IRIS Accounts Production v25.1.3.33 02488051 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false true false Fair value model Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh024880512023-12-31024880512024-12-31024880512024-01-012024-12-31024880512022-12-31024880512023-01-012023-12-31024880512023-12-3102488051ns15:EnglandWales2024-01-012024-12-3102488051ns14:PoundSterling2024-01-012024-12-3102488051ns10:Director12024-01-012024-12-3102488051ns10:Consolidated2024-12-3102488051ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3102488051ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3102488051ns10:Consolidatedns10:MediumEntities2024-01-012024-12-3102488051ns10:Consolidatedns10:Audited2024-01-012024-12-3102488051ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3102488051ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3102488051ns10:Consolidated2024-01-012024-12-3102488051ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3102488051ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3102488051ns10:FullAccounts2024-01-012024-12-3102488051ns5:Subsidiary12024-01-012024-12-3102488051ns10:OrdinaryShareClass12024-01-012024-12-3102488051ns10:OrdinaryShareClass22024-01-012024-12-3102488051ns10:OrdinaryShareClass32024-01-012024-12-3102488051ns10:Director22024-01-012024-12-3102488051ns10:Director32024-01-012024-12-3102488051ns10:CompanySecretary12024-01-012024-12-3102488051ns10:RegisteredOffice2024-01-012024-12-3102488051ns10:Consolidated2023-01-012023-12-3102488051ns5:CurrentFinancialInstruments2024-12-3102488051ns5:CurrentFinancialInstruments2023-12-3102488051ns5:ShareCapital2024-12-3102488051ns5:ShareCapital2023-12-3102488051ns5:SharePremium2024-12-3102488051ns5:SharePremium2023-12-3102488051ns5:FurtherSpecificReserve3ComponentTotalEquity2024-12-3102488051ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3102488051ns5:RetainedEarningsAccumulatedLosses2024-12-3102488051ns5:RetainedEarningsAccumulatedLosses2023-12-3102488051ns5:ShareCapital2022-12-3102488051ns5:RetainedEarningsAccumulatedLosses2022-12-3102488051ns5:SharePremium2022-12-3102488051ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3102488051ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102488051ns5:FurtherSpecificReserve3ComponentTotalEquity2023-01-012023-12-3102488051ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3102488051ns5:FurtherSpecificReserve3ComponentTotalEquity2024-01-012024-12-3102488051ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-3102488051ns5:PlantMachinery2024-01-012024-12-3102488051ns5:FurnitureFittings2024-01-012024-12-3102488051ns5:MotorVehicles2024-01-012024-12-3102488051ns5:LandBuildings2023-12-3102488051ns5:FurnitureFittings2023-12-3102488051ns5:LandBuildings2024-01-012024-12-3102488051ns5:LandBuildings2024-12-3102488051ns5:FurnitureFittings2024-12-3102488051ns5:LandBuildings2023-12-3102488051ns5:FurnitureFittings2023-12-3102488051ns5:CostValuation2023-12-31024880511ns5:Subsidiary12024-01-012024-12-3102488051ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3102488051ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3102488051ns5:DeferredTaxation2023-12-3102488051ns5:DeferredTaxation2024-01-012024-12-3102488051ns5:DeferredTaxation2024-12-3102488051ns10:OrdinaryShareClass12024-12-3102488051ns10:OrdinaryShareClass22024-12-3102488051ns10:OrdinaryShareClass32024-12-31
REGISTERED NUMBER: 02488051 (England and Wales)












HILLCROFT LTD

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






HILLCROFT LTD (REGISTERED NUMBER: 02488051)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Directors' Report 3

Independent Auditors' Report 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


HILLCROFT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







Directors: Mr J P Ayrton
Mr B A Pinington
Mr D Pinington



Secretary: Mrs L A Mattinson



Registered office: Hillcroft Nursing Home
North Road
CARNFORTH
LA5 9LX



Registered number: 02488051 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: National Westminster Bank Plc
De Havilland Way
Lostock
Horwich
BOLTON
BL6 6LB



Accountants: Scott and Wilkinson
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Review of business
Hillcroft Nursing Homes continues in its aim to provide a safe home from home where all our residents are cared for as individuals and with dignity, promoting our core values of being caring, respectful and committed.

Occupancy continued to improve slowly over the year, though has still not yet recovered to pre-pandemic levels. Increased occupancy and an increase in average fees returned an increase in turnover on the previous year.

