IRIS Accounts Production v25.1.0.734 08724981 Board of Directors 1.11.23 30.10.24 30.10.24 Medium entities the provision of housing and care for young vulnerable children. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 08724981 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Period 1 November 2023 to 30 October 2024

for

New Horizons (NW) Ltd

New Horizons (NW) Ltd (Registered number: 08724981)






Contents of the Financial Statements
for the Period 1 November 2023 to 30 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Profit and Loss Account 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


New Horizons (NW) Ltd

Company Information
for the Period 1 November 2023 to 30 October 2024







DIRECTORS: Ms J L Mahon
Ms A K Rosenblatt
Ms T Sucksmith
Mrs N J Waterhouse





REGISTERED OFFICE: Unit 17 & 18 Navigation Business Park
Navigation Way
Ashton-On-Ribble
Preston
PR2 2YP





REGISTERED NUMBER: 08724981 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

New Horizons (NW) Ltd (Registered number: 08724981)

Strategic Report
for the Period 1 November 2023 to 30 October 2024

The directors present their strategic report for the period 1 November 2023 to 30 October 2024.

REVIEW OF BUSINESS
New Horizons continues to concentrate on the core business of supplying services for vulnerable children across the North West.

Performance for the year saw an increase in turnover of 20.8%, increasing to £10.1m from £8.4m in 2023.

The increase in turnover can be attributed to a growth of available bed due to the acquisition of new properties and improved occupancy throughout the homes. Uplifts have also had an impact

Gross profit margin decreased during the year from 94.8% in 2023 to 94.3% in 2024. Predominantly this is due to the increased expenses of our YP. We took our YP abroad for their summer holiday for first time as well as increasing the budget for our annual fun day activities at both summer and Easter.

It is a fundamental objective to maintain a sustainable growth plan, and the company took the time during the year to focus on a wider spread of market sectors.

KEY PERFORMANCE INDICATORS
The key performance indicator detailed above is recognised as an integral part of monitoring the business, along with gross margin and net margin.

2024 2023

Turnover growth 20.8% 21.5%
Gross profit 94.3% 94.8%
Net profit 25.3% 22.0%

It is the responsibility of the commercial team to regularly monitor and review these figures and report the results and any corrective actions to the board.

The directors are happy with the company's performance against those indicators, especially during the challenges presented during the height of the pandemic.

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risks, which could materially and adversely impact the company's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact company profitability.

FINANCIAL INSTRUMENTS
The company uses various financial instruments; these include cash and various items, such as trade debtors and trade creditors, that arise directly from its operations.

The existence of these financial instruments exposes the company to several financial risks which are described in more detail below.

The main risks arising from the company's financial instruments are categorised as market risk, credit risk and liquidity risk. The directors review and agree policies for managing these risks and they are summarised below.

MARKET RISK
Market risk for a company providing care and housing for vulnerable children involves the potential financial impact of external factors like regulatory changes, fluctuations in funding, or shifts in demand for services. Economic conditions, competition, and changes in public budgets can also affect profitability and sustainability. These risks can influence the company’s ability to deliver services and maintain financial stability.

CREDIT RISK
To counteract the risk of bad debts the business has increased the use of credit checking and monitoring facilities to assess the risk to the company. If a significant risk is identified then a further review is made and where appropriate protective actions are undertaken.

LIQUIDITY RISK
The business has a very strong relationship with its bank. The company has the facilities available to meet its needs on an ongoing basis. These facilities are reviewed on a regular basis, by both the bank and the management, and are in accordance with the needs of the company.


New Horizons (NW) Ltd (Registered number: 08724981)

Strategic Report
for the Period 1 November 2023 to 30 October 2024

FUTURE DEVELOPMENTS
The directors are keen to expand the core business, through organic sustainable growth, supply chain partnerships, and through strategic acquisition opportunities.

The business has continued to re-investment excess profits into further properties, staff development and the overall maintenance of the business. This has led to the company continuing to achieve significant ofsted reports, leading to an exceptional reputation in the industry.

