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REGISTERED NUMBER: 07440888 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

NOUVITA HEALTHCARE LTD

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Contents of the Consolidated Financial Statements
for the year ended 30 June 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


NOUVITA HEALTHCARE LTD

Company Information
for the year ended 30 June 2024







DIRECTORS: L V Adams
P C Massetti
H Anstey





REGISTERED OFFICE: Broad Oak Manor
Broad Oak End
Bramfield Road
Hertford
Hertfordshire
SG14 2JA





REGISTERED NUMBER: 07440888 (England and Wales)





AUDITORS: Thorne Lancaster Parker
Chartered Accountants &
Statutory Auditors
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Group Strategic Report
for the year ended 30 June 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

The primary activity of the Group in the year under review was that of providing in-patient and residential mental healthcare services including; psychiatric intensive care, rehabilitation and long term mental health residential care with and without nursing, primarily to the NHS. Nouvita Healthcare also developed additional services which included supported living and care for young adults with Autism and Learning Disabilities.

The Group's strategy is one of continued growth through the expansion of existing facilities and also through the appropriate acquisition of additional units of suitable quality and location within the southeast of England.

REVIEW OF BUSINESS
2024 2023 2022

Turnover £17,479,321 £16,647,851 £14,913,655
EBITDA £3,237,604 £3,010,734 £2,952,178



The Directors are pleased with the performance of the Group in the year to 30 June 2024 as trading performance has improved in the year and the Group continues to seek revenue growth in the coming year.

Group turnover for the year of £17,479,321 was up approximately 5% from the prior year. The Group EBITDA was £3,237,604 resulting in a Group Profit Before Tax and Impairment of £2,152,003 (2023 £2,132,430).

The group enjoyed its 5th year of improved performance, however, it again continued to face significant pressure on staff costs and availability. Staffing remains a challenge to the group in 2025, but having bolstered the recruitment team which has shown good signs in recruitment, the group now faces significant staff cost increases due to the Chancellor's increase in National Insurance and increases due to the Minimum Living Wage.

We continue to search for talent that can enhance and build upon our data and training departments to improve overall efficiency and effectiveness.

Working relationships and brand reputation with our commissioners and care co-ordination teams both within the NHS and Local Authorities remain good and having built on those relationships are looking to build upon bed numbers. This has included expansion plans with existing properties and the acquisition of additional units including a new operation in Bedfordshire. We increased bed numbers by c 15% in the 2024 calendar year and continue to search for more sites in adjacent counties.

Cash and management time were, as always, in demand as we worked to implement and complete expansion and improvements across the estate. The group has worked hard to continue the development of its Care Pathway, from hospital, through nursing units and on to specialist residential units and supported living services which is attractive to care commissioners.

Cash and bank loan positions at the year-end are considered to be sufficient to sustain the working capital and growth plans for the coming year.


NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Group Strategic Report
for the year ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors analyse key risks to the business and monitor exposure to these risks on a regular basis.

Reputation risk
Provision of poor or inappropriate levels of care would cause severe damage to our CQC ratings, the Group's reputation, and the ability of the business to attract new residents. The business now operates sophisticated levels of performance monitoring systems with regular reporting to senior management and the directors of any potential issues. In addition, a comprehensive programme of service audits is undertaken across the homes with reports and resulting action plans being the subject of regular review. The directors encourage a culture of reporting any concerns from staff, residents and relatives all of which are appropriately investigated.

Health & Safety
The directors are of the view that no serious injury to staff, residents, their guests, or anyone else on the Group's premises is acceptable. Everyone in the business has accountability for health and safety, and they are given the necessary tools (including training, safety equipment and resources) to operate safely. Compliance is organised and monitored through a dedicated health and safety team across the business.

