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Registered number: 01906108
















92 HIGHER DRIVE LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


































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92 HIGHER DRIVE LIMITED

 
COMPANY INFORMATION


DIRECTORS
J Clarke (resigned 11 November 2024)
A D Norman 
J Whelan (appointed 19 January 2024)




REGISTERED NUMBER
01906108



REGISTERED OFFICE
Fairlie House
2-6 Uffington Road

West Norwood

London

SE27 0RW




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






92 HIGHER DRIVE LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 10
Statement of income and retained earnings
 
11
Statement of financial position
 
12
Notes to the financial statements
 
13 - 26



92 HIGHER DRIVE LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

BUSINESS REVIEW
 
The UK care home sector continues to face a dynamic and evolving landscape, shaped by demographic shifts, increasing regulatory scrutiny, and rising demand for specialist services. Within this broader context, the provision of complex care, supporting individuals with high-dependency needs such as neurological conditions and long-term progressive illnesses - has become an area of both significant need and strategic importance. As the population ages and medical advances enable longer life expectancy for those with complex conditions, care providers are required to deliver ever more specialised, person-centred services that meet stringent clinical and quality standards. This environment presents both challenges and opportunities for operators committed to excellence in care.
Despite ongoing challenges within the care sector, particularly around occupancy, recruitment, and staff retention, trading for the year remained strong. Turnover increased to £8.9 million from £7.7 million in the year to June 2024. Gross profit also rose to £8.5 million, compared with £7.3 million in 2023.
92 Higher Drive delivered an EBITDARM of £1.9 million in FY24, compared to EBITDARM of £0.8 million in FY23. This strong performance reflects our ongoing commitment to delivering high-quality care while driving operational efficiency. Through effective cost management, we have successfully reduced agency spend from £1.1 million in FY23 to £0.6 million in FY24, without compromising the safety or wellbeing of our patients. In line with our vision for excellence in care, we have also introduced a strengthened management structure, ensuring consistent leadership and support at every level of the organisation.
 
Underlying Operating Profit
£1,221,791
Historic VAT provision
£633,601
Operating Profit
£588,190

The company delivered a strong underlying operating profit of £1.2 million in FY24, demonstrating the resilience and strength of its core operations. This result was achieved before recognising exceptional, non-recurring charges of £0.63 million in relation to an increase in a historic VAT provision, which contributed to a reported operating profit of £0.59 million (compared to profit of  £0.24 million in the prior year). 
Wage costs increased during the period, reflecting strategic investment in the workforce and we have continued to invest in recruitment and retention initiatives. These proactive steps position us strongly for sustainable growth and support our commitment to delivering high-quality care across all services.
 
Reported Profit Before Tax
£426,420
Historic VAT provision
£633,601
Underlying Profit Before Tax
£1,060,021

92 Higher Drive generated an underlying profit before tax of £1.06 million in FY24, a notable improvement from the prior year of £0.23 million. This reflects the strength of the company’s core operations, after adjusting for exceptional items. Reported pre-tax profitss of £0.43 million (2023: £0.23 million) include the impact of increased interest payable, following the full-year effect of Bank of England base rate rises on variable-rate debt facilities. 
Despite these external financial pressures, the company has maintained operational profitability, highlighting the effectiveness of its strategic and financial management during the year.
Whilst the care home continues to trade profitably and in a cash generative manner, the directors recognise that there is the need to complete a group wide refinancing exercise with their lenders. The group is in breach of loan covenants in relation to £17.7m of loans from Triodos to which this company is secured by cross guarantee. The outcome of ongoing discussions is expected to be positive, but no conclusion has yet been reached, which represents a risk for the company. 