The highest cost remained staffing, with recruitment and retention continuing to be a major challenge. Despite maximising pay rates, domestic recruitment remains minimal, however staffing numbers were increased utilising the sponsor licence to employ overseas staff. This has helped to reduce reliance on agency staff, although this remains a considerable cost.

Repair and maintenance activity in the year was significant with major equipment upgrades and refurbishment projects being undertaken.

Usage of PPE (personal protective equipment) remains extensive and is no longer available free of charge via the government portal, resulting in an increase in costs of medical supplies.

Energy costs remain substantial due to continuation of 3 year energy contracts agreed at highly inflated rates.

Other operating costs have increased in line with additional occupancy and inflation.

The group's cash position remains good.


The group's key financial and other performance indicators during the year were as follows:-


Unit 2024 2023
Turnover £ 15,795,988 14,423,863
Operating profit £ 2,409,937 2,054,710
Profit before tax £ 2,460,503 2,043,446
Occupancy % 89 87

Principal risks and uncertainties
Occupancy has not yet recovered to pre pandemic levels and enhanced infection control measures still in place.

Staffing in the sector remains an issue. Recruitment and retention of appropriately trained staff remains a priority.

A significant portion of the group's income is derived from local authorities and ICBs over which we have no budgetary control.

On behalf of the board:





Mr J P Ayrton - Director


22 May 2025

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


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

Principal activities
The principal activities of the group in the year under review were those of the operation and management of nursing homes.

Dividends
The total distribution of dividends for the year ended 31 December 2024 is £675,000.

Future developments
Incorporated within Principal Risks and Uncertainties in the Strategic Report.

Directors
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr J P Ayrton
Mr B A Pinington
Mr D Pinington

Employment of disabled persons
The group gives full consideration to applications for employment from disabled persons where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the job.

Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the group’s policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.


HILLCROFT LTD (REGISTERED NUMBER: 02488051)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with employees
The Group understands the importance of internal communication in the operation of an effective organisation. Clear channels of communication have been established in both directions to ensure that;
- All staff are kept informed of any changes in policies and procedures
- Relevant staff are made aware of customer feedback, both positive and negative
- Feedback is obtained from staff regarding the effectiveness of procedures and practices
- Suggestion for improvement are encouraged
- Staff do not feel isolated from the Management and the decision-making process

A dedicated Communications Officer is employed to facilitate staff communication and engagement.
Employee representatives are invited the join our Brand Champion Programme to help promote Hillcroft values and drive improvement.
Hillcroft have a formal Trade Union Recognition Agreement in place with Unison and a Joint Negotiating and Consulting Group has been established in respect of the Bargaining Group.
The Directors are responsible for ensuring that effective communication and employee engagement is maintained within the organisation.
They achieve this through:
- Monthly meetings held with Matrons and other Heads of Departments, following a formal agenda, to address operational issues, forward planning and improvement opportunities.
- Quarterly meetings held with Brand Champions to discuss staff feedback suggestions and improvement initiatives.
- Regular director drop-in sessions in the homes to allow staff to raise any issues, or make suggestions for improvement, with the directors directly.
- Formal meetings of the Joint Negotiating and Consulting Group in line with the Unison recognition agreement.
- Issue of an annual statement regarding the performance of the organisation.
- Review of annual staff surveys.

Heads of Department maintain effective lines of communication within their departments by holding regular staff meetings to ensure that all staff are kept informed and staff feedback is obtained. Formal group supervisions are also undertaken to ensure important information is shared and documented.

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


Auditors
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr J P Ayrton - Director


22 May 2025

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
HILLCROFT LTD


Opinion
We have audited the financial statements of Hillcroft Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 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 UK, including the FRC'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 group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Directors' 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 Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
HILLCROFT LTD


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 Directors' Report.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend to liquidate the group or the parent 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.
- audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.
· third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.
· financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.

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

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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
HILLCROFT LTD


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 2006. Our 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.




