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Registration number: 11926305

Hamberley Properties FV (Edwalton) Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Hamberley Properties FV (Edwalton) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 24

 

Hamberley Properties FV (Edwalton) Limited

Company Information

Directors

D Kay

D J H McAlear

T W Street

Registered office

33 Glasshouse Street
London
W1B 5DG

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Hamberley Properties FV (Edwalton) 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 group is that of a holding company. The principal activity of the group 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 £4,544,871 (2023 - £2,690,486) and an operating profit of £449,591 (2023 - operating loss of £746,912). At 31 December 2024 the company had net assets of £3,540,605 (2023 - £4,075,450). 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 group 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 the users of the financial statements in their understanding of the financial performance or position of the group.

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 (Edwalton) Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the 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

Future developments

The directors are confident that the group will continue improving its financial performance and position over the next 12 months.

Financial instruments

Objectives and policies

The board constantly monitors the group'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 group is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The group's bank loans are subject to price and liquidity risk as disclosed in note 15 to the financial statements.

The group 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 these cash flows will be sufficient for the group to meet its commitments as they fall due.The directors have a reasonable expectation that the group 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.

Disclosure of information to the auditor

Each director has taken the 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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is 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 (Edwalton) Limited

Statement of Directors' Responsibilities

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hamberley Properties FV (Edwalton) Limited

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

Opinion

We have audited the financial statements of Hamberley Properties FV (Edwalton) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.

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.

 

Hamberley Properties FV (Edwalton) Limited

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

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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 group’s industry and its control environment and reviewed the groups’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 group 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 group’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.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. 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;

 

Hamberley Properties FV (Edwalton) Limited

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

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 (Edwalton) Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

4,544,871

2,690,486

Cost of sales

 

(3,133,118)

(2,594,834)

Gross profit

 

1,411,753

95,652

Administrative expenses

 

(962,162)

(842,564)

Operating profit/(loss)

4

449,591

(746,912)

Other interest receivable and similar income

5

12,845

-

Interest payable and similar expenses

6

(759,208)

(750,435)

Loss before tax

 

(296,772)

(1,497,347)

Tax on loss

10

(89,473)

230,649

Loss for the financial year

 

(386,245)

(1,266,698)

Profit/(loss) attributable to:

 

Owners of the company

 

(386,245)

(1,266,698)

The above results were derived from continuing operations.

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

 

Hamberley Properties FV (Edwalton) Limited

(Registration number: 11926305)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

12,268,108

12,727,647

Current assets

 

Stocks

1,090

-

Debtors

13

822,057

966,709

Cash at bank and in hand

 

546,524

326,460

 

1,369,671

1,293,169

Creditors: Amounts falling due within one year

14

(1,086,453)

(738,445)

Net current assets

 

283,218

554,724

Total assets less current liabilities

 

12,551,326

13,282,371

Creditors: Amounts falling due after more than one year

14

(9,010,721)

(9,206,921)

Net assets

 

3,540,605

4,075,450

Capital and reserves

 

Called up share capital

17

100

100

Shareholder loans

6,080,577

6,229,177

Retained earnings

(2,540,072)

(2,153,827)

Equity attributable to owners of the company

 

3,540,605

4,075,450

Shareholders' funds

 

3,540,605

4,075,450

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

D J H McAlear
Director

 

Hamberley Properties FV (Edwalton) Limited

(Registration number: 11926305)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

12,074,826

12,262,162

Investments

12

100

100

 

12,074,926

12,262,262

Current assets

 

Debtors

13

2,853,753

3,038,128

Cash at bank and in hand

 

333,512

285,395

 

3,187,265

3,323,523

Creditors: Amounts falling due within one year

14

(482,265)

(276,045)

Net current assets

 

2,705,000

3,047,478

Total assets less current liabilities

 

14,779,926

15,309,740

Creditors: Amounts falling due after more than one year

14

(9,010,721)

(9,206,921)

Provisions for liabilities

(259,729)

(146,230)

Net assets

 

5,509,476

5,956,589

Capital and reserves

 

Called up share capital

17

100

100

Shareholder loans

6,080,577

6,229,177

Retained earnings

(571,201)

(272,688)

Shareholders' funds

 

5,509,476

5,956,589

The company made a loss after tax for the financial year of £298,513 (2023 - loss of £333,778).