Page 1


92 HIGHER DRIVE LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
The management of the business and execution of the company’s strategy are subject to a number of ongoing risks, as is typical for organisations operating in the care sector. A key area of focus is maintaining strong, collaborative relationships with Integrated Care Boards (ICBs) and local authority commissioners, from whom the majority of our residents are referred.
Staffing remains a critical priority due to the complex nature of care we provide. Delivering safe, high-quality services depends on having a well-trained, stable, and motivated workforce. To support recruitment and retention, we continue to offer competitive employment packages and invest in meaningful benefits.
To further strengthen the company’s long-term resilience and growth, we are actively diversifying the range of complex care services we offer. This includes expanding our expertise to support a wider variety of patient needs across neurological, behavioural, and long-term rehabilitation pathways. In parallel, we are working to extend our reach beyond our traditional local commissioners by building relationships with a broader group of ICBs across multiple regions. This strategy will help mitigate geographic concentration risk, increase occupancy levels, and enhance the sustainability of our referral pipeline.
While operational cost pressures persist across the sector, we have taken proactive steps to manage them effectively and continue to monitor external factors that could impact service delivery or financial performance. Our ongoing focus remains on maintaining high standards of care while ensuring long-term sustainability and resilience.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors consider turnover, EBITDA, Average Weekly Fee (AWF), and cash generated from operations to be the company’s core financial key performance indicators. These metrics provide a clear measure of both operational efficiency and financial health. Strong performance across these indicators reflects the company’s continued progress in delivering high-quality specialist care while maintaining a focus on commercial sustainability and long-term value creation.

OTHER KEY PERFORMANCE INDICATORS
 
The key non-financial performance indicator is the occupancy rate of the 45 service capacity – this was at 88% for the year (80% in the previous year).  Ongoing recruitment during the year allowed the home to safely increase available beds during the year and reduce reliance on agency staff.


This report was approved by the board on 25 July 2025 and signed on its behalf.





A D Norman
Director

Page 2


92 HIGHER DRIVE LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

PRINCIPAL ACTIVITY

The principal activity of the company during the year was that of a nursing home.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £132,548 (2023: £225,216).

The directors do not recommend a dividend.

DIRECTORS

The directors who served during the year were:

J Clarke (resigned 11 November 2024)
A D Norman 
J Whelan (appointed 19 January 2024)

FUTURE DEVELOPMENTS

The Company remains focused on both sustainable growth and continuous improvement in the quality of care we deliver. We are actively exploring new opportunities to expand our services, including the development of additional facilities and the diversification of our complex care offering to meet a broader range of patient needs. Building on our strong clinical reputation, we aim to extend our reach into new geographic areas by strengthening relationships with a wider group of Integrated Care Boards and commissioners. At the same time, we remain committed to investing in our people, infrastructure, and innovation to ensure we deliver the highest standards of specialist care, now and in the future.

ENGAGEMENT WITH EMPLOYEES

The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the group. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance, these may alternatively be contained in the Strategic Report, provided that the Directors' Report contains a statement disclosing which information has been placed there.

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

Page 3


92 HIGHER DRIVE LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This report was approved by the board and signed on its behalf.
 






A D Norman
Director

Date: 25 July 2025

Fairlie House
2-6 Uffington Road
West Norwood
London
SE27 0RW

Page 4


92 HIGHER DRIVE LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


92 HIGHER DRIVE LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED
OPINION


We have audited the financial statements of 92 Higher Drive Limited (the 'company') for the year ended 30 June 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 30 June 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


EMPHASIS OF MATTER


We draw attention to note 3 in the financial statements concerning a significant estimate made relating to a provision for VAT liabilities amounting to £633,601. Whilst professional advice and guidance has been obtained by the Company to enable the directors to develop an expectation, the final settlement may differ materially from the estimate that has been made, due to the complexities of the VAT technical position and the potential assessment of any penalties and interest. 
Our opinion is not modified in respect of this matter.


