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Registered number: 04380228









HERITAGE CARE HOMES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
HERITAGE CARE HOMES LIMITED
 
 
COMPANY INFORMATION


Directors
S M Hussain 
R B Hussain 




Company secretary
R B Hussain



Registered number
04380228



Registered office
14-26 Victoria Street

Luton

Bedfordshire

LU1 2UA




Independent auditors
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
HERITAGE CARE HOMES LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 28


 
HERITAGE CARE HOMES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Business review
 
The principal activity of the Company continued to be that of the operation of care homes.
The coronavirus pandemic and the subsequent war in Ukraine has had a significant impact across the global economy and the Company, as a direct result, has continued to experience one of its most challenging trading environments to date. With increased wholesale energy prices resulting directly from the war in Ukraine, and corresponding rises in wage costs, the Company has seen a continued high level of operating expenditure this year. Following decisions taken in the previous year to mitigate these additional costs where possible, and in light of continued high levels of overheads, the directors took the decision to close the Georgiana care home during the year. This has resulted in a temporary cessation of activities in this sector, while the directors seek further investment oportunities in the care home market.

Principal risks and uncertainties
 
Throughout its operations the Company faces various principal internal and external risks and uncertainties. The directors periodically review their exposure to risk and use this as a benchmark for making strategic decisions to mitigate exposure to all forms of risks, where practical.
Financial risks
The Company, as with many organisations within the public sector, are under significant pressure to reduce costs. The directors have prudently managed cashflow and have controlled overheads to ensure the Company maintains a strong financial environment. The directors are thankful to have the ongoing financial support of the local authority revenues from which form a significant part of the company’s business. 
Regulatory risks
The industry is regulated by care industry regulators (CQC) and periodically these regulators will carry out inspections to assess the care homes environment and compliance with health and safety regulations. The Company continues to be alert to any legislative changes introduced by the Government.
Operational risks
The Company’s key objective is to provide the highest standard of care to its residents. Staff shortages are a significant risk especially given the ongoing pandemic. The directors mitigate this risk by ensuring they maintain strong relationships with their staff and provide appropriate levels of remuneration and comprehensive training. 

Employment policy
 
The Company does not discriminate against anyone on any grounds. The Company considers its key strength to be its people whom are all suitably qualified and appropriately trained.
The sole criterion for selection or promotion is the suitability of the person for the job. It is the policy of the Company to provide employment to people irrespective of sex, age, religion or disability whenever the demands of the Company and the abilities of the individual will allow. Appropriate levels of training and development are available for all levels and categories of staff.

Page 1

 
HERITAGE CARE HOMES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Outlook
 
The Company’s key objective has been to provide unrivaled care and service to its residents.
Ongoing economic turbulence and inflationary cost pressures have continued to provide future trading challenges and uncertainty.
 
In light of these challenging circumstances, the Directors took the decision to cease activity at the Georgiana care home during the year.
The directors would like to take this opportunity to thank its staff, residents and business partners for their  support throughout the period.

Financial and other key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover, gross profit and net profit.
Given the nature of the business, the directors consider that the non-financial indicators of occupancy and CQC rating are also key performanace indicators.
The directors are of the opinion that due to the decisions taken subsequent to the year, as disclosed above, further disclosure regarding KPIs is not relevant.


This report was approved by the board and signed on its behalf.



S M Hussain
Director

Date: 23 May 2025

Page 2

 
HERITAGE CARE HOMES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £1,182,619 (2023 - loss £1,172,368).

The directors do not recomment payment of a final dividend.

Directors

The directors who served during the year were:

S M Hussain 
R B Hussain 

Future developments

The directors aim to improve the management policies to maintain the Company's sustainability and growth.

Page 3

 
HERITAGE CARE HOMES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, the Company disposed of the freehold property from which the Georgiana care home was operated. In accordance with the Company's stated accounting policy, the freehold property has been revalued to its recoverable amount as at the year end.
In addition, subsequent to the year end the directors have initiated the process of acquiring a new care home property. Negotiations are ongoing, and the directors anticipate finalising the acquisition in early 2025. The directors are of the opinion that all assets and liabilities are fairly stated and therefore the use of the Going Concern basis remains appropriate. No adjustment has been made to the financial statements in respect of costs arising from the cessation of activity at the care home.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S M Hussain
Director

Date: 23 May 2025

Page 4

 
HERITAGE CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERITAGE CARE HOMES LIMITED
 

Opinion


We have audited the financial statements of Heritage Care Homes Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 October 2024 and of its loss 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 United Kingdom, including the Financial Reporting Council'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.


