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Company No: 10160966 (England and Wales)

HASTINGS AND ROTHER HEALTHCARE LIMITED

Unaudited Financial Statements
For the financial year ended 27 February 2024
Pages for filing with the registrar

HASTINGS AND ROTHER HEALTHCARE LIMITED

Unaudited Financial Statements

For the financial year ended 27 February 2024

Contents

HASTINGS AND ROTHER HEALTHCARE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 27 February 2024
HASTINGS AND ROTHER HEALTHCARE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 27 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 6,300,000 6,300,000
6,300,000 6,300,000
Current assets
Debtors 4 371,201 410,633
Cash at bank and in hand 121 0
371,322 410,633
Creditors: amounts falling due within one year 5 ( 180,246) ( 141,080)
Net current assets 191,076 269,553
Total assets less current liabilities 6,491,076 6,569,553
Creditors: amounts falling due after more than one year 6 ( 2,891,514) ( 2,961,897)
Provision for liabilities 7 ( 882,234) ( 883,757)
Net assets 2,717,328 2,723,899
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 2,717,327 2,723,898
Total shareholder's funds 2,717,328 2,723,899

For the financial year ending 27 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Hastings and Rother Healthcare Limited (registered number: 10160966) were approved and authorised for issue by the Director on 24 November 2024. They were signed on its behalf by:

Dr Arash Namvar
Director
HASTINGS AND ROTHER HEALTHCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2024
HASTINGS AND ROTHER HEALTHCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hastings and Rother Healthcare Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 33 Truman Drive, St Leonards-On-Sea, TN37 7TH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 28 February 2023 6,300,000
As at 27 February 2024 6,300,000

Valuation

The fair value is determined annually by the director, on an open market value for existing use basis.

Historic cost

If the investment property had been accounted for under the cost accounting rules, the property would have been measured as follows:

2024 2023
£ £
Historic cost 3,007,195 3,075,539

4. Debtors

2024 2023
£ £
Trade debtors 17,500 17,500
Other debtors 353,701 393,133
371,201 410,633

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 70,384 69,520
Trade creditors 4,920 3,090
Taxation and social security 16,625 18,785
Other creditors 88,317 49,685
180,246 141,080

There are fixed and floating charges along with a negative pledge over the property held in investment properties to which the bank loans are secured.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 2,891,514 2,961,897

There are fixed and floating charges along with a negative pledge over the property held in investment properties to which the bank loan is secured.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 2,608,338 2,690,634

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 883,757) ( 659,144)
Credited/(charged) to the Statement of Income and Retained Earnings 1,523 ( 224,613)
At the end of financial year ( 882,234) ( 883,757)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with the entity's director

As at 27 February 2024, the company owed the director £68,147 (2023: £31,015), this amount is shown in creditors due within one year. No interest is charged and the balance is payable on demand.

Other debtors include £353,701 being amounts owed by other companies which are under common control of the director (2022: £374,801).