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Registered number: 08610717









ARCUS CAPITAL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ARCUS CAPITAL LIMITED
 
 
COMPANY INFORMATION


Director
M Tansley 




Registered number
08610717



Registered office
C/O Larking Gowen 1st Floor Prospect House
Rouen Road

Norwich

Norfolk

NR1 1RE




Independent auditors
MA Partners Audit LLP
Chartered Accountants & Statutory Auditors

7 The Close

Norwich

Norfolk

NR1 4DJ





 
ARCUS CAPITAL LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 37


 
ARCUS CAPITAL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The director presents the strategic report on the Group for the year ended 31 December 2024.
The principal activity of the Company is that of an investment holding company. The primary activity of the Company’s subsidiary undertakings is the operation of care homes and the provision of residential, nursing and respite care for the elderly. 

Business review
 
The Group operates two care homes, one in Kent and one in Norfolk.
Gross profit for the Group for the year is £3,668,395 (
2023: £3,295,132) and gross profit margin is 47% (2023: 47%). Operating profit is £2,140,261 (2023: £1,978,670). The Group continues to monitor and manage costs through efficient supply chain management. At the balance sheet date, the Group had net assets, of £8,906,354 (2023: £8,490,014).

Properties:
The care homes are classified as investment properties in the individual accounts because they are used by other companies within the Group for use in their operations. However, in the consolidation, the properties are considered as being held for operational purposes and no longer meet the definition of investment property. Therefore they are reclassified as freehold property in the consolidated financial statements and valued using the income method for specialist properties. 
The Group maintains a strong Statement of Financial Position providing the financial stability to continue to provide quality care and services in the long-term. 

Principal risks and uncertainties
 
The director has identified the following principal risks and uncertainties affecting the Group:
Liquidity risk:
The Group manages liquidity risk by budgeting and forecasting cash flows in short to medium term and monitoring working capital positions on a monthly basis. Long term liquidity is assured through committed funding arrangements to meet foreseeable peak borrowing requirements. 
Credit risk:
In order to protect itself from credit risk, the Group has implemented policies that require appropriate credit checks on potential customers before new accounts are accepted. 
Health and safety:
The Group provides necessary training and resources (safety equipment and personal protective equipment) to staff to enable them to operate in a safe environment. Compliance is organized and monitored through a dedicated health and safety team across the business.
Infection control has always been an important and necessary part of the business and therefore this mitigated much of the risk to the residents and staff during the pandemic. The Group is confident that the additional measures put in place ensure the continued safety and wellbeing of the residents and staff.
 
Page 1

 
ARCUS CAPITAL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

 

Financial key performance indicators
 
The key performance indicators of the Group are turnover, gross profit and occupancy rate. The key performance indicators for the year ended 31 December 2024 are as follows:

2024
2023
        £
        £
Turnover

7,884,641

6,974,813
 
Gross profit

3,668,395

3,295,132
 
Occupancy rate

88.67%

89.46%
 


 


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



................................................
M Tansley
Director

Date: 20 June 2025

Page 2

 
ARCUS CAPITAL LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,243,340 (2023 - £1,541,325).

The Group paid dividends of £827,000 (2023 - £770,000) for the year ended 31 December 2024.

Director

The director who served during the year was:

M Tansley 

Future developments

The Group will endeavour to continue to provide quality care, nursing and respite services.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 and the Group's auditors are aware of that information.

Page 3

 
ARCUS CAPITAL LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMA Partners Audit 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.
 





................................................
M Tansley
Director

Date: 20 June 2025

Page 4

 
ARCUS CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCUS CAPITAL LIMITED
 

Opinion


We have audited the financial statements of Arcus Capital Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
ARCUS CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCUS CAPITAL 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 director is 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so.


Page 6

 
ARCUS CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCUS CAPITAL 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 Group 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:

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the parent Company and the Group and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation
 
We obtained an understanding of how the parent Company and the Group complies with these requirements by discussions with management and those charged with governance.
 
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
 
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.


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.


Page 7

 
ARCUS CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCUS CAPITAL LIMITED (CONTINUED)


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.