Page 6


92 HIGHER DRIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED (CONTINUED)

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN


We draw attention to note 2.3 in the financial statements, which indicates that bank facilities to which the company is subject to a cross guarantee at 30 June 2024 were in breach of financial covenants. Whilst the directors are confident of a successful outcome to ongoing negotiations with the bank, no formal waiver of enforcement action as a result of this breach has been obtained by the directors. In addition, the company has provided for significant historic VAT liabilities of £633,601. Whilst the directors are confident that the final liability and payment plan agreed could be managed from within existing facilities, the amount and timing are still uncertain. 
As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included all matters referred to in note 2.3.


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


OTHER INFORMATION


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


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


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


Page 7


92 HIGHER DRIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED (CONTINUED)

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


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


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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.


Page 8


92 HIGHER DRIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED (CONTINUED)

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


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

We have considered the following:
 
The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included the provisions pertaining to the employment of overseas workers, safeguarding regulations, health and safety regulations; employment legislation; and data protection laws.
 
Our audit procedures performed to respond to the risks identified included, but were not limited to:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and
Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
Page 9


92 HIGHER DRIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED (CONTINUED)

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 an 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 would become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Nathan Coughlin FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

28 July 2025
Page 10


92 HIGHER DRIVE LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,947,122
7,685,112

Cost of sales
  
(467,098)
(405,107)

Gross profit
  
8,480,024
7,280,005

Administrative expenses
  
(7,264,433)
(7,031,837)

Exceptional administrative expenses
  
(633,601)
-

Operating profit
 5 
581,990
248,168

Interest payable and similar expenses
 9 
(155,870)
(17,865)

Profit before tax
  
426,120
230,303

Tax on profit
 10 
(293,572)
(5,087)

Profit after tax
  
132,548
225,216

  

  

Retained earnings at the beginning of the year
  
3,851,807
3,626,591

  
3,851,807
3,626,591

Profit for the year
  
132,548
225,216

Dividends declared and paid
  
(1,000,000)
-

Retained earnings at the end of the year
  
2,984,355
3,851,807
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 26 form part of these financial statements.

Page 11


92 HIGHER DRIVE LIMITED
REGISTERED NUMBER:01906108

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
59,156
49,153

  
59,156
49,153

Current assets
  

Stocks
  
-
35,000

Debtors: amounts falling due within one year
 14 
11,054,952
9,216,473

Cash at bank and in hand
  
363,496
513,551

  
11,418,448
9,765,024

Creditors: amounts falling due within one year
 15 
(7,827,699)
(5,871,998)

Net current assets
  
 
 
3,590,749
 
 
3,893,026

Total assets less current liabilities
  
3,649,905
3,942,179

Creditors: amounts falling due after more than one year
 16 
(30,150)
(90,272)

Provisions for liabilities
  

Deferred tax
 18 
(1,699)
-

Other provisions
 19 
(633,601)
-

  
 
 
(635,300)
 
 
-

Net assets
  
2,984,455
3,851,907


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,984,355
3,851,807

  
2,984,455
3,851,907


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





A D Norman
Director

Date: 25 July 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 12


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

92 Higher Drive Limited is a limited liability company incorporated in England. The registered office is 2-6 Uffington Road, West Norwood, London, SE27 0RW.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Fairlie Holdings Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

