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FOR THE YEAR ENDED 30 JUNE 2024
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92 HIGHER DRIVE LIMITED
COMPANY INFORMATION
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92 HIGHER DRIVE LIMITED
CONTENTS
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92 HIGHER DRIVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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. 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. 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.
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92 HIGHER DRIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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.
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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.
The profit for the year, after taxation, amounted to £132,548 (2023: £225,216).
The directors do not recommend a dividend.
The directors who served during the year were:
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.
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.
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.
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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.
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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 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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92 HIGHER DRIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED
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 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).
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.
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.
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92 HIGHER DRIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED (CONTINUED)
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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92 HIGHER DRIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED (CONTINUED)
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.
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92 HIGHER DRIVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
92 HIGHER DRIVE LIMITED (CONTINUED)
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.
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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92 HIGHER DRIVE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
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92 HIGHER DRIVE LIMITED
REGISTERED NUMBER:01906108
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
The following principal accounting policies have been applied:
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.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
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.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
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:
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.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
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.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
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.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (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.
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.
The whole of the turnover is attributable to the company's principal activity.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
10.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 23
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 24
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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).
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 £
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92 HIGHER DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The immediate parent undertaking is
The ultimate controlling party is
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