Company registration number 11812304 (England and Wales)
VIDA COURT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VIDA COURT LIMITED
COMPANY INFORMATION
Directors
B Mossman
C A Rycroft
J A Rycroft
M A Rycroft
J Young
Company number
11812304
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 COURT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
VIDA COURT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair 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.

 

Operationally we have maintained an Outstanding rating from the CQC at Vida Court, and the kitchen received a 5 star rating.

 

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 company's key financial and other indicators during the year were as follows:

 

Unit             2024         2023

Turnover:         £10,137,122    £6,859,981

Operating profit/(loss):     £1,151,757    £201,178

EBITDA:         £1,671,393    £639,765

EBITDA margin:         16%         9%

 

Occupancy rates continue to improve and despite the significant cost inflation which has impacted most areas of the UK economy, the company has now started to generate a positive operating profit.

 

The balance sheet at the end of the year shows a net liability position of £967,628 (2023 - £1,465,842).

 

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

Principal risks and uncertainties

The company 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 company.

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

VIDA COURT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Cost inflation

Staff shortages and rising utility and other overhead costs are having a significant impact on profitability and the company's ability to provide the bet quality of service possible. The directors continually monitor remuneration packages to ensure the company 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.

 

Given the difficult conditions experienced in the care sector in the recent years, the directors are satisfied with the reported results.

On behalf of the board

J A Rycroft
Director
26 June 2025
VIDA COURT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company is that of the operation of a care home.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

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

The financial risk management objectives of the Company are to retain sufficient liquid funds to enable it to meet its day-to-day requirements, minimise the Company'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 Company's trading activities.

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

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

Future developments

Demand remains high in the local area served by Vida Court and long-term occupancy rates are budgeted to remain at close to capacity.

VIDA COURT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
J A Rycroft
Director
26 June 2025
VIDA COURT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VIDA COURT LIMITED
- 5 -
Opinion

We have audited the financial statements of Vida Court Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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 COURT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VIDA COURT LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 COURT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VIDA COURT LIMITED (CONTINUED)
- 7 -
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 member 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 member those matters we are required to state to the member 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 member, 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 COURT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,137,122
6,859,981
Administrative expenses
(8,985,365)
(6,658,803)
Operating profit
4
1,151,757
201,178
Interest receivable and similar income
527,179
6,591
Interest payable and similar expenses
7
(1,014,418)
(1,083,742)
Profit/(loss) before taxation
664,518
(875,973)
Tax on profit/(loss)
8
(166,304)
177,713
Profit/(loss) for the financial year
498,214
(698,260)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

VIDA COURT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit/(loss) for the year
498,214
(698,260)
Other comprehensive income
-
-
Total comprehensive income for the year
498,214
(698,260)
VIDA COURT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
15,855,287
16,352,898
Current assets
Debtors
10
720,829
668,580
Cash at bank and in hand
390,445
268,959
1,111,274
937,539
Creditors: amounts falling due within one year
11
(16,859,229)
(17,682,109)
Net current liabilities
(15,747,955)
(16,744,570)
Total assets less current liabilities
107,332
(391,672)
Creditors: amounts falling due after more than one year
12
(351,551)
(364,237)
Provisions for liabilities
Deferred tax liability
15
723,409
709,933
(723,409)
(709,933)
Net liabilities
(967,628)
(1,465,842)
Capital and reserves
Called up share capital
17
100
100
Other reserves
252,707
252,707
Profit and loss reserves
(1,220,435)
(1,718,649)
Total equity
(967,628)
(1,465,842)
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 11812304 (England and Wales)
VIDA COURT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
100
252,707
(1,020,389)
(767,582)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(698,260)
(698,260)
Balance at 31 December 2023
100
252,707
(1,718,649)
(1,465,842)
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
498,214
498,214
Balance at 31 December 2024
100
252,707
(1,220,435)
(967,628)
VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Vida Court Limited is a private company limited by shares incorporated in England and Wales. The registered office is Vida Court, Beckwith Head Road, Harrogate, England, 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Vida Healthcare Limited. These consolidated financial statements are available from Vida Court, Beckwith Head Road, Harrogate, England, HG3 1RB.

1.2
Going concern

In making their going concern assessment, the directors have considered the profitability and financial position of the group headed by Vida Healthcare Limited ("the Group") as a whole.true

 

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.

1.3
Turnover

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

 

The Company recognises when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the Company's activities.

1.4
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.

VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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 basis
Fixtures and fittings
4-7 years straight line basis

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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).

1.6
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 company 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 company 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company 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 company.

1.8
Taxation

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

VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

1.9
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.

 

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.

1.10
Retirement benefits

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

1.11
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leases asset are consumed.

VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible fixed assets

The company 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 company 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 £15,855,287 (2023 - £16,352,898).

Impairment of trade and other debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile and historic experience.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of care services
10,137,122
6,859,981
2024
2023
£
£
Other revenue
Interest income
527,179
6,591

All revenue arose within the United Kingdom.

VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,100
11,280
Depreciation of owned tangible fixed assets
519,636
438,587
Operating lease charges
75,756
72,898
5
Employees

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

2024
2023
Number
Number
Nursing, care and activities staff
144
115
Administration and support staff
4
2
Bank and reception staff
8
5
Kitchen staff
10
11
Housekeeping and maintenance staff
18
17
Management, staff and directors
4
6
Total
188
156

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,506,101
3,488,160
Social security costs
549,576
339,052
Pension costs
111,661
62,994
6,167,338
3,890,206

In addition to the employee numbers reported above, there were also 24 (2023 - 24) individuals who were employed centrally and whose costs were recharged across the trading subsidiaries of the group, and included in the employment costs disclosed above.

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
50,244
40,768
Company pension contributions to defined contribution schemes
1,112
864
51,356
41,632
VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
(Continued)
- 18 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
995,602
1,064,350
Interest on finance leases and hire purchase contracts
18,816
19,392
1,014,418
1,083,742
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
152,828
-
0
Deferred tax
Origination and reversal of timing differences
13,476
115,536
Adjustment in respect of prior periods
-
0
(293,249)
Total deferred tax
13,476
(177,713)
Total tax charge/(credit)
166,304
(177,713)

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 COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 19 -

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

2024
2023
£
£
Profit/(loss) before taxation
664,518
(875,973)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
166,130
(206,029)
Tax effect of expenses that are not deductible in determining taxable profit
174
206
Tax effect of income not taxable in determining taxable profit
-
0
(146)
Group relief
-
0
314,672
Deferred tax adjustments in respect of prior years
-
0
(293,249)
Deferred tax expense relating to change in tax rate
-
0
6,833
Taxation charge/(credit) for the year
166,304
(177,713)
9
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
16,011,095
1,093,683
17,104,778
Additions
-
0
22,025
22,025
At 31 December 2024
16,011,095
1,115,708
17,126,803
Depreciation and impairment
At 1 January 2024
420,860
331,020
751,880
Depreciation charged in the year
316,224
203,412
519,636
At 31 December 2024
737,084
534,432
1,271,516
Carrying amount
At 31 December 2024
15,274,011
581,276
15,855,287
At 31 December 2023
15,590,235
762,663
16,352,898

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2024
2023
£
£
Fixtures and fittings
399,699
493,131
VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Tangible fixed assets
(Continued)
- 20 -

Freehold land and buildings with a carrying amount of £15,274,011 (2023 - £15,590,235) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

 

Included within the net book value of land and buildings above is freehold land at a cost of £3,366,660 (2023 - £3,366,660) which is not depreciated.

10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
495,779
607,891
Amounts owed by group undertakings
121,548
-
0
Other debtors
117
-
0
Prepayments and accrued income
103,385
60,689
720,829
668,580
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
13
13,792,406
14,466,668
Obligations under finance leases
14
12,687
12,082
Trade creditors
361,953
156,892
Amounts owed to group undertakings
1,726,122
2,093,639
Corporation tax
152,828
-
0
Other taxation and social security
134,079
99,144
Other creditors
284,080
329,848
Accruals and deferred income
395,074
523,836
16,859,229
17,682,109
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
14
351,551
364,237
VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Loans and overdrafts
2024
2023
£
£
Bank loans
13,792,406
14,466,668
Payable within one year
13,792,406
14,466,668

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

 

The bank borrowings relate to a Term Loan Facility, which 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 up to 28 February 2025, with a final repayment of £13,691,669 due on this date. The carrying amount of the Term Loan at the year end was £13,792,406 (2023 - £14.466,668).

14
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
30,898
30,898
In two to five years
123,590
123,590
In over five years
409,393
440,291
563,881
594,779
Less: future finance charges
(199,643)
(218,460)
364,238
376,319

Finance lease payments represent rentals payable by the company to its parent undertaking, Vida Healthcare Limited, for certain items of furniture and equipment used in the company's care home. The lease includes a purchase option at the end of the lease period, and no restrictions are placed on the use of the assets. The lease term is 21 years and is on a fixed repayment basis.

15
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
723,409
709,933
VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Deferred taxation
(Continued)
- 22 -
2024
Movements in the year:
£
Liability at 1 January 2024
709,933
Charge to profit or loss
13,476
Liability at 31 December 2024
723,409
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
111,661
62,994

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
18
Other reserves

The company has benefited from an interest-free long-term financing arrangement with its parent undertaking in respect of the finance lease disclosed in note 14. Under the requirements of FRS 102, the loan has been discounted at a market rate of interest and the difference between the transaction value of the loan and its present value discounted at a market rate of interest represents a capital contribution from the parent and has been credited to other reserves.

19
Financial commitments, guarantees and contingent liabilities

The company has provided a cross guarantee in relation to borrowings of its fellow group undertakings. As at 31 December 2024, the total borrowings secured under this guarantee amounted to £7,088,614 (2023 - £8.620.842).

VIDA COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
20
Operating lease commitments
As lessee

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

2024
2023
£
£
Within 1 year
22,197
15,196
Years 2-5
12,073
13,300
34,270
28,496
21
Related party transactions

The company has taken advantage of the exemption under FRS 102 to not disclose transactions entered into by two or more members of the group on the grounds that the company is a wholly owned subsidiary undertaking.

22
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.

23
Ultimate controlling party

The company's immediate parent is Vida Healthcare Limited, incorporated in the United Kingdom.

 

The address of the registered office of Vida Healthcare Limited is Vida Court, Beckwith Head Road, Harrogate, HG3 1RB.

 

The ultimate controlling parties are Mr C A Rycroft and Mrs B J Rycroft.

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