Page 13


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

The revenue streams for the company are provided by Integrated Care Boards (ICBs) and Social Services and have remained strong and are forecast to continue to do so for the foreseeable future. The company continues to provide a high-quality provision for its patients to secure its revenue streams. 
The Company is a part of the Fairlie Holdings Limited group (“the Group”) and the Group has two distinct and separate funding groups, one of which has borrowings from Cynergy Group Limited (“the Cynergy borrowing group”) and the other which has borrowings from Triodos (“the Triodos borrowing group”).  As disclosed in Note 17, the company is part of the Triodos borrowing group and cross guarantees exist amongst the members of the Triodos borrowing group on facilities totalling £17,647,380.  
At the balance sheet date the Triodos borrowing group funding facilities’ financial covenants were not being met. No formal waiver of enforcement action as a result of this breach has been obtained by the directors, and the facilities are therefore in default and treated as repayable on demand at the balance sheet date.
The directors are in discussions with Triodos regarding this breach and are seeking confirmation that existing facilities will continue to be made available. Whilst continuing in a positive way, and the outcome of ongoing discussions is expected to be positive, the conclusion remains uncertain.
Notwithstanding the above breach, based on financial performance to date and forecasts, the directors are satisfied that the Company and other companies in the Triodos borrowing group have sufficient resources to meet the covenant, debt finance service and working capital requirements of these debt facilities going forward.
At the balance sheet date, the Company has balances totalling £10,425,375 due from fellow subsidiaries which are members of the Cynergy borrowing group. The Company does not intend to seek repayment of these balances in the short or medium term.   Companies within each borrowing group are dependent upon the continued availability of these balances, which is in turn dependent upon the companies within the other borrowing group continuing as going concerns and vice versa.  The directors expect this to be the case.  
The recovery of balances from fellow subsidiaries in the Cynergy borrowing group is predicated on those companies continuing to trade.  Should that not be the case, the recoverability of those balances would become uncertain. Based on financial performance to date and forecasts, the directors are satisfied that the Company and other companies in the Cynergy borrowing group have sufficient resources to meet the covenant, debt finance service and working capital requirements of those debt facilities.
The directors also consider that current trading in 2025 is generating sufficient cash flows to allow the settlement of the provision for historic VAT liabilities, both in the company and wider group, when it crystallises, within existing facilities and without undermining future compliance with covenants.
The directors therefore consider that it is appropriate to prepare the accounts on a going concern basis.
If the group were unable to obtain adequate funding, it would not be able to continue trading and adjustments would have to be made to reduce the assets to their realisable amount and to provide for any further liabilities.

Page 14


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

TANGIBLE FIXED ASSETS

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line

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

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

Page 15


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 16


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.12

CURRENT AND DEFERRED TAXATION

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

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

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

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


 
2.13

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 17


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)


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

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.14

EXCEPTIONAL ITEMS

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


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates where required.
Other provisions relate to historic VAT liabilities arising from recharges. Management have assessed the relevant legislation, sought professional advice and reviewed impacted transactions. Accordingly the provision of £633,601 represents management's best estimate of the liability based on available information at the date of approval of these accounts. However, the final settlement may differ to this amount due to the complexities of the VAT technical position and the potential assessment of penalties and interest.


4.


TURNOVER

The whole of the turnover is attributable to the company's principal activity.

All turnover arose within the United Kingdom.

Page 18


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
589,256
600,400

Provision for VAT liabilities
633,601
-


6.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
13,750
12,500

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


7.


EMPLOYEES

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,855,370
4,033,084

Social security costs
432,299
358,719

Cost of defined contribution scheme
158,870
121,492

5,446,539
4,513,295


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


        2024
        2023
            No.
            No.







Nursing and care staff
167
145



Management
2
5

169
150


8.


DIRECTORS' REMUNERATION

The directors did not receive remuneration from the company. Remuneration was paid by fellow group companies and disclosed in aggregate in the accounts of the parent company, Fairlie Holdings Limited.




Page 19


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
24,085
17,865

Other interest payable
131,785
-

155,870
17,865


10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
285,269
-


285,269
-


TOTAL CURRENT TAX
285,269
-

DEFERRED TAX


Origination and reversal of timing differences
8,303
5,087

TOTAL DEFERRED TAX
8,303
5,087


TAX ON PROFIT
293,572
5,087
Page 20


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
426,120
230,303


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
106,530
47,203

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
187,042
479

Capital allowances for year in excess of depreciation
-
(747)

Group relief
(285,269)
(43,212)

Payment for group relief
285,269
-

Remeasurement of deferred tax for changes in tax rates
-
1,364

TOTAL TAX CHARGE FOR THE YEAR
293,572
5,087


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


11.


DIVIDENDS

2024
2023
£
£


Dividends - ordinary shares
1,000,000
-

1,000,000
-


12.