Employment of staff
The Group relies on the skills and expertise of the staff employed. As the economy recovers, the shortage of appropriate labour is a potential risk to the business. This is particularly felt with the national shortage of qualified nursing staff. In order to mitigate this risk, the business has a proactive Human Resources and Recruitment team, including recruitment from overseas. The business continues to invest in a wide range of training courses both internally and externally. Management recognises that in order to deliver a high level of care, our people have to be trained to a very high standard of ability.

FUTURE DEVELOPMENT
The Directors are pleased with the performance of the Group since the year end as the Group's trading performance has improved as the Group continues to seek revenue growth.

ON BEHALF OF THE BOARD:





P C Massetti - Director


24 March 2025

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Report of the Directors
for the year ended 30 June 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
During the year the Group paid a dividend of £879,714 (2023:£750,000).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

L V Adams
P C Massetti
H Anstey

GOING CONCERN
The directors have reviewed the 12-month period cashflows to 30th June 2026. Based on the results of the review the directors believe the company has sufficient resources to continue as a going concern for the foreseeable future and as such consider the going concern basis for the preparation of the financial statements to be appropriate.

FINANCIAL INSTRUMENTS
The company's principal financial instruments consist of bank loans, cash and cash equivalents, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Report of the Directors
for the year ended 30 June 2024


AUDITORS
The auditors, Thorne Lancaster Parker, are deemed to be re-appointed under Section 487(a) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





P C Massetti - Director


24 March 2025

Report of the Independent Auditors to the Members of
Nouvita Healthcare Ltd


Opinion
We have audited the financial statements of Nouvita Healthcare Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 June 2024 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
Nouvita Healthcare Ltd


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
Nouvita Healthcare Ltd


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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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, or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom. In addition, the Group has to comply with laws and regulations relating to its operations, including UK employment laws, health and safety, and GDPR.

- We understood how Nouvita Healthcare Limited is complying with those frameworks by making enquires with management and those charged with governance to understand how the Group maintains and communicates policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities of fraudulent transactions.

- We assessed the susceptibility of the Group's financial statements to material misstatements including how fraud might occur through internal team conversations and inquiry of management and those charged with governance. Through these procedures we determined there to be a risk of management override associated with revenue and a fraud risk around transactions at the year end. We have performed tests of detail, including understanding of the nature of the transactions, verifying that the margin is appropriate, and verifying the clerical accuracy of the revenue recognised. In relation to management override, we selected a sample from the entire population of journals, including manual journals, identifying specific transactions which did not meet our expectations, in order to investigate, understand and agree to source documentation. We selected a sample of revenue transactions recorded before the year end and obtained documentation to verify that revenue adjustments had been recorded in the appropriate period.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved verifying that material transactions are recorded in compliance with FRS 102 and where appropriate Companies Act 2006. Compliance with other operational laws and regulations were covered through our inquiry with no indication of non-compliance identified.

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
Nouvita Healthcare Ltd


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.




Neil Usher (Senior Statutory Auditor)
for and on behalf of Thorne Lancaster Parker
Chartered Accountants &
Statutory Auditors
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

26 March 2025

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Consolidated Statement of Comprehensive Income
for the year ended 30 June 2024

2024 2023
Notes £    £   

REVENUE 17,479,321 16,647,851

Cost of sales (12,966,279 ) (12,423,658 )
GROSS PROFIT 4,513,042 4,224,193

Administrative expenses (1,702,443 ) (1,587,493 )
OPERATING PROFIT 5 2,810,599 2,636,700

Interest receivable and similar income 43,699 -
2,854,298 2,636,700
Impairment of property 6 (729,806 ) -
2,124,492 2,636,700

Interest payable and similar expenses 7 (702,295 ) (504,270 )
PROFIT BEFORE TAXATION 1,422,197 2,132,430

Tax on profit 8 (566,081 ) (488,832 )
PROFIT FOR THE FINANCIAL YEAR 856,116 1,643,598

OTHER COMPREHENSIVE

Income tax relating to other comprehensive - -
OTHER COMPREHENSIVE FOR THE
YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

