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REGISTERED NUMBER: 10931562 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 August 2024

for

Holmwood House Holdings Limited

Holmwood House Holdings Limited (Registered number: 10931562)






Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 14

Notes to the Consolidated Financial Statements 15


Holmwood House Holdings Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: M A Raja
F J Raja



REGISTERED OFFICE: 962 Eastern Avenue
Ilford
Essex
IG2 7JD



REGISTERED NUMBER: 10931562 (England and Wales)



AUDITORS: Alderton Accountancy Limited, Statutory Auditor
Chartered Certified Accountants
Registered Auditors
962 Eastern Avenue
Newbury Park
Ilford
Essex
IG2 7JD



BANKERS: Natwest Westminster Bank PLC
Chatham Customer Service Centre
Western Avenue
Waterside Court, Chatham Maritime
Chatham
Kent
ME4 4RT

Holmwood House Holdings Limited (Registered number: 10931562)

Group Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
Holmwood House Holding Limited (the Company) is a holding company who owns a collection of wholly owned subsidiaries named, Holmwood House Care Limited (HHCL), White Gables Care Limited (WGCL), Summercare Limited. The subsidiaries of Holmwood House Holdings Limited each hold and operate the trade, assets, and central support functions.

Holmwood House Holdings Limited recorded a year of significant progress, with group revenue increasing from £7.8 million to £8.3 million. This growth reflects strong occupancy levels, positive relationships with local authority and private funders, and the successful integration of the new subsidiary, Summercare Limited. Across all care homes, the group prioritised high-quality resident experiences, continuous staff development, and efficient operational practices. These measures helped maintain a reputation for excellent care while supporting stable market positioning and consistent referrals.

The group continues to compete in highly competitive markets with most competition being local. To successfully gain new customers it is based on relevant catchment areas, local procurement of tenders and referrals from existing users of the home. Regulatory requirement across the group remains similar in relation to elderly care and specialised services. The group are all regulated by the same body, The Care Quality Commission.

FINANCIAL BUSINESS REVIEW
Holmwood House Holdings Limited achieved a healthy financial performance underpinned by prudent cost management and a balanced funding mix. Key highlights include:

Revenue Growth
Turnover rose by approximately 6%, demonstrating robust demand for the group's care services and a strong referral pipeline. The addition of Summercare Limited to the group's portfolio further diversified revenue streams and expanded the care offering.

Profitability and Reinvestment
Steady margins were sustained through careful staffing allocations, supplier negotiations, and budgeting discipline.
The group reinvested a portion of its surplus into modernising facilities, upgrading equipment, and improving staff training programmes. These investments aim to further enhance resident outcomes and sustain long-term profitability.

Liquidity and Cash Flow
Cash flow remained stable, aided by timely fee payments from local authorities, effective debt management, and proactive forecasting. Directors closely monitor loan covenants and credit lines, maintaining adequate headroom for both operational continuity and strategic opportunities.

Forward-Looking Financial Approach
With increased turnover, the group is well-positioned to explore targeted expansion while continuing to prioritise regulatory compliance and service excellence. Ongoing oversight of capital expenditure ensures that resources are efficiently allocated to initiatives with clear benefits to residents, staff, and overall corporate sustainability.


Holmwood House Holdings Limited (Registered number: 10931562)

Group Strategic Report
for the Year Ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Staffing and Recruitment
Demand for skilled care staff requires the group to maintain competitive packages and clear career pathways. Directors are committed to supporting staff well-being and retention, recognising that motivated teams are central to delivering high standards of care.

Occupancy and Local Competition
Occupancy rates are a key performance driver, and the group secures them through a combination of marketing, quality referrals, and maintaining excellent care ratings. Sustained reputation management, including regular feedback from residents and families, helps Holmwood House Holdings Limited stand out in a competitive market.

Regulatory Compliance
The group's services are regulated by the Care Quality Commission (CQC), and corporate obligations are governed by the Companies Act 2006. Rigorous internal audits, backed by board oversight, ensure the highest standards in clinical governance, financial reporting, and directors' statutory duties. This approach helps minimise compliance risk and reinforces stakeholder confidence.

