Company registration number 09106261 (England and Wales)
VIDA HEALTHCARE LTD
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VIDA HEALTHCARE LTD
COMPANY INFORMATION
Directors
C A Rycroft
J A Rycroft
M A Rycroft
B Mossman
J Young
Company number
09106261
Registered office
Vida Court
Beckwith Head Road
Harrogate
England
HG3 1RB
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
VIDA HEALTHCARE LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
VIDA HEALTHCARE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

2024 has seen Revenue, Profit and EBITDA increase as occupancy has reached “fully operational” status which is encouraging. It is important to state that these figures are not showing Vida’s full financial potential and subsequent efficiency strides have been made in order to increase these margins in 2025’s financials. High renovation and maintenance costs alongside extensive training have contributed to these issues both of which have been value engineered and will not be as high going forward.

 

Staffing across the group reached full capacity by the end of the year meaning agency use has dropped significantly. This has been bolstered by the investment in overseas staff whom have been sponsored to work with Vida and now make up approx. 24% of the workforce.

 

Operational standards have remained high with all kitchens receiving 5 star ratings and all homes remaining as rated “Outstanding” by the CQC.

 

Admissions and Marketing have now merged and have seen very positive results with occupancy rising to budgeted levels, fee levels remaining high and specialist care provision increasing. Vida is now recognised as a “niche” service focusing on complex care for residents living with advanced dementia. This means demand is high constantly as other local services do not provide the specialist services that Vida offers.

 

Most importantly, the quality of care has remained consistently high and the board would like to thank all staff members for their continued commitment.

 

Key performance indicators

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

 

Unit             2024         2023

Turnover:         £31,783,860    £29,092,789

Operating profit:     £5,417,035    £4,615,344

EBITDA*:         £6,408,240    £5,550,274

EBITDA* margin:         20.1%         19.1%

(EBITDA* includes exceptional item as set out in note 4)

 

Despite the significant cost inflation which has impacted most areas of the UK economy, occupancy rates have increased in the year, particularly in the new Vida Court, resulting in increased profitability in the year.

 

The balance sheet at the end of the year shows that the Group's financial position has strengthened, with the Group reporting a net asset position of £7,622,439 (2023 - £6,790,094).

 

The directors are satisfied with the performance of the Group in the period.

Principal risks and uncertainties

The group monitors the risks it faces at regular formal board meetings. The directors consider the following matters to be the principal risks and uncertainties affecting the group.

Reputational damage

Damage to reputation as a result of significant safeguarding events could pose a significant risk to the business. Monitoring of staff, training and policies are regularly reviewed in order to minimise the chance of any problems arising.

Cost inflation

Staffing shortages and rising utility and other overhead costs are having a significant impact on profitability and the group's ability to provide the best quality of service possible. The directors continually monitor remuneration packages to ensure the group remains competitive and is able to attract and retain the best people. Overheads are regularly reviewed by the directors to ensure costs are controlled as best as possible and that price increases to residents are kept to a minimum.

VIDA HEALTHCARE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Borrowing costs

Over the past few months interest rates have risen significantly and this directly impacts the group, with the group's bank borrowings carrying variable rates of interest at a fixed percentage above the Bank of England Base Rate. The directors are keeping the position under review and will consider the options available when the borrowings fall due for renegotiation.

Promoting the success of the company

In accordance with section 172 of the Companies Act 2006, each of the directors acts in a way they consider, in

good faith, would promote the success of the Group for the benefit of its members as a whole. The directors have

taken into consideration, amongst other matters:

- the likely consequences of any decisions in the long term;

- the interests of the Group's employees;

- the need to foster the Group's relationships with suppliers, customers and others;

- the impact of the Group's operations on the community and environment;

- the desirability of the Group maintaining a reputation for high standards of care provision; and

- the need to act fairly between members of the Company.

 

The board acknowledges that every decision it makes will not necessarily result in a positive outcome for all of the

Group's stakeholders. By considering the Group's purpose, vision and values, together with the strategic priorities

and having a process in place for decision making, the Board does however, aim to make sure its decisions are

consistent.

