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Althea Healthcare (Management) Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 07562833

 

Althea Healthcare (Management) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 11

 

Althea Healthcare (Management) Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

910

-

Tangible assets

5

188,227

157,765

 

189,137

157,765

Current assets

 

Stocks

6

3,683

708

Debtors (including £5,173,103 due after more than one year (2023 - £4,621,594))

7

5,244,708

4,740,054

Cash at bank and in hand

 

75,594

120,560

 

5,323,985

4,861,322

Creditors: Amounts falling due within one year

8

(399,432)

(386,684)

Net current assets

 

4,924,553

4,474,638

Total assets less current liabilities

 

5,113,690

4,632,403

Creditors: Amounts falling due after more than one year

8

(1,068,583)

(1,045,774)

Provisions for liabilities

(45,340)

(42,485)

Net assets

 

3,999,767

3,544,144

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

3,999,765

3,544,142

Shareholders' funds

 

3,999,767

3,544,144

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 

.........................................
Mr V Thayanandarajah
Company secretary and director

.........................................
Mr I Jarvis
Director

 
     

Company Registration Number: 07562833

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS

The business address is the same as the registered office address, although the entity operates a care home in Cheshire, England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Further information about the trading situation of the company can be found in the group accounts.

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Group recharges
Cost re-allocations are required in order to fairly reflect the cost of management services borne by group companies and entities under common control. These are based on judgemental estimates of the proportion of management time spent in areas of the business which are different from where the payroll cost is originally processed, and where joint contracts of employment are in place.

Intercompany loan interest
The business trades as part of a group. In addition to recharges of central costs and other trading settlements, management charges are raised to reflect the cost of funding arranged at a group level. Significant balances with group and other connected parties arise, these balances are due after more than one year. The lending company charges interest on these loans using a market rate for an equivalent third party loan.

The carrying value of amounts owed to/from group companies and entities under common control can be found in note 7 and 8.

Management are required to make estimates as to the outflow of economic benefits which will be required to settle an obligation in making provisions.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities.

Income relates to monies received for the provision of care home services and is recognised on a straight line basis over the period of residence.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

2% Straight line

Furniture, fittings and equipment

20-100% Straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, less subsequent accumulated amortisation. Costs include software development expenditure.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans with group companies and entities under common control; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when a company becomes party to the contractual provisions of the instrument and de-recognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for loans with group companies and entities under common control, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans with group companies and entities under common control are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2023 - 48).

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Intangible assets

Software
 £

Total
£

Cost or valuation

Additions acquired separately

1,138

1,138

At 30 September 2024

1,138

1,138

Amortisation

Amortisation charge

228

228

At 30 September 2024

228

228

Carrying amount

At 30 September 2024

910

910

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

59,355

176,280

235,635

Additions

36,652

44,664

81,316

Disposals

1

(20,178)

(20,177)

At 30 September 2024

96,008

200,766

296,774

Depreciation

At 1 October 2023

4,367

73,503

77,870

Charge for the year

2,230

48,624

50,854

Eliminated on disposal

1

(20,178)

(20,177)

At 30 September 2024

6,598

101,949

108,547

Carrying amount

At 30 September 2024

89,410

98,817

188,227

At 30 September 2023

54,988

102,777

157,765

Included within the net book value of land and buildings above is £89,410 (2023 - £54,988) in respect of leasehold land and buildings.

6

Stocks

2024
£

2023
£

Other inventories

3,683

708

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

7

Debtors

2024
 £

2023
 £

Trade debtors

1,158

22,689

Amounts owed by group undertakings

5,173,088

4,621,580

Other debtors

8,923

24,251

Prepayments

4,368

9,520

Accrued income

57,171

62,014

 

5,244,708

4,740,054

Less non-current portion

(5,173,103)

(4,621,594)

71,605

118,460

Details of non-current trade and other debtors

£5,173,088 (2023 - £4,621,580) of amounts owed by group undertakings is classified as non current.

£15 (2023 - £14) of amounts owed from connected companies, included in other debtors, is classified as non current.

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

22,885

35,478

Corporation tax

148,089

134,093

Taxation and social security

24,533

21,884

Other creditors

15,701

15,342

Pension contributions unpaid

4,770

4,186

Accruals and deferred income

183,454

175,701

399,432

386,684

2024
£

2023
£

Due after one year

Amounts owed to group

1,068,583

1,045,774

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £532 (2023 - £336). The financial commitments not provided for in the accounts represent operating leases.

The company is party to a cross guarantee with related parties in favour of Barclays Bank PLC. The bank borrowings are secured by a charge over the freehold properties owned by the related parties.

The bank borrowings of the companies at the balance sheet date amounted to:

Parent company and fellow subsidiaries £33,223,926 (2023 - £16,165,373)

Included within the tangible fixed assets NBV of £188,227 is £14,758 (2023 - £10,962) relating to assets held under hire purchase agreements payable by an entity under common control. The depreciation charged to the financial statements in the year in respect of such assets amounted to £3,488 (2023 - £4,460).

11

Related party transactions

The company has taken advantage of the exemption provided by FRS102 to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Summary of transactions with entities under group control

During the year the company entered into various transactions with entities under group control. Transactions entered into, and trading balances outstanding at the year end, are as shown below. Outstanding balances with entities are unsecured, interest bearing and cash settled.
 

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Loans to related parties

2024

Entities under group control
£

Entities under common control
£

At start of period

4,621,580

14

Advanced

1,109,020

78,673

Repaid

(557,514)

(78,672)

At end of period

5,173,086

15

2023

Entities under group control
£

Entities under common control
£

At start of period

3,951,346

13

Advanced

1,627,506

82,402

Repaid

(957,272)

(82,401)

At end of period

4,621,580

14

Terms of loans to related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amounts are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

Loans from related parties

2024

Entities under group control
£

At start of period

12,272

Advanced

23,344

At end of period

35,616

2023

Entities under group control
£

At start of period

6,720

Advanced

6,291

Repaid

(739)

At end of period

12,272

 

Althea Healthcare (Management) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Terms of loans from related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amounts are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

12

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was James Barrett, who signed for and on behalf of PKF Francis Clark on 27 June 2025.

13

Relationship between entity and parents

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Peacock Holdings (2015) Limited, incorporated in England and Wales.

The address of Peacock Holdings (2015) Limited is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS