Company registration number 05602705 (England and Wales)
IVY PLACE (NORWICH) LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
IVY PLACE (NORWICH) LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
IVY PLACE (NORWICH) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Investment property
4
6,101,194
6,100,000
Current assets
Debtors
5
191,184
-
0
Creditors: amounts falling due within one year
6
(212,806)
(228,175)
Net current liabilities
(21,622)
(228,175)
Net assets
6,079,572
5,871,825
Capital and reserves
Called up share capital
7
5,952,399
5,952,399
Profit and loss reserves
127,173
(80,574)
Total equity
6,079,572
5,871,825

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
C M Roberts
Director
Company registration number 05602705 (England and Wales)
IVY PLACE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Ivy Place (Norwich) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, One London Wall, London, EC2Y 5EB.

1.1
Reporting period

The accounting period is 15 months. The accounting period was extended to bring it into alignment with other companies within the group. The current period financial information is therefore not entirely comparable with the comparatives.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

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

 

 

The financial statements of the company are consolidated in the financial statements of GA HC REIT II CH U.K. Senior Housing Portfolio Limited as at 31 March 2024. These consolidated financial statements are available from its registered office, 6th Floor, One London Wall, London, EC2Y 5EB.

1.3
Turnover

Turnover is recognised to the extent that is it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the rents receivable. Any lease incentives granted to tenants are spread over the period ending on the lease expiry date.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

IVY PLACE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

1.6
Equity instruments

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

1.7
Taxation

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

Current tax

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

IVY PLACE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

2
Judgements and key sources of estimation uncertainty

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

 

The material area for which estimation has been applied is considered to be in the valuation for the investment property. The fair value of the Investment Property in the accounts is taken as the directors assessment of the fair value of the Investment Property based on a historic 3rd party valuation and the director's understanding of changes in market conditions in the period since.

 

3
Employees

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

2024
2022
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 January 2023
6,100,000
Additions
1,194
At 31 March 2024
6,101,194
IVY PLACE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 5 -

Investment property comprises of one property. The fair value of the investment property is the directors' assessment, based on an external valuation carried out in October 2022 by Knight Frank Estate Agents, who are not connected with the company. In the directors opinion the value of the property as at the year end has not materially changed since this formal valuation.

The investment property has been pledged as security to the wider group.

 

5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
191,184
-
0
6
Creditors: amounts falling due within one year
2024
2022
£
£
Corporation tax
212,806
(29,692)
Other creditors
-
0
257,867
212,806
228,175
7
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary share of £1 each
5,952,399
5,952,399
5,952,399
5,952,399
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is unqualified.

Senior Statutory Auditor:
Sarah Wilson FCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
26 February 2025
9
Events after the reporting date

On 4 July 2024 a newly formed group entity (Olympus Bidco Limited) acquired the Future Care Group, a business operating residential care homes in the UK. The group's loans were renegotiated at the time securing increased facilities for the larger group for up to five years. As part of the subsequent restructuring both the company and it's tenant, Aria Healthcare Group Limited, became part of the Aria Holdco One (UK) Limited group.

IVY PLACE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
10
Related party transactions

The company has taken advantage of the exemption conferred by Financial Reporting Standard 102 Section 33 'Related Party Disclosures' paragraph 33.1A not to disclose transactions with certain group companies on the grounds that the subsidiary party to the transactions are wholly owned members of the group.

11
Parent company

The Company's immediate parent undertaking is GA HC REIT II CH U.K. Senior Housing Portfolio Limited by virtue of its 100% shareholding.

The ultimate parent undertaking is CH SPV Holdings (Cayman) LTD, which is registered in the Cayman Islands.

There is no ultimate controlling party.

The smallest group of undertakings for which group financial statements will be drawn up is that headed by GA HC REIT II CH U.K. Senior Housing Portfolio Limited.

The largest group of undertakings for which group financial statements will be drawn up is that headed by GA HC REIT II U.K. Propco MB Ltd, the indirect parent of GA HC REIT II CH U.K. Senior Housing Portfolio Limited.

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