainties and financial risk management are included in the Strategic Report.


NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 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 he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, BSS & Co (Accountancy Services) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A K Haines - Director


7 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHGATE HEALTHCARE HOLDINGS LIMITED

Qualified opinion
We have audited the financial statements of Northgate 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- Give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 qualified opinion
The directors have not undertaken a formal assessment of property values at the balance sheet date to support their assertion that the values have not changed materially since previous revaluations and acquisitions. We were unable to satisfy ourselves by alternative means concerning property carrying values as at 31st December 2023, which are included in the balance sheet heading freehold property totalling £15,286,530 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to the amounts were necessary.

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
NORTHGATE 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 five, 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
NORTHGATE 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:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting, taxation legislation, data protection, employment and health and safety legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to making enquiries of management and inspecting legal correspondence.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
· Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
· Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
· Performed analytical procedures to identify any unusual or unexpected relationships
· Tested the appropriateness of journal entries and other adjustments
· Assessed whether the judgements made in making accounting estimates were indicative of a potential bias
· Evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
· Agreeing financial statement disclosures to underlying supporting documentation
· Enquiring of management as to actual and potential litigation and claims; and
· Reviewing correspondence with HMRC and any other relevant regulators as required.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, 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
NORTHGATE 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.




Mr T Afzal A.C.A. (Senior Statutory Auditor)
for and on behalf of BSS & Co (Accountancy Services) Limited
(Statutory Auditor)
75 Aston Road
Shifnal
Shropshire
TF11 8DU

7 October 2024

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 11,651,744 9,624,243

Cost of sales 7,215,979 6,647,298
GROSS PROFIT 4,435,765 2,976,945

Administrative expenses 2,094,802 1,958,053
2,340,963 1,018,892

Other operating income 29,970 275,393
OPERATING PROFIT 4 2,370,933 1,294,285

Interest receivable and similar income 8,672 -
2,379,605 1,294,285

Interest payable and similar expenses 5 519,951 262,456
PROFIT BEFORE TAXATION 1,859,654 1,031,829

Tax on profit 6 449,839 358,878
PROFIT FOR THE FINANCIAL YEAR 1,409,815 672,951
Profit attributable to:
Owners of the parent 1,409,815 672,951

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,409,815 672,951


OTHER COMPREHENSIVE INCOME
Revaluation surplus - 1,249,877
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

1,249,877
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,409,815

1,922,828

Total comprehensive income attributable to:
Owners of the parent 1,409,815 1,922,828

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 81,153 130,306
Tangible assets 10 16,181,757 15,929,813
Investments 11 - -
16,262,910 16,060,119

CURRENT ASSETS
Stocks 12 27,899 25,544
Debtors 13 1,034,671 852,396
Prepayments and accrued income 10,196 27,436
Cash at bank and in hand 1,520,366 1,089,593
2,593,132 1,994,969
CREDITORS
Amounts falling due within one year 14 2,196,233 2,107,679
NET CURRENT ASSETS/(LIABILITIES) 396,899 (112,710 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,659,809

15,947,409

CREDITORS
Amounts falling due after more than one
year

15

(6,821,566

)

(7,005,181

)

PROVISIONS FOR LIABILITIES 19 (1,975,598 ) (1,923,463 )
NET ASSETS 7,862,645 7,018,765

CAPITAL AND RESERVES
Called up share capital 20 120 120
Revaluation reserve 21 4,603,097 4,603,097
Retained earnings 21 3,259,428 2,415,548
SHAREHOLDERS' FUNDS 7,862,645 7,018,765

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





A K Haines - Director


NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 101 101
101 101

CURRENT ASSETS
Debtors 13 3,470 6,110
Cash at bank 49 49
3,519 6,159
CREDITORS
Amounts falling due within one year 14 - 2,640
NET CURRENT ASSETS 3,519 3,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,620

3,620

CAPITAL AND RESERVES
Called up share capital 20 120 120
Retained earnings 21 3,500 3,500
SHAREHOLDERS' FUNDS 3,620 3,620

Company's profit for the financial year 565,935 467,300

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





A K Haines - Director


NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 120 2,209,897 3,353,220 5,563,237