Emphasis of matter


We draw attention to Note 2.2 in the financial statements, which describes the temporary cessation of activites following the closure of the Company’s remaining care home during the year. Despite these events, the directors are of the opinion that the use of the going concern basis for the preparation of the financial statements remains appropriate. Additionally, as disclosed in Note 24 the carrying value of the assets are not materially different from the recoverable amounts of the assets held, and there are no indications of material uncertainties related to the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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.


Page 5

 
HERITAGE CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERITAGE CARE HOMES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
HERITAGE CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERITAGE CARE HOMES LIMITED (CONTINUED)


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 an Auditors' report 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:

The engagement partner ensured that the engagement 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 discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
°Companies Act 2006.
°FRS102.
°Health and Safety legislation.
°Care Quality Commission standards.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified.

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

Making enquires of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgements and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 7

 
HERITAGE CARE HOMES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERITAGE CARE HOMES LIMITED (CONTINUED)


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Andrew Barnes (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

23 May 2025
Page 8

 
HERITAGE CARE HOMES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
683,956
2,235,980

Cost of sales
  
(900,031)
(2,191,368)

Gross (loss)/profit
  
(216,075)
44,612

Administrative expenses
  
(906,044)
(977,818)

Fair value movements
  
-
(30,000)

Operating loss
 5 
(1,122,119)
(963,206)

Loss on disposal of investment property
  
(35,000)
-

Interest receivable and similar income
  
-
1,013

Interest payable and similar expenses
 11 
(79,169)
(213,155)

Loss before tax
  
(1,236,288)
(1,175,348)

Tax on loss
 13 
53,669
2,980

Loss for the financial year
  
(1,182,619)
(1,172,368)

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
1,143,133
900,401

Movement in deferred tax on revaluation of tangible fixed assets
  
277,676
113,749

Other comprehensive income for the year
  
1,420,809
1,014,150

Total comprehensive income for the year
  
238,190
(158,218)

The notes on pages 15 to 28 form part of these financial statements.

Page 9

 
HERITAGE CARE HOMES LIMITED
REGISTERED NUMBER: 04380228

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 9 
4,211,748
4,825,859

Investment property
 10 
-
495,000

  
4,211,748
5,320,859

Current assets
  

Debtors: amounts falling due within one year
 14 
930,233
2,584,777

Bank and cash balances
  
13,589
122,866

  
943,822
2,707,643

Creditors: amounts falling due within one year
 15 
(409,937)
(2,888,376)

Net current assets/(liabilities)
  
 
 
533,885
 
 
(180,733)

Total assets less current liabilities
  
4,745,633
5,140,126

Creditors: amounts falling due after more than one year
 16 
(372,549)
(667,225)

Provisions for liabilities
  

Deferred tax
 18 
-
(331,345)

Net assets
  
4,373,084
4,141,556


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Revaluation reserve
 20 
2,905,685
2,757,146

Other reserves
 20 
68,302
68,302

Profit and loss account
 20 
1,398,097
1,315,108

  
4,373,084
4,141,556


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S M Hussain
Director

Date: 23 May 2025

The notes on pages 15 to 28 form part of these financial statements.

Page 10

 
HERITAGE CARE HOMES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 November 2022
1,000
1,778,814
68,302
2,451,658
4,299,774



Loss for the year
-
-
-
(1,172,368)
(1,172,368)

Revaluation of tangible fixed asset
-
900,401
-
-
900,401

Movement in deferred tax on revaluation of tangible fixed assets
-
113,749
-
-
113,749

Reserves transfer on revaluation of investment property
-
(30,000)
-
30,000
-

Reserves transfer on movement in deferred tax on revaluation of investment property
-
12,190
-
(12,190)
-

Reserves transfer in respect of depreciation on revalued assets
-
(18,008)
-
18,008
-



At 1 November 2023
1,000
2,757,146
68,302
1,315,108
4,141,556



Loss for the year
-
-
-
(1,182,619)
(1,182,619)

Revaluation of tangible fixed assets
-
1,143,133
-
-
1,143,133

Movement in deferred tax on revaluation of tangible fixed assets
-
277,676
-
-
277,676

Realisation of revaluation reserve on disposal of investment property
-
(180,728)
-
180,728
-

Realisation of revaluation reserve on disposal of tangible fixed assets
-
(1,091,542)
-
1,091,542
-

Dividends: Equity capital
-
-
-
(6,662)
(6,662)


At 31 October 2024
1,000
2,905,685
68,302
1,398,097
4,373,084


The notes on pages 15 to 28 form part of these financial statements.

