Company registration number 05437410 (England and Wales)
ELEANOR EHC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ELEANOR EHC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ELEANOR EHC LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,632,384
3,191,448
Current assets
Debtors
5
5,212,593
3,189,203
Cash at bank and in hand
124,136
48,178
5,336,729
3,237,381
Creditors: amounts falling due within one year
6
(10,931,867)
(6,066,158)
Net current liabilities
(5,595,138)
(2,828,777)
Total assets less current liabilities
(2,962,754)
362,671
Provisions for liabilities
(69,609)
(94,381)
Net (liabilities)/assets
(3,032,363)
268,290
Capital and reserves
Called up share capital
129,635
129,635
Revaluation reserve
7
104,966
104,966
Profit and loss reserves
8
(3,266,964)
33,689
Total equity
(3,032,363)
268,290

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
M Cunliffe
Director
Company registration number 05437410 (England and Wales)
ELEANOR EHC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Eleanor EHC Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bollin House, Bollin Link, Wilmslow, Cheshire, SK9 1DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold land and properties. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Equilibrium Healthcare Group Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

The company has made a loss during the year and has net current liabilities at the balance sheet date. This is a result of the care home operating at a limited capacity.  The facility continued with development and refurbishment so that users will receive a high-quality level of care as the unit returns to full capacity. We have also continued with the robust training program for all the Eleanor Staff during the year.

The Senior Management Team continued to work closely with the CQC and the local commissioning team updating regularly on progress and improvements made at the service.

After working closely with the CQC the unit received an overall CQC rating of ‘Good’ in December 24. This provided a strong platform to strategically manage and increase the occupancy gradually over FY25/26 whilst still maintaining a high level of care service at the Unit.

The Directors have prepared the accounts on a going concern basis after due consideration of the cashflow requirements and business forecasts for the next 12 months along with support available from other group and related companies and shareholders if required, and consider the company to be able to continue as a going concern

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided for

patients and service users. It is shown net of VAT and other sales related taxes.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is

the present value of the future receipts. The difference between the fair value of the consideration and the

nominal amount received is recognised as interest income.

 

 

 

ELEANOR EHC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and property
2% straight line (land not depreciated)
Fixtures and fittings
25% reducing balance
Capital refurbishments
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Freehold land and buildings were revalued as at 30 June 1991, with the revaluation surplus being taken to the revaluation reserve. The transactional provisions of the previous accounting standard FRS15 were followed and consequently the valuation has not been updated since this time.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ELEANOR EHC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ELEANOR EHC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of tangible fixed assets

Determination of whether there are indicators of impairment in the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually. The depreciation charge of the year and total accumulated depreciation are disclosed in the tangible assets note.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
48
43

In addition to the above staff costs, agency cost of £208,542 (2023 - £426,169) have been incurred in relation of the provision of care.

ELEANOR EHC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Capital refurbishments
Total
£
£
£
£
Cost or valuation
At 1 July 2023
2,871,071
421,559
3,813,026
7,105,656
Additions
-
0
18,435
3,060
21,495
Disposals
-
0
(202,002)
(636,084)
(838,086)
At 30 June 2024
2,871,071
237,992
3,180,002
6,289,065
Depreciation and impairment
At 1 July 2023
1,366,043
382,066
2,166,099
3,914,208
Depreciation charged in the year
57,421
13,262
412,114
482,797
Eliminated in respect of disposals
-
0
(189,615)
(550,709)
(740,324)
At 30 June 2024
1,423,464
205,713
2,027,504
3,656,681
Carrying amount
At 30 June 2024
1,447,607
32,279
1,152,498
2,632,384
At 30 June 2023
1,505,028
39,493
1,646,927
3,191,448

Freehold land and buildings were revalued as at 30 June 1991, with the revaluation surplus being taken to the revaluation reserve. The transactional provisions of the previous accounting standard FRS15 were followed and consequently the valuation has not been updated since this time.

The revaluation surplus is disclosed in note 7.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold Property
2024
2023
£
£
Cost
2,583,850
2,583,850
Accumulated depreciation
(1,232,448)
(1,180,771)
Carrying value
1,351,402
1,403,079
ELEANOR EHC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
91,650
91,690
Amounts owed by group undertakings
919,770
-
0
Other debtors
4,201,173
3,097,513
5,212,593
3,189,203

Other debtors include balances with companies under common control as disclosed within the related party transaction note.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
452,653
85,509
Amounts owed to group undertakings
-
0
496,376
Taxation and social security
132,558
167,539
Other creditors
10,346,656
5,316,734
10,931,867
6,066,158

Other creditors include balances with companies under common control as disclosed within the related party transaction note.

7
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
104,966
104,966

This reserve records the value of previous asset revaluations

8
Profit and loss reserves

This reserve records retained earnings and accumulated losses.

 

 

 

 

 

ELEANOR EHC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ryan Wear BSc ACA
Statutory Auditor:
Cooper Parry Group Limited
Date of audit report:
9 April 2025
10
Related party transactions

The company is a wholly owned subsidiary of Equilibrium Healthcare Group Limited, the consolidated accounts of which are publicly available. Accordingly, the company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions with members of the group.

 

The company was under the control of PJ Keely throughout the current period and previous year due to his majority shareholding of Equilibrium Healthcare Group Limited. In addition PJ Keely owns the majority of the issued share capital of Equilibrium Healthcare Limited (of which EHC Moston Grange is a wholly owned subsidiary and Hasigyn Limited is a 87.5% subsidiary) and Leap29 Holdings Limited (of which Leap29 Limited is a wholly owned subsidiary). Each of these companies and groups also have common directorships. During the year, fees of £750,000 (2023 - £550,000) were payable to the majority shareholder.

 

Included within other debtor is £1,460,000 (2023 - £1,925,408) owed from Leap29 Limited.

 

Included within other debtors is £569,218 (2023 - £617,196) owed from Hasigyn Limited and an amount due from EHC Moston Grange Limited of £728,402 (2023 - £2,194,059). Included within other creditors is £8,506,848 (2023 - £2,818,914) owed to Equilibrium Healthcare Limited.

 

Included within other debtors is a balance of £602,533 (2023 - £515,384) owed by Evernova Capital Limited, a company in which PJ Keely is a director and shareholder. This loan bears interest at 0.5% above the prevailing base rate and is repayable on demand. Interest of £34,646 (2023 - £16,600) has been charged in the year.

11
Directors' transactions

Directors fees of £131,472 (2023 - £241,506) have been incurred in respect of two (2023 - four) individuals who were directors during the year.

12
Parent company

The immediate and ultimate parent company, by virtue of owning 100% of the issued share capital is Equilibrium Healthcare Group Limited, a company incorporated in England and Wales.

 

In the opinion of the directors the parent company is controlled by P J Keely by virtue of owning majority of the issued share capital.

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