| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ASPEN HILL HEALTHCARE LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ASPEN HILL HEALTHCARE LIMITED |
| ASPEN HILL HEALTHCARE LIMITED (REGISTERED NUMBER: 11591710) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ASPEN HILL HEALTHCARE LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 1110 Elliott Court |
| Herald Avenue |
| Coventry Business Park |
| Coventry |
| West Midlands |
| CV5 6UB |
| ASPEN HILL HEALTHCARE LIMITED (REGISTERED NUMBER: 11591710) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The financial statements were approved by the director and authorised for issue on |
| ASPEN HILL HEALTHCARE LIMITED (REGISTERED NUMBER: 11591710) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Aspen Hill Healthcare Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements for the year ended 31 December 2024 have been prepared on a going concern basis. |
| The Company has made a profit for the year but continues to show net current liabilities and net liabilities at the balance sheet date. The Company has substantial debt from key stakeholders who have been supportive of the business through COVID and the subsequent rebuilding post pandemic. |
| In the post-covid period both occupancy and profitability have recovered substantially. The Group embarked on a recruitment programme which impacted profitability initially but has now provided the business with a permanent, suitably qualified, and stable workforce. Recent CQC inspections have resulted in the Company now having the majority of its services rated Good following a focus by the management on quality standards. |
| The Company is closely managing its cash flow position. Accordingly, the directors have prepared cashflow forecasts from the date of signing these financial statements to 31 December 2025 which demonstrate cash flow can be managed well, once clear steps have been completed. The Company has lending in place with a new lender who has agreed to finance the Aspen Hill trade and associated property company. This will enable the companies to operate well inside their own cash flow requirements and borrowing facilities. |
| The Directors believe that the business will continue as a going concern. |
| 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. |
| Turnover |
| Turnover represents fees receivable in respect of residential care services provided to residents.Turnover is recognised to the extent that performance occurs and is measured at fair value of the fees receivable. Fees not invoiced to residents by the balance sheet date are included in debtors as accrued income. Fees invoiced to residents in advance of future periods are included in creditors as deferred income. |
| 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. |
| ASPEN HILL HEALTHCARE LIMITED (REGISTERED NUMBER: 11591710) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery | - |
| Computer equipment | - |
| 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 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 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. |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and in hand that are readily convertible to a known amount of cash and are subject to insignificant risk to changes in value. These are shown as current assets. |
| Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. |
| Short term creditors |
| Short term creditors with no stated interest rate that are payable within one year are stated at transaction price. Any losses from impairment are recognised in the profit and loss account. |
| Loans and borrowing |
| Bank loans and borrowing are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ASPEN HILL HEALTHCARE LIMITED (REGISTERED NUMBER: 11591710) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| Prepayments and accrued income |
| ASPEN HILL HEALTHCARE LIMITED (REGISTERED NUMBER: 11591710) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 632,901 | 638,546 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Other loans - 1-2 years | 28,323 | 50,000 |
| Other loans - 2-5 years | - | 16,667 |
| Other creditors |
| 9. | SECURED DEBTS |
| A fixed and floating charge over the assets of the company exists in relation to a loan in the parent company. |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | RELATED PARTY DISCLOSURES |
| During the year, the company loaned £nil (2023: £1,000) to a healthcare company controlled by one of the directors. At the balance sheet date amount owed to the company is £172,500 (2023: £172,500). |
| During the year, the company loaned £2,000 (2023: £nil) to a healthcare company controlled by one of the directors. At the balance sheet date amount owed to the company is £2,000 (2023: £nil). |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Armighorn Capital Limited. |