Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truetruetruetruetruetruetruetruetruetruetruetruetruetruetrue2024-01-01falseNo description of principal activity2116truefalse 07279069 2024-01-01 2024-12-31 07279069 2023-01-01 2023-12-31 07279069 2024-12-31 07279069 2023-12-31 07279069 2023-01-01 07279069 c:Director1 2024-01-01 2024-12-31 07279069 c:Director1 2024-12-31 07279069 c:Director2 2024-01-01 2024-12-31 07279069 c:Director3 2024-01-01 2024-12-31 07279069 c:Director3 2024-12-31 07279069 c:Director4 2024-01-01 2024-12-31 07279069 c:Director5 2024-01-01 2024-12-31 07279069 c:Director6 2024-01-01 2024-12-31 07279069 c:Director7 2024-01-01 2024-12-31 07279069 c:Director7 2024-12-31 07279069 c:RegisteredOffice 2024-01-01 2024-12-31 07279069 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 07279069 d:Buildings d:LongLeaseholdAssets 2024-12-31 07279069 d:Buildings d:LongLeaseholdAssets 2023-12-31 07279069 d:Goodwill 2024-01-01 2024-12-31 07279069 d:Goodwill 2024-12-31 07279069 d:Goodwill 2023-12-31 07279069 d:CurrentFinancialInstruments 2024-12-31 07279069 d:CurrentFinancialInstruments 2023-12-31 07279069 d:Non-currentFinancialInstruments 2024-12-31 07279069 d:Non-currentFinancialInstruments 2023-12-31 07279069 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 07279069 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07279069 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 07279069 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07279069 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 07279069 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 07279069 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 07279069 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 07279069 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 07279069 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 07279069 d:UKTax 2024-01-01 2024-12-31 07279069 d:UKTax 2023-01-01 2023-12-31 07279069 d:ShareCapital 2024-12-31 07279069 d:ShareCapital 2023-12-31 07279069 d:ShareCapital 2023-01-01 07279069 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07279069 d:RetainedEarningsAccumulatedLosses 2024-12-31 07279069 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07279069 d:RetainedEarningsAccumulatedLosses 2023-12-31 07279069 d:RetainedEarningsAccumulatedLosses 2023-01-01 07279069 c:OrdinaryShareClass1 2024-01-01 2024-12-31 07279069 c:OrdinaryShareClass1 2024-12-31 07279069 c:OrdinaryShareClass1 2023-12-31 07279069 c:OrdinaryShareClass2 2024-01-01 2024-12-31 07279069 c:OrdinaryShareClass2 2024-12-31 07279069 c:OrdinaryShareClass2 2023-12-31 07279069 c:OrdinaryShareClass3 2024-01-01 2024-12-31 07279069 c:OrdinaryShareClass3 2024-12-31 07279069 c:OrdinaryShareClass3 2023-12-31 07279069 c:FRS101 2024-01-01 2024-12-31 07279069 c:Audited 2024-01-01 2024-12-31 07279069 c:FullAccounts 2024-01-01 2024-12-31 07279069 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07279069 d:Subsidiary1 2024-01-01 2024-12-31 07279069 d:Subsidiary1 1 2024-01-01 2024-12-31 07279069 d:Subsidiary2 2024-01-01 2024-12-31 07279069 d:Subsidiary2 1 2024-01-01 2024-12-31 07279069 2 2024-01-01 2024-12-31 07279069 4 2024-01-01 2024-12-31 07279069 6 2024-01-01 2024-12-31 07279069 d:NetGoodwill 2024-12-31 07279069 d:NetGoodwill 2023-12-31 07279069 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 07279069







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


MILEWOOD (HOLDINGS) LTD






































img04c8.png                        

 


MILEWOOD (HOLDINGS) LTD
 


 
COMPANY INFORMATION


Directors
H K Arora (resigned 31 January 2025)
A C De Changy 
C P Hartshorne (resigned 4 January 2023)
M Lefebvre 
S T Foxall-Smith 
M Heginbotham 
J K Dinwoodie (appointed 24 February 2025, resigned 17 June 2025)




Registered number
07279069



Registered office
1st Floor
1 Lakeside Headlands Business Park

Sailsbury Road

Blashford Ringwood

BH24 3PB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


MILEWOOD (HOLDINGS) LTD
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23


 


MILEWOOD (HOLDINGS) LTD
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors are pleased to give their report for the financial year to December 2024. 

Business review
 
The directors are satisfied with the results for the period, achieved in a highly pressured market, with wage inflation and a challenging economic backdrop creating continued headwinds on earnings / margin. The directors aim to provide a balanced and comprehensive review of the development and performance of the business, which despite market pressure has seen the company continue to build its residential home and supported living units principally in the north of England as supported by the financial statements for the year. 

Principal risks and uncertainties
 
Financial
The Care Tree Invest group of which the company is part of has outstanding finance of £45M.  The company acknowledges the level of debt, remaining vigilant to the economic landscape however this step change represents a material reduction in risk for the Group.
The company continues to face risk from inflationary pressure on costs, in particular to changes in the National Living Wage and changes to the NI thresholds in 2025 but is well placed to manage these headwinds through both the scale of the group and the ability to recover cost increases through fee growth.
The company acknowledges that relationships with its suppliers and customers are key to its success and as such works closely with them to build long lasting business relationships. 
Staff recruitment
The group’s success is dependent on its staff and the ability to recruit and maintain a level of quality to drive the right culture. The company invests in training and through induction and aims to provide a safe and secure workplace for all individuals. Where challenges have been faced with recruitment the organisation has evolved with the market trends to ensure the organisation is able to recruit and retain staff. This done by proactively investing in staff development and providing clear development pathways for staff to progress through the organisation as we grow. 
Occupancy
The group’s occupancy levels are key to its continued success and any significant reduction would have an adverse effect on the results of the company.  Occupancy levels are maintained through continued close working with the local authorities. Our reputation as an organisation that can provide care and support to some of the most challenging in our society has been developed over many years and our local relationships continue to develop as we are able to offer bespoke care packages that meet the needs of a changing market. We continue to monitor local joint strategic needs to ensure that we are well positioned to meet the needs of changing demand, now and in the future. 
Legislation and regulation
The group’s care home activities are monitored by the Care Quality Commission (CQC). The company takes its responsibility seriously and puts into place the necessary checks and monitoring to ensure compliance and is always willing to work with the CQC to maintain and improve standards. Our quality drives and initiatives within all our services ensure that standards and regulatory compliance remains at the core of what we do. When things go wrong, we have the capabilities and capacity to ensure services are supported through a quality outcomes framework and at its core is always the safety and wellbeing of our service users. 
Community and environment
The group understands how important friendship and interaction with others are as part of life in the community. Therefore, we create an environment that encourages this to happen naturally. It's why you'll see excellent interaction between staff and service users in each of our homes, with close friendships also developing between the service users themselves. We acknowledge that the care homes are deeply within communities and all efforts are made to blend in and respect all parties concerned. All of our services are embedded within local communities. We work hard to ensure all of our service users have access to their community in order for them to feel an integral part of it. We would with local residents, community groups and organisations to offer the best possible outcomes for our service users and we feel this can only be achieved in complete partnership with our local communities.

Page 1

 


MILEWOOD (HOLDINGS) LTD
 



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

Financial key performance indicators
 
 The company constantly reviews Key Performance Indicators (KPI’s) that include fees received, payroll costs and operating profit which are detailed in the financial statements, some key KPI’s are as follows:

2024
2023
        £
        £
Revenue

2,190,201

1,633,037
 
Operating profit

(296,940)

(626,432)
 
Property, plant and equipment value

1,362,400

1,393,600
 
Net assets

3,195,379

3,488,837
 


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



................................................
M Heginbotham
Director

Date: 24 June 2025

Page 2

 


MILEWOOD (HOLDINGS) LTD
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £293,458 (2023 -loss £631,911).

Directors

The directors who served during the year were:

H K Arora (resigned 31 January 2025)
A C De Changy 
C P Hartshorne (resigned 4 January 2023)
M Lefebvre 
S T Foxall-Smith 
M Heginbotham 
J K Dinwoodie (appointed 24 February 2025, resigned 17 June 2025)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

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

Page 3

 


MILEWOOD (HOLDINGS) LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





................................................
M Heginbotham
Director

Date: 24 June 2025

Page 4

 


MILEWOOD (HOLDINGS) LTD
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILEWOOD (HOLDINGS) LTD

Opinion


We have audited the  of Milewood (Holdings) Ltd (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the :


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the  section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the  in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


MILEWOOD (HOLDINGS) LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILEWOOD (HOLDINGS) LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the  are prepared is consistent with the ; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the  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  that are free from material misstatement, whether due to fraud or error.


In preparing the , 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.


Page 6

 


MILEWOOD (HOLDINGS) LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILEWOOD (HOLDINGS) LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the  as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. Compliance with CQC regulations and reviews are also key requirements on the Company and Group that may impact the Financial Statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process;
° Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger.
°Manipulation of amounts subject to significant judgment or estimate.

