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REGISTERED NUMBER: 06267792 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

NOUVITA LIMITED

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


NOUVITA LIMITED

Company Information
for the year ended 30 June 2024







DIRECTORS: L V Adams
P C Massetti
H Anstey





SECRETARY: P C Massetti





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





REGISTERED NUMBER: 06267792 (England and Wales)





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

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

Strategic Report
for the year ended 30 June 2024


The directors present their strategic report for the year ended 30 June 2024.

The primary activity of the Company 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.

The Company's strategy is one of continued growth through the expansion of existing facilities and also through the appropriate acquisition of hospitals and / or residential and nursing homes of suitable quality and location within the southeast of England.

REVIEW OF BUSINESS
2024 2023 2022
£    £    £   
Turnover £11,440,182 £11,378,639 £10,469,707
EBITDA £1,884,857 £2,106,587 £1,999,579



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

The company continues 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 company 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 LIMITED (REGISTERED NUMBER: 06267792)

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 Company'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 program 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 Company'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 Company 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 DEVELOPMENTS
The Directors are pleased with the performance of the company since the year end as the company continues to seek revenue growth in the coming year.

ON BEHALF OF THE BOARD:





P C Massetti - Director


24 March 2025

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

Report of the Directors
for the year ended 30 June 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing social care with accommodation.

DIVIDENDS
A dividend was paid in the year of £1,000,000 (2023: £400,000).

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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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 Limited


Opinion
We have audited the financial statements of Nouvita Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 30 June 2024 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 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 company 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 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 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 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 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 Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Nouvita 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:

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 company 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 Company has to comply with laws and regulations relating to its operations, including UK employment laws, health and safety, and GDPR.

- We understood how Nouvita Limited is complying with those frameworks by making enquires with management and those charged with governance to understand how the company 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 company'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 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.




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 LIMITED (REGISTERED NUMBER: 06267792)

Statement of Comprehensive Income
for the year ended 30 June 2024

2024 2023
Notes £    £   

REVENUE 11,440,182 11,378,639

Cost of sales (8,717,625 ) (8,503,307 )
GROSS PROFIT 2,722,557 2,875,332

Administrative expenses (1,032,699 ) (978,746 )
OPERATING PROFIT 5 1,689,858 1,896,586


Interest payable and similar expenses 6 (339,868 ) (271,311 )
PROFIT BEFORE TAXATION 1,349,990 1,625,275

Tax on profit 7 (341,662 ) (324,614 )
PROFIT FOR THE FINANCIAL YEAR 1,008,328 1,300,661

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,008,328

1,300,661

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 9 5,593,291 5,286,411

CURRENT ASSETS
Debtors 10 3,946,478 4,112,008
Cash at bank and in hand 991,057 980,218
4,937,535 5,092,226
CREDITORS
Amounts falling due within one year 11 (2,438,194 ) (1,724,394 )
NET CURRENT ASSETS 2,499,341 3,367,832
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,092,632

8,654,243

CREDITORS
Amounts falling due after more than one
year

12

(3,687,242

)

(4,351,181

)

PROVISIONS FOR LIABILITIES 15 (246,000 ) (152,000 )
NET ASSETS 4,159,390 4,151,062

CAPITAL AND RESERVES
Called up share capital 16 32,100 32,100
Retained earnings 17 4,127,290 4,118,962
SHAREHOLDERS' FUNDS 4,159,390 4,151,062

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 LIMITED (REGISTERED NUMBER: 06267792)

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 32,100 3,218,301 3,250,401

Changes in equity
Profit for the year - 1,300,661 1,300,661
Total comprehensive income - 1,300,661 1,300,661
Dividends - (400,000 ) (400,000 )
Balance at 30 June 2023 32,100 4,118,962 4,151,062

Changes in equity
Profit for the year - 1,008,328 1,008,328
Total comprehensive income - 1,008,328 1,008,328
Dividends - (1,000,000 ) (1,000,000 )
Balance at 30 June 2024 32,100 4,127,290 4,159,390

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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


1. STATUTORY INFORMATION

Nouvita 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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 company 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.

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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


3. ACCOUNTING POLICIES - continued

Revenue recognition
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 company 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.

Property, plant & equipment
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 taxation
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.

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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


3. ACCOUNTING POLICIES - continued

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 company 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 LIMITED (REGISTERED NUMBER: 06267792)

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


3. ACCOUNTING POLICIES - continued

Financial instruments
The company 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.

Directors loans that are fixed term interest free loans are initially recorded at present value of future payments discounted at a market rate for a similar instrument and subsequently measured at amortised cost. The difference between the face value of the loan and the present value of the loan is recorded to other reserves as capital contribution. Annual finance charges are expensed to the profit and loss account over the life of the loan.