856,116

1,643,598

Profit attributable to:
Owners of the parent 856,116 1,643,598

Total comprehensive income attributable to:
Owners of the parent 856,116 1,643,598

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Consolidated Statement of Financial Position
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 11 11,814,103 11,915,586
Investments 12 - -
11,814,103 11,915,586

CURRENT ASSETS
Debtors: amounts falling due within one year 13 1,655,294 1,638,705
Debtors: amounts falling due after more than
one year

13

34,688

34,688
Cash at bank and in hand 3,759,786 3,638,477
5,449,768 5,311,870
CREDITORS
Amounts falling due within one year 14 (1,940,537 ) (1,733,355 )
NET CURRENT ASSETS 3,509,231 3,578,515
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,323,334

15,494,101

CREDITORS
Amounts falling due after more than one
year

15

(8,730,696

)

(9,016,065

)

PROVISIONS FOR LIABILITIES 19 (601,700 ) (463,500 )
NET ASSETS 5,990,938 6,014,536

CAPITAL AND RESERVES
Called up share capital 20 32,545 32,545
Retained earnings 21 5,958,393 5,981,991
SHAREHOLDERS' FUNDS 5,990,938 6,014,536

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





P C Massetti - Director


NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Company Statement of Financial Position
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 11 - -
Investments 12 32,446 32,446
32,446 32,446

CURRENT ASSETS
Debtors: amounts falling due within one year 13 2,011,311 1,525,016
Debtors: amounts falling due after more than
one year

13

5,462,078

6,906,442
Cash at bank 2,014,672 1,005,999
9,488,061 9,437,457
CREDITORS
Amounts falling due within one year 14 (592,601 ) (186,482 )
NET CURRENT ASSETS 8,895,460 9,250,975
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,927,906

9,283,421

CREDITORS
Amounts falling due after more than one
year

15

(8,730,696

)

(9,016,065

)
NET ASSETS 197,210 267,356

CAPITAL AND RESERVES
Called up share capital 20 32,545 32,545
Retained earnings 21 164,665 234,811
SHAREHOLDERS' FUNDS 197,210 267,356

Company's profit for the financial year 809,568 505,704

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





P C Massetti - Director


NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Consolidated Statement of Changes in Equity
for the year ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 32,545 5,088,393 5,120,938

Changes in equity
Dividends - (750,000 ) (750,000 )
Total comprehensive income - 1,643,598 1,643,598
Balance at 30 June 2023 32,545 5,981,991 6,014,536

Changes in equity
Dividends - (879,714 ) (879,714 )
Total comprehensive income - 856,116 856,116
Balance at 30 June 2024 32,545 5,958,393 5,990,938

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Company Statement of Changes in Equity
for the year ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 32,545 479,107 511,652

Changes in equity
Dividends - (750,000 ) (750,000 )
Total comprehensive income - 505,704 505,704
Balance at 30 June 2023 32,545 234,811 267,356

Changes in equity
Dividends - (879,714 ) (879,714 )
Total comprehensive income - 809,568 809,568
Balance at 30 June 2024 32,545 164,665 197,210

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Consolidated Statement of Cash Flows
for the year ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,465,059 2,209,418
Interest paid (702,295 ) (483,682 )
Finance costs paid - (20,588 )
Tax paid (550,671 ) (637,514 )
Net cash from operating activities 2,212,093 1,067,634

Cash flows from investing activities
Purchase of tangible fixed assets (1,055,327 ) (868,079 )
Sale of tangible fixed assets - 4,031
Interest received 43,699 -
Net cash from investing activities (1,011,628 ) (864,048 )

Cash flows from financing activities
New loans in year - 9,250,000
Loan repayments in year (199,542 ) (8,138,376 )
Capital repayments in year - (17,636 )
Amount introduced by directors - 9,300
Amount withdrawn by directors - (48,471 )
Share issue 100 -
Equity dividends paid (879,714 ) (750,000 )
Net cash from financing activities (1,079,156 ) 304,817