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


A further description of our responsibilities for the audit of the  is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 


MILEWOOD (HOLDINGS) LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILEWOOD (HOLDINGS) LTD (CONTINUED)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Galliers FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

25 June 2025
Page 8

 


MILEWOOD (HOLDINGS) LTD
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
2,190,201
1,633,037

Gross profit
  
2,190,201
1,633,037

Administrative expenses
  
(2,487,141)
(2,259,469)

Operating loss
 5 
(296,940)
(626,432)

Interest receivable and similar income
 9 
-
359

Interest payable and similar expenses
  
3,482
-

Loss before tax
  
(293,458)
(626,073)

Tax on loss
 11 
-
(5,838)

Loss for the financial year
  
(293,458)
(631,911)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 


MILEWOOD (HOLDINGS) LTD
REGISTERED NUMBER:07279069



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Goodwill
  
3,025,000
3,025,000

  
3,025,000
3,025,000

Fixed assets
  

Tangible assets
 13 
1,362,400
1,393,600

Investments
 14 
5,200
5,200

  
4,392,600
4,423,800

Current assets
  

Debtors: amounts falling due within one year
 15 
7,338,488
7,199,204

Cash at bank and in hand
  
55,041
43,958

  
7,393,529
7,243,162

Creditors: amounts falling due within one year
 16 
(7,041,570)
(6,627,671)

Net current assets
  
 
 
351,959
 
 
615,491

Total assets less current liabilities
  
4,744,559
5,039,291

  

Creditors: amounts falling due after more than one year
 17 
(1,549,180)
(1,550,454)

  
3,195,379
3,488,837

  

Net assets
  
3,195,379
3,488,837


Capital and reserves
  

Called up share capital 
 19 
20,767
20,767

Profit and loss account
 20 
3,174,612
3,468,070

  
3,195,379
3,488,837


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




................................................
M Heginbotham
Director

Date: 24 June 2025

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 


MILEWOOD (HOLDINGS) LTD
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
20,767
4,099,981
4,120,748


Comprehensive income for the year

Loss for the year
-
(631,911)
(631,911)



At 1 January 2024
20,767
3,468,070
3,488,837


Comprehensive income for the year

Loss for the year
-
(293,458)
(293,458)


At 31 December 2024
20,767
3,174,612
3,195,379


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 


MILEWOOD (HOLDINGS) LTD
 


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

1.


General information

Milewood (Holdings) Ltd is a private company, limited by shares, registered in England and Wales. 
The company's registered number and registered office address can be found on the Company Information page.
The principal activity of the Company in the year under review was that of the operation of care home facilities for
the disabled and infirmed in the U.K.
The presentational & functional currency of the financial statements is the Pound Sterling (£).
The accounts reflect a 12 month reporting period for the current and prior year.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D
Page 12

 


MILEWOOD (HOLDINGS) LTD
 


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

2.Accounting policies (continued)


2.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Care Tree Holding Ltd as at 31 December 2024 and these financial statements may be obtained from Companies House.

The company is exempt from the preparation of consolidated financial statements, because it is included in the group accounts of Care Tree Holding Ltd.  

 
2.3

Revenue

Turnover represents rents receivable as they fall due under an informal lease.
Management fees received represent net management fees due to and from related parties on a receivable basis.
Loan interest received represents interest receivable on related party finance from non group members.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 


MILEWOOD (HOLDINGS) LTD
 


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

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.8

Goodwill

Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued.
When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill.
Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss. The Companies Act 2006 requires acquired goodwill to be reduced by provisions for depreciation calculated to write off the amount systematically over a period chosen by the directors, not exceeding its useful economic life. It has been deemed, however, the non-amortisation of goodwill is a departure, for the overriding purpose of giving a true and fair view. The effect of this departure has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.

Page 14

 


MILEWOOD (HOLDINGS) LTD
 


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

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
on cost of buildings

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.11

Financial instruments

The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. 
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss
All of the company's financial assets other than those which meet the criteria to be measured at amortised cost are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Debt instruments at amortised cost
Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

The company recognises a loss allowance for expected credit losses on investments in debt instruments that
Page 15

 


MILEWOOD (HOLDINGS) LTD
 


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

2.Accounting policies (continued)

are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
Financial assets and liabilities are made up of normal trading balances.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Management make estimates and assumptions concerning the future. The resulting accounting estimates and judgements by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial period. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rental income
1,796,200
1,239,035

Management charges
394,001
394,002

2,190,201
1,633,037


All turnover arose within the United Kingdom.

Page 16

 


MILEWOOD (HOLDINGS) LTD
 


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

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
31,200
31,200

Defined contribution pension cost
112,522
44,855


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
8,450
7,850


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,715,085
1,512,084

Social security costs
186,396
173,105

Cost of defined contribution scheme
112,522
44,855

2,014,003
1,730,044


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


        2024
        2023
            No.
            No.







