| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Holmwood House Care Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Holmwood House Care Limited |
| Holmwood House Care Limited (Registered number: 10932588) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Statement of Financial Position | 10 |
| Statement of Changes in Equity | 11 |
| Notes to the Financial Statements | 12 |
| Holmwood House Care Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| Registered Auditors |
| 962 Eastern Avenue |
| Newbury Park |
| Ilford |
| Essex |
| IG2 7JD |
| BANKERS: |
| Chatham Customer Service Centre |
| Western Avenue |
| Waterside Court, Chatham Maritime |
| Chatham |
| Kent |
| ME4 4RT |
| Holmwood House Care Limited (Registered number: 10932588) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| Holmwood House Care Limited operates within the health and social care sector markets with its focus on providing elderly care. It provides both nursing and residential care and its funding is raised through local authorities and private funders. The home holds and operates its trade, assets, and central support functions. |
| Holmwood House Care Limited has turnover totalling £3.27 million (2023: £3.08 million) in the year, with a gross profit margin of 32.48% (2023: 33.55%) and a net profit margin of 2.14% (2023: 0.89%). This growth reflects strong occupancy levels, positive relationships with local authority and private funders. 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. |
| 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 company's care services and a strong referral pipeline. |
| Profitability and Reinvestment |
| Steady margins were sustained through careful staffing allocations, supplier negotiations, and budgeting discipline.The company 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 |
| 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 Care Limited (Registered number: 10932588) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Staffing and Recruitment |
| Demand for skilled care staff requires the company 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 company 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 Care Limited stand out in a competitive market. |
| Regulatory Compliance |
| The company'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 company'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 |
| 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. |
| By maintaining its focus on regulatory compliance, sound financial stewardship, and exceptional care quality, Holmwood House Care Limited is confident in its ability to navigate the evolving healthcare landscape while continuing to deliver sustainable growth and positive outcomes for residents and stakeholders alike. |
| ON BEHALF OF THE BOARD: |
| Holmwood House Care Limited (Registered number: 10932588) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of Residential nursing care facilities |
| DIVIDENDS |
| No interim dividend was paid during the year. The directors recommend a final dividend of |
| The total distribution of dividends for the year ended 31 August 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, J Raja & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Holmwood House Care Limited |
| Opinion |
| We have audited the financial statements of Holmwood House Care Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Holmwood House Care Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect 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 Care 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. |
| for and on behalf of |
| Chartered Certified Accountants |
| Registered Auditors |
| 962 Eastern Avenue |
| Newbury Park |
| Ilford |
| Essex |
| IG2 7JD |
| Holmwood House Care Limited (Registered number: 10932588) |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| Holmwood House Care Limited (Registered number: 10932588) |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of freehold property |
| Income tax relating to other comprehensive income |
( |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Holmwood House Care Limited (Registered number: 10932588) |
| Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Revaluation reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Holmwood House Care Limited (Registered number: 10932588) |
| Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Holmwood House Care Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company is a member of a group, where the parent of the group prepares publicly available consolidated financial statements, including this company. |
| The financial statements of the company are consolidated in the financial statements of Holmwood House Holdings Limited. These consolidated financial statements are available from its registered office address; 962 Eastern Avenue, Ilford, Essex, United Kingdom, IG2 7JD. |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| 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. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are 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 |
| 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. |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 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 Care Limited (Registered number: 10932588) |
| Notes to the 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. |
| 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. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Average number of employees |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Goodwill amortisation |
| Auditors' remuneration |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Interest on HP |
| RBR Loan Interest |
| Interest payable |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 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 |
| Tax on profit |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 31 August 2024. |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of freehold property | (48,976 | ) | (48,976 | ) |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of 1 each |
| Final |
| 8. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| AMORTISATION |
| At 1 September 2023 |
| Amortisation for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Freehold | to | and | Motor |
| property | property | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 2,500,000 (2023 - £ 2,500,000 ) which is not depreciated. |
| Cost or valuation at 31 August 2024 is represented by: |
| Improvements | Fixtures |
| Freehold | to | and | Motor |
| property | property | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2022 | 816,276 | - | - | - | 816,276 |
| Cost | 4,763,724 | 79,575 | 10,767 | 75,819 | 4,929,885 |
| 5,580,000 | 79,575 | 10,767 | 75,819 | 5,746,161 |
| Freehold Land and Buildings were valued on an open market basis on 31 August 2022 by the 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. |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| 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 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Staff Loans & Advances | - | 3,300 |
| Prepayments and accrued income |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Hire purchase contracts (see note 14) |
| Credit balance on sales ledger |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Deferred income |
| Accrued expenses |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 13) |
| Other loans (see note 13) |
| Hire purchase contracts (see note 14) |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Bounce Back Loan |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Other loans more 5yrs non-inst | 1,400,000 | 1,400,000 |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,966,076 | 2,396,646 |
| The company obtained a loan from the Bank in 2018. As of the year-end, the outstanding balance was £2,828,114 (2023: £3,000,521). The loan bears an interest rate of 1.85% per annum above the base rate of 5.25% per annum and is scheduled for repayment over a 20-year period. |
| In October 2021, the Group obtained a loan under the Bounce Back Loan Scheme. As of the year-end, the outstanding balance was £42,232 (2023: £62,810). This loan carries an interest rate of 2.5% per annum, with no principal repayments required during the first year. |
| Additionally, the Group secured a loan from RBR Property Investments Limited, a company under the control of a Director. The outstanding balance of this loan at the year-end was £2,500,000 (2023: £2,500,000). This loan carries an interest rate of 5% per annum and is due for repayment by 2030. |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| The bank loans of the company are secured by a debenture on all assets of the company and also by legal charges over the associated properties. |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 204,068 | 204,068 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Revaluation of properties |
| Balance at 31 August 2024 |
| Holmwood House Care Limited (Registered number: 10932588) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 18. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2023 | 926,823 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 August 2024 | 875,129 |
| 19. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Amount due from related party |
| 2024 | 2023 |
| £ | £ |
| Loan interest | 418,040 | 318,040 |
| Amount due from related party |
| Amount due to related party |