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Company No: 13721123 (England and Wales)

CROWNWOOD HEALTHCARE (TOPCO) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CROWNWOOD HEALTHCARE (TOPCO) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CROWNWOOD HEALTHCARE (TOPCO) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
CROWNWOOD HEALTHCARE (TOPCO) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Investments 3 1,219,816 1,219,816
1,219,816 1,219,816
Current assets
Debtors 4 358,146 726,541
Cash at bank and in hand 39,088 10,000
397,234 736,541
Creditors: amounts falling due within one year 5 ( 562,534) ( 764,815)
Net current liabilities (165,300) (28,274)
Total assets less current liabilities 1,054,516 1,191,542
Creditors: amounts falling due after more than one year 6 ( 1,171,489) ( 1,193,802)
Net liabilities ( 116,973) ( 2,260)
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account ( 117,173 ) ( 2,460 )
Total shareholders' deficit ( 116,973) ( 2,260)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Crownwood Healthcare (TopCo) Limited (registered number: 13721123) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Mitesh Kunvarji
Director
CROWNWOOD HEALTHCARE (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CROWNWOOD HEALTHCARE (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Crownwood Healthcare (TopCo) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, United Kingdom.

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

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note the company has net current liabilities of £165,300 and net liabilities of £116,973. The company is supported by the trading subsidiary and post year end the net liability position has been resolved. The Directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Impairment of assets

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

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.03.2024
Period from
03.11.2021 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Fixed asset investments

Investments in subsidiaries

31.03.2024
£
Cost
At 01 April 2023 1,219,816
At 31 March 2024 1,219,816
Carrying value at 31 March 2024 1,219,816
Carrying value at 31 March 2023 1,219,816

4. Debtors

31.03.2024 31.03.2023
£ £
Amounts owed by own subsidiaries 347,946 726,441
Amounts owed by connected companies 10,100 0
Amounts owed by directors 100 100
358,146 726,541

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans (secured) 24,570 25,000
Amounts owed to connected companies 456,406 481,406
Accruals 0 5,430
Other taxation and social security 17,381 12,656
Other creditors 64,177 240,323
562,534 764,815

The bank loans above are secured by way of a first debenture over the Company's assets and undertaking. There is also a cross guarantee between the Company, 2 subsidiary companies and 2 associated companies in favour of the Lender, supported by first debentures over each of the companies' assets and undertakings, and first legal charges over their freehold properties.

4 director shareholders have provided joint and several personal guarantees in respect of the obligations of the Company to the lender (limited to £245,000).

A deed of subordination has been arranged in respect of any inter-company loans and/or shareholder loans held with the Company and the above-mentioned companies.

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

31.03.2024 31.03.2023
£ £
Bank loans (secured) 1,171,489 1,193,802

The bank loans above are secured by way of a first debenture over the Company's assets and undertaking. There is also a cross guarantee between the Company, 2 subsidiary companies and 2 associated companies in favour of the Lender, supported by first debentures over each of the companies' assets and undertakings, and first legal charges over their freehold properties.

4 director shareholders have given joint and several personal guarantees in respect of the obligations of the Company to the lender (limited to £245,000).

A deed of subordination has been arranged in respect of any inter-company loans and/or shareholder loans held with the Company and the above-mentioned companies.

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
50 Ordinary C shares of £ 1.00 each 50 50
50 Ordinary D shares of £ 1.00 each 50 50
200 200

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.03.2024 31.03.2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 6,461 6,018

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

As a parent company of wholly owned subsidiary undertakings, the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

Transactions with the entity's directors

31.03.2024 31.03.2023
£ £
Balance owed by directors 100 100

Other related party transactions

31.03.2024 31.03.2023
£ £
Balance owed to connected companies 456,406 181,386