Increase in cash and cash equivalents 121,309 508,403
Cash and cash equivalents at beginning of
year

2

3,638,477

3,130,074

Cash and cash equivalents at end of year 2 3,759,786 3,638,477

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Statement of Cash Flows
for the year ended 30 June 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,422,197 2,132,430
Depreciation charges 427,004 374,034
Profit on disposal of fixed assets - (4,031 )
General provision 42,200 250,000
Impairment of property 729,806 -
Finance costs 702,295 504,270
Finance income (43,699 ) -
3,279,803 3,256,703
Increase in trade and other debtors (16,353 ) (676,687 )
Increase/(decrease) in trade and other creditors 201,609 (370,598 )
Cash generated from operations 3,465,059 2,209,418

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 3,759,786 3,638,477
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 3,638,477 3,130,074


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 3,638,477 121,309 3,759,786
3,638,477 121,309 3,759,786
Debt
Finance leases (24,965 ) 13,612 (11,353 )
Debts falling due within 1 year (176,561 ) (99,439 ) (276,000 )
Debts falling due after 1 year (9,016,065 ) 285,369 (8,730,696 )
(9,217,591 ) 199,542 (9,018,049 )
Total (5,579,114 ) 320,851 (5,258,263 )

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements
for the year ended 30 June 2024


1. STATUTORY INFORMATION

Nouvita Healthcare Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The company has applied the merger accounting principles in accordance with FRS 102 in the preparation of the consolidated accounts. Under merger accounting, the carrying values of the assets and liabilities of the acquired entities are not adjusted to fair value, although appropriate adjustments are made to achieve uniformity of accounting policies where necessary.

The results and cashflows of all the combining entities are brought into the consolidated financial statements from the beginning of the financial year in which the combination occurred. In addition the comparative information is restated by including the results for all the combining entities for the previous reporting period and their balance sheet for the previous reporting date as if the entities had been combined throughout the prior period, adjusted as necessary to achieve uniformity of accounting policies.

These financial statements have been prepared on a going concern basis, under the historical cost convention.

The Company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account.

Basis of consolidation
The consolidated accounts as at 30 June 2024 incorporate those of Nouvita Healthcare Limited and all of its subsidiaries.

The financial period of each subsidiary is co-terminus with that of the parent undertaking.

A subsidiary is an entity controlled by the Group, by virtue of holding a majority of the equity or an agreement with other investors. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements.

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

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including explanations of future events that are believe to be reasonable under the circumstances.

Key accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below;

Useful economic life of property plant and equipment
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Going concern
The directors have reviewed the 12-month period cashflows to 30th June 2026. Based on the results of the review the directors believe the company has sufficient resources to continue as a going concern for the foreseeable future and as such consider the going concern basis for the preparation of the financial statements to be appropriate.

Turnover
Turnover
Revenue is recognised at the fair value of the consideration received or receivable for provision of services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account discounts, settlement discounts and other rebates.

The Group recognises revenue when the amount of revenue can be measured reliably, and it is probable that future economic benefit will flow to the company.

Other income
Other income is recognised on an accruals basis and is presented within other operating income.

Tangible fixed assets
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold Buildings 50 years
Short leasehold2 years
Plant and machinery4 years
Motor vehicles4 years

No depreciation is charged on Freehold Land.

The carrying values of property plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.


NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 where the amounts charged to profit or loss are the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments.

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Group has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Basic financial assets
Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

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

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, 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.

Basic financial liabilities
Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors, other creditors and loans from related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one year.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Directors loan that are repayable on demand are shown as due within one year and are measured at their nominal value.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Equity instruments
The ordinary share capital of the Group is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise of cash at bank and short term deposits.