Changes in equity
Dividends - (467,300 ) - (467,300 )
Total comprehensive income - 672,951 1,249,877 1,922,828
Balance at 31 December 2022 120 2,415,548 4,603,097 7,018,765

Changes in equity
Dividends - (565,935 ) - (565,935 )
Total comprehensive income - 1,409,815 - 1,409,815
Balance at 31 December 2023 120 3,259,428 4,603,097 7,862,645

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 120 3,500 3,620

Changes in equity
Dividends - (467,300 ) (467,300 )
Total comprehensive income - 467,300 467,300
Balance at 31 December 2022 120 3,500 3,620

Changes in equity
Dividends - (565,935 ) (565,935 )
Total comprehensive income - 565,935 565,935
Balance at 31 December 2023 120 3,500 3,620

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,445,231 1,422,216
Interest paid (509,471 ) (262,456 )
Interest element of hire purchase payments
paid

(10,480

)

-
Tax paid (338,598 ) 12,960
Net cash from operating activities 1,586,682 1,172,720

Cash flows from investing activities
Purchase of tangible fixed assets (392,688 ) (196,492 )
Interest received 8,672 -
Net cash from investing activities (384,016 ) (196,492 )

Cash flows from financing activities
Loan repayments in year (395,500 ) (453,609 )
Capital repayments in year 179,855 (4,608 )
Amount withdrawn by directors 9,687 (538 )
Equity dividends paid (565,935 ) (467,300 )
Net cash from financing activities (771,893 ) (926,055 )

Increase in cash and cash equivalents 430,773 50,173
Cash and cash equivalents at beginning of
year

2

1,089,593

1,039,420

Cash and cash equivalents at end of year 2 1,520,366 1,089,593

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 1,859,654 1,031,829
Depreciation charges 189,899 137,321
Finance costs 519,951 262,456
Finance income (8,672 ) -
2,560,832 1,431,606
Increase in stocks (2,355 ) (2,152 )
Increase in trade and other debtors (165,035 ) (196,764 )
Increase in trade and other creditors 51,789 189,526
Cash generated from operations 2,445,231 1,422,216

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 1,520,366 1,089,593
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,089,593 1,039,420


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 1,089,593 430,773 1,520,366
1,089,593 430,773 1,520,366
Debt
Finance leases (9,600 ) (179,855 ) (189,455 )
Debts falling due within 1 year (453,609 ) 58,112 (395,497 )
Debts falling due after 1 year (7,000,189 ) 337,385 (6,662,804 )
(7,463,398 ) 215,642 (7,247,756 )
Total (6,373,805 ) 646,415 (5,727,390 )

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Northgate 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 as modified by the revaluation of certain assets.

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.

Critical accounting judgements and key sources of estimation uncertainty
In order to properly apply the company's accounting policies, as described in note 1 above, the directors are required to make judgements and estimates in respect of carrying values of assets and liabilities which may not be apparent from other sources of information. The directors base these critical accounting judgements and estimations on previous historical experience and other factors which the directors judge to be relevant. Judgements and estimates will invariably differ from actual results and hence such judgements and estimates are reviewed by the directors on an ongoing basis.

Key sources of estimation uncertainty

The key sources of estimation uncertainty which have a significant effect on the amounts recognised in the financial statements are described below:

Property valuation
The care homes owned by the company have been revalued on a regular basis, the latest of these being based on professional valuations prepared in 2022 on two of the homes with the remaining two being in 2017. These have been reviewed each year by the directors. Although this complies with the relevant accounting standards there is a possibility that the realisable value of the homes may differ to the values used in the event of a sale.

Turnover
Turnover represents the fees derived from the provision of care services to residents during the year. Income is recognised on a daily basis for the provision of care services.

Goodwill
Goodwill, being the amount paid in connection with acquisition of care homes in 2007, 2010, 2015 and 2017 is being amortised evenly over its estimated useful economic life of 10 years.

Intangible assets
Intellectual property rights and books of account, being the amount paid in connection with the acquisition of a care home in 2010, are is being amortised evenly over its estimated useful economic life of 10 years.