Frank Shippam BSc FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
MA Partners Audit LLP
 
Chartered Accountants
Statutory Auditors
  
7 The Close
Norwich
Norfolk
NR1 4DJ

23 June 2025
Page 8

 
ARCUS CAPITAL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,884,641
6,974,813

Cost of sales
  
(4,216,246)
(3,679,681)

Gross profit
  
3,668,395
3,295,132

Administrative expenses
  
(1,528,134)
(1,316,462)

Operating profit
  
2,140,261
1,978,670

Interest receivable and similar income
 8 
5,545
7,668

Interest payable and similar expenses
 9 
(486,782)
(451,243)

Profit before taxation
  
1,659,024
1,535,095

Tax on profit
 10 
(415,684)
6,230

Profit for the financial year
  
1,243,340
1,541,325

  

Unrealised surplus on revaluation of tangible fixed assets
  
-
3,255,000

Deferred tax movement relating to revalued freehold property
  
-
(801,000)

Other comprehensive income for the year
  
-
2,454,000

Total comprehensive income for the year
  
1,243,340
3,995,325

The notes on pages 18 to 37 form part of these financial statements.

Page 9

 
ARCUS CAPITAL LIMITED
REGISTERED NUMBER: 08610717

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
14,936,650
14,894,242

  
14,936,650
14,894,242

Current assets
  

Debtors: amounts falling due within one year
 16 
520,054
389,328

Cash at bank and in hand
 17 
1,790,086
1,825,750

  
2,310,140
2,215,078

Creditors: amounts falling due within one year
 18 
(1,197,096)
(5,296,758)

Net current assets/(liabilities)
  
 
 
1,113,044
 
 
(3,081,680)

Total assets less current liabilities
  
16,049,694
11,812,562

Creditors: amounts falling due after more than one year
 19 
(5,307,408)
(1,492,066)

Provisions for liabilities
  

Deferred taxation
 21 
(1,835,932)
(1,830,482)

  
 
 
(1,835,932)
 
 
(1,830,482)

Net assets
  
8,906,354
8,490,014


Capital and reserves
  

Called up share capital 
 22 
200
200

Share premium account
 23 
1,547,017
1,547,017

Revaluation reserve
 23 
6,703,232
6,703,232

Profit and loss account
 23 
655,905
239,565

  
8,906,354
8,490,014


Page 10

 
ARCUS CAPITAL LIMITED
REGISTERED NUMBER: 08610717
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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




................................................
M Tansley
Director

Date: 20 June 2025

The notes on pages 18 to 37 form part of these financial statements.

Page 11

 
ARCUS CAPITAL LIMITED
REGISTERED NUMBER: 08610717

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
139,555
42,677

Investments
 14 
7,590,000
7,590,000

Investment Property
 15 
1,600,000
1,600,000

  
9,329,555
9,232,677

Current assets
  

Debtors: amounts falling due within one year
 16 
861,305
650,824

Cash at bank and in hand
 17 
290,344
210,264

  
1,151,649
861,088

Creditors: amounts falling due within one year
 18 
(182,555)
(2,105,660)

Net current assets/(liabilities)
  
 
 
969,094
 
 
(1,244,572)

Total assets less current liabilities
  
10,298,649
7,988,105

  

Creditors: amounts falling due after more than one year
 19 
(3,993,218)
(1,492,066)

  

Net assets
  
6,305,431
6,496,039


Capital and reserves
  

Called up share capital 
 22 
200
200

Revaluation reserve
 23 
2,269,406
2,269,406

Profit and loss account brought forward
  
4,226,433
3,876,081

Profit for the year
  
636,392
580,352

Other changes in the profit and loss account

  

(827,000)
(230,000)

Profit and loss account carried forward
  
4,035,825
4,226,433

  
6,305,431
6,496,039


Page 12

 
ARCUS CAPITAL LIMITED
REGISTERED NUMBER: 08610717
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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




................................................
M Tansley
Director

Date: 20 June 2025

The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
ARCUS CAPITAL LIMITED
 

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


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
200
1,547,017
4,249,232
(531,760)
5,264,689