4. EMPLOYEES AND DIRECTORS

2024 2023
£ £
Wages and Salaries 7,887,538 5,826,038
Social security costs 774,365 569,412
Other pension costs 197,437 158,453
8,859,340 6,553,903

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

2024 2023

Nurses, carers and administration 285 241

2024 2023
£ £
Director's remuneration 92,182 66,833

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 171 6,493
Depreciation - owned assets 415,954 363,035
Depreciation - assets on hire purchase contracts 11,050 11,000
Profit on disposal of fixed assets - (4,031 )
Auditors' remuneration 46,500 56,806
Taxation compliance services 6,400 6,200

6. IMPAIRMENT OF PROPERTY
2024 2023
£    £   
Impairment of property 729,806 -

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 691,816 469,998
Other interest payable 1,229 1,434
Other interest 9,250 12,250
Loan arrangement fee - 20,588
702,295 504,270

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 470,081 458,586
Over provision of tax - (1,254 )
Total current tax 470,081 457,332

Deferred tax 96,000 31,500
Tax on profit 566,081 488,832

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:

2024 2023
£    £   
Profit before tax 1,422,197 2,132,430
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.500 %)

355,549

437,148

Effects of:
Expenses not deductible for tax purposes 193,152 51,917
Capital allowances in excess of depreciation (77,517 ) (30,479 )
Adjustments to tax charge in respect of previous periods - (1,254 )
Deferred Tax in respect of accelerated capital allowances 96,000 31,500
Marginal relief (1,103 ) -
Total tax charge 566,081 488,832

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 June 2024.


NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


8. TAXATION - continued
2023
Gross Tax Net
£    £    £   


9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Final 879,714 750,000

11. PROPERTY, PLANT AND EQUIPMENT

Group
Land and Short Plant and Motor
buildings leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 12,894,541 44,712 3,307,310 159,649 16,406,212
Additions 410,179 - 638,868 6,280 1,055,327
At 30 June 2024 13,304,720 44,712 3,946,178 165,929 17,461,539
DEPRECIATION
At 1 July 2023 1,456,007 44,712 2,885,506 104,401 4,490,626
Charge for year 114,635 - 292,684 19,685 427,004
Impairments 729,806 - - - 729,806
At 30 June 2024 2,300,448 44,712 3,178,190 124,086 5,647,436
NET BOOK VALUE
At 30 June 2024 11,004,272 - 767,988 41,843 11,814,103
At 30 June 2023 11,438,534 - 421,804 55,248 11,915,586

The Group's loan facility is secured against the Group's land and buildings.

The freehold property owned by the Company was impaired during the year by £729,806. The property was previously valued at £3.2m and is now valued at £2.5m, which is based on management's estimate given current market conditions.

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 70,915
DEPRECIATION
At 1 July 2023 38,564
Charge for year 11,050
At 30 June 2024 49,614
NET BOOK VALUE
At 30 June 2024 21,301
At 30 June 2023 32,351

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 32,446
NET BOOK VALUE
At 30 June 2024 32,446
At 30 June 2023 32,446

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Nouvita Limited
Registered office: Broad oak Manor, Broad Oak End, Bramfield Road, Hertford, Hertfordshire, SG14 2JA
Nature of business: Providing social care with accommodation
%
Class of shares: holding
Ordinary 100.00

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


12. FIXED ASSET INVESTMENTS - continued

Psycare Limited
Registered office: Broad oak Manor, Broad Oak End, Bramfield Road, Hertford, Hertfordshire, SG14 2JA
Nature of business: Operation and management of psychiatric care homes
%
Class of shares: holding
Ordinary 100.00

Yovita Limited
Registered office: Broad oak Manor, Broad Oak End, Bramfield Road, Hertford, Hertfordshire, SG14 2JA
Nature of business: Building a care home
%
Class of shares: holding
Ordinary 100.00

Noucare Partners Limited
Registered office: Broad oak Manor, Broad Oak End, Bramfield Road, Hertford, Hertfordshire, SG14 2JA
Nature of business: Procurement and provision of agency services
%
Class of shares: holding
Ordinary 100.00

Baldock Care Limited
Registered office: Broad oak Manor, Broad Oak End, Bramfield Road, Hertford, Hertfordshire, SG14 2JA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Yovita Healthcare Limited
Registered office: Broad oak Manor, Broad Oak End, Bramfield Road, Hertford, Hertfordshire, SG14 2JA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


On 1 July 2019 under a group share restructure, the company acquired the entire share capital of the entities listed above.

13. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,484,868 1,514,470 - -
Amounts owed by group undertakings - - 2,009,585 1,515,666
Other debtors 67,441 30,911 100 100
Prepayments and accrued income 102,985 93,324 1,626 9,250
1,655,294 1,638,705 2,011,311 1,525,016

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


13. DEBTORS - continued

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings - - 5,427,390 6,871,754
Prepayments and accrued income 34,688 34,688 34,688 34,688
34,688 34,688 5,462,078 6,906,442

Aggregate amounts 1,689,982 1,673,393 7,473,389 8,431,458

Trade debtors are stated after provisions for bad debts of £145,751 (2023: £67,311).

Of the amounts owed by group undertakings due within one year, £503,030 are unsecured, have no fixed date for repayment and are interest free and £1,012,636 are unsecured, due for repayment in within one year and interest of 2.6% over the base rate is being charged.

Amounts owed by group undertakings due after more than one year are unsecured, due for repayment by 30 June 2025 and interest of 2.6% over the base rate is being charged.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 276,000 176,561 276,000 176,561
Hire purchase contracts (see note 17) 11,353 24,965 - -
Trade creditors 644,643 599,583 - -
Amounts owed to group undertakings - - 300,000 -
Tax 473,114 457,368 - -
Social security and other taxes 263,125 201,084 - -
Other creditors 104,543 109,256 - -
Accruals and deferred income 167,759 164,538 16,601 9,921
1,940,537 1,733,355 592,601 186,482

Amounts owed to related undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 8,730,696 9,016,065 8,730,696 9,016,065

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 276,000 176,561 276,000 176,561
Amounts falling due between one and two years:
Bank loans - 1-2 years 276,000 176,561 276,000 176,561
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,454,696 8,839,504 8,454,696 8,839,504

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 11,353 24,965

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 46,076 46,076

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 9,006,696 9,192,626 9,006,696 9,192,626
Hire purchase contracts 11,353 24,965 - -
9,018,049 9,217,591 9,006,696 9,192,626

In March 2023 the Group entered into a new facility of £9.25m which was used in relation to refinancing the previous loan facility and provide additional funding for designated capital expenditure.

This facility is repayable over a period of 5 years and interest is charged at 2.35% over the Bank of England base rate and is secured by way of a legal charge over the group's properties.

Hire purchases are secured against the assets they relate to.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 309,500 213,500

Other provisions 292,200 250,000

Aggregate amounts 601,700 463,500

Group
Deferred Other
tax provisions
£    £   
Balance at 1 July 2023 213,500 250,000
Provided during year 96,000 42,200
Balance at 30 June 2024 309,500 292,200

The other provision of £292,200 is in relation to a general provision for costs that the business may incur in relation to its business activities.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
32,545 Ordinary 1 32,545 32,545

NOUVITA HEALTHCARE LTD (REGISTERED NUMBER: 07440888)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 June 2024


21. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 5,981,991
Profit for the year 856,116
Dividends (879,714 )
At 30 June 2024 5,958,393

Company
Retained
earnings
£   

At 1 July 2023 234,811
Profit for the year 809,568
Dividends (879,714 )
At 30 June 2024 164,665


22. CONTINGENT LIABILITIES

The Group has an unlimited multilateral banking guarantee with fellow group companies. At the balance sheet date the total amount outstanding under the agreement was £9.01m.

23. POST BALANCE SHEET EVENTS

No post balance sheet events were identified.

24. ULTIMATE CONTROLLING PARTY

The controlling party is L V Adams.