Page 11

 
HERITAGE CARE HOMES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(1,182,619)
(1,172,368)

Adjustments for:

Depreciation of tangible assets
107,311
144,261

Loss on disposal of tangible assets
229,933
-

Interest paid
79,169
213,155

Taxation charge
(53,669)
(2,980)

Decrease in debtors
70,818
127,638

Decrease in amounts owed by connected companies
1,559,705
1,561,852

(Decrease) in creditors
(462,917)
(19,029)

Net fair value losses recognised in P&L
-
30,000

Corporation tax received
24,021
-

Loss on disposal of investment property
35,000
-

Net cash generated from operating activities

406,752
882,529


Cash flows from investing activities

Sale of tangible fixed assets
1,420,000
-

Sale of investment properties
460,000
-

Net cash from investing activities

1,880,000
-
Page 12

 
HERITAGE CARE HOMES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(2,305,593)
(746,618)

Interest paid
(79,169)
(213,155)

Net cash used in financing activities
(2,384,762)
(959,773)

Net (decrease) in cash and cash equivalents
(98,010)
(77,244)

Cash and cash equivalents at beginning of year
111,599
188,843

Cash and cash equivalents at the end of year
13,589
111,599


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
13,589
122,866

Bank overdrafts
-
(11,267)

13,589
111,599


The notes on pages 15 to 28 form part of these financial statements.

Page 13

 
HERITAGE CARE HOMES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024





At 1 November 2023
Cash flows
Other non-cash changes
At 31 October 2024
£

£

£

£

Cash at bank and in hand

122,866

(109,277)

-

13,589

Bank overdrafts

(11,267)

11,267

-

-

Debt due after 1 year

(100,233)

69,256

-

(30,977)

Debt due within 1 year

(2,433,553)

2,081,162

160,743

(191,648)

Finance leases

(27,228)

-

27,228

-


(2,449,415)
2,052,408
187,971
(209,036)

The notes on pages 15 to 28 form part of these financial statements.

Page 14

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Heritage Care Homes Limited ("the Company") is a private company, limited by shares, incorporated in England and Wales. The registered office is 14-26 Victoria Street, Luton, Bedfordshire, LU1 2UA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In March 2024, the company made the decision to cease trading activities at its Georgiana care home. Subsequent to the year-end, as disclosed in Note 25, the directors completed the sale of the care home property.
The directors have carefully considered the cessation of trading activities, the closure of the company’s remaining care home during the year, and the ongoing plans to acquire a new care home. They are of the opinion that the use of the going concern basis for the preparation of the financial statements remains appropriate. Furthermore, should the going concern basis not be appropriate, there would be no material difference between the carrying values of the assets and their recoverable amounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following annual bases:

Freehold property
-
Over 50 years
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 17

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers or the directors.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 18

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.             
                                                                                                                                                                                                                                                                                                                                                               
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
                                                                     
Critical accounting estimates and assumptions
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the property plant and equipment, and note 2.11 for useful economic lives for each class of assets.
Taxation
The entity establishes provisions based on reasonable estimates. Management estimation is required to determine the amount of deferred tax assets/liabilities that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 2.10 and note 13.

Page 19

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Care home fees and other charges
683,157
2,201,980

Rent receivable
799
34,000

683,956
2,235,980


2024
2023
£
£

United Kingdom
683,956
2,235,980



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
107,311
144,261

Other operating lease rentals
20,327
22,757


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,000
8,000

All other services
50,324
17,500
Page 20

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
891,348
1,770,674

Social security costs
62,185
126,341

Cost of defined contribution scheme
18,012
29,319

971,545
1,926,334


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Total
40
103


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
16,800
16,800


Page 21

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2023
6,490,385
547,746
44,490
11,408
22,542
7,116,571


Disposals
(2,186,235)
(547,746)
-
(11,408)
-
(2,745,389)


Revaluations
1,143,133
-
-
-
-
1,143,133



At 31 October 2024

5,447,283
-
44,490
-
22,542
5,514,315



Depreciation


At 1 November 2023
1,740,385
498,283
33,369
5,131
13,544
2,290,712


Charge for the year on owned assets
88,133
5,153
11,121
654
2,250
107,311


Disposals
(586,235)
(503,436)
-
(5,785)
-
(1,095,456)



At 31 October 2024

1,242,283
-
44,490
-
15,794
1,302,567



Net book value



At 31 October 2024
4,205,000
-
-
-
6,748
4,211,748



At 31 October 2023
4,750,000
49,463
11,121
6,277
8,998
4,825,859




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
4,205,000
4,750,000


Cost or valuation at 31 October 2024 is as follows:

Land and buildings
£


At cost
2,944,534
At valuation:

2023 and prior
2,502,749



5,447,283

Page 22

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Investment property


Freehold investment property

£





At 1 November 2023
495,000


Disposals
(495,000)



At 31 October 2024
-

The 2024 valuations were made by the directors, on an open market value for existing use basis.