Stuart Hinnigan FCA CTA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

22 May 2025

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

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

2024 2023
Notes £    £   

Turnover 3 15,795,988 14,423,863

Administrative expenses 13,468,536 12,460,755
2,327,452 1,963,108

Other operating income 4 82,485 91,602
Operating profit 6 2,409,937 2,054,710

Interest receivable and similar income 50,566 8,486
2,460,503 2,063,196

Interest payable and similar expenses 7 - 19,750
Profit before taxation 2,460,503 2,043,446

Tax on profit 8 681,773 542,285
Profit for the financial year 1,778,730 1,501,161

Other comprehensive income - -
Total comprehensive income for the year 1,778,730 1,501,161

Profit attributable to:
Owners of the parent 1,778,730 1,501,161

Total comprehensive income attributable to:
Owners of the parent 1,778,730 1,501,161

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 11 10,923,203 10,738,516
Investments 12 - -
Investment property 13 1,632,000 1,600,000
12,555,203 12,338,516

Current assets
Stocks 14 52,208 43,127
Debtors 15 1,127,025 775,716
Cash at bank and in hand 3,370,865 2,446,287
4,550,098 3,265,130
Creditors
Amounts falling due within one year 16 2,391,406 2,005,584
Net current assets 2,158,692 1,259,546
Total assets less current liabilities 14,713,895 13,598,062

Provisions for liabilities 18 335,646 323,543
Net assets 14,378,249 13,274,519

Capital and reserves
Called up share capital 19 600 600
Share premium 4,127,259 4,127,259
Non-distributable reserve 199,561 175,561
Retained earnings 10,050,829 8,971,099
Shareholders' funds 14,378,249 13,274,519

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:





Mr J P Ayrton - Director


HILLCROFT LTD (REGISTERED NUMBER: 02488051)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 11 10,743,515 10,581,829
Investments 12 881,255 881,255
Investment property 13 1,632,000 1,600,000
13,256,770 13,063,084

Current assets
Debtors 15 12,784 18,863
Cash at bank 3,081,093 1,182,885
3,093,877 1,201,748
Creditors
Amounts falling due within one year 16 1,908,202 931,274
Net current assets 1,185,675 270,474
Total assets less current liabilities 14,442,445 13,333,558

Provisions for liabilities 18 319,797 315,784
Net assets 14,122,648 13,017,774

Capital and reserves
Called up share capital 19 600 600
Share premium 4,127,259 4,127,259
Non-distributable reserve 199,561 175,561
Retained earnings 9,795,228 8,714,354
Shareholders' funds 14,122,648 13,017,774

Company's profit for the financial year 1,779,874 1,831,951

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:





Mr J P Ayrton - Director


HILLCROFT LTD (REGISTERED NUMBER: 02488051)

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

Called up
share Retained Share Non-distributable Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 600 7,949,938 4,127,259 175,561 12,253,358

Changes in equity
Dividends - (480,000 ) - - (480,000 )
Total comprehensive income - 1,501,161 - - 1,501,161
Balance at 31 December 2023 600 8,971,099 4,127,259 175,561 13,274,519

Changes in equity
Dividends - (675,000 ) - - (675,000 )
Total comprehensive income - 1,754,730 - 24,000 1,778,730
Balance at 31 December 2024 600 10,050,829 4,127,259 199,561 14,378,249

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

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

Called up
share Retained Share Non-distributable Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 600 7,362,403 4,127,259 175,561 11,665,823

Changes in equity
Dividends - (480,000 ) - - (480,000 )
Total comprehensive income - 1,831,951 - - 1,831,951
Balance at 31 December 2023 600 8,714,354 4,127,259 175,561 13,017,774

Changes in equity
Dividends - (675,000 ) - - (675,000 )
Total comprehensive income - 1,755,874 - 24,000 1,779,874
Balance at 31 December 2024 600 9,795,228 4,127,259 199,561 14,122,648

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,619,005 2,529,097
Interest paid - (19,750 )
Government grant 6,930 14,794
Tax paid (565,184 ) (494,915 )
Net cash from operating activities 2,060,751 2,029,226

Cash flows from investing activities
Purchase of tangible fixed assets (540,754 ) (179,235 )
Sale of tangible fixed assets - 659
Interest received 50,566 8,486
Net cash from investing activities (490,188 ) (170,090 )

Cash flows from financing activities
Loan repayments in year - (996,331 )
Amount introduced by directors 204,000 25,279
Amount withdrawn by directors (174,985 ) -
Equity dividends paid (675,000 ) (480,000 )
Net cash from financing activities (645,985 ) (1,451,052 )