 

Stakeholder engagement

The Board believes that considering its stakeholders in key business decisions is not only the right thing to do but

is fundamental to our ability to promote success of the Group. The directors consider the following to be the

Group's key stakeholders:

 

Employees

The strength of our business is built on the hard work, expertise and dedication of our employees. The key focus

of the Board includes employee health and wellbeing, personal development, pay and benefits. Further details

regarding employment policies of the Group are included in the Directors' Report.

 

Customers and suppliers

The primary focus of the business is to provide care of the highest quality to its residents and this is the core

principle of the Group. The Board seeks to ensure a high level of care is provided through the expert knowledge

and experience of our employees and the provision of high quality facilities at each of our care homes. Processes

are in place to ensure the knowledge and skills of our employees are kept up to date through provision of regular

training and development opportunities.

 

The Board recognises that relationships with suppliers are important to the Group's long-term success and the

wellbeing of it residents through provision of quality goods and services. Management works closely with key

suppliers to ensure feedback is acted upon and that strong relationships are maintained. The Board also seeks to

balance the benefit of maintaining these strong relationships along with the need to obtain value for money.

 

Communities

The Board supports the initiatives with regards to reducing the adverse impacts of the business on the

environment and engages with the communities in which we operate. Key areas of focus include how we can

support local causes and issues, create opportunities to recruit and develop local people and help to look after the

environment.

VIDA HEALTHCARE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

On behalf of the board

J A Rycroft
Director
26 June 2025
VIDA HEALTHCARE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Principal activity

The principal activity of the Company and Group continued to be that of the operation of care homes. The Group's first care home, Vida Hall, opened for business in February 2013, and its second care home, Vida Grange, opened in December 2016. Its third care home, Vida Court, opened in November 2021.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,026,367. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C A Rycroft
J A Rycroft
M A Rycroft
B Mossman
J Young
Financial instruments

Objectives and policies

The financial risk management objectives of the group are to retain sufficient liquid funds to enable it to meet its

day-to-day requirements, minimise the group's exposure to fluctuating interest rates and match the repayment

schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the group's

trading activities.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk. The group

manages these risks by financing its operations through retained profits, supplemented by long-term bank

borrowings where necessary to fund expansion or capital expenditure programmes.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The key management personnel of the group regularly engage with members of staff to discuss matters of current

interest and concern to the business.

Future developments

Demand remains high in the local areas served by Vida Hall and Vida Grange and occupancy rates are expected to

remain high. Demand for places in the local area served by the group's latest care home, Vida Court, also remains

high and occupancy rates are expected to continue increasing until it reaches capacity. Increasing occupancy rates

should ensure the group will increase profitability in line with its long-term business plan.

VIDA HEALTHCARE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Energy and carbon report

As the parent company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as

a low energy user under these regulations and is not required to report on its emissions, energy consumption or

energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J A Rycroft
Director
26 June 2025
VIDA HEALTHCARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VIDA HEALTHCARE LTD
- 6 -
Opinion

We have audited the financial statements of Vida Healthcare Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

VIDA HEALTHCARE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VIDA HEALTHCARE LTD
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

VIDA HEALTHCARE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VIDA HEALTHCARE LTD
- 8 -
Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence and legal costs incurred; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 auditor's 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.