Since the year end, the company has purchased a further two properties. This will significant boost income and profitability once the home is in use.

On 4 April 2025, the shareholders passed a resolution to restructure the company's share capital. As part of this resolution, the company entered into an agreement to repurchase and cancel 130 ordinary shares and 370 Z class shares from an existing shareholder. The repurchase is to be carried out over an 18-month period and will be funded from distributable profits.

ON BEHALF OF THE BOARD:





Mrs N J Waterhouse - Director


28 April 2025

New Horizons (NW) Ltd (Registered number: 08724981)

Report of the Directors
for the Period 1 November 2023 to 30 October 2024

The directors present their report with the financial statements of the company for the period 1 November 2023 to 30 October 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31st October 2024 will be £1,128,636 (2023: £515,556).

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period 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 November 2023 to the date of this report.

Ms J L Mahon
Ms A K Rosenblatt
Ms T Sucksmith
Mrs N J Waterhouse

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 she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs N J Waterhouse - Director


28 April 2025

Report of the Independent Auditors to the Members of
New Horizons (NW) Ltd

Opinion
We have audited the financial statements of New Horizons (NW) Ltd (the 'company') for the period ended 30 October 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 October 2024 and of its profit for the period 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.

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.

Report of the Independent Auditors to the Members of
New Horizons (NW) Ltd


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
New Horizons (NW) 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the care services sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
New Horizons (NW) Ltd

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.

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.




Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

28 April 2025

New Horizons (NW) Ltd (Registered number: 08724981)

Profit and Loss Account
for the Period 1 November 2023 to 30 October 2024

Period
1.11.23
to Year Ended
30.10.24 31.10.23
Notes £    £   

TURNOVER 3 10,095,779 8,359,152

Cost of sales 578,115 438,123
GROSS PROFIT 9,517,664 7,921,029

Administrative expenses 6,785,092 5,832,268
2,732,572 2,088,761

Other operating income 180 -
OPERATING PROFIT 5 2,732,752 2,088,761

Interest receivable and similar income 17,834 18,381
2,750,586 2,107,142

Interest payable and similar expenses 6 194,692 267,853
PROFIT BEFORE TAXATION 2,555,894 1,839,289

Tax on profit 7 668,215 414,798
PROFIT FOR THE FINANCIAL PERIOD 1,887,679 1,424,491

New Horizons (NW) Ltd (Registered number: 08724981)

Other Comprehensive Income
for the Period 1 November 2023 to 30 October 2024

Period
1.11.23
to Year Ended
30.10.24 31.10.23
Notes £    £   

PROFIT FOR THE PERIOD 1,887,679 1,424,491


OTHER COMPREHENSIVE INCOME
Freehold Property Revaluation 882,761 -
Leasehold Property Revaluation 112,275 -
Income tax relating to components of other
comprehensive income

(197,927

)

-
OTHER COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF INCOME TAX

797,109

-
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

2,684,788
Prior year adjustment (900,877 )
TOTAL COMPREHENSIVE INCOME SINCE LAST
ANNUAL REPORT

523,614

New Horizons (NW) Ltd (Registered number: 08724981)

Balance Sheet
30 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 4,862,182 3,454,871

CURRENT ASSETS
Debtors 10 1,761,643 1,496,792
Cash at bank and in hand 1,261,757 1,239,350
3,023,400 2,736,142
CREDITORS
Amounts falling due within one year 11 1,039,246 1,068,753
NET CURRENT ASSETS 1,984,154 1,667,389
TOTAL ASSETS LESS CURRENT LIABILITIES 6,846,336 5,122,260

CREDITORS
Amounts falling due after more than one year 12 (1,523,623 ) (1,571,293 )

PROVISIONS FOR LIABILITIES 16 (343,369 ) (127,775 )
NET ASSETS 4,979,344 3,423,192

CAPITAL AND RESERVES
Called up share capital 17 100 100
Revaluation reserve 18 781,275 -
Retained earnings 18 4,197,969 3,423,092
SHAREHOLDERS' FUNDS 4,979,344 3,423,192