Financial Management
Directors regularly review borrowing, ensuring that the group's debt profile remains proportionate to its revenue and asset base. Budgetary controls, scenario analyses, and timely financial reporting are employed to maintain a strong financial position and to anticipate market fluctuations or emerging opportunities.

FUTURE DEVELOPMENTS
Holmwood House Holdings Limited intends to build upon its positive momentum through:

Strategic Expansion
The board will explore opportunities for further acquisitions or collaborations, particularly in localities where strong demand and complementary services exist. Any new ventures will align with the group's values of quality care and responsible growth.

Service and Quality Enhancements
Additional capital investment in staff training, modern technology, and upgraded facilities will remain a priority. This includes personalised care programmes, digital record-keeping systems, and improved communal areas to enrich the resident experience.

Workforce Development
Talent management initiatives, including leadership coaching and advanced clinical training, aim to empower staff and uphold the group's high standards of resident-centred care. These efforts support improved employee engagement and foster a culture of continuous improvement.

Operational Innovation
Embracing new best practices and technological solutions will help drive further efficiencies. From streamlined administrative workflows to enhanced resident engagement tools, the group seeks to remain at the forefront of industry innovation.

ON BEHALF OF THE BOARD:





F J Raja - Director


8 April 2025

Holmwood House Holdings Limited (Registered number: 10931562)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £ 65,100 .

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

M A Raja
F J Raja

DONATIONS AND EXPENDITURE
Charitable donations during the year amounted to £2,843 (2023: £2,214).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Alderton Accountancy Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F J Raja - Director


8 April 2025

Report of the Independent Auditors to the Members of
Holmwood House Holdings Limited

Opinion
We have audited the financial statements of Holmwood House Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company 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 group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Holmwood House Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management around actual and potential litigation and claims, and any know instances of non-compliance;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
- Reviewing our work throughout the audit file for evidence of non-compliance.

Due to factors such as the use of judgement, sample testing and the inherent limitations of internal control, these procedures are capable of obtaining reasonable, but not absolute, assurance that irregularities have been detected.

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
Holmwood House Holdings 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.




Jamil Raja (Senior Statutory Auditor)
for and on behalf of Alderton Accountancy Limited, Statutory Auditor
Chartered Certified Accountants
Registered Auditors
962 Eastern Avenue
Newbury Park
Ilford
Essex
IG2 7JD

8 April 2025

Holmwood House Holdings Limited (Registered number: 10931562)

Consolidated
Income Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 8,393,033 7,763,162

Cost of sales 5,952,835 5,618,291
GROSS PROFIT 2,440,198 2,144,871

Administrative expenses 1,086,705 1,298,008
1,353,493 846,863

Other operating income 49,440 345,008
OPERATING PROFIT 4 1,402,933 1,191,871


Interest payable and similar expenses 5 1,376,785 864,928
PROFIT BEFORE TAXATION 26,148 326,943

Tax on profit 6 24,739 30,824
PROFIT FOR THE FINANCIAL YEAR 1,409 296,119
Profit attributable to:
Owners of the parent (48,103 ) 137,460
Non-controlling interests 49,512 158,659
1,409 296,119

Holmwood House Holdings Limited (Registered number: 10931562)

Consolidated
Other Comprehensive Income
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,409 296,119


OTHER COMPREHENSIVE INCOME
Property revaluation
Bonus issue (24 ) -
Acquisition of subsidiary
Disposal of property - (465,038 )
Deferred tax adjustment
Income tax relating to components of
other comprehensive income

-

(96,291

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(24

)

(561,329

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,385

(265,210

)

Total comprehensive income attributable to:
Owners of the parent (208,279 ) (425,362 )
Non-controlling interests 209,664 160,152
1,385 (265,210 )

Holmwood House Holdings Limited (Registered number: 10931562)

Consolidated Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 342,141 407,141
Tangible assets 10 11,636,534 11,646,487
Investments 11 - -
11,978,675 12,053,628

CURRENT ASSETS
Debtors 12 401,905 596,328
Cash at bank and in hand 387,116 557,488
789,021 1,153,816
CREDITORS
Amounts falling due within one year 13 2,181,803 2,046,151
NET CURRENT LIABILITIES (1,392,782 ) (892,335 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,585,893

11,161,293

CREDITORS
Amounts falling due after more than one
year

14

(7,682,781

)

