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Registered number: 05999268










ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
A N Duck (resigned 1 October 2024)
H Holman 
K Savjani (resigned 7 August 2024)
D C Ward (resigned 7 August 2024)
J P Brown (appointed 7 August 2024)
D Vermeer (appointed 1 October 2024)




Company secretary
M G Duggan



Registered number
05999268



Registered office
Unit G1 Ash Tree Court
Nottingham Business Park

Nottingham

England

NG8 6PY




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Jesmond

Newcastle upon Tyne

NE2 1QP





 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 

CONTENTS



Page
Directors' report
1 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 14


 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The Company is an investment company whose business is the holding of an investment in its wholly owned subsidiary, Arden Partnership (Lincolnshire) Limited.
Arden Partnership (Lincolnshire) Limited's principal activity during the year was the operation of the Johnson Community Hospital in Spalding, Lincolnshire for  NHS Property Services (formally Lincolnshire Primary Care Trust). 

Results and dividends

The profit for the year, after taxation, amounted to £667k (2023: £850k).

A dividend of £667k (2023: £850k) was approved and paid during the year.

Directors

The directors who served during the year were:

A N Duck (resigned 1 October 2024)
H Holman 
K Savjani (resigned 7 August 2024)
D C Ward (resigned 7 August 2024)
J P Brown (appointed 7 August 2024)
D Vermeer (appointed 1 October 2024)

Directors' responsibilities statement

The directors are responsible for preparing 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.

Page 1

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

The Company has net assets of £3k (2023: £3k) including cash of £NIL (2023: £NIL) at 31 December 2024.
The directors see the going concern status of the Company as being closely linked to the performance of the project as a whole, through the subsidiary company. The directors have reviewed the future liquidity requirements and have considered the cash flow forecasts of the project as set out in the operational model, which show that the project will continue to operate profitably and be cash generative, operating well within its means. Based on this review, and the future business prospects of the project, despite the current economic conditions the directors believe the project will be able to meet its liabilities as they fall due and as such do not expect to be significantly affected by these events.
The directors are also mindful of the relationship with the NHS Trust and ensure that this is carefully monitored and maintained. There have been no instances during the year, or since, of non-compliance of the Project Agreement, and good working relationship with the NHS Trust remains.  
Having regards to the above and after enquiries; the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Future developments

The directors have closely monitored the performance of the business during the year together with its technical advisors and the contract has been carried out in line with expectations.
During the coming year, the Company will continue to act as the holding company for its single subsidiary, Arden Partnership (Lincolnshire) Limited.

Qualifying third party indemnity provisions

The directors of Arden Partnership (Lincolnshire) Holdings Limited have qualifying third party indemnity provisions put in place through other companies of which they are also directors. 

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.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 24 June 2025 and signed on its behalf.
 





H Holman
Director

Page 3

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Arden Partnership (Lincolnshire) Holdings Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the statement of financial position, 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 December 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 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.


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 4

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Page 5

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 1, 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.


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.


The extent to which the audit was considered capable of detecting irregularities including fraud
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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the Responsible Individual 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 discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, and anti-bribery legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence made available to us; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Page 6

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors (where available), along with discussing laws and regulations with those who are responsible for compliance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Cameron (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Jesmond
Newcastle upon Tyne
NE2 1QP

24 June 2025
Page 7

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000

  

Income from fixed assets investments
  
667
850

Profit before tax
  
667
850

Profit for the financial year
  
667
850

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 11 to 14 form part of these financial statements.

The results relates solely to continuing activities in a single class of business conducted within the United Kingdom.

Page 8

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
REGISTERED NUMBER: 05999268

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Investments
 8 
3
3

  
3
3

  

Total assets less current liabilities
  
 
3
 
3

  

Net assets
  
3
3


Capital and reserves
  

Called up share capital 
 9 
3
3

  
3
3


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.




H Holman
Director

The notes on pages 11 to 14 form part of these financial statements.