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Mrs N J Waterhouse - Director


New Horizons (NW) Ltd (Registered number: 08724981)

Statement of Changes in Equity
for the Period 1 November 2023 to 30 October 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2022 100 3,415,034 - 3,415,134
Prior year adjustment - (900,877 ) - (900,877 )
As restated 100 2,514,157 - 2,514,257

Changes in equity
Dividends - (515,556 ) - (515,556 )
Total comprehensive income - 1,424,491 - 1,424,491
Balance at 31 October 2023 100 3,423,092 - 3,423,192

Changes in equity
Dividends - (1,128,636 ) - (1,128,636 )
Total comprehensive income - 1,887,679 797,109 2,684,788
Reserve transfer - 15,834 (15,834 ) -
Balance at 30 October 2024 100 4,197,969 781,275 4,979,344

New Horizons (NW) Ltd (Registered number: 08724981)

Cash Flow Statement
for the Period 1 November 2023 to 30 October 2024

Period
1.11.23
to Year Ended
30.10.24 31.10.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,792,265 2,007,214
Interest paid (166,554 ) (267,851 )
Tax paid (691,740 ) (354,565 )
Net cash from operating activities 1,933,971 1,384,798

Cash flows from investing activities
Purchase of tangible fixed assets (655,192 ) (265,645 )
Sale of tangible fixed assets 360 550
Interest received 17,834 18,381
Net cash from investing activities (636,998 ) (246,714 )

Cash flows from financing activities
Loan repayments in year (105,930 ) (641,291 )
Amount withdrawn by directors (40,000 ) -
Equity dividends paid (1,128,636 ) (515,556 )
Net cash from financing activities (1,274,566 ) (1,156,847 )

Increase/(decrease) in cash and cash equivalents 22,407 (18,763 )
Cash and cash equivalents at beginning of
period

2

1,239,350

1,258,113

Cash and cash equivalents at end of period 2 1,261,757 1,239,350

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Cash Flow Statement
for the Period 1 November 2023 to 30 October 2024

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

Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Profit before taxation 2,555,894 1,839,289
Depreciation charges 240,171 197,386
Loss on disposal of fixed assets 2,385 6,671
Finance costs 194,692 267,853
Finance income (17,834 ) (18,381 )
2,975,308 2,292,818
Increase in trade and other debtors (224,851 ) (340,443 )
Increase in trade and other creditors 41,808 54,839
Cash generated from operations 2,792,265 2,007,214

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 October 2024
30.10.24 1.11.23
£    £   
Cash and cash equivalents 1,261,757 1,239,350
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,239,350 1,258,113


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.23 Cash flow At 30.10.24
£    £    £   
Net cash
Cash at bank and in hand 1,239,350 22,407 1,261,757
1,239,350 22,407 1,261,757
Debt
Debts falling due within 1 year (105,929 ) 58,260 (47,669 )
Debts falling due after 1 year (1,571,293 ) 47,670 (1,523,623 )
(1,677,222 ) 105,930 (1,571,292 )
Total (437,872 ) 128,337 (309,535 )

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements
for the Period 1 November 2023 to 30 October 2024

1. STATUTORY INFORMATION

New Horizons (NW) 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 Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The critical judgments that the directors have made in the process of applying the company's accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Key judgements

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents gross invoiced sales of services. Revenue is recognised as the company becomes entitled to consideration for the services supplied.

All turnover is derived in the UK.