(8,194,490

)

PROVISIONS FOR LIABILITIES 17 (401,211 ) (401,211 )
NET ASSETS 2,501,901 2,565,592

CAPITAL AND RESERVES
Called up share capital 18 305 281
Share premium 19 457,483 457,483
Revaluation reserve 19 981,863 981,863
Retained earnings 19 635,488 748,715
SHAREHOLDERS' FUNDS 2,075,139 2,188,342

NON-CONTROLLING INTERESTS 426,762 377,250
TOTAL EQUITY 2,501,901 2,565,592

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





F J Raja - Director


Holmwood House Holdings Limited (Registered number: 10931562)

Company Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 457,864 457,864
457,864 457,864

CURRENT ASSETS
Debtors 12 2,757 4,000
Cash at bank and in hand 16,948 17,192
19,705 21,192
CREDITORS
Amounts falling due within one year 13 229,894 222,917
NET CURRENT LIABILITIES (210,189 ) (201,725 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

247,675

256,139

CAPITAL AND RESERVES
Called up share capital 18 305 281
Share premium 19 457,483 457,483
Retained earnings 19 (210,113 ) (201,625 )
SHAREHOLDERS' FUNDS 247,675 256,139

Company's loss for the financial year (8,464 ) (167,875 )

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





F J Raja - Director


Holmwood House Holdings Limited (Registered number: 10931562)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 September 2022 181 751,255 457,483

Changes in equity
Issue of share capital 100 - -
Dividends - (140,000 ) -
Total comprehensive income - 137,460 -
281 748,715 457,483
Non-controlling interest arising
on business combination

-

-

-
Balance at 31 August 2023 281 748,715 457,483

Changes in equity
Issue of share capital 24 - -
Dividends - (65,100 ) -
Total comprehensive income - (48,127 ) -
305 635,488 457,483
Non-controlling interest arising
on business combination

-

-

-
Balance at 31 August 2024 305 635,488 457,483

Holmwood House Holdings Limited (Registered number: 10931562)

Consolidated Statement of Changes in Equity - continued
for the Year Ended 31 August 2024

Revaluation Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 September 2022 1,543,192 2,752,111 - 2,752,111

Changes in equity
Issue of share capital - 100 - 100
Dividends - (140,000 ) - (140,000 )
Total comprehensive income (561,329 ) (423,869 ) 160,152 (263,717 )
981,863 2,188,342 160,152 2,348,494
Non-controlling interest arising
on business combination

-

-

217,098

217,098
Balance at 31 August 2023 981,863 2,188,342 377,250 2,565,592

Changes in equity
Issue of share capital - 24 - 24
Dividends - (65,100 ) - (65,100 )
Total comprehensive income - (48,127 ) 209,664 161,537
981,863 2,075,139 586,914 2,662,053
Non-controlling interest arising
on business combination

-

-

217,098

217,098
Balance at 31 August 2024 981,863 2,075,139 804,012 2,879,151

Holmwood House Holdings Limited (Registered number: 10931562)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 281 (33,750 ) 457,483 424,014

Changes in equity
Total comprehensive income - (167,875 ) - (167,875 )
Balance at 31 August 2023 281 (201,625 ) 457,483 256,139

Changes in equity
Issue of share capital 24 - - 24
Total comprehensive income - (8,488 ) - (8,488 )
Balance at 31 August 2024 305 (210,113 ) 457,483 247,675

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Holmwood House Holdings 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 General Information page.

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.

The group 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.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 50 years based on cost/revalued amount
Improvements to property - not provided
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,571,342 4,161,434
Social security costs 367,197 327,666
Other pension costs 85,004 74,147
5,023,543 4,563,247

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

Average number of employees 246 210

2024 2023
£    £   
Directors' remuneration 12,960 12,400

4. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 546 11,516
Depreciation - owned assets 9,428 9,830
Depreciation - assets on hire purchase contracts 9,558 12,745
Profit on disposal of fixed assets - (344,121 )
Goodwill amortisation 65,000 213,333
Auditors' remuneration 48,690 24,000
Auditors' remuneration for non audit work 420 2,400

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 6,654 4,511
Bank loan interest 356,456 270,472
Interest on HP - 1,505
RBR Loan Interest 1,013,440 588,440
Interest on overdue taxation 100 -
Interest payable 135 -
1,376,785 864,928