Paul Gainford (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
27 June 2025
VIDA HEALTHCARE LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
31,783,860
29,092,789
Administrative expenses
(26,872,695)
(24,504,362)
Other operating income
-
26,917
Exceptional item
4
505,870
-
0
Operating profit
5
5,417,035
4,615,344
Interest receivable and similar income
65,209
53,460
Interest payable and similar expenses
9
(1,604,367)
(1,693,146)
Profit before taxation
3,877,877
2,975,658
Tax on profit
10
(1,019,165)
(758,185)
Profit for the financial year
2,858,712
2,217,473
Profit for the financial year is all attributable to the owners of the parent company.
VIDA HEALTHCARE LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
2,858,712
2,217,473
Other comprehensive income
-
-
Total comprehensive income for the year
2,858,712
2,217,473
Total comprehensive income for the year is all attributable to the owners of the parent company.
VIDA HEALTHCARE LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
31,446,370
32,168,833
Current assets
Debtors
15
2,113,889
2,347,608
Cash at bank and in hand
1,741,814
1,504,391
3,855,703
3,851,999
Creditors: amounts falling due within one year
17
(26,402,974)
(28,033,781)
Net current liabilities
(22,547,271)
(24,181,782)
Total assets less current liabilities
8,899,099
7,987,051
Provisions for liabilities
Deferred tax liability
19
1,276,660
1,196,957
(1,276,660)
(1,196,957)
Net assets
7,622,439
6,790,094
Capital and reserves
Called up share capital
21
1,847,825
1,847,825
Profit and loss reserves
5,774,614
4,942,269
Total equity
7,622,439
6,790,094
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
J A Rycroft
Director
Company registration number 09106261 (England and Wales)
VIDA HEALTHCARE LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
261,915
166,723
Investments
13
1,910,690
1,910,690
2,172,605
2,077,413
Current assets
Debtors falling due after more than one year
15
284,510
303,531
Debtors falling due within one year
15
1,740,387
1,684,107
Cash at bank and in hand
404,097
261,364
2,428,994
2,249,002
Creditors: amounts falling due within one year
17
(2,734,009)
(2,336,239)
Net current liabilities
(305,015)
(87,237)
Total assets less current liabilities
1,867,590
1,990,176
Provisions for liabilities
Deferred tax liability
19
22,932
-
0
(22,932)
-
Net assets
1,844,658
1,990,176
Capital and reserves
Called up share capital
21
1,847,825
1,847,825
Profit and loss reserves
(3,167)
142,351
Total equity
1,844,658
1,990,176

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,880,849 (2023 - £932,807 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
J A Rycroft
Director
Company registration number 09106261 (England and Wales)
VIDA HEALTHCARE LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,847,825
3,144,598
4,992,423
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,217,473
2,217,473
Dividends
11
-
(419,802)
(419,802)
Balance at 31 December 2023
1,847,825
4,942,269
6,790,094
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,858,712
2,858,712
Dividends
11
-
(2,026,367)
(2,026,367)
Balance at 31 December 2024
1,847,825
5,774,614
7,622,439
VIDA HEALTHCARE LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,847,825
(370,654)
1,477,171
Year ended 31 December 2023:
Loss and total comprehensive income for the year as restated
-
932,807
932,807
Dividends
11
-
(419,802)
(419,802)
Balance at 31 December 2023
1,847,825
142,351
1,990,176
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,880,849
1,880,849
Dividends
11
-
(2,026,367)
(2,026,367)
Balance at 31 December 2024
1,847,825
(3,167)
1,844,658
VIDA HEALTHCARE LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
7,014,296
4,924,010
Interest paid
(1,604,367)
(1,693,146)
Income taxes paid
(736,267)
-
0
Net cash inflow from operating activities
4,673,662
3,230,864
Investing activities
Purchase of tangible fixed assets
(268,741)
(439,135)
Repayment of loans
150
(10,266)
Interest received
65,209
53,460
Net cash used in investing activities
(203,382)
(395,941)
Financing activities
Repayment of borrowings
-
20
Repayment of bank loans
(2,206,490)
(1,811,999)
Dividends paid to equity shareholders
(2,026,367)
(419,802)
Net cash used in financing activities
(4,232,857)
(2,231,781)
Net increase in cash and cash equivalents
237,423
603,142
Cash and cash equivalents at beginning of year
1,504,391
901,249
Cash and cash equivalents at end of year
1,741,814
1,504,391
VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Vida Healthcare Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Vida Court, Beckwith Head Road, Harrogate, England, HG3 1RB.

 

The group consists of Vida Healthcare Ltd and all of its subsidiaries.

 

The principal places of business are:

 

Vida Hall: Station View, Harrogate, HG2 7JA

 

Vida Grange: Thirkhill Drive, Pannal, Harrogate, HG3 1FE

 

Vida Court: Beckwith Head Road, Harrogate, HG3 1RB

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Vida Healthcare Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Vida Healthcare Limited.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Vida Healthcare Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

In common with many businesses, the Group meets its working capital requirements using funding from its bankers. The directors have prepared profit and cash flow forecasts which show that the Group will be able to meet its liabilities as they fall due.