Comprehensive income for the year

Profit for the year
-
-
-
1,541,325
1,541,325

Surplus on revaluation of freehold property
-
-
2,454,000
-
2,454,000

Dividends: Equity capital
-
-
-
(770,000)
(770,000)



At 1 January 2024
200
1,547,017
6,703,232
239,565
8,490,014


Comprehensive income for the year

Profit for the year
-
-
-
1,243,340
1,243,340

Dividends: Equity capital
-
-
-
(827,000)
(827,000)


At 31 December 2024
200
1,547,017
6,703,232
655,905
8,906,354


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
ARCUS CAPITAL LIMITED
 

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


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

£
£
£
£


At 1 January 2023
200
540,000
3,876,081
4,416,281



Profit for the year
-
-
580,352
580,352

Surplus on revaluation of other fixed assets
-
2,269,406
-
2,269,406

Dividends: Equity capital
-
-
(770,000)
(770,000)

Transfer from profit and loss account
-
(540,000)
540,000
-



At 1 January 2024
200
2,269,406
4,226,433
6,496,039


Comprehensive income for the year

Profit for the year
-
-
636,392
636,392

Dividends: Equity capital
-
-
(827,000)
(827,000)


At 31 December 2024
200
2,269,406
4,035,825
6,305,431


The notes on pages 18 to 37 form part of these financial statements.

Page 15

 
ARCUS CAPITAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,243,340
1,541,325

Adjustments for:

Depreciation of tangible assets
84,476
87,002

Loss on disposal of tangible assets
689
-

Interest paid
486,782
451,243

Interest received
(5,545)
(7,668)

Taxation charge
277,017
(89,241)

(Increase)/decrease in debtors
(130,726)
32,142

(Decrease)/increase in creditors
(362,086)
336,791

Corporation tax (paid)
(124,186)
(84,516)

Net cash generated from operating activities

1,469,761
2,267,078


Cash flows from investing activities

Purchase of tangible fixed assets
(127,573)
(30,747)

Interest received
5,545
7,668

Net cash from investing activities

(122,028)
(23,079)

Cash flows from financing activities

New secured loans
4,022,000
-

Repayment of loans
(4,091,615)
(407,634)

Dividends paid
(827,000)
(770,000)

Interest paid
(486,782)
(451,243)

Net cash used in financing activities
(1,383,397)
(1,628,877)

Net (decrease)/increase in cash and cash equivalents
(35,664)
615,122

Cash and cash equivalents at beginning of year
1,825,750
1,210,628

Cash and cash equivalents at the end of year
1,790,086
1,825,750


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,790,086
1,825,750

1,790,086
1,825,750


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
ARCUS CAPITAL LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,825,750

(35,664)

1,790,086

Debt due after 1 year

(1,492,066)

(3,815,342)

(5,307,408)

Debt due within 1 year

(4,229,288)

3,982,127

(247,161)


(3,895,604)
131,121
(3,764,483)

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Arcus Capital Limited is a private company limited by shares and incorporated in England and Wales, registration number 08610717. The registered office is Prospect House, Rouen Road, Norwich, Norfolk, NR1 1RE.

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 presented in Sterling and rounded to the nearest £.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 December 2016.

The Group has reclassified both care homes from investment properties to freehold properties in the consolidated financial statements. The properties are accounted for as investment properties in the individual financial statements. On consolidation the properties are utilised for use in their operations and therefore they no longer meet the definition of investment properties in the Group financial statements and are accounted for and valued as freehold properties.
On reclassification to freehold property in the consolidated financial statements, the carrying amount of the investment property has been adjusted, to reflect the valuation of freehold properties as a specialist property using the income basis.

Page 18

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the Group 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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 19

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

Page 20

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Motor vehicles
-
33%
straight-line
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
straight-line

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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold 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.

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.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.13

Valuation of investments

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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.

Page 21

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
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 recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 22

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group 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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 
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

In applying the Group’s accounting policies, the key sources of accounting judgements and estimation uncertainty are in respect of the useful life of goodwill arising on business combinations and valuation of freehold property. 
Intangibles
The useful life of the goodwill is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
Valuation of freehold and investment property
The director has carried out a valuation review of the freehold and investment properties to ensure they are shown at fair value. This valuation is based upon based upon the valuation carried out previously by Knight Frank. 
Fixed asset investments
Investments in subsidiaries represent investments in unlisted Group shares held within the Company. As these shares are unlisted, the fair values of these are not readily available on an active market. As a result, the director has had to apply some judgement and estimate the fair values of these investments. The fair value has been determined in reference to a price in which a willing and knowledgeable third party would pay for the shares. 