Increase in cash and cash equivalents 924,578 408,084
Cash and cash equivalents at beginning of
year

2

2,446,287

2,038,203

Cash and cash equivalents at end of year 2 3,370,865 2,446,287

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£    £   
Profit before taxation 2,460,503 2,043,446
Depreciation charges 355,409 335,433
Loss on disposal of fixed assets 659 4,181
Gain on revaluation of fixed assets (32,000 ) -
Government grants (6,930 ) (14,795 )
Finance costs - 19,750
Finance income (50,566 ) (8,486 )
2,727,075 2,379,529
(Increase)/decrease in stocks (9,081 ) 496
Increase in trade and other debtors (351,309 ) (80,629 )
Increase in trade and other creditors 252,320 229,701
Cash generated from operations 2,619,005 2,529,097

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 3,370,865 2,446,287
Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,446,287 2,038,203


3. Analysis of changes in net funds

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 2,446,287 924,578 3,370,865
2,446,287 924,578 3,370,865
Total 2,446,287 924,578 3,370,865

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. Statutory information

Hillcroft Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

Significant judgements and estimates
When preparing the financial statements, the directors are required to make judgements, estimates and assumptions about the carrying value of assets, liabilities, income and expenses.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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for services provided in the normal course of business.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a service to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% Straight line
Plant and machinery - 33% Straight line
Fixtures and fittings - 20% Straight line
Motor vehicles - 25% Reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock is stated at cost price. Stock is intended for the use in the provision of care and not for resale. As such, stock balances are reviewed regularly to ensure they reflect usage and operational needs.

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. Accounting policies - continued

Financial instruments
The group 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.

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 cash flows 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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows 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 the 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 rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. Accounting policies - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. Turnover

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 15,795,988 14,423,863
15,795,988 14,423,863

4. Other operating income
2024 2023
£    £   
Rents receivable 75,555 70,407
Other income - 6,400
Government grants 6,930 14,795
82,485 91,602

Government grants represent amounts received under the Apprenticeship Levy Scheme and amounts received from local authorities relating to NHS Vaccination funds.

5. Employees and directors
2024 2023
£    £   
Wages and salaries 9,813,932 9,051,960
Social security costs 842,339 690,745
Other pension costs 209,451 159,706
10,865,722 9,902,411

The average number of employees during the year was as follows:
2024 2023

Administration 16 17
Management 17 16
Kitchen and ancillary 79 79
Care and nursing 246 235
358 347

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. Employees and directors - continued

2024 2023
£    £   
Directors' remuneration 197,514 197,616
Directors' pension contributions to money purchase schemes 54,242 16,435

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. Operating profit

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 83,241 78,113
Depreciation - owned assets 355,408 335,432
Loss on disposal of fixed assets 659 4,181
Auditors' remuneration 3,006 2,508
Auditors' remuneration subsidiary 5,820 5,016

7. Interest payable and similar expenses
2024 2023
£    £   
Loan interest - 19,750

8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 669,670 512,801

Deferred tax 12,103 29,484
Tax on profit 681,773 542,285

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,460,503 2,043,446
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

615,126

510,862

Effects of:
Expenses not deductible for tax purposes 66,031 63,965
Capital allowances in excess of depreciation - (286 )
Depreciation in excess of capital allowances 616 -
year
Time apportioned change in tax rate - (32,256 )
Total tax charge 681,773 542,285

9. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. Dividends
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 225,000 160,000
Ordinary B shares of £1 each
Interim 225,000 160,000
Ordinary C shares of £1 each
Interim 225,000 160,000
675,000 480,000

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. Tangible fixed assets

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 January 2024 14,261,252 440,409 800,799 46,174 15,548,634
Additions 447,196 40,336 53,222 - 540,754
Disposals - (14,414 ) (6,043 ) - (20,457 )
At 31 December 2024 14,708,448 466,331 847,978 46,174 16,068,931
Depreciation
At 1 January 2024 3,653,691 380,125 737,173 39,129 4,810,118
Charge for year 289,534 37,370 26,743 1,761 355,408
Eliminated on disposal - (14,322 ) (5,476 ) - (19,798 )
At 31 December 2024 3,943,225 403,173 758,440 40,890 5,145,728
Net book value
At 31 December 2024 10,765,223 63,158 89,538 5,284 10,923,203
At 31 December 2023 10,607,561 60,284 63,626 7,045 10,738,516

Land and property comprises of the individual nursing home properties rented to the subsidiary and accounted for using the cost model as permitted by FRS 102 paragraph 16.4A.