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

D J H McAlear
Director

 

Hamberley Properties FV (Edwalton) Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Shareholder loans
£

Retained earnings
£

Total
£

At 1 January 2024

100

6,229,177

(2,153,827)

4,075,450

Loss for the year

-

-

(386,245)

(386,245)

Shareholder loans repaid during the year

-

(148,600)

-

(148,600)

At 31 December 2024

100

6,080,577

(2,540,072)

3,540,605

Share capital
£

Shareholder loans
£

Retained earnings
£

Total
£

At 1 January 2023

100

5,264,637

(887,129)

4,377,608

Loss for the year

-

-

(1,266,698)

(1,266,698)

Shareholder loans issued during the year

-

964,540

-

964,540

At 31 December 2023

100

6,229,177

(2,153,827)

4,075,450

 

Hamberley Properties FV (Edwalton) Limited

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

Share capital
£

Shareholder loans
£

Retained earnings
£

Total
£

At 1 January 2024

100

6,229,177

(272,688)

5,956,589

Loss for the year

-

-

(298,513)

(298,513)

Shareholder loans repaid during the year

-

(148,600)

-

(148,600)

At 31 December 2024

100

6,080,577

(571,201)

5,509,476

Share capital
£

Shareholder loans
£

Retained earnings
£

Total
£

At 1 January 2023

100

5,264,637

61,090

5,325,827

Loss for the year

-

-

(333,778)

(333,778)

Shareholder loans issued during the year

-

964,540

-

964,540

At 31 December 2023

100

6,229,177

(272,688)

5,956,589

 

Hamberley Properties FV (Edwalton) Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(386,245)

(1,266,698)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

506,994

467,882

Finance income

5

(12,845)

-

Finance costs

6

759,208

750,435

Income tax expense

10

89,473

(230,649)

 

956,585

(279,030)

Working capital adjustments

 

Increase in stocks

(1,090)

-

Decrease in trade debtors

13

55,179

513,954

(Decrease)/increase in trade creditors

14

(21,421)

124,620

Net cash flow from operating activities

 

989,253

359,544

Cash flows from investing activities

 

Interest received

12,845

-

Acquisitions of tangible assets

(47,455)

(101,269)

Net cash flows used in investing activities

 

(34,610)

(101,269)

Cash flows from financing activities

 

Interest paid

6

(734,579)

(724,466)

Net increase/(decrease) in cash and cash equivalents

 

220,064

(466,191)

Cash and cash equivalents at 1 January

 

326,460

792,651

Cash and cash equivalents at 31 December

 

546,524

326,460

 

Hamberley Properties FV (Edwalton) 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 England and Wales.

The address of its registered office is:
33 Glasshouse Street
London
W1B 5DG

 

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Departures from Companies Act requirements

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss of £298,513 (2023 - loss of £333,778).

 

Hamberley Properties FV (Edwalton) Limited

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

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 sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The group recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the group'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.

Tax

The tax expense for the period comprises 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 group 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 consolidated financial statements and on unused tax losses or tax credits in the group. 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

Freehold buildings

2% on cost

Fixtures and fittings

3-4 years straight line

Office equipment

3 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group 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.

 

Hamberley Properties FV (Edwalton) Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 merchandise sold or 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 group will not be able to collect all amounts due according to the original terms of the debtors.

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 group 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.

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 group 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.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hamberley Properties FV (Edwalton) Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

 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.

 

Hamberley Properties FV (Edwalton) Limited

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

 

3

Turnover

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

 

4

Operating profit

Arrived at after charging
 

2024
£

2023
£

Depreciation expense

506,994

467,882

 

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

12,845

-

 

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

734,579

734,749

Interest expense on other finance liabilities

24,629

15,686

759,208

750,435

 

Hamberley Properties FV (Edwalton) Limited

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

 

7

Staff costs

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

2024
£

2023
£

Wages and salaries

2,543,187

1,986,503

Social security costs

216,835

166,975

Pension costs, defined contribution scheme

52,379

41,387

2,812,401

2,194,865

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

Company
The company incurred no staff costs and had no employees other than the directors.

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

Directors' remuneration has been borne by a related company.

 

9

Auditors' remuneration

Auditors' remuneration has been borne by a related company.