11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest
79,169
213,155


12.


Dividends

2024
2023
£
£


Dividends
6,662
-

Page 23

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(936)


Total current tax
-
(936)

Deferred tax


Origination and reversal of timing differences
(53,669)
(19,637)

Changes to tax rates
-
17,593

Total deferred tax
(53,669)
(2,044)


Tax on loss
(53,669)
(2,980)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,236,288)
(1,175,348)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(309,072)
(293,837)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
72,952
7,822

Depreciation for year in excess of capital allowances
26,094
35,224

Adjustments to tax charge in respect of prior periods
-
(936)

Capital gains
88,492
-

Unrelieved tax losses carried forward
121,534
250,791

Adjustment for deferred tax
(53,669)
(2,044)

Total tax charge for the year
(53,669)
(2,980)

Page 24

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
13.Taxation (continued)


Factors that may affect future tax charges

The Company has taxable losses as at 31 October 2024 totalling £1,512,943 (2023 - £1,026,806) available for offset against future taxable profits.


14.


Debtors

2024
2023
£
£


Trade debtors
-
19,826

Amounts owed by connected companies
891,697
2,451,402

Other debtors
-
46,039

Prepayments
38,536
67,510

930,233
2,584,777



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
11,267

Bank loans
69,257
2,305,594

Trade creditors
121,718
137,365

Other taxation and social security
46,915
25,414

Obligations under finance lease and hire purchase contracts
-
27,228

Other creditors
142,454
257,820

Accruals and deferred income
29,593
123,688

409,937
2,888,376



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
30,977
100,233

Other creditors
341,572
566,992

372,549
667,225


Page 25

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
69,257
2,305,594

Amounts falling due 1-2 years

Bank loans
30,977
69,256

Amounts falling due 2-5 years

Bank loans
-
30,977


100,234
2,405,827


Bank loans totalling £nil (2023 - £2,242,962) are secured by way of a first legal charge over certain freehold property held by the directors.


18.


Deferred taxation




2024
2023


£

£






At beginning of year
331,345
447,138


Charged to profit or loss
(53,669)
(2,044)


Charged to other comprehensive income
(277,676)
(113,749)



At end of year
-
331,345

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
24,396

Revaluation gains
-
306,949

-
331,345

Page 26

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



20.


Reserves

Revaluation reserve

The revaluation reserve consists of non-distributable reserves arising from cumulative historical revaluation profits and losses in respect of freehold properties and investment property.

Other reserves

Other reserves consist of non-distributable reserves arising from capital contributions.

Profit and loss account

The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,012 (2023 - £29,319).  Contributions totalling £2,391 (2023 - £7,959) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases - Lessee

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
10,379
17,022

Later than 1 year and not later than 5 years
-
10,379

10,379
27,401

Page 27

 
HERITAGE CARE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

23.


Commitments under operating leases - Lessor

At 31 October 2024 the Company had no contract with and the tenants under non-cancellable operating leases and therefore no future minimum lease payments expected.

2024
2023
£
£
Not later than 1 year

-

34,000
 
Later than 1 year and not later than 5 years

-

-
 
-

34,000
 


24.


Related party transactions

At the year end the Company was owed £891,697 (2023 - £2,480,363) by connected companies. The companies are connected by virtue of common ownership. 
At the year end the Company owed the directors £461,572 
(2023 - £653,942). This is an unsecured interest free loan payable within a 5 year period.
During the year key management personnel, other than the Company's directors, received compensation totalling £56,270 (
2023 - £58,870).
During the year the directors received dividends totalling £Nil (
2023 - £Nil).


25.


Post balance sheet events

Subsequent to the year end, the Company disposed of the freehold property from which the Georgiana care home was operated. In accordance with the Company's stated accounting policy, the freehold property has been revalued to its recoverable amount as at the year end.
In addition, subsequent to the year end the directors have initiated the process of acquiring a new care home property. Negotiations are ongoing and the directors anticipate finalising the acquisition in early 2025.
The directors are of the opinion that all assets and liabilities are fairly stated and therefore the use of the Going Concern basis remains appropriate. Furthermore, if the going concern basis were not to be appropriate, there would be no material difference between the carrying value of the assets and their recoverable amounts. 


26.


Controlling party

Mr & Mrs Hussain are the ultimate controlling party of the Company.

 
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