Page 9

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2023
3
-
3



Profit for the year
-
850
850

Dividends: Equity capital
-
(850)
(850)



At 1 January 2024
3
-
3



Profit for the year
-
667
667

Dividends: Equity capital
-
(667)
(667)


At 31 December 2024
3
-
3


The notes on pages 11 to 14 form part of these financial statements.

Page 10

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Arden Partnership (Lincolnshire) Holdings Limited (the 'Company') is a private company limited by shares and is registered and incorporated in England and Wales (registered number: 05999268). The registered office is Unit G1 Ash Tree Court, Nottingham Business Park, Nottingham, England, NG8 6PY.
The Company's principal activities and nature of its operations are disclosed in the Director's Report.

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 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 £'000.

The following principal accounting policies have been applied:

 
2.2

Basis for consolidation

Consolidated financial statements have not been prepared for the Company and its subsidiaries under the exemption granted by section 398 of the Companies Act 2006. Accordingly, these financial statements present information about the Company and not about its group.

 
2.3

Investments

Investments are stated at cost less any provision for impairment. Income from investments is included in the Statement of Comprehensive Income as approved.

  
2.4

Taxation

Tax is recognised in the Statement of Comprehensive Income 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 reporting date in the countries where the Company operates and generates income.

  
2.5

Statement of cash flow

The Company has no active bank account and all dividends receivable and payable are paid by the company's subsidiary direct to the shareholders of the Company hence no cash flow has been provided. 

 
2.6

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.

Page 11

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Given the simple nature of the Company's operations there are no such areas noted.


4.


Employees

The Company has no employees other than the directors.



5.


Directors' remuneration



The directors, who are key management personnel, did not receive any remuneration from the Company for their services to the Company during the current or prior year.


6.


Income from investments

2024
2023
£000
£000



Dividends receivable
667
850

667
850





7.


Dividends

2024
2023
£000
£000


Dividends paid
667
850

667
850

Dividends per share is £222.33 (2023: £283.33).

Page 12

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2024
3



At 31 December 2024
3




The Company owns the entire issued share capital of Arden Partnership (Lincolnshire) Limited, a company incorporated in England, with the same registered office as this holding company. The company is contracted to design, construct and operate the Johnson Community Hospital in Spalding, Lincolnshire for NHS Property Services (formally Lincolnshire Primary Care Trust). 
The capital and reserves of the subsidiary as at 31 December 2024 was net liabilities of £3,863k 
(2023: £5,440k) and the comprehensive income for the year was £2,244k (2023: £516k).


9.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



3,000 (2023: 3,000) Ordinary shares of £1.00 each
3
3

All shares rank parri passu.


Page 13

 
ARDEN PARTNERSHIP (LINCOLNSHIRE) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Related party transactions

The following companies, together with undertakings within their individual groups of companies, are considered to be related parties to the Company during the year.
- Dolphin One Limited (prior to 7 August 2024)
- Equitix Fund VII Holdco B Limited (after 7 August 2024)
- Equitix Healthcare 2 Limited
Equitix Fund VII Holdco B Limited became a shareholder of Arden Partnership (Lincolnshire) Holdings Limited in August 2024 after obtaining Dolphin One Limited's 50% shareholding.
Equitix Healthcare 2 Limited maintained their 50% shareholding.
Related party transactions in the period were comprised of dividends received from Arden Partnership (Lincolnshire) Limited of £667k 
(2023: £850k).
During the year Arden Partnership (Lincolnshire) Holdings Limited paid dividends of £333.5k 
(2023: £425k) to Equitix Healthcare 2 Limited, £158.5k (2023: £425k) to Dolphin One Limited and £175k (2023: £NIL) to Equitix Fund VII Holdco B Limited.


11.


Controlling party

The ownership of this Company is noted in Note 10 above. It is the opinion of the directors that there is no ultimate controlling party.

Page 14