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Financial instruments
i) Cash and cash Equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, and bank overdrafts.
(ii) Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are stated at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 6,223,123 5,802,900
Social security costs 393,523 347,218
Other pension costs 200,726 171,228
6,817,372 6,321,346

The average number of employees during the year was as follows:
31.12.23 31.12.22

Lane House 50 49
The Firs 96 94
Meadowfields 82 83
Autumn House 114 101
342 327

The average number of employees by undertakings that were proportionately consolidated during the year was 342 (2022 - 327 ) .

31.12.23 31.12.22
£    £   
Directors' remuneration 22,125 24,855
Directors' pension contributions to money purchase schemes 100,000 100,000

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Hire of plant and machinery 69,643 84,533
Other operating leases 3,600 3,600
Depreciation - owned assets 140,744 88,167
Goodwill amortisation 49,153 49,153
Patents and licences amortisation - 1
Auditors' remuneration 8,040 8,040

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 497,096 262,456
Other interest 12,375 -
Hire purchase 10,480 -
519,951 262,456

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 397,704 170,300

Deferred tax 52,135 188,578
Tax on profit 449,839 358,878

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:

31.12.23 31.12.22
£    £   
Profit before tax 1,859,654 1,031,829
Profit multiplied by the standard rate of corporation tax in the UK of
23.521 % (2022 - 19 %)

437,409

196,048

Effects of:
Expenses not deductible for tax purposes 1,204 481
Capital allowances in excess of depreciation (49,334 ) (26,229 )
Adjustments to tax charge in respect of previous periods 8,425 -
Deferred tax movement per note 19 52,135 188,578
Total tax charge 449,839 358,878

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2023.

31.12.22
Gross Tax Net
£    £    £   
Revaluation surplus 1,249,877 - 1,249,877

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.

The parent company's profit for the financial year was £1,410,449 (2022 - £672,951)

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

8. DIVIDENDS
31.12.23 31.12.22
£    £   
A Ordinary shares of £1 each
Interim 130,948 110,448
B Ordinary shares of £1 each
Interim 89,000 83,000
C Ordinary shares of £1 each
Interim 130,948 110,448
D Ordinary shares of £1 each
Interim 90,500 81,000
E Ordinary shares of £1 each
Interim 93,404 61,803
F Ordinary shares of £1 each
Interim 31,135 20,601
565,935 467,300

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,484,026 12,507 1,496,533
AMORTISATION
At 1 January 2023 1,353,721 12,506 1,366,227
Amortisation for year 49,153 - 49,153
At 31 December 2023 1,402,874 12,506 1,415,380
NET BOOK VALUE
At 31 December 2023 81,152 1 81,153
At 31 December 2022 130,305 1 130,306

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 15,182,639 1,335,793 48,420 19,202 16,586,054
Additions 103,891 64,312 222,702 1,783 392,688
At 31 December 2023 15,286,530 1,400,105 271,122 20,985 16,978,742
DEPRECIATION
At 1 January 2023 - 611,787 30,663 13,791 656,241
Charge for year - 78,831 60,115 1,798 140,744
At 31 December 2023 - 690,618 90,778 15,589 796,985
NET BOOK VALUE
At 31 December 2023 15,286,530 709,487 180,344 5,396 16,181,757
At 31 December 2022 15,182,639 724,006 17,757 5,411 15,929,813

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2010 672,989 - - - 672,989
Valuation in 2013 979,584 - - - 979,584
Valuation in 2016 2,271,396 - - - 2,271,396
Valuation in 2022 1,906,817 - - - 1,906,817
Cost 9,455,744 1,400,105 271,122 20,985 11,147,956
15,286,530 1,400,105 271,122 20,985 16,978,742

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 9,455,744 9,351,853

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Lane House Residential Care Home was revalued on an open market basis on 2 September 2014 by Knight Frank LLP.

The Firs Residential Care Home was revalued on an open market basis on 20 March 2017 by Knight Frank LLP.

Meadowfields Residential Care Home and Autumn House Nursing Home were revalued on 7th October 2022 by Colliers International Valuation UK LLP

The freehold properties were valued as fully equipped operational entities, having regard to their trading potential.