EXCEPTIONAL ITEMS

2024
2023
£
£


Provision for historic VAT liabilities (see note 19)
633,601
-

633,601
-

Page 21


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 July 2023
26,395
316,446
89,568
432,409


Additions
-
27,387
6,799
34,186



At 30 June 2024

26,395
343,833
96,367
466,595



DEPRECIATION


At 1 July 2023
26,395
283,700
73,161
383,256


Charge for the year on owned assets
-
16,226
7,957
24,183



At 30 June 2024

26,395
299,926
81,118
407,439



NET BOOK VALUE



At 30 June 2024
-
43,907
15,249
59,156



At 30 June 2023
-
32,746
16,407
49,153

Page 22


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


DEBTORS

2024
2023
£
£


Trade debtors
244,947
279,171

Amounts owed by group undertakings
10,233,563
8,659,982

Other debtors
31,743
30,688

Prepayments and accrued income
544,699
240,028

Deferred taxation
-
6,604

11,054,952
9,216,473


Amounts owed by group undertakings are unsecured, repayable on demand and bear no interest.


15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other loans
138,179
45,694

Trade creditors
149,766
464,388

Amounts owed to group undertakings
5,305,600
3,798,945

Other taxation and social security
712,316
329,183

Other creditors
108,669
24,590

Accruals and deferred income
1,413,169
1,209,198

7,827,699
5,871,998


Amounts owed to group undertakings are unsecured, repayable on demand and bear no interest.


16.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Other loans
30,150
90,272

30,150
90,272


Page 23


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
138,179
45,694


138,179
45,694

AMOUNTS FALLING DUE 1-2 YEARS

Other loans
30,150
53,565


30,150
53,565

AMOUNTS FALLING DUE 2-5 YEARS

Other loans
-
36,707


-
36,707


168,329
135,966


A loan totalling £174,884 from Funding Circle is unsecured and repayable by instalments by December 2025. 


18.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
6,604
11,691


Charged to profit or loss
(8,303)
(5,087)



AT END OF YEAR
(1,699)
6,604

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(8,249)
1,110

Short term timing differences
6,550
5,494

(1,699)
6,604

Page 24


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


PROVISIONS




Other provision

£





Charged to the profit or loss
633,601



At 30 June 2024
633,601

The provision charged to the profit and loss account in the year is in respect of historic VAT liabilities. The directors have sought professional advice to assess the potential scale of the future liability and are taking further detailed advice to enable discussions with HMRC.


20.


CONTINGENT LIABILITIES

The company is subject to a fixed charge over its assets in favour of Triodos Bank plc with Higher Drive Nursing Home (Holdings) Limited, Abercorn Property Limited, Woodstown House Property Limited and by a cross guarantee with Woodstown Healthcare Limited and Abercorn House Healthcare Limited all of which are fellow group companies, on loans totalling £17,647,380 (2023: £17,841,546).


21.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £158,777 (2023: £134,499). Contributions totalling £26,601 (2023: £24,160) were payable to the fund at the reporting date.


22.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
592,050
332,060

Later than 1 year and not later than 5 years
40,310
5,025

632,360
337,085


23.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 from the requirement to disclose transactions with group companies.
Key management personnel
There were no key management personnel remunerated by the company during the current or previous year. Key management personnel are remunerated through other group companies and total remuneration from the group is disclosed in the consolidated financial statements of the parent company.

Page 25


92 HIGHER DRIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The immediate parent undertaking is Higher Drive Nursing Home (Holdings) Limited, a company incorporated in the UK. The ultimate parent undertaking is Fairlie Holdings Limited, a company incorporated in the UK. The consolidated accounts are available from Companies House and the registered office of Fairlie Holdings Limited is 2-6 Uffington Road, West Norwood, London, SE27 0RW. 
The ultimate controlling party is J Whelan by virtue of his majority shareholding in Fairlie Holdings Limited.

 
Page 26