Hamberley Properties FV (Milngavie) Limited SC493280 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of operating a care home. Digita Accounts Production Advanced 6.30.9574.0 true true true true SC493280 2024-01-01 2024-12-31 SC493280 2024-12-31 SC493280 bus:OrdinaryShareClass1 2024-12-31 SC493280 bus:Consolidated 2024-12-31 SC493280 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC493280 core:OtherDeferredTax 2024-12-31 SC493280 core:TaxLossesCarry-forwardsDeferredTax 2024-12-31 SC493280 core:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 SC493280 core:OtherReservesSubtotal 2024-12-31 SC493280 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC493280 core:RevaluationReserve 2024-12-31 SC493280 core:ShareCapital 2024-12-31 SC493280 core:CurrentFinancialInstruments 2024-12-31 SC493280 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC493280 core:Non-currentFinancialInstruments 2024-12-31 SC493280 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC493280 core:FurnitureFittingsToolsEquipment 2024-12-31 SC493280 core:LandBuildings 2024-12-31 SC493280 core:MotorVehicles 2024-12-31 SC493280 bus:FRS102 2024-01-01 2024-12-31 SC493280 bus:Audited 2024-01-01 2024-12-31 SC493280 bus:FullAccounts 2024-01-01 2024-12-31 SC493280 bus:RegisteredOffice 2024-01-01 2024-12-31 SC493280 bus:Director1 2024-01-01 2024-12-31 SC493280 bus:Director2 2024-01-01 2024-12-31 SC493280 bus:Director3 2024-01-01 2024-12-31 SC493280 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC493280 bus:Consolidated 2024-01-01 2024-12-31 SC493280 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC493280 core:FurtherSpecificReserve1ComponentTotalEquity 2024-01-01 2024-12-31 SC493280 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC493280 core:RevaluationReserve 2024-01-01 2024-12-31 SC493280 core:ShareCapital 2024-01-01 2024-12-31 SC493280 core:PlantEquipmentUnderOperatingLeases 2024-01-01 2024-12-31 SC493280 core:Buildings 2024-01-01 2024-12-31 SC493280 core:FurnitureFittings 2024-01-01 2024-12-31 SC493280 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 SC493280 core:LandBuildings 2024-01-01 2024-12-31 SC493280 core:MotorVehicles 2024-01-01 2024-12-31 SC493280 core:UKTax 2024-01-01 2024-12-31 SC493280 countries:Scotland 2024-01-01 2024-12-31 SC493280 2023-12-31 SC493280 core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 SC493280 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC493280 core:RevaluationReserve 2023-12-31 SC493280 core:ShareCapital 2023-12-31 SC493280 core:FurnitureFittingsToolsEquipment 2023-12-31 SC493280 core:LandBuildings 2023-12-31 SC493280 core:MotorVehicles 2023-12-31 SC493280 2023-01-01 2023-12-31 SC493280 2023-12-31 SC493280 bus:OrdinaryShareClass1 2023-12-31 SC493280 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC493280 core:OtherDeferredTax 2023-12-31 SC493280 core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 SC493280 core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 SC493280 core:OtherReservesSubtotal 2023-12-31 SC493280 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC493280 core:RevaluationReserve 2023-12-31 SC493280 core:ShareCapital 2023-12-31 SC493280 core:CurrentFinancialInstruments 2023-12-31 SC493280 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC493280 core:Non-currentFinancialInstruments 2023-12-31 SC493280 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC493280 core:FurnitureFittingsToolsEquipment 2023-12-31 SC493280 core:LandBuildings 2023-12-31 SC493280 core:MotorVehicles 2023-12-31 SC493280 core:FurtherSpecificReserve1ComponentTotalEquity 2023-01-01 2023-12-31 SC493280 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC493280 core:RevaluationReserve 2023-01-01 2023-12-31 SC493280 core:ShareCapital 2023-01-01 2023-12-31 SC493280 core:PlantEquipmentUnderOperatingLeases 2023-01-01 2023-12-31 SC493280 core:UKTax 2023-01-01 2023-12-31 SC493280 2022-12-31 SC493280 core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 SC493280 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC493280 core:RevaluationReserve 2022-12-31 SC493280 core:ShareCapital 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC493280

Hamberley Properties FV (Milngavie) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Hamberley Properties FV (Milngavie) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 19

 

Hamberley Properties FV (Milngavie) Limited

Company Information

Directors

D Kay

D J H McAlear

T W Street

Registered office

1 Atlantic Quay
1 Robertson Street
Glasgow
G2 8JB

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Hamberley Properties FV (Milngavie) Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

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

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £3,534,524 (2023 - £3,276,652) and an operating profit of £768,131 (2023 - £878,176). At 31 December 2024, the company had net assets of £4,577,379 (2023 - £4,355,658). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Given the nature of the business, the directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the development, performance and the position of the business. Indicators are reviewed and altered to meet changes in both the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to ongoing compliance with current and future legislation affecting the sector.