 

Hamberley Properties FV (Edwalton) Limited

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

 

10

Taxation

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

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

89,473

(230,649)

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

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(296,772)

(1,497,347)

Corporation tax at standard rate

(74,193)

(351,877)

Tax increase from effect of capital allowances and depreciation

41,516

12,212

Effect of revenues exempt from taxation

(4,539)

(679)

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

189,935

178,716

Tax (decrease)/increase arising from losses

(152,719)

161,628

Deferred tax expense from unrecognised tax loss or credit

156,960

-

Deferred tax credit from unrecognised temporary difference from a prior period

(67,487)

(230,649)

Total tax charge/(credit)

89,473

(230,649)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Fixed asset timing differences

(623,723)

Tax losses carried forward

1,104,243

Short term timing differences

1,111

481,631

2023

Asset
£

Fixed asset timing differences

(691,210)

Tax losses carried forward

1,259,400

Short term timing differences

2,914

571,104

 

Hamberley Properties FV (Edwalton) Limited

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

Company

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

576,544

Tax losses carried forward

(316,815)

259,729

2023

Liability
£

Fixed asset timing differences

574,839

Tax losses carried forward

(428,609)

146,230

 

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2024

12,573,258

924,195

13,497,453

Additions

-

47,455

47,455

At 31 December 2024

12,573,258

971,650

13,544,908

Depreciation

At 1 January 2024

311,096

458,710

769,806

Charge for the year

187,336

319,658

506,994

At 31 December 2024

498,432

778,368

1,276,800

Carrying amount

At 31 December 2024

12,074,826

193,282

12,268,108

At 31 December 2023

12,262,162

465,485

12,727,647

Company

Land and buildings
£

Cost

At 1 January 2024 and at 31 December 2024

12,573,258

Depreciation

At 1 January 2024

311,096

Charge for the year

187,336

At 31 December 2024

498,432

Carrying amount

At 31 December 2024

12,074,826

At 31 December 2023

12,262,162

Included within freehold land and buildings is land of £3,642,338 (2023 - £3,642,338) which is not depreciated.

 

Hamberley Properties FV (Edwalton) Limited

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

 

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost and carrying amount

At 1 January 2024 and at 31 December 2024

100

Provision

Carrying amount

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Hamberley Care FV (Edwalton) Limited

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Hamberley Care FV (Edwalton) Limited

The principal activity of Hamberley Care FV (Edwalton) Limited is that of operating a care home.

Hamberley Care FV (Edwalton) Limited has the same registered office as Hamberley Properties FV (Edwalton) Limited

 

13

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

85

21,491

-

-

Amounts owed by group undertakings

137,317

137,304

2,848,626

3,026,510

Other debtors

 

-

26,643

-

503

Prepayments

 

203,024

210,167

5,127

11,115

Deferred tax assets

10

481,631

571,104

-

-

 

822,057

966,709

2,853,753

3,038,128

Amounts owed by group undertakings not eliminated on consolidation relate to debts across the wider group.

 

Hamberley Properties FV (Edwalton) Limited

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

 

14

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

15

162,720

-

162,720

-

Trade creditors

 

65,280

3,124

3,498

-

Amounts due to group undertakings

66,002

-

40,000

-

Social security and other taxes

 

54,724

51,264

-

-

Outstanding defined contribution pension costs

 

10,363

11,657

-

-

Other payables

 

38,217

2,112

-

-

Accruals

 

357,819

397,143

276,047

276,045

Deferred income

 

331,328

273,145

-

-

 

1,086,453

738,445

482,265

276,045

Due after one year

 

Loans and borrowings

15

9,010,721

9,206,921

9,010,721

9,206,921

Amounts due to group undertakings not eliminated on consolidation relate to debts across the wider group.

 

15

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

162,720

-

162,720

-

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

9,010,721

9,206,921

9,010,721

9,206,921

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. The effective interest rate applicable to the loans is Margin plus Base Rate. Repayments are made quarterly, commencing September 2025, with a final bullet repayment due December 2028.

 

Hamberley Properties FV (Edwalton) Limited

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

 

16

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £52,379 (2023 - £41,387).

Contributions totalling £10,363 (2023 - £11,657) were payable to the scheme at the end of the year and are included in creditors.

 

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

18

Analysis of changes in net debt

Group

At 1 January 2024
£

Financing cash flows
£

Other non-cash changes
£

At 31 December 2024
£

Cash and cash equivalents

Cash

326,460

220,064

-

546,524

Borrowings

Long term borrowings

(9,206,921)

-

196,200

(9,010,721)

Short term borrowings

-

-

(162,720)

(162,720)

Net debt

(9,206,921)

-

33,480

(9,173,441)

 

19

Parent and ultimate parent undertaking

The company's immediate parent is Hamberley Care Homes Property Holding (FV) S.a.r.l., incorporated in Luxembourg.

 The ultimate parent is UK Healthcare Holdings 4 S.a.r.l., incorporated in Luxembourg.

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