6. 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 24,739 30,824
Tax on profit 24,739 30,824

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Property revaluation
Bonus issue (24 ) - (24 )
Acquisition of subsidiary
Disposal of property
Deferred tax adjustment
(24 ) - (24 )

2023
Gross Tax Net
£    £    £   
Property revaluation
Bonus issue
Acquisition of subsidiary
Disposal of property (465,038 ) - (465,038 )
Deferred tax adjustment - (96,291 ) (96,291 )
(465,038 ) (96,291 ) (561,329 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

8. DIVIDENDS
2024 2023
£    £   
shares of each
Interim 65,100 140,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 759,224
AMORTISATION
At 1 September 2023 352,083
Amortisation for year 65,000
At 31 August 2024 417,083
NET BOOK VALUE
At 31 August 2024 342,141
At 31 August 2023 407,141

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 September 2023 11,500,000 78,762 38,149 75,819 11,692,730
Additions - 813 8,220 - 9,033
At 31 August 2024 11,500,000 79,575 46,369 75,819 11,701,763
DEPRECIATION
At 1 September 2023 - - 16,518 29,725 46,243
Charge for year - - 7,463 11,523 18,986
At 31 August 2024 - - 23,981 41,248 65,229
NET BOOK VALUE
At 31 August 2024 11,500,000 79,575 22,388 34,571 11,636,534
At 31 August 2023 11,500,000 78,762 21,631 46,094 11,646,487

Included in cost or valuation of land and buildings is freehold land of £5,625,000 (2023 - £5,625,000) which is not depreciated.

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 August 2024 is represented by:

Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
Valuation in 2016 1,433,791 - - - 1,433,791
Valuation in 2022 1,608,301 - - - 1,608,301
Cost 8,457,908 79,575 46,369 75,819 8,659,671
11,500,000 79,575 46,369 75,819 11,701,763

Freehold land and buildings were valued on an open market basis on 31 August 2022 by Directors .

The Directors are of the opinion that the value of freehold land and buildings is not materially different from their fair value at the date of the statement of financial position.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 September 2023
and 31 August 2024 50,979
DEPRECIATION
At 1 September 2023 12,745
Charge for year 9,558
At 31 August 2024 22,303
NET BOOK VALUE
At 31 August 2024 28,676
At 31 August 2023 38,234

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 457,864
NET BOOK VALUE
At 31 August 2024 457,864
At 31 August 2023 457,864

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

Subsidiaries

Holmwood House Care Limited
Registered office: 962 Eastern Avenue, Ilford, Essex, United Kingdom, IG2 7JD.
Nature of business: Residential nursing care facilities
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,091,048 926,923
Profit for the year 284,565 15,439

White Gables Care Limited
Registered office: 962 Eastern Avenue, Ilford, Essex, United Kingdom, IG2 7JD.
Nature of business: Residential nursing care facilities
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 595,217 491,377
Profit for the year 103,840 32,891

Summercare Limited
Registered office: 962 Eastern Avenue, Ilford, Essex, United Kingdom, IG2 7JD.
Nature of business: Residential nursing care facilities
%
Class of shares: holding
Ordinary 61.83
2024 2023
£    £   
Aggregate capital and reserves 1,481,874 1,239,694
Profit for the year 242,180 415,665

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. FIXED ASSET INVESTMENTS - continued

Quinton House Care Limited
Registered office: 962 Eastern Avenue, Ilford, Essex, United Kingdom, IG2 7JD.
Nature of business: Residential nursing care facilities
%
Class of shares: holding
Ordinary

On 30th January 2023 Holmwood House Holdings Limited disposed of its interest in the Share Capital of Quinton House Care Limited at cost.