Approved by the Board on 30 May 2025 and signed on its behalf by:


D J H McAlear
Director

 

Hamberley Properties FV (Milngavie) Limited

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 of the company

The directors who held office during the year were as follows:

D Kay

D J H McAlear

T W Street

Financial instruments

Objectives and policies

The board constantly monitors the company's trading results and revise projections as appropriate to ensure that the group can meet its future obligations as they fall due.

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

The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The company's bank loans are subject to a price and liquidity risk as disclosed in note 16 to the financial statements.

The company has sufficient resources available and the directors have prepared forecasts for the next 12 months and beyond, that indicate that this will continue to be the case and that these cash flows will be sufficient for the company to meet its commitments as they fall due. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Future developments

The directors are confident that the company will improve its financial performance and position over the next 12 months.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 30 May 2025 and signed on its behalf by:


D J H McAlear
Director

 

Hamberley Properties FV (Milngavie) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Hamberley Properties FV (Milngavie) Limited

Independent Auditor's Report to the Members of Hamberley Properties FV (Milngavie) Limited

Opinion

We have audited the financial statements of Hamberley Properties FV (Milngavie) Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Hamberley Properties FV (Milngavie) Limited

Independent Auditor's Report to the Members of Hamberley Properties FV (Milngavie) Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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

adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page 4, 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Hamberley Properties FV (Milngavie) Limited

Independent Auditor's Report to the Members of Hamberley Properties FV (Milngavie) Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;.

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

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





Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

30 May 2025

 

Hamberley Properties FV (Milngavie) Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
 £

2023
 £

Turnover

3

3,534,524

3,276,652

Cost of sales

 

(2,177,947)

(2,086,514)

Gross profit

 

1,356,577

1,190,138

Administrative expenses

 

(588,446)

(564,823)

Exceptional items

6

-

235,728

Other operating income

4

-

17,133

Operating profit

5

768,131

878,176

Interest payable and similar charges

7

(531,565)

(465,353)

Profit before tax

 

236,566

412,823

Taxation

11

(14,845)

(38,834)

Profit for the financial year

 

221,721

373,989

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hamberley Properties FV (Milngavie) Limited

(Registration number: SC493280)
Balance Sheet as at 31 December 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

12

10,874,760

11,039,834

Current assets

 

Stocks

13

7,641

-

Debtors

14

202,834

181,211

Cash at bank and in hand

 

714,067

307,350

 

924,542

488,561

Creditors: Amounts falling due within one year

15

(632,580)

(470,498)

Net current assets

 

291,962

18,063

Total assets less current liabilities

 

11,166,722

11,057,897

Creditors: Amounts falling due after more than one year

15

(6,207,613)

(6,335,354)

Provisions for liabilities

11

(381,730)

(366,885)

Net assets

 

4,577,379

4,355,658

Capital and reserves

 

Called up share capital

18

2

2

Revaluation reserve

1,540,354

1,540,354

Shareholder loans

5,000

5,000

Profit and loss account

3,032,023

2,810,302

Total equity

 

4,577,379

4,355,658

Approved and authorised by the Board on 30 May 2025 and signed on its behalf by:
 


D J H McAlear
Director

 

Hamberley Properties FV (Milngavie) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Revaluation reserve
£

Shareholder loans
£

Profit and loss account
£

Total
£

At 1 January 2024

2

1,540,354

5,000

2,810,302

4,355,658

Profit for the year

-

-

-

221,721

221,721

At 31 December 2024

2

1,540,354

5,000

3,032,023

4,577,379

Share capital
£

Revaluation reserve
£

Shareholder loans
£

Profit and loss account
£

Total
£

At 1 January 2023

2

-

-

1,079,028

1,079,030

Profit for the year

-

-

-

373,989

373,989

Revaluation movement

-

6,133,923

-

-

6,133,923

Dividends

-

-

-

(3,236,284)

(3,236,284)

Bonus issue of shares

4,593,569

(4,593,569)

-

-

-

Capital reduction

(4,593,569)

-

-

4,593,569

-

Shareholder loans issued in the year

-

-

5,000

-

5,000

At 31 December 2023

2

1,540,354

5,000

2,810,302

4,355,658

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 Atlantic Quay
1 Robertson Street
Glasgow
G2 8JB

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

50 years straight line

Fixtures, fittings and equipment

3-4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Certain loans from group undertakings are presented as shareholder loans within equity on the basis that lender has no recourse to demand repayment of, or a fixed rate of return on the loans, which rank pari passu with the ordinary shares of the company.