Recoverability of trade debtors
The company establishes a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the trade debtors, past experience of recoverability and the credit profile of individual or groups of customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold Property- 2% in buildings
Long Leasehold- 2% in buildings
Improvements to Property- 20% on reducing balance
Plant and Machinery- 20% on reducing balance
Fixtures and Fittings- 20% on reducing balance
Motor Vehicles- 20% on reducing balance

Determining residual values of tangible assets
Judgement is applied by management when determining the residual values for fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

2. ACCOUNTING POLICIES - continued

Estimated useful life of tangible assets
The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

The freehold and long leasehold properties have been revalued by Centaur Surveyors & Valuers who are based at 10 Oxton Road, Birkenhead, Wirral, Merseyside, CH41 2QJ.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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
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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Contractual service work 9,856,278 8,058,649
Non-contractual service work 239,501 300,503
10,095,779 8,359,152

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

4. EMPLOYEES AND DIRECTORS
Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Wages and salaries 4,851,557 3,974,651
Social security costs 458,571 367,275
Other pension costs 110,635 91,160
5,420,763 4,433,086

The average number of employees during the period was as follows:
Period
1.11.23
to Year Ended
30.10.24 31.10.23

Directors 4 4
Administration staff 7 7
Care staff 154 136
165 147

Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Directors' remuneration 191,344 199,032
Directors' pension contributions to money purchase schemes 5,734 5,947

The highest paid director received emoluments totalling £120,000 and pension contributions of £3,597 (2023 - £100,000 & £2,978).

The number of directors receiving pension contributions into the scheme is 4 (2023: 4).

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Other operating leases 103,862 75,136
Depreciation - owned assets 240,171 197,385
Loss on disposal of fixed assets 2,385 6,671
Auditors' remuneration 17,400 15,600

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Bank loan interest 157,288 222,483
Interest payable 37,404 45,370
194,692 267,853

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Current tax:
UK corporation tax 650,548 417,592
Prior year overprovision - 5,746
Total current tax 650,548 423,338

Deferred tax 17,667 (8,540 )
Tax on profit 668,215 414,798

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Profit before tax 2,555,894 1,839,289
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

638,974

459,822

Effects of:
Expenses not deductible for tax purposes (45 ) 14,357
Capital allowances in excess of depreciation - (19,095 )
Depreciation in excess of capital allowances 29,286 -
Adjustments to tax charge in respect of previous periods - 5,746
Other tax differences (Change in tax rate) - (52,355 )
Capital allowances (change in tax rate) - 6,323

Total tax charge 668,215 414,798

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

1.11.23 to 30.10.24
Gross Tax Net
£    £    £   
Freehold Property Revaluation 882,761 (176,462 ) 706,299
Leasehold Property Revaluation 112,275 (21,465 ) 90,810
995,036 (197,927 ) 797,109

8. DIVIDENDS
Period
1.11.23
to Year Ended
30.10.24 31.10.23
£    £   
Ordinary shares of 1 each
Interim 1,128,636 515,556

9. TANGIBLE FIXED ASSETS
Improvements
Freehold Long to
property leasehold property
£    £    £   
COST OR VALUATION
At 1 November 2023 2,857,993 264,139 35,571
Additions 421,162 - 8,247
Disposals - - -
Revaluations 705,846 85,861 -
At 30 October 2024 3,985,001 350,000 43,818
DEPRECIATION
At 1 November 2023 176,914 26,414 20,460
Charge for period 79,700 7,000 4,672
Eliminated on disposal - - -
Revaluation adjustments (176,914 ) (26,414 ) -
At 30 October 2024 79,700 7,000 25,132
NET BOOK VALUE
At 30 October 2024 3,905,301 343,000 18,686
At 31 October 2023 2,681,079 237,725 15,111

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

9. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 November 2023 46,995 736,809 76,985 4,018,492
Additions - 199,403 26,380 655,192
Disposals - - (4,850 ) (4,850 )
Revaluations - - - 791,707
At 30 October 2024 46,995 936,212 98,515 5,460,541
DEPRECIATION
At 1 November 2023 22,934 291,337 25,562 563,621
Charge for period 4,812 128,975 15,012 240,171
Eliminated on disposal - - (2,105 ) (2,105 )
Revaluation adjustments - - - (203,328 )
At 30 October 2024 27,746 420,312 38,469 598,359
NET BOOK VALUE
At 30 October 2024 19,249 515,900 60,046 4,862,182
At 31 October 2023 24,061 445,472 51,423 3,454,871