4.


Turnover

The whole of the turnover is attributable to the Group's principal activity.

All turnover arose within the United Kingdom.

Page 23

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
3,675
3,500


6.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,686,992
3,034,456
170,061
137,295

Social security costs
23,382
254,885
23,382
14,503

Cost of defined contribution scheme
97,775
54,569
2,801
1,014

3,808,149
3,343,910
196,244
152,812


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
133
133
5
5


7.


Director's remuneration

2024
2023
£
£

Director's emoluments
25,982
48,242

25,982
48,242


Page 24

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
5,545
7,668

5,545
7,668


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
287,264
302,338

Other loan interest payable
199,518
148,905

486,782
451,243


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
410,234
208,197


410,234
208,197


Total current tax
410,234
208,197

Deferred tax


Origination and reversal of timing differences
5,450
(214,427)

Total deferred tax
5,450
(214,427)


415,684
(6,230)
Page 25

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
1,659,024
1,535,095


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
414,756
383,774

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
597
161

Other differences leading to an increase (decrease) in the tax charge
331
(390,165)

Total tax charge for the year
415,684
(6,230)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Ordinary C
827,000
770,000

827,000
770,000

Page 26

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
2,618,320



At 31 December 2024

2,618,320



Amortisation


At 1 January 2024
2,618,320



At 31 December 2024

2,618,320



Net book value



At 31 December 2024
-



At 31 December 2023
-

The goodwill was acquired as part of the acquisition of Charing Lodge Limited on 31 March 2016 and the  acquisition of Arcus Capital (Oakwood) Limited on 15 October 2021.  



Page 27

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
14,730,000
154,598
385,410
15,507
15,285,515


Additions
-
116,413
11,160
-
127,573


Disposals
-
(69,734)
(223,730)
(15,507)
(308,971)



At 31 December 2024

14,730,000
201,277
172,840
-
15,104,117



Depreciation


At 1 January 2024
-
113,564
263,845
13,864
391,273


Charge for the year on owned assets
-
17,892
65,630
954
84,476


Disposals
-
(69,734)
(223,730)
(14,818)
(308,282)



At 31 December 2024

-
61,722
105,745
-
167,467



Net book value



At 31 December 2024
14,730,000
139,555
67,095
-
14,936,650



At 31 December 2023
14,730,000
41,034
121,565
1,643
14,894,242

Cost or valuation at 31 December 2024 is as follows:

Land and buildings
£


At cost
-
At valuation:

2023
14,730,000



14,730,000

Page 28

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)

The freehold property has been included at a professional valuer's valuation obtained on 9 April 2024.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
5,810,662
5,810,662

Accumulated depreciation
(729,365)
(613,152)

Net book value
5,081,297
5,197,510

Page 29

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Company






Motor vehicles
Computer equipment
Total

£
£
£

Cost or valuation


At 1 January 2024
154,598
15,507
170,105


Additions
116,413
-
116,413


Disposals
(69,734)
(15,507)
(85,241)



At 31 December 2024

201,277
-
201,277



Depreciation


At 1 January 2024
113,564
13,864
127,428


Charge for the year on owned assets
17,892
954
18,846


Disposals
(69,734)
(14,818)
(84,552)



At 31 December 2024

61,722
-
61,722



Net book value



At 31 December 2024
139,555
-
139,555



At 31 December 2023
41,034
1,643
42,677








Page 30

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
7,590,000



At 31 December 2024
7,590,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Arcus Capital (Oakwood) Limited
Prospect House, Rouen Road, Norwich, Norfolk,United Kingdom, NR1 1RE
Ordinary
100%
Oakwood House (Norwich) Limited
Prospect House, Rouen Road, Norwich, Norfolk,United Kingdom, NR1 1RE
Ordinary
100%
Charing Lodge Limited
Prospect House, Rouen Road, Norwich, Norfolk,United Kingdom, NR1 1RE
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Arcus Capital (Oakwood) Limited
3,478,037
369,197