Leases

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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

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

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Revenue

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Government grants

-

17,133

 

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

299,532

200,362

Operating lease expense - plant and machinery

339

(302)

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

6

Exceptional items

2024
 £

2023
 £

Exceptional expenses

-

(235,728)

The exceptional credit in the prior year related to a write back of an historical management charge accrual.

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

496,386

418,602

Interest expense on other finance liabilities

35,179

46,751

531,565

465,353

 

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

1,771,617

1,603,637

Social security costs

112,933

116,784

Pension costs, defined contribution scheme

25,677

23,059

1,910,227

1,743,480

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Care staff

89

86

 

9

Directors' remuneration

Directors' remuneration has been borne by a fellow group undertaking.

 

10

Auditors' remuneration

Auditors' remuneration in the current year has been borne by a related company.

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

14,845

38,834

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

236,566

412,823

Corporation tax at standard rate

59,142

97,013

Effect of expense not deductible in determining taxable profit (tax loss)

(2,715)

1,356

UK deferred tax expense relating to changes in tax rates or laws

14,845

38,834

Tax increase from effect of capital allowances and depreciation

19,819

513

Tax decrease arising from group relief

(76,246)

(98,882)

Total tax charge

14,845

38,834

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Tax losses carried forward

(10,225)

Fixed asset timing differences

392,543

Short term timing differences

(588)

381,730

2023

Liability
£

Tax losses carried forward

(12,961)

Fixed asset timing differences

385,369

Short term timing differences

(5,523)

366,885

The company has tax losses of £40,900 (2023 - £51,846) available to carry forward and offset against future taxable profits. A deferred tax asset of £10,225 at a rate of 25% (2023 - £12,961 at a rate of 25%) has been included on the basis that it is recoverable.

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

12

Tangible assets

Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

11,000,000

496,386

67,632

11,564,018

Additions

-

134,458

-

134,458

At 31 December 2024

11,000,000

630,844

67,632

11,698,476

Depreciation

At 1 January 2024

58,163

435,303

30,718

524,184

Charge for the year

232,649

66,883

-

299,532

At 31 December 2024

290,812

502,186

30,718

823,716

Carrying amount

At 31 December 2024

10,709,188

128,658

36,914

10,874,760

At 31 December 2023

10,941,837

61,083

36,914

11,039,834

In September 2023, the freehold land and buildings were valued at £11,000,000 on an open market basis by an independent member of the Royal Institute of Chartered Surveyors. The valuation is based on the trading potential of the home, based on assumptions as provided by the valuer. Had this been measured on a historical cost basis, the carrying amount would be £4,697,944 (2023 - £4,807,915).

 

13

Stocks

2024
£

2023
£

Consumables

7,641

-

 

14

Debtors

2024
 £

2023
 £

Trade debtors

51,389

117,047

Amounts owed by group undertakings

123,000

28,000

Other debtors

10,477

9,466

Prepayments

17,968

26,698

 

202,834

181,211

 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

171,054

-

Trade creditors

 

79,210

-

Social security and other taxes

 

31,647

33,954

Outstanding defined contribution pension costs

 

6,273

6,622

Other creditors

 

38,151

107,990

Accruals

 

38,720

72,400

Deferred income

 

267,525

249,532

 

632,580

470,498

Due after one year

 

Loans and borrowings

16

6,207,613

6,335,354

 

16

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

171,054

-

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,207,613

6,335,354

The bank loans are secured by a first legal charge over the freehold land and buildings and fixed and floating charges over all current and further assets of the company. There are also debentures and cross guarantees
over the assets of the group to which the company belongs. The effective interest rate applicable to the loans is Margin plus Base Rate. Repayments are made quarterly, commencing in June 2025, with the final repayment being due in September 2028.

 

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £25,677 (2023 - £23,059).

Contributions totalling £6,273 (2023 - £6,622) were payable to the scheme at the end of the year and are included in creditors.

 

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Hamberley Properties FV (Milngavie) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

19

Dividends

2024
 £

2023
 £

Dividends paid

-

3,236,284

 

20

Parent and ultimate parent undertaking

The company's immediate parent undertaking is Hamberley Holdings FV (Milngavie) Limited, incorporated in England and Wales. The ultimate parent company is UK Healthcare Holdings 4 S.a.r.l , a partnership controlled and managed in Luxembourg.

The ultimate controlling party is Patron Capital V,LP, a limited partnership controlled and managed in Jersey.