Management and admin staff
21
16

Page 17

 


MILEWOOD (HOLDINGS) LTD
 


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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
598,871
774,929

Directors' pension costs
93,770
32,129

692,641
807,058


During the year retirement benefits were accruing to 2 directors (2023 -5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £220,000 (2023 -£200,000).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,504 (2023 -£25,770).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
-
359

-
359


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
(3,482)
-

(3,482)
-


11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
5,838


-
5,838


Total current tax
-
5,838
Page 18

 


MILEWOOD (HOLDINGS) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -23.52%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(293,458)
(626,073)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.52%)
(73,365)
(147,252)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
572
50,005

Capital allowances for year in excess of depreciation
7,800
-

Adjustments to tax charge in respect of prior periods
-
5,838

Movement in deferred tax not recognised
(141)
141

Other differences leading to an increase (decrease) in the tax charge
9,049
-

Group relief
56,085
97,106

Total tax charge for the year
-
5,838


12.


Goodwill





2024

£



Cost


At 1 January 2024
3,025,000



At 31 December 2024

3,025,000






Net book value



At 31 December 2024
3,025,000



At 31 December 2023
3,025,000


Page 19

 


MILEWOOD (HOLDINGS) LTD
 


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

13.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


At 1 January 2024
1,560,000



At 31 December 2024

1,560,000



Depreciation


At 1 January 2024
166,400


Charge for the year on owned assets
31,200



At 31 December 2024

197,600



Net book value



At 31 December 2024
1,362,400



At 31 December 2023
1,393,600

The asset included under long-term leasehold are held under a finance lease.
The directors consider the land portion of the property to be negligble and have therefore not split the land and building costs in the financial statements. 


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
5,200



At 31 December 2024
5,200




Page 20

 


MILEWOOD (HOLDINGS) LTD
 


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

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Class of shares

Holding

Milewood Healthcare Ltd
Ordinary
100%
Care Network Solutions Limited
Ordinary
100%

All subsidiaries are incorporated and domiciled in England and Wales. Details of the companies registered offices can be found on the company information page. 


15.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
7,338,488
7,201,021

Other debtors
-
(3,382)

Prepayments and accrued income
-
1,565

7,338,488
7,199,204


Balances with group undertakings carry no interest and are repayable on demand.


16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
1,254
1,215

Trade creditors
-
158,741

Amounts owed to group undertakings
6,610,588
6,241,551

Other taxation and social security
49,186
45,872

Other creditors
6,887
4,354

Accruals and deferred income
373,655
175,938

7,041,570
6,627,671


Other loans represent amounts transferred from a related group company and represent bank finance held within that company for which security has been given over the leasehold property held within this company. 
Balances with group undertakings carry no interest and are repayable on demand.

Page 21

 


MILEWOOD (HOLDINGS) LTD
 


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

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
1,549,180
1,550,454

1,549,180
1,550,454



18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
1,254
1,215


1,254
1,215

Amounts falling due after 1 year

Other loans
1,549,180
1,550,454


1,549,180
1,550,454




The loan is repayable in quarterly instalments of £12,557. Interest is charged quarterly at the effective interest rate of 3.16% per annum. The loan is due for repayment in full on 3 September 2143. 


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,290 (2023 -10,290) Ordinary A shares of £1.00 each
10,290
10,290
187 (2023 -187) Ordinary B shares of £1.00 each
187
187
10,290 (2023 -10,290) Preferred shares of £1.00 each
10,290
10,290

20,767

20,767

Page 22

 


MILEWOOD (HOLDINGS) LTD
 


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

19.Share capital (continued)

The shares have the following rights:
'A' Ordinary
Not eligible to vote or participate in any dividends, eligible to the balance of assets after payment of the preferred shares, in proportion to the amounts paid up or credited as paid up on the same (including any premium). 
'B' Ordinary
No voting rights, entitlement to dividends and equity.
Preferred
Eligible for voting, profit distribution and capital distribution of £877.96 per share upon winding up or pro rata if there is insufficient funds to achieve this amount per share. 



20.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses. 


21.


Pension commitments

The company operates a defined contribution scheme. The pension charge for the period represents contributions payable by the company to the scheme and amounted to £112,522 (2023 - £44,855). At the balance sheet date there were contributions outstanding of £4,397 (2023 - £4,354).


22.


Transactions with directors

At the year end, included within debtors falling due under one year were amounts due from the company to a director amounting to £Nil (2023 - £3,382). The loan is interest free and repayable on demand. 


23.


Ultimate Parent Company

The company's immediate parent undertaking is Care Tree Invest Ltd, a company incorporated in England & Wales.
The ultimate parent company is Care Tree Holding Ltd, a company incorporated in England & Wales and whose registered office is 1st Floor, 1 Lakeside Headlands Business Park, Salisbury Road, Blashford Ringwood, United Kingdom, BH24 3PB. 
Copies of group financial statements may be obtained from the Registrar of Companies for England & Wales.


24.


Contingent liabilities

The company has given a cross guarantee with other group members, Milewood Healthcare Ltd, Care Network Solutions Limited, Care Tree Invest Ltd, and Care Tree Holding Ltd all over the assets of the respective companies.

 
Page 23