 

The directors' review of bank funding requirements and available facilities leads them to believe that it is appropriate to prepare the financial statements on a going concern basis.

1.5
Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in

the ordinary course of the group's activities.

 

The group recognises revenue when the amount of revenue can be reliably measured; it is probable that

future economic benefits will flow to the entity; and the specific criteria have been met for each of the

group's activities.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
50 years straight line
Fixtures and fittings
4 - 7 years straight line
Motor vehicles
5 years straight line

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

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
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.

 

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

 

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

Basic financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

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

 

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

1.12
Employee benefits

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

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.

 

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

1.13
Retirement benefits

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

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

Useful economic lives of tangible fixed assets

The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.

 

Judgement is applied by management when determining the residual values of tangible assets. When determining the residual value management aim to assess the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life.

 

The carrying amount of tangible fixed assets at the reporting date was £31,446,370 (2022 - £32,168,833).

Impairment of trade and other debtors

Judgement is involved in determining whether aged trade and other debtors are recoverable and the group makes an estimate of the recoverable value of amounts outstanding at the reporting date. When assessing impairment of trade and other debtors, management considers factors including the ageing profile and historical experience.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of care services
31,783,860
29,092,789
2024
2023
£
£
Other revenue
Interest income
65,209
53,460

All revenue arose within the United Kingdom.

4
Exceptional item
2024
2023
£
£
Expenditure
Release of non-recurring property repair accrual
(505,870)
-

During the financial year ended 31 December 2024, Vida Hall Limited recognised an exceptional item amounting to £505,870 relating to the release of an accrual previously established for non-recurring property repairs.

Following a detailed reassessment during the current period, it was determined that the scope of remedial works, and associated cost estimates, were significantly reduced. As a result, the related accrual was released in part, resulting in a one-time gain recognised in the statement of profit or loss.

This income is considered exceptional and non-recurring in nature, and does not form part of the Group’s normal operating activities.

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
991,204
934,930
Operating lease charges
226,508
218,768
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
4,560
Audit of the financial statements of the company's subsidiaries
42,300
27,440
42,300
32,000
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Nursing, care and activities staff
424
374
-
-
Administration and support staff
15
26
2
19
Bank and reception staff
41
47
-
-
Kitchen staff
29
33
-
-
Housekeeping and maintenance staff
52
58
-
2
Management staff and directors
38
24
25
5
Total
599
562
27
26

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
17,319,291
14,035,718
-
0
-
0
Social security costs
1,715,175
1,364,933
-
-
Pension costs
352,071
281,314
-
0
-
0
19,386,537
15,681,965
-
0
-
0
VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
211,836
209,468
Amounts receivable under long term incentive schemes
3,963
3,963
215,799
213,431
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
80,651
78,750
Company pension contributions to defined contribution schemes
1,321
1,321

During the year, retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,604,367
1,693,146
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
950,701
582,608
Deferred tax
Origination and reversal of timing differences
68,464
175,876
Adjustment in respect of prior periods
-
0
(299)
Total deferred tax
68,464
175,577
Total tax charge
1,019,165
758,185

The main rate of corporation tax increased to 25% from 1 April 2023 under the Finance Bill 2021. Deferred tax has been provided at the rates expected to be in place when the timing differences reverse.