The property values were reviewed by the Directors as at 31 December 2023. The Directors have many years experience in the care home industry and therefore consider themselves in a proper position to make this review. In their opinion the market value of the all properties above has not materially altered since the date of the independent valuations.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 101
NET BOOK VALUE
At 31 December 2023 101
At 31 December 2022 101

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

Subsidiaries

Northgate Healthcare Limited
Registered office:
Nature of business: Residential care services
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 7,859,126 7,015,245
Profit for the year 1,409,817 672,951

Registered office address is the same as the parent company : White Gables Cross Lane Head Bridgnorth Shropshire WV16 4SJ

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

11. FIXED ASSET INVESTMENTS - continued

Southgate Healthcare Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 1 1

Registered office address is the same as the parent company : White Gables Cross Lane Head Bridgnorth Shropshire WV16 4SJ


12. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 27,899 25,544

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 1,018,076 839,205 - -
Amounts owed by group undertakings - - 3,470 6,110
Other debtors 16,595 13,191 - -
1,034,671 852,396 3,470 6,110

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 395,497 453,609 - -
Hire purchase contracts (see note 17) 30,693 4,608 - -
Trade creditors 290,916 298,676 - -
Tax 389,279 330,173 - -
Social security and other taxes 101,540 79,711 - -
Other creditors 502,244 492,370 - -
Directors' current accounts 10,918 1,232 - -
Accrued expenses 475,146 447,300 - 2,640
2,196,233 2,107,679 - 2,640

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

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

Group
31.12.23 31.12.22
£    £   
Bank loans (see note 16) 6,662,804 7,000,189
Hire purchase contracts (see note 17) 158,762 4,992
6,821,566 7,005,181

16. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 395,497 453,609
Amounts falling due between one and two years:
Bank loans - 1-2 years 395,497 453,609
Amounts falling due between two and five years:
Bank loans - 2-5 years 6,267,307 6,546,580

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 30,693 4,608
Between one and five years 158,762 4,992
189,455 9,600

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 23,666 20,773
Between one and five years 41,466 58,453
65,132 79,226

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.23 31.12.22
£    £   
Bank loans 7,058,301 7,453,798

A first legal charge and debenture on freehold property known as Lane House, Lichfield Road, Tamworth, Staffordshire, The Firs, Wodehouse Lane, Sedgley, West Midlands, Meadowfields Residential Care Home, Great Haywood, Stafford and land on the north west and south east side of Pasturefields Lane, Great Haywood, Autumn House and Manor House, Stafford Road, Stone, White Gables Cross Lane Head, Bridgnorth and all other current and future assets exists in respect of secured debts in favour of National Westminster Bank PLC.

19. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 747,910 695,775
On revaluation of properties 1,227,688 1,227,688
1,975,598 1,923,463

Group
Deferred
tax
£   
Balance at 1 January 2023 1,923,463
Accelerated capital allowances 52,135
On revaluation of properties
Balance at 31 December 2023 1,975,598

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
30 A Ordinary £1 30 30
10 B Ordinary £1 10 10
30 C Ordinary £1 30 30
10 D Ordinary £1 10 10
30 E Ordinary £1 30 30
10 F Ordinary £1 10 10
120 120

NORTHGATE HEALTHCARE HOLDINGS LIMITED (REGISTERED NUMBER: 07260218)

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

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 2,415,548 4,603,097 7,018,645
Profit for the year 1,409,815 1,409,815
Dividends (565,935 ) (565,935 )
At 31 December 2023 3,259,428 4,603,097 7,862,525

Company
Retained
earnings
£   

At 1 January 2023 3,500
Profit for the year 565,935
Dividends (565,935 )
At 31 December 2023 3,500

The revaluation reserve is solely attributable to the revaluation of freehold property.

22. RELATED PARTY DISCLOSURES

A first legal charge exists in respect of the secured debts in favour of National Westminster Bank PLC on certain property held by K Haines (Director)

K Haines (Director) has also given a personal guarantee against the bank loan and overdraft.

Dividends totalling £565,935 (2022: £467,300) have been declared in respect of shares held by directors and their close family members.

23. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by K Haines, A K Haines and M K Haines.