Cost or valuation at 30 October 2024 is represented by:

Improvements
Freehold Long to
property leasehold property
£    £    £   
Valuation in 2024 705,846 85,861 -
Cost 3,279,155 264,139 43,818
3,985,001 350,000 43,818

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Valuation in 2024 - - - 791,707
Cost 46,995 936,212 98,515 4,668,834
46,995 936,212 98,515 5,460,541

The properties have been revalued in the year by Jonathan Atkinson, BSc, MRICS of Centaur Surveyors & Valuers, a member of the Royal Institute of Chartered Surveyors. The valuation was prepared in line with RICS Valuation - Global Standards (effective from 31st January 2022, which incorporates the International Valuation Standards 2022 (IVS), published by the Royal Institution of Chartered Surveyors).

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,400,949 1,113,384
Other debtors 183,539 160,743
Directors' current accounts 40,000 -
Prepayments and accrued income 137,155 222,665
1,761,643 1,496,792

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 47,669 105,929
Trade creditors 102,139 95,654
Tax 678,708 691,756
Social security and other taxes 108,873 104,790
Other creditors 42,245 48,890
Accrued expenses 59,612 21,734
1,039,246 1,068,753

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 1,523,623 1,571,293

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 47,669 105,929

Amounts falling due between two and five years:
Bank loans - 2-5 years 199,965 191,993

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,323,658 1,379,300

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 141,003 146,354
Between one and five years 156,471 279,234
297,474 425,588

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,553,792 1,649,723

Bank loans are secured by a first legal charge on the company's freehold land and buildings.

A limited guarantee has been given by MsTracy Sucksmith and Mrs Abbie Rosenblatt for £10,000.

The company maintains a factoring account with eCapital Commercial Finance (North) Limited, which holds a first fixed and floating charge over all company assets. At both the current and prior year end, there were no amounts owed to the factoring provider.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 145,442 127,775
Other timing differences 197,927 -
343,369 127,775

Deferred
tax
£   
Balance at 1 November 2023 127,775
Accelerated capital allowances 17,667
Other timing differences 197,927
Balance at 30 October 2024 343,369

17. CALLED UP SHARE CAPITAL

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

18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2023 3,423,092 - 3,423,092
Profit for the period 1,887,679 1,887,679
Dividends (1,128,636 ) (1,128,636 )
Revaluation adjustment - 797,109 797,109
Reserve transfer 15,834 (15,834 ) -
At 30 October 2024 4,197,969 781,275 4,979,244

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 October 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 October 2024 and the year ended 31 October 2023:

2024 2023
£    £   
Ms A K Rosenblatt
Balance outstanding at start of period - -
Amounts advanced 120,000 -
Amounts repaid (100,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 20,000 -

Ms J L Mahon
Balance outstanding at start of period - -
Amounts advanced 250,000 -
Amounts repaid (230,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 20,000 -

Amounts owed by directors are repayable on demand and no interest has been charged on the loans. The balance has been subsequently paid after the year end.

20. RELATED PARTY DISCLOSURES

During the financial year, the company made payments totalling £170,000 (2023: £142,000) to a company under the control of the company’s shareholders. These payments relate to a loan that has been fully repaid after the year end.

In addition, the company received a loan of £19,028 (2023: £32,500) from another entity that is also controlled by the shareholders. This loan was likewise fully repaid subsequent to the year end.

All related party loans are repayable on demand and bear a nominal interest rate, which is below market value.

21. POST BALANCE SHEET EVENTS

After the year-end, the company acquired two additional properties for £408,143 and £604,127. Additionally, the company has made two new offers of £375,000 and £295,000 for other properties.

On 4 April 2025, the shareholders passed a resolution to restructure the company's share capital. As part of this resolution, the company entered into an agreement to repurchase and cancel 130 ordinary shares and 370 Z class shares from an existing shareholder. The repurchase is to be carried out over an 18-month period and will be funded from distributable profits.

22. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, who are the majority shareholders.