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,877,877
2,975,658
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
969,469
699,875
Tax effect of expenses that are not deductible in determining taxable profit
17,128
49,341
Tax effect of income not taxable in determining taxable profit
-
0
(2,222)
Group relief
-
0
1
Depreciation on assets not qualifying for tax allowances
32,568
-
0
Deferred tax adjustments in respect of prior years
-
0
(299)
Group relief claimed
-
0
2,447
Deferred tax expense relating to changes in tax rates
-
0
9,042
Taxation charge
1,019,165
758,185
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
2,026,367
419,802
VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
33,951,813
2,902,784
-
0
36,854,597
Additions
-
0
205,441
63,300
268,741
At 31 December 2024
33,951,813
3,108,225
63,300
37,123,338
Depreciation and impairment
At 1 January 2024
3,026,332
1,659,432
-
0
4,685,764
Depreciation charged in the year
621,632
364,022
5,550
991,204
At 31 December 2024
3,647,964
2,023,454
5,550
5,676,968
Carrying amount
At 31 December 2024
30,303,849
1,084,771
57,750
31,446,370
At 31 December 2023
30,925,481
1,243,352
-
0
32,168,833
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
220,065
-
0
220,065
Additions
62,822
63,300
126,122
At 31 December 2024
282,887
63,300
346,187
Depreciation and impairment
At 1 January 2024
53,342
-
0
53,342
Depreciation charged in the year
25,380
5,550
30,930
At 31 December 2024
78,722
5,550
84,272
Carrying amount
At 31 December 2024
204,165
57,750
261,915
At 31 December 2023
166,723
-
0
166,723

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
30,303,849
30,925,481
-
0
-
0
VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 26 -

Included within net book value of land and buildings above is £6,031,660 (2023 - £6,031,660) in respect of freehold land, which is not depreciated.

 

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,910,690
1,910,690
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Vida Hall Limited
Vida Court, Beckwith Head Road, Harrogate, HG3 1RB
Ordinary
100.00
Vida Grange Limited
As above
Ordinary
100.00
Vida Court Limited
As above
Ordinary
100.00
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,529,515
1,907,467
-
0
17,198
Amounts owed by group undertakings
-
-
1,656,050
1,548,814
Finance leases receivable
-
-
10,571
10,068
Other debtors
246,155
253,293
73,766
105,917
Prepayments and accrued income
338,219
198,087
-
0
-
0
2,113,889
2,358,847
1,740,387
1,681,997
Deferred tax asset (note 19)
-
0
(11,239)
-
0
2,110
2,113,889
2,347,608
1,740,387
1,684,107
Amounts falling due after more than one year:
Finance leases receivable
-
-
284,510
303,531
Total debtors
2,113,889
2,347,608
2,024,897
1,987,638
VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
16
Finance lease receivables
Group
Company
2024
2023
2024
2023
£
£
£
£
Gross amounts receivable under finance leases:
Within one year
-
-
25,748
25,748
In two to five years
-
-
102,992
102,992
Over five years
-
-
341,161
366,909
-
-
469,901
495,649
Unearned finance income
-
-
(174,820)
(182,050)
Present value of minimum lease payments receivable
-
-
295,081
313,599

The company has entered into finance leasing arrangements with its trading subsidiaries, Vida Grange Limited and Vida Court Limited, for the use of certain fixtures, fittings and equipment at the Vida Grange and Vida Court care homes. The lease at Vida Grange ran to 31 December 2023, at which point Vida Grange had the option to purchase the equipment for a residual value of £1. Interest was charged on the lease at 4.19% per annum.

 

The lease at Vida Court commenced in April 2022 and runs to April 2043, at which point Vida Court has the option to purchase the equipment for a residual value of £1. The lease is interest-free and so has been discounted at a market rate of interest, determined by the directors to be 5% per annum. The excess of the fair value of the equipment transferred over the present value of the discounted minimum lease payments has been accounted for as a capital contribution in the subsidiary and capitalised as part of the cost of investment in that company.

17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
20,881,020
23,087,510
-
0
-
0
Other borrowings
18
10,020
10,020
-
0
-
0
Trade creditors
1,131,819
681,875
11,707
12,452
Amounts owed to group undertakings
-
0
-
0
2,038,716
2,091,156
Corporation tax payable
797,042
582,608
-
0
-
0
Other taxation and social security
495,288
459,361
23,965
26,256
Other creditors
1,697,613
932,326
659,621
172,225
Accruals and deferred income
1,390,172
2,280,081
-
0
34,150
26,402,974
28,033,781
2,734,009
2,336,239
VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
20,881,020
23,087,510
-
0
-
0
Other loans
10,020
10,020
-
0
-
0
20,891,040
23,097,530
-
-
Payable within one year
20,891,040
23,097,530
-
0
-
0

The group's bank borrowings relate to three loan facilities (Facility B, C and D) held under a facilities agreement entered into on 20 November 2019.