Care Billing Limited
Registered office: 962 Eastern Avenue, Ilford, Essex, United Kingdom, IG2 7JD.
Nature of business: Residential nursing care facilities
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 132,034 362,941 (3,150 ) 4,000
Other debtors 135,914 121,761 4,807 -
Staff Loans and Advances - 4,218 - -
Directors' current accounts 1,100 - 1,100 -
VAT 462 462 - -
Prepayments and accrued income 129,328 106,946 - -
Prepayments 3,067 - - -
401,905 596,328 2,757 4,000

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 362,517 211,196 - -
Hire purchase contracts (see note 16) 10,992 10,992 - -
Credit balance on sales ledger 122,830 - - -
Trade creditors 97,223 39,320 16,164 2,393
Amounts owed to group undertakings - - - 96,360
Tax 34,412 30,772 - -
Social security and other taxes 138,309 140,918 1,557 2,761
Other creditors 136,831 288,226 873 5,093
Wages and salaries control 146,574 129,408 - -
Directors' current accounts 2,115 1,552 100 -
Accruals and deferred income 254,098 404,365 - -
Accrued expenses 875,902 789,402 211,200 116,310
2,181,803 2,046,151 229,894 222,917

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

Group
2024 2023
£    £   
Bank loans (see note 15) 4,970,048 5,473,978
Other loans (see note 15) 2,511,542 2,521,516
Hire purchase contracts (see note 16) 22,754 33,745
Accruals and deferred income 178,437 165,251
7,682,781 8,194,490

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 897 1,860
Bank loans 361,620 209,336
362,517 211,196
Amounts falling due between one and two years:
Bounce Back Loan 10,112 21,519
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,364,170 954,817
Other loans - 2-5 years 11,542 21,516
1,375,712 976,333
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 2,500,000 2,500,000
Repayable by instalments
Bank loans more 5 yr by instal 3,595,766 4,497,642

The Group secured a loan facility from the Bank in 2018. As at the year end, the outstanding balance amounted to £5,300,978 (2023: £5,642,021). The loan accrues interest at a rate of 1.85% per annum above the base rate of 5.25% per annum and is repayable over a term of 20 years.

In October 2021, the Group obtained a loan under the Bounce Back Loan Scheme. The outstanding balance as at the year end was £42,232 (2023: £62,810). This loan bears interest at a fixed rate of 2.5% per annum, with no principal repayments required during the first year.

The Group also entered into a loan agreement with RBR Property Investments Limited, a company under the control of a Director. As at the year end, the outstanding loan balance was £2,500,000 (2023: £2,500,000). This facility accrues interest at 5% per annum and is scheduled for repayment by 2030.

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 16,582 16,582
Between one and five years 33,658 44,649
50,240 61,231

Finance charges repayable:
Within one year 5,590 5,590
Between one and five years 10,904 10,904
16,494 16,494

Net obligations repayable:
Within one year 10,992 10,992
Between one and five years 22,754 33,745
33,746 44,737

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 401,211 401,211

Group
Deferred
tax
£   
Balance at 1 September 2023 401,211
Disposal of Property
Adj due to change in rate
Balance at 31 August 2024 401,211

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30,492 Ordinary .01 305 281

Holmwood House Holdings Limited (Registered number: 10931562)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

18. CALLED UP SHARE CAPITAL - continued

On 31 March 2023, the company allotted 2,380 fully paid ordinary shares of £0.01 each as a bonus issue out of reserves entitling them to one fully paid ordinary share for every share held.

19. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 748,715 457,483 981,863 2,188,061
Deficit for the year (48,103 ) (48,103 )
Dividends (65,100 ) (65,100 )
Bonus share issue (24 ) - - (24 )
At 31 August 2024 635,488 457,483 981,863 2,074,834

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 (201,625 ) 457,483 255,858
Deficit for the year (8,464 ) (8,464 )
Bonus share issue (24 ) - (24 )
At 31 August 2024 (210,113 ) 457,483 247,370


20. RELATED PARTY DISCLOSURES

During the year the Group made payment in respect of rent totalling £Nil (2023: £15,000) to Alpha Remediation Limited a company connected to a Director. The amount owed at the year end was £Nil (2023: £Nil).

Included within creditors is an amount £Nil (2023: £140,669) due to Gateway Housing Limited, a company under common directorship.

Quinton House Care Limited: (a company under common directorship)
2024 2023
£    £   
Sales - 12,000
Amount due from related party - 6,994

RBR Property Investments Limited: (A company under the control of a Director)
2024 2023
£    £   
Loan 2,500,000 2,500,000
Interest on loan 773,440 588,040
Amount due from related party - 126,617
Amount due to related party - 16,140