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




Equity instruments
The ordinary share capital of the company 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 LIMITED (REGISTERED NUMBER: 06267792)

Notes to the 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 4,942,222 3,720,942
Social security costs 512,073 384,262
Other pension costs 133,993 108,339
5,588,288 4,213,543

The average number of employees during the year was as follows:
2024 2023

Nurses and carers 127 102
Care home operation staff 36 29
Administration 12 10
175 141

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 171 6,493
Depreciation - owned assets 195,000 210,001
Auditors' remuneration 36,120 24,595
Taxation compliance services 5,000 4,800

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Group loan interest 339,868 259,061
Loan arrangement fee - 12,250
339,868 271,311

7. 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 247,662 334,114

Deferred tax 94,000 (9,500 )
Tax on profit 341,662 324,614

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 1,349,990 1,625,275
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

337,498

333,181

Effects of:
Expenses not deductible for tax purposes 150 1,322
Capital allowances in excess of depreciation (89,986 ) -
Depreciation in excess of capital allowances - 729
Deferred tax adjustment 94,000 (9,500 )
Marginal tax relief - (1,118 )
Total tax charge 341,662 324,614

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Final 1,000,000 400,000

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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


9. PROPERTY, PLANT AND EQUIPMENT
Land and Short Plant and Motor
buildings leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 5,418,605 44,712 1,764,904 32,490 7,260,711
Additions - - 495,600 6,280 501,880
At 30 June 2024 5,418,605 44,712 2,260,504 38,770 7,762,591
DEPRECIATION
At 1 July 2023 289,012 44,712 1,623,641 16,935 1,974,300
Charge for year 39,039 - 150,450 5,511 195,000
At 30 June 2024 328,051 44,712 1,774,091 22,446 2,169,300
NET BOOK VALUE
At 30 June 2024 5,090,554 - 486,413 16,324 5,593,291
At 30 June 2023 5,129,593 - 141,263 15,555 5,286,411

The Company's land and buildings are used as security against the group loan facility.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,269,665 1,197,923
Amounts owed by fellow subsidiaries 2,570,854 2,858,841
Other debtors 58,283 20,877
Prepayments and accrued income 47,676 34,367
3,946,478 4,112,008

Trade debtors are stated after provisions for bad debts of £142,017 (2023: £63,577).

Amounts owed by fellow subsidiaries are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 467,425 428,850
Amounts owed to parent undertaking 1,339,868 659,061
Tax 251,025 333,561
Social security and other taxes 182,323 143,695
Other creditors 87,125 69,135
Accruals and deferred income 110,428 90,092
2,438,194 1,724,394

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts owed to the parent undertaking are unsecured, attract interest at a rate of 2.6% over base rate and are repayable on demand.

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

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to parent undertaking 3,687,242 4,351,181

Amounts owed to the parent undertaking are unsecured, attract interest at a rate of 2.6% over base rate and are repayable after 30 June 2025.

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 46,076 46,076

14. SECURED DEBTS

The company is a subsidiary of Nouvita Healthcare Limited which is part of an unlimited multilateral banking guarantee. At the balance sheet date, the total amount outstanding under the agreement was £9.01m. The company's assets are secured against the group facility.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 246,000 152,000

Deferred
tax
£   
Balance at 1 July 2023 152,000
Provided during year 94,000
Accelerated capital allowances
Balance at 30 June 2024 246,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
32,100 Ordinary 1 32,100 32,100

NOUVITA LIMITED (REGISTERED NUMBER: 06267792)

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


16. CALLED UP SHARE CAPITAL - continued

The company's ordinary shares carry voting rights and there are no restrictions on repayment of capital and distribution of dividends.

17. RESERVES
Retained
earnings
£   

At 1 July 2023 4,118,962
Profit for the year 1,008,328
Dividends (1,000,000 )
At 30 June 2024 4,127,290

18. ULTIMATE PARENT COMPANY

Nouvita Healthcare Limited is regarded by the directors as being the company's ultimate parent company.

19. CONTINGENT LIABILITIES

The company is a part of an unlimited multilateral banking guarantee with fellow group companies. At the balance sheet date the total amount outstanding under the agreement was £9.01m.

20. RELATED PARTY DISCLOSURES

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.

Key management personnel
The directors of the company are considered to be the key management personnel and during the year the directors did not receive any remuneration.

21. POST BALANCE SHEET EVENTS

No post balance sheet events were identified.

22. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Nouvita Healthcare Limited.

Mr L V Adams is considered to be the ultimate controlling party.