Oakwood House (Norwich) Limited
420,890
491,377

Charing Lodge Limited
579,584
1,574,561

Page 31

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Investment property

Group





Company





Freehold investment property

£



Valuation


At 1 January 2024
1,600,000



At 31 December 2024
1,600,000

If the investment property had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Revaluation reserves


Historic cost
2,850,000
2,850,000

Accumulated depreciation and impairments
(546,375)
(475,875)

At 31 December 2024
2,303,625
2,374,125


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
173,521
148,635
-
-

Amounts owed by group undertakings
-
-
835,452
625,524

Other debtors
-
34,563
-
-

Prepayments and accrued income
346,533
206,130
17,680
5,458

Deferred taxation
-
-
8,173
19,842

520,054
389,328
861,305
650,824


Page 32

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,790,086
1,825,750
290,344
210,264

1,790,086
1,825,750
290,344
210,264



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
167,161
4,052,118
89,480
1,615,689

Trade creditors
91,121
188,643
3,578
3,012

Corporation tax
271,567
124,186
-
-

Other taxation and social security
85,186
68,345
4,892
4,789

Other creditors
417,175
730,132
80,480
477,170

Accruals and deferred income
164,886
133,334
4,125
5,000

1,197,096
5,296,758
182,555
2,105,660



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,815,235
-
1,501,045
-

Other loans
2,492,173
1,492,066
2,492,173
1,492,066

5,307,408
1,492,066
3,993,218
1,492,066




Page 33

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Loans


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
167,161
4,052,118
89,480
1,615,689


167,161
4,052,118
89,480
1,615,689

Amounts falling due 1-2 years

Bank loans
96,123
-
96,123
-

Amounts falling due 2-5 years

Bank loans
2,719,112
-
1,404,922
-

Amounts falling due after more than 5 years

Other loans
2,492,173
1,492,066
2,492,173
1,492,066

2,492,173
1,492,066
2,492,173
1,492,066

5,474,569
5,544,184
4,082,698
3,107,755


The bank loans are secured by freehold legal charges over the properties. 

Page 34

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation


Group



2024


£






At beginning of year
(1,830,482)


Charged to profit or loss
(5,450)



At end of year
(1,835,932)

Company


2024


£






At beginning of year
19,842


Charged to profit or loss
(11,669)



At end of year
8,173

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Tax losses carried forward
74,834
74,834
14,774
14,774

Capital gains
(2,264,380)
(2,264,380)
-
-

Fixed asset timing differences
353,614
359,064
(6,601)
5,068

(1,835,932)
(1,830,482)
8,173
19,842

Page 35

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



52 (2023 - 52) Ordinary A shares of £1.00 each
52
52
50 (2023 - 50) Ordinary B shares of £1.00 each
50
50
98 (2023 - 98) Ordinary C shares of £1.00 each
98
98

200

200



23.


Reserves

Share premium account

The share premium account reflects the excess above par value, of the fair value of the shares issued in Arcus Capital Limited, on acquisition of Arcus Capital (Oakwood) Limited.

Revaluation reserve

The surplus or deficit arising on historical valuations of Group assets.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


24.


Contingent liabilities

The Company is party to a bank cross guarantee and debenture dated 22 March 2019.  The other parties to the cross guarantee are Arcus Capital (Oakwood) Ltd, Oakwood House (Norwich) Limited and Charing Lodge Limited.
The Company is also party to a bank cross guarantee and debenture dated 31 March 2016.  The other parties to the cross guarantee are Charing Lodge Limited.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £97,775 (2023 - £54,569) . Contributions totalling £13,298 (2023 - £11,823) were payable to the fund at the balance sheet date and are included in creditors.


26.


Related party transactions

The parent company rents the freehold property it owns to one of the subsidiary companies for an annual rent of £1.

Page 36

 
ARCUS CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Controlling party

The ultimate controlling party of the Group is Pure Development Limited, by virtue of its majority shareholding in Arcus Capital Limited.

 
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