 

Facility B is a £15,500,000 term loan facility, which was set up to be used to refinance Facility A on completion of the Vida Court development. The facility is denominated in Pounds Sterling with a nominal interest rate of Bank of England Base Rate + 1.8%. The loan was drawn down in full on 29 April 2022, following completion and transfer of the Vida Court property, and is repayable in equal quarterly instalments commencing in March 2023, with a final balance of £13,691,669 falling due for repayment on 28 February 2025. The carrying amount of the loan at the year end is £13,792,406 (2023 - £14,466,668).

 

Facility C is denominated in Pounds Sterling with a nominal interest rate of Bank of England Base Rate + 1.8%. The loan is repayable in equal quarterly instalments, with a final balance of £1,024,024 falling due for repayment on 28 February 2025. The carrying amount of the loan at the year end is £1,031,558 (2023 - £2,168,525).

 

Facility D in denominated in Pounds Sterling with a nominal interest rate of Bank of England Base Rate +1.8%. The loan is repayable in equal quarterly instalments up to 28 February 2025, with a final repayment of £6,012,816 due on this date. The carrying amount of the loan at the year end is £6,057,056 (2023 - £6,452,317).

 

The loans are secured by a debenture incorporating a fixed charge against the group's freehold land and buildings and fixed and floating charges over all other assets of the group present and future.

 

Other loans

Other loans relate to directors' loans and are repayable on demand. During the year ended 31 December 2024 no interest was charged on these balances.

 

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
1,276,660
1,228,287
-
(10,175)
Tax losses
-
(31,330)
-
(1,064)
1,276,660
1,196,957
-
(11,239)
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
22,932
-
-
(28,156)
Tax losses
-
-
-
30,266
22,932
-
-
2,110
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
1,208,196
(2,110)
Charge to profit or loss
68,464
25,042
Liability at 31 December 2024
1,276,660
22,932
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
352,071
281,314

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
480,434
480,434
480,434
480,434
B Ordinary shares of £1 each
480,434
480,434
480,434
480,434
C Ordinary shares of £1 each
369,565
369,565
369,565
369,565
D Ordinary shares of £1 each
369,565
369,565
369,565
369,565
E Ordinary shares of £1 each
92,392
92,392
92,392
92,392
F Ordinary shares of £1 each
55,435
55,435
55,435
55,435
1,847,825
1,847,825
1,847,825
1,847,825

All shares rank pari passu in all respects, except that on a sale or return of capital on liquidation or otherwise, the holders of the 'D', 'E' and 'F' Ordinary shares will only be entitled to a proportionate share of any proceeds once a set hurdle has been achieved, as defined within the Company's Articles of Association.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
70,691
60,878
-
-
Between two and five years
36,174
52,835
-
-
106,865
113,713
-
-
23
Events after the reporting date

In March 2025 bank loans and overdraft facilities were refinanced with Clydesdale Bank PLC, providing a long term financial partnership to support the strategic plans of the group.

24
Related party transactions

Key management personnel

The key management personnel of the group are the directors. Details of directors' remuneration in the period is provided in note 7.

25
Directors' transactions

Dividends totalling £2,026,367 (2023 - £419,802) were paid in the year in respect of shares held by the company's directors.

VIDA HEALTHCARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
26
Controlling party

The ultimate controlling parties are C A Rycroft (a director) and B J Rycroft by virtue of their ownership of the majority of the issued share capital.

 

27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
2,858,712
2,217,473
Adjustments for:
Taxation charged
1,019,165
758,185
Finance costs
1,604,367
1,693,146
Investment income
(65,209)
(53,460)
Depreciation and impairment of tangible fixed assets
991,205
934,930
Movements in working capital:
Decrease/(increase) in debtors
244,807
(511,446)
Increase/(decrease) in creditors
361,249
(114,818)
Cash generated from operations
7,014,296
4,924,010
28
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,504,391
237,423
1,741,814
Borrowings excluding overdrafts
(23,097,530)
2,206,490
(20,891,040)
(21,593,139)
2,443,913
(19,149,226)
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