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
Cost
At 1 January 2024 14,198,468 201,208 14,399,676
Additions 447,196 - 447,196
At 31 December 2024 14,645,664 201,208 14,846,872
Depreciation
At 1 January 2024 3,616,639 201,208 3,817,847
Charge for year 285,510 - 285,510
At 31 December 2024 3,902,149 201,208 4,103,357
Net book value
At 31 December 2024 10,743,515 - 10,743,515
At 31 December 2023 10,581,829 - 10,581,829

A legal charge is held by the bank on all property held by the company.

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 January 2024
and 31 December 2024 881,255
Net book value
At 31 December 2024 881,255
At 31 December 2023 881,255

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Hillcroft Nursing Homes Limited
Registered office: Hillcroft Nursing Home, North Road, Carnforth, LA5 9LX
Nature of business: Nursing home
%
Class of shares: holding
Ordinary 100.00


13. Investment property

Group
Total
£   
Cost or valuation
At 1 January 2024 1,600,000
Revaluations 32,000
At 31 December 2024 1,632,000
Net book value
At 31 December 2024 1,632,000
At 31 December 2023 1,600,000

Cost or valuation at 31 December 2024 is represented by:
£   
Valuation in 2024 1,632,000

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


13. Investment property - continued

Group

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,383,258 1,383,258

Investment property was valued on an open market basis on 31 December 2024 by Mr J P Ayrton - Director .

Company
Total
£   
Fair value
At 1 January 2024 1,600,000
Revaluations 32,000
At 31 December 2024 1,632,000
Net book value
At 31 December 2024 1,632,000
At 31 December 2023 1,600,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 1,632,000

14. Stocks

Group
2024 2023
£    £   
Stocks 52,208 43,127

15. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,043,715 698,412 - -
Other debtors 101 101 - -
Prepayments 83,209 77,203 12,784 18,863
1,127,025 775,716 12,784 18,863

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


16. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 281,067 330,032 274 -
Amounts owed to group undertakings - - 1,606,349 708,327
Tax 327,289 222,802 192,989 145,749
Social security and other taxes 395,438 329,711 - -
Other creditors 710,095 629,816 - -
Pension contributions 30,294 24,443 - -
Directors' current accounts 96,871 67,856 96,871 67,856
Accruals 550,352 400,924 11,719 9,342
2,391,406 2,005,584 1,908,202 931,274

17. Leasing agreements

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 28,477 27,706
Between one and five years 51,970 75,235
In more than five years 1,286 -
81,733 102,941

18. Provisions for liabilities

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 335,646 323,543 319,797 315,784

Group
Deferred
tax
£   
Balance at 1 January 2024 323,543
Charge to Statement of Comprehensive Income during year 12,103
Balance at 31 December 2024 335,646

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. Provisions for liabilities - continued

Company
Deferred
tax
£   
Balance at 1 January 2024 315,784
Charge to Income Statement during year 4,013
Balance at 31 December 2024 319,797

19. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary A £1 200 200
200 Ordinary B £1 200 200
200 Ordinary C £1 200 200
600 600

Ordinary A Shares have the following rights, preferences and restrictions:
Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

Ordinary B Shares have the following rights, preferences and restrictions:
Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

Ordinary C Shares have the following rights, preferences and restrictions:
Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

20. Pension commitments

The group operates a defined contribution scheme for all qualifying employees. The total expense charged to the profit and loss in the period ended 31 December 2024 was £209,540 (31 December 2023 £159,706)

Contributions totalling £30,294 (2023- £24,443) were payable to the scheme at the end of the year and are included in creditors.

21. Related party disclosures

Other related parties
2024 2023
£    £   
Building and repair works 37,597 14,267

During the year the group employed the services of a company owned by the controlling directors' sons, to carry out building and general maintenance at the homes. The group maintains a trading account with the company and all transactions are carried out under normal trading terms.

HILLCROFT LTD (REGISTERED NUMBER: 02488051)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


22. Ultimate controlling party

The ultimate controlling party is Mr J P Ayrton, Mr B A Pinington and Mr D Pinington who own 